NYSE · Basic Materials

Freeport-McMoRan Inc.

FCX · Copper

$55.60

▼ -0.95 (-1.68%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Freeport-McMoRan Inc. at $55.60.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability B

Gross Profit Margin 28.2%

Operating Margin 25.1%

Net Income Margin 8.5%

Fin. Health C

Years to Pay Off Debt 4.8 yrs

Working Capital vs Long-Term Debt -$1.1B

Working Capital $7.8B

Valuation F

Margin of Safety 0.0%

Price-to-Book 4.22x

Cash Flow C

Free Cash Flow $1.1B

CapEx % of Net Income 203.9%

Owner Earnings $8.9B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $79.8B

Enterprise Value $97.8B

P/E (TTM) 29.42

Dividend Yield 1.06%

Exchange NYSE

Key Margins

Gross Profit 28.2%

Operating Margin 25.1%

Net Margin 8.5%

Company Info

Sector Basic Materials

Industry Copper

Employees 29000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Freeport-McMoRan Inc. at $55.60.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $55.60, the stock trades at a 162% premium to its Graham Number of $21.22. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Freeport-McMoRan Inc.

Freeport-McMoRan Inc. engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile. The company was formerly known as Freeport-McMoRan Copper & Gold Inc. and changed its name to Freeport-McMoRan Inc. in July 2014. The company was incorporated in 1987 and is headquartered in Phoenix, Arizona.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	28.2% ▼	30.1%	31.3%	33.8%	N/A
Operating Margin %	25.1% ▼	27.0%	27.2%	30.9%	N/A
Net Income %	8.5% ▲	7.4%	8.1%	15.2%	N/A
Diluted EPS	1.52 ▲	1.30	1.28	2.39	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$58.2B	$54.8B	$52.5B	$51.1B	N/A
Total Debt	$10.5B ↑	$9.7B	$9.9B	$11.0B	N/A
Working Capital	$7.8B ▼	$7.8B	$8.2B	$9.3B	N/A
Years to Pay Debt	4.76	5.16	5.33	3.16	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022
Free Cash Flow	$1.1B ▼	$2.4B	$455M	$1.7B
Owner Earnings	$8.9B	$8.9B	$8.7B	$9.0B
CapEx % of Net Income	203.9%	254.5%	261.0%	100.0%

