Freeport-McMoRan Inc. (FCX) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-99.5%

$0.30

vs $64.50 price

Levered DCF

$14.24

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.04

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	33.2×	29.07×	33.26×	15.83×	14.24×	63.46×	-77.73×	5.72×
P/B	3.88×	3.13×	3.66×	3.52×	4.38×	3.72×	2.05×	1.56×
P/S	2.85×	2.16×	2.69×	2.35×	2.74×	2.73×	1.33×	0.79×
EV / EBITDA	9.3×	6.43×	7.64×	6.19×	6.13×	11.24×	12.04×	3.51×
Gross margin	27.0%	29.5%	30.3%	34.7%	37.1%	17.3%	8.3%	30.3%
Operating margin	24.4%	27.0%	26.8%	32.4%	34.9%	13.6%	4.7%	27.5%
Net margin	8.6%	7.4%	8.1%	14.8%	19.2%	4.3%	-1.7%	13.8%
Current ratio	2.29×	2.42×	2.42×	2.46×	2.52×	2.72×	2.43×	3.23×
Debt / equity	0.61×	0.55×	0.61×	0.7×	0.7×	0.98×	1.08×	1.16×
Interest coverage	17.05×	21.52×	11.81×	13.49×	12.98×	3.17×	1.26×	9.06×
Dividend yield	1.2%	1.6%	1.4%	1.6%	0.5%	0.2%	1.5%	1.5%
Payout ratio	39.2%	45.9%	46.9%	25.0%	7.7%	12.2%	-118.8%	8.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.7%	10.7%	11.0%	22.3%	30.8%	5.9%	-2.6%	27.2%
Return on invested capital	7.8%	8.8%	8.0%	10.9%	12.9%	2.3%	-1.1%	9.9%
Return on assets	3.8%	3.4%	3.5%	6.8%	9.0%	1.4%	-0.6%	6.1%
Free cash flow yield	1.5%	4.3%	0.7%	3.0%	9.2%	2.8%	-6.1%	12.0%
Earnings yield	3.0%	3.4%	3.0%	6.3%	7.0%	1.6%	-1.3%	17.5%
Enterprise value	$81.4B	$60.8B	$65.6B	$57.6B	$62.9B	$44.1B	$27.1B	$21.9B
Net debt / EBITDA	0.93×	0.61×	0.53×	0.3×	0.17×	1.6×	3.58×	1.11×
Cash conversion cycle (days)	112	98	110	87	92	114	94	111