FC
Freeport-McMoRan Inc
FCX—
Freeport-McMoRan Inc AI Insights
Informational only. Not investment advice.Snapshot
- Operating margin 26.7% TTM vs industry median 0% - profitable while peers lose money. EBITDA 9.5B on 26B revenue.[Operating Margin TTM]
- Capex 4.7B TTM (18% of revenue) consumes 74% of operating cash flow 6.4B, leaving FCF of only 1.6B (6.2% margin).[Capital Expenditure TTM]
- PPE of 40.3B is 71% of total assets - capital-intensive model with 0.46x asset turnover, below industry median 0.18x.[PP&E]
Watch Triggers
- Free Cash Flow TTM: Falls below 1B or capex exceeds 5.5B — Dividend sustainability requires FCF; current 1.6B barely covers 866M payout
- Operating Margin TTM: Drops below 20% — Signals copper price weakness or cost inflation eroding competitive advantage
- Net Debt: Exceeds 1x EBITDA (currently 0.5x) — Would indicate balance sheet stress from capex or commodity downturn
Bull Case
Dominant scale: 26B revenue is 119x industry median with 26.7% operating margin while median peer is breakeven. Size enables cost advantages.
Total Revenue TTMOperating Margin TTMEBITDA TTM
Balance sheet supports growth: 0.50x debt/equity, 4.3B cash, net debt only 5B vs 9.5B EBITDA (0.5x leverage).
Debt to EquityCash and EquivalentsNet Debt
Bear Case
FCF yield only 2.5% (1.6B FCF / 64.9B market cap) due to 4.7B capex. Dividend 0.60/share costs 866M, leaving minimal buffer.
Free Cash Flow TTMCapital Expenditure TTMDividends Paid Per Share TTM
Valuation stretched: P/E 31.6x vs industry 27.7x, P/B 3.5x. Net margin only 8% TTM despite high operating margin - tax/interest drag.
PE RatioPB RatioNet Margin TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
55%
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Forward Thesis
Copper demand from electrification will drive revenue growth as FCX holds tier-1 assets
1-3ymed
- EV/grid buildout requires 2-3x more copper than ICE vehicles
- Grasberg underground ramp-up increasing production capacity
- Limited new copper supply globally due to permitting delays
Revenue 26B TTM, 16x industry median 218MOperating income 6.9B vs median 2.2MInvested capital 28B in productive assets
Valuation Context
Caveats
Public Strategies Rankings
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FCX Fundamentals
Mining, Quarrying, and Oil and Gas Extraction → Mining (except Oil and Gas)
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$84.72B | — | ||
$89.7B | — | ||
41 | — | ||
$26.0B | +1.4% | — | |
$1.42 | +3.1% | — | |
26.7% | -2.0% | — | |
7.97% | +0.2% | — | |
$1.63B | -23.1% | — | |