Income Statement

	2025	2024	2023	2022
Tax Effect Of Unusual Items	5,577	0	3,800	11,220
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	8,969,000	9,467,000	8,579,000	9,261,000
Total Unusual Items	16,000	0	10,000	33,000
Total Unusual Items Excluding Goodwill	16,000	0	10,000	33,000
Net Income From Continuing Operation Net Minority Interest	2,204,000	1,889,000	1,848,000	3,468,000
Reconciled Depreciation	2,244,000	2,241,000	2,068,000	2,019,000
Reconciled Cost Of Revenue	18,618,000	17,795,000	15,695,000	15,090,000
EBITDA	8,985,000	9,467,000	8,589,000	9,294,000
EBIT	6,741,000	7,226,000	6,521,000	7,275,000
Net Interest Income	-369,000	-319,000	-515,000	-560,000
Interest Expense	369,000	319,000	515,000	560,000
Normalized Income	2,193,577	1,889,000	1,841,800	3,446,220
Net Income From Continuing And Discontinued Operation	2,204,000	1,889,000	1,848,000	3,468,000
Total Expenses	19,413,000	18,591,000	16,630,000	15,746,000
Total Operating Income As Reported	6,518,000	6,864,000	6,225,000	7,037,000
Diluted Average Shares	1,443,000	1,445,000	1,443,000	1,451,000
Basic Average Shares	1,433,000	1,436,928	1,435,000	1,430,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	2,204,000	1,889,000	1,848,000	3,468,000
Net Income Common Stockholders	2,204,000	1,889,000	1,848,000	3,468,000
Net Income	2,204,000	1,889,000	1,848,000	3,468,000
Minority Interests	-1,948,000	-2,510,000	-1,903,000	-1,011,000
Net Income Including Noncontrolling Interests	4,152,000	4,399,000	3,751,000	4,479,000
Net Income Continuous Operations	4,152,000	4,399,000	3,751,000	4,479,000
Earnings From Equity Interest Net Of Tax	1,000	15,000	15,000	31,000
Tax Provision	2,221,000	2,523,000	2,270,000	2,267,000
Pretax Income	6,372,000	6,907,000	6,006,000	6,715,000
Other Income Expense	239,000	362,000	296,000	240,000
Other Non Operating Income Expenses	223,000	362,000	286,000	207,000
Special Income Charges	16,000	0	10,000	33,000
Gain On Sale Of Ppe	16,000	0	0	2,000
Other Special Charges			-10,000	-31,000
Net Non Operating Interest Income Expense	-369,000	-319,000	-515,000	-560,000
Interest Expense Non Operating	369,000	319,000	515,000	560,000
Operating Income	6,502,000	6,864,000	6,225,000	7,034,000
Operating Expense	795,000	796,000	935,000	656,000
Other Operating Expenses	250,000	283,000	456,000	236,000
Selling General And Administration	545,000	513,000	479,000	420,000
Gross Profit	7,297,000	7,660,000	7,160,000	7,690,000
Cost Of Revenue	18,618,000	17,795,000	15,695,000	15,090,000
Total Revenue	25,915,000	25,455,000	22,855,000	22,780,000
Operating Revenue	25,915,000	25,455,000	22,855,000	22,780,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	191,000	187,200	184,000	183,000
Ordinary Shares Number	1,433,000	1,436,928	1,435,000	1,430,000
Share Issued	1,624,000	1,624,128	1,619,000	1,613,000
Net Debt	5,555,000	5,025,000	4,664,000	2,474,000
Total Debt	10,492,000	9,738,000	9,853,000	10,952,000
Tangible Book Value	18,467,000	17,153,000	16,271,000	15,139,000
Invested Capital	28,278,000	26,529,000	26,115,000	26,175,000
Working Capital	7,771,000	7,800,000	8,250,000	9,268,000
Net Tangible Assets	18,467,000	17,153,000	16,271,000	15,139,000
Capital Lease Obligations	1,113,000	790,000	431,000	332,000
Common Stock Equity	18,899,000	17,581,000	16,693,000	15,555,000
Total Capitalization	27,812,000	26,488,000	25,349,000	25,138,000
Total Equity Gross Minority Interest	30,766,000	28,778,000	27,310,000	24,871,000
Minority Interest	11,867,000	11,197,000	10,617,000	9,316,000
Stockholders Equity	18,899,000	17,581,000	16,693,000	15,555,000
Gains Losses Not Affecting Retained Earnings	-305,000	-314,000	-274,000	-320,000
Other Equity Adjustments	-305,000	-314,000	-274,000	-320,000
Treasury Stock	6,024,000	5,894,000	5,773,000	5,701,000
Retained Earnings	1,385,000	-170,000	-2,059,000	-3,907,000
Additional Paid In Capital	23,680,000	23,797,000	24,637,000	25,322,000
Capital Stock	163,000	162,000	162,000	161,000
