FCX
Freeport-McMoRan Inc.
FCX's fundamentals are strong and it looks cheap: trading at 25x earnings, below its usual 30x. Analysts expect strong earnings growth, though they disagree widely on how much.
FCX Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Strong | |
| Healthy |
FCX's profitability, cash flow and balance sheet are currently healthy, and its revenue is stable.
FCX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 15x | $60.45 | — |
| Cheap | 16x | $37.13 | -39% |
| Current | 25x | $60.45 | — |
| Fair | 29x | $70.16 | +16% |
| Expensive | 38x | $89.75 | +48% |
Historical ranges are pointers, not guarantees.
FCX's PE is in its fair range at 25x. If earnings grow as analysts expect, today's price would be 15x next year's earnings, in its cheap range.
FCX Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect strong earnings and revenue growth for FCX, with profitability improving. However, they disagree widely on these estimates.
FCX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.14 | +73% |
| Q3 2026 | $2.39 | +67% |
| Q2 2026 | $2.04 | +53% |
| Q1 2026 | $1.89 | +55% |
| Q4 2025 | $1.52 | +17% |
| Q3 2025 | $1.43 | +3.6% |
| Q2 2025 | $1.33 | 0% |
| Q1 2025 | $1.22 | +7% |
| Q4 2024 | $1.30 | +1.6% |
FCX's earnings per share have fallen from their peak: $2.39 over the past year, against $3.46 in early 2022.
FCX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $7.5B | +8.2% |
| Q2 2026 | $7B | -7.3% |
| Q1 2026 | $6.2B | +8.8% |
| Q4 2025 | $5.6B | -1.5% |
| Q3 2025 | $7B | +2.7% |
| Q2 2025 | $7.6B | +14% |
| Q1 2025 | $5.7B | -9.4% |
| Q4 2024 | $5.7B | -3.1% |
FCX's revenue grew through 2024 and has held roughly level since: $7.5B last quarter, up 8.2% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 31% | +2.9 points |
| Q2 2026 | 29% | -3.6 points |
| Q1 2026 | 34% | +12 points |
| Q4 2025 | 14% | -7.3 points |
| Q3 2025 | 