0.11 | -0.3% | — | |
Beta 5Y (Monthly) | unknown | — |
FCX Dividend History
86 dividends
2026
$0.150001/15/26$0.1500
2025
$0.600010/15/25$0.1500
07/15/25$0.1500
04/15/25$0.1500
01/15/25$0.1500
2024
$0.600010/15/24$0.1500
07/15/24$0.1500
04/12/24$0.1500
01/11/24$0.1500
2023
$0.600010/12/23$0.1500
07/13/23$0.1500
04/13/23$0.1500
01/12/23$0.1500
2022
$0.600010/13/22$0.1500
07/14/22$0.1500
04/13/22$0.1500
01/13/22$0.1500
2021
$0.225010/14/21$0.0750
07/14/21$0.0750
04/14/21$0.0750
2020
$0.050001/14/20$0.0500
2019
$0.200010/11/19$0.0500
07/12/19$0.0500
04/12/19$0.0500
01/14/19$0.0500
2018
$0.150010/12/18$0.0500
07/12/18$0.0500
04/12/18$0.0500
2015
$0.573010/13/15$0.0500
07/13/15$0.1605
04/13/15$0.0500
01/13/15$0.3125
2014
$1.250010/10/14$0.3125
07/11/14$0.3125
04/11/14$0.3125
01/13/14$0.3125
2013
$2.250010/10/13$0.3125
07/11/13$0.3125
06/12/13$1.0000
04/11/13$0.3125
01/11/13$0.3125
2012
$1.187510/11/12$0.3125
07/11/12$0.3125
04/11/12$0.3125
01/11/12$0.2500
2011
$1.500010/12/11$0.2500
07/13/11$0.2500
05/11/11$0.5000
04/13/11$0.2500
01/12/11$0.2500
2010
$0.950012/16/10$0.5000
10/13/10$0.1500
07/13/10$0.1500
04/13/10$0.0750
01/13/10$0.0750
2008
$0.906310/10/08$0.2500
07/11/08$0.2188
04/11/08$0.2188
01/11/08$0.2188
2007
$0.625010/11/07$0.1563
07/12/07$0.1563
04/12/07$0.1563
01/11/07$0.1563
2006
$2.375012/12/06$0.7500
10/12/06$0.1563
09/12/06$0.3750
07/13/06$0.1563
06/13/06$0.3750
04/12/06$0.1563
03/13/06$0.2500
01/12/06$0.1563
2005
$1.250012/13/05$0.2500
10/12/05$0.1250
09/13/05$0.2500
07/13/05$0.1250
04/13/05$0.1250
03/11/05$0.2500
01/12/05$0.1250
2004
$0.550012/16/04$0.1250
10/13/04$0.1250
07/13/04$0.1000
04/13/04$0.1000
01/13/04$0.1000
2003
$0.135010/10/03$0.0450
07/11/03$0.0450
04/11/03$0.0450
FCX Stock Splits
1 stock split
02/02/110.5:1 split
FCX SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
11/06/25 | 09/30/25 | 10-Q | |
08/08/25 | 06/30/25 | 10-Q | |
05/08/25 | 03/31/25 | 10-Q | |
02/14/25 | 12/31/24 | Unknown | |
11/08/24 | 09/30/24 | 10-Q | |
08/07/24 | 06/30/24 | 10-Q | |
05/08/24 | 03/31/24 | 10-Q | |
02/16/24 | 12/31/23 | 10-K | |
11/03/23 | 09/30/23 | 10-Q | |
08/03/23 | 06/30/23 | 10-Q | |
05/04/23 | 03/31/23 | 10-Q | |
02/15/23 | 12/31/22 | 10-K | |
11/04/22 | 09/30/22 | 10-Q | |
08/05/22 | 06/30/22 | 10-Q | |
05/05/22 | 03/31/22 | 10-Q | |
02/15/22 | 12/31/21 | 10-K | |
11/05/21 | 09/30/21 | 10-Q | |
08/05/21 | 06/30/21 | 10-Q | |
05/05/21 | 03/31/21 | 10-Q | |
02/16/21 | 12/31/20 | 10-K | |
11/06/20 | 09/30/20 | 10-Q | |
08/07/20 | 06/30/20 | 10-Q | |
05/07/20 | 03/31/20 | 10-Q | |