Common Stock	163,000	162,000	162,000	161,000
Total Liabilities Net Minority Interest	27,401,000	26,070,000	25,196,000	26,222,000
Total Non Current Liabilities Net Minority Interest	21,382,000	20,574,000	19,381,000	19,877,000
Other Non Current Liabilities	249,000	259,000	344,000	296,000
Employee Benefits	916,000	800,000	783,000	811,000
Non Current Pension And Other Postretirement Benefit Plans	770,000	689,000	704,000	775,000
Non Current Deferred Liabilities	4,753,000	4,512,000	4,627,000	4,430,000
Non Current Deferred Taxes Liabilities	4,753,000	4,512,000	4,627,000	4,430,000
Long Term Debt And Capital Lease Obligation	9,923,000	9,599,000	9,003,000	9,877,000
Long Term Capital Lease Obligation	1,010,000	692,000	347,000	294,000
Long Term Debt	8,913,000	8,907,000	8,656,000	9,583,000
Long Term Provisions	5,541,000	5,404,000	4,624,000	4,463,000
Current Liabilities	6,019,000	5,496,000	5,815,000	6,345,000
Current Deferred Liabilities	106,000	91,000	161,000	76,000
Current Deferred Revenue	106,000	91,000	161,000	76,000
Current Debt And Capital Lease Obligation	569,000	139,000	850,000	1,075,000
Current Capital Lease Obligation	103,000	98,000	84,000	38,000
Current Debt	466,000	41,000	766,000	1,037,000
Other Current Borrowings	466,000	41,000	766,000	1,037,000
Pensionand Other Post Retirement Benefit Plans Current	148,000	128,000	129,000	143,000
Current Provisions	313,000	320,000	316,000	320,000
Payables And Accrued Expenses	4,883,000	4,818,000	4,359,000	4,731,000
Current Accrued Expenses	870,000	530,000	540,000	866,000
Interest Payable	145,000	135,000	146,000	218,000
Payables	4,013,000	4,288,000	3,819,000	3,865,000
Other Payable	262,000	291,000	194,000	128,000
Dividends Payable	219,000	219,000	218,000	217,000
Total Tax Payable	584,000	989,000	941,000	819,000
Income Tax Payable	456,000	859,000	786,000	744,000
Accounts Payable	2,948,000	2,789,000	2,466,000	2,701,000
Total Assets	58,167,000	54,848,000	52,506,000	51,093,000
Total Non Current Assets	44,377,000	41,552,000	38,441,000	35,480,000
Other Non Current Assets	1,898,000	1,824,000	1,865,000	1,625,000
Non Current Prepaid Assets		9,000	39,000	26,000	2,000
Non Current Note Receivables		0	233,000	101,000	36,000
Non Current Accounts Receivable	834,000	330,000	380,000	423,000
Investments And Advances	477,000	456,000	207,000	262,000
Other Investments				50,000	26,000
Investmentin Financial Assets	125,000	102,000	84,000	262,000
Held To Maturity Securities			97,000	133,000	132,000
Available For Sale Securities	125,000	102,000	84,000	129,000
Long Term Equity Investment	352,000	354,000	123,000
Investmentsin Joint Venturesat Cost	352,000	354,000	123,000
Goodwill And Other Intangible Assets	432,000	428,000	422,000	416,000
Other Intangible Assets	432,000	428,000	422,000	416,000
Net PPE	40,736,000	38,514,000	35,295,000	32,627,000
Accumulated Depreciation	-25,694,000	-23,831,000	-49,272,000	-48,273,000
Gross PPE	66,430,000	62,345,000	84,567,000	80,900,000
Construction In Progress	5,523,000	9,381,000	6,945,000	4,419,000
Other Properties	6,313,000	5,598,000	4,986,000	4,756,000
Machinery Furniture Equipment	21,585,000	16,319,000	15,246,000	14,790,000
Buildings And Improvements	12,046,000	10,667,000	10,165,000	9,746,000
Current Assets	13,790,000	13,296,000	14,065,000	15,613,000
Other Current Assets	580,000	535,000	375,000	381,000
Restricted Cash	230,000	888,000	1,208,000	111,000
Inventory	7,493,000	6,808,000	6,060,000	5,180,000
Finished Goods	3,332,000	3,038,000	2,472,000	1,169,000
Work In Process			221,000	221,000	195,000
Raw Materials	4,161,000	3,770,000	3,588,000	3,790,000
Receivables	1,663,000	1,142,000	1,664,000	1,795,000
Taxes Receivable	686,000	564,000	455,000	459,000
Accounts Receivable	977,000	578,000	1,209,000	1,336,000
Cash Cash Equivalents And Short Term Investments	3,824,000	3,923,000	4,758,000	8,146,000
Cash And Cash Equivalents	3,824,000	3,923,000	4,758,000	8,146,000