02/14/20 | 12/31/19 | 10-K | |
11/06/19 | 09/30/19 | 10-Q | |
08/06/19 | 06/30/19 | 10-Q | |
05/07/19 | 03/31/19 | 10-Q | |
02/15/19 | 12/31/18 | 10-K | |
11/09/18 | 09/30/18 | 10-Q | |
08/08/18 | 06/30/18 | 10-Q | |
05/04/18 | 03/31/18 | 10-Q | |
02/20/18 | 12/31/17 | 10-K | |
11/07/17 | 09/30/17 | 10-Q | |
08/04/17 | 06/30/17 | 10-Q | |
05/05/17 | 03/31/17 | 10-Q | |
02/24/17 | 12/31/16 | 10-K | |
11/09/16 | 09/30/16 | 10-Q | |
08/05/16 | 06/30/16 | 10-Q | |
05/10/16 | 03/31/16 | 10-Q | |
02/26/16 | 12/31/15 | 10-K | |
11/06/15 | 09/30/15 | 10-Q | |
08/10/15 | 06/30/15 | 10-Q | |
05/08/15 | 03/31/15 | 10-Q | |
02/27/15 | 12/31/14 | 10-K | |
11/07/14 | 09/30/14 | 10-Q | |
08/11/14 | 06/30/14 | 10-Q | |
05/09/14 | 03/31/14 | 10-Q | |
02/27/14 | 12/31/13 | 10-K | |
11/06/13 | 09/30/13 | 10-Q | |
08/09/13 | 06/30/13 | 10-Q | |
05/06/13 | 03/31/13 | 10-Q | |
02/22/13 | 12/31/12 | 10-K | |
11/02/12 | 09/30/12 | 10-Q | |
08/03/12 | 06/30/12 | 10-Q | |
05/07/12 | 03/31/12 | 10-Q | |
02/27/12 | 12/31/11 | 10-K | |
11/04/11 | 09/30/11 | 10-Q | |
08/05/11 | 06/30/11 | 10-Q | |
05/06/11 | 03/31/11 | 10-Q | |
02/25/11 | 12/31/10 | 10-K | |
11/04/11 | 09/30/10 | 10-Q | |
08/06/10 | 06/30/10 | 10-Q | |
05/07/10 | 03/31/10 | 10-Q | |
02/26/10 | 12/31/09 | 10-K | |
11/06/09 | 09/30/09 | 10-Q | |
11/05/10 | 09/30/09 | 10-Q | |
08/07/09 | 06/30/09 | 10-Q | |
05/11/09 | 03/31/09 | 10-Q | |
02/26/09 | 12/31/08 | 10-K | |
11/10/08 | 09/30/08 | 10-Q | |
08/11/08 | 06/30/08 | 10-Q | |
05/12/08 | 03/30/08 | Unknown | -- |
02/29/08 | 12/31/07 | 10-K | |
11/07/07 | 09/30/07 | 10-Q | |
08/09/07 | 06/30/07 | 10-Q | |
05/10/07 | 03/30/07 | Unknown | -- |
02/28/07 | 12/31/06 | 10-K | |
11/02/06 | 09/30/06 | 10-Q | |
08/03/06 | 06/30/06 | 10-Q | |
05/09/06 | 03/30/06 | Unknown | -- |
03/15/06 | 12/31/05 | 10-K | |
11/03/05 | 09/30/05 | 10-Q | |
08/03/05 | 06/30/05 | 10-Q | |
05/06/05 | 03/30/05 | Unknown | -- |
03/16/05 | 12/31/04 | 10-K | |
11/03/04 | 09/30/04 | 10-Q | |
08/06/04 | 06/30/04 | 10-Q | |
05/10/04 | 03/31/04 | 8-K | |
03/10/04 | 12/31/03 | NO ACT | |
11/10/03 | 09/30/03 | 10-Q | |
08/12/03 | 06/30/03 | 10-Q | |
05/13/03 | 03/30/03 | Unknown | -- |
03/27/03 | 12/31/02 | ARS | |
11/06/02 | 09/30/02 | 10-Q | |
08/07/02 | 06/30/02 | 10-Q | |
05/07/02 | 03/30/02 | Unknown | -- |
03/08/02 | 12/31/01 | 10-K405 | |
11/01/01 | 09/30/01 | 10-Q | |
07/30/01 | 06/30/01 | 10-Q | |
05/07/01 | 03/30/01 | Unknown | -- |
03/23/01 | 12/31/00 | 10-K405 | |
11/01/00 | 09/30/00 | 10-Q | |
08/02/00 | 06/30/00 | 10-Q | |
05/15/00 | 03/30/00 | Unknown | -- |