Cash Flow

	2025	2024	2023	2022
Free Cash Flow	1,116,000	2,352,000	455,000	1,670,000
Repurchase Of Capital Stock	-107,000	-59,000	0	-1,347,000
Repayment Of Debt	-2,814,000	-2,772,000	-2,983,000	-4,522,000
Issuance Of Debt	3,195,000	2,251,000	1,781,000	5,735,000
Capital Expenditure	-4,494,000	-4,808,000	-4,824,000	-3,469,000
End Cash Position	4,173,000	4,911,000	6,063,000	8,390,000
Beginning Cash Position	4,911,000	6,063,000	8,390,000	8,314,000
Changes In Cash	-738,000	-1,152,000	-2,327,000	76,000
Financing Cash Flow	-1,876,000	-3,284,000	-2,650,000	-1,623,000
Cash Flow From Continuing Financing Activities	-1,876,000	-3,284,000	-2,650,000	-1,623,000
Net Other Financing Charges	-1,297,000	-1,868,000	-632,000	-748,000
Proceeds From Stock Option Exercised	12,000	29,000	47,000	125,000
Cash Dividends Paid	-865,000	-865,000	-863,000	-866,000
Common Stock Dividend Paid	-865,000	-865,000	-863,000	-866,000
Net Common Stock Issuance	-107,000	-59,000	0	-1,347,000
Common Stock Payments	-107,000	-59,000	0	-1,347,000
Net Issuance Payments Of Debt	381,000	-521,000	-1,202,000	1,213,000
Net Long Term Debt Issuance	381,000	-521,000	-1,202,000	1,213,000
Long Term Debt Payments	-2,814,000	-2,772,000	-2,983,000	-4,522,000
Long Term Debt Issuance	3,195,000	2,251,000	1,781,000	5,735,000
Investing Cash Flow	-4,472,000	-5,028,000	-4,956,000	-3,440,000
Cash Flow From Continuing Investing Activities	-4,472,000	-5,028,000	-4,956,000	-3,440,000
Net Other Investing Changes	22,000	-10,000	-132,000	29,000
Net Business Purchase And Sale	0	-210,000	0	0
Purchase Of Business	0	-210,000	0	0
Capital Expenditure Reported	-4,494,000	-4,808,000	-4,824,000	-3,469,000
Operating Cash Flow	5,610,000	7,160,000	5,279,000	5,139,000
Cash Flow From Continuing Operating Activities	5,610,000	7,160,000	5,279,000	5,139,000
Change In Working Capital	-1,338,000	-29,000	-880,000	-1,601,000
Change In Other Current Assets	-55,000	-41,000	-29,000	-12,000
Change In Payables And Accrued Expense	-53,000	190,000	-144,000	-1,072,000
Change In Payable	-53,000	190,000	-144,000	-1,072,000
Change In Account Payable	802,000	143,000	-161,000	-73,000
Change In Tax Payable	-855,000	47,000	17,000	-999,000
Change In Income Tax Payable	-855,000	47,000	17,000	-999,000
Change In Inventory	-709,000	-638,000	-873,000	-573,000
Change In Receivables	-521,000	460,000	166,000	56,000
Changes In Account Receivables	-521,000	460,000	166,000	56,000
Other Non Cash Items	95,000	490,000	5,000	151,000
Stock Based Compensation	121,000	109,000	109,000	95,000
Asset Impairment Charge	64,000	69,000	67,000	0
Deferred Tax	247,000	-76,000	182,000	36,000
Deferred Income Tax	247,000	-76,000	182,000	36,000
Depreciation Amortization Depletion	2,244,000	2,241,000	2,068,000	2,019,000
Operating Gains Losses	25,000	-43,000	-23,000	-40,000
Pension And Employee Benefit Expense	25,000	-43,000	-13,000	-9,000
Net Income From Continuing Operations	4,152,000	4,399,000	3,751,000	4,479,000

These metrics estimate what Freeport-McMoRan Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$21.22

Margin of Safety

Market Cap ÷ Company Value

0.90

P/B Ratio

4.22

Warren's Owner Earnings

$8.9B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$25.9B

vs > $1.5B revenue

✅ Strong Financial Condition

2.29x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

1.06%

vs Uninterrupted dividends

❌ Earnings Growth

-36.4% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

29.4x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

4.22x P/B (P/E×P/B: 124.2)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-9.48

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$50.33

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022
Capital Expenditure % of Net Income	203.9%	254.5%	261.0%	100.0%
Repurchase of Capital Stock	-$107M	-$59M	$0M	-$1.3B
Free Cash Flow	$1.1B ▼	$2.4B ▲	$455M ▼	$1.7B •
Warren's Owner Earnings	$8.9B	$8.9B	$8.7B	$9.0B

Peers & Industry

No auto-detected peers for Copper. You can manually compare FCX against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.70%

Low — management has little skin in the game

Return on Equity (ROE)

11.7%

Adequate — returns are moderate

Return on Assets (ROA)

3.8%

Fair — average asset utilization

Share Buybacks (Latest Year)

$107M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+7.7% YoY

Debt is roughly stable

Leadership Team

Kathleen Lynne Quirk

CEO, President & Director

Age 61

Pay: $3,007,529

0.136% of net income

Maree Robertson

Executive VP & CFO

Age 49

Pay: $1,690,079

0.077% of net income

David Joint

Vice President of Investor Relations

Russell King

Senior Vice President of International Relations & Federal Government Affairs

Age 75

Cory Stevens

Senior Vice President and President & COO of Freeport McMoRan Mining Services

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	9.07%	130,332,957
Blackrock Inc.	7.54%	108,424,889
Fisher Asset Management, LLC	4.44%	63,880,757
State Street Corporation	4.37%	62,873,136
Franklin Resources, Inc.	2.60%	37,353,852
Bank of America Corporation	2.46%	35,300,727
Capital Research Global Investors	2.45%	35,176,617
Morgan Stanley	2.38%	34,262,241

Risk Analysis

Beta (Market Risk)

1.32

Moderate volatility — moves slightly more than market

Short Interest

2.0% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.33x

Conservative balance sheet — low financial risk

Current Ratio

2.39x

Strong liquidity — Graham approved

52-Week Price Range

Low: $35.15 Current: $55.60 High: $70.97

Currently at 57% of 52-week range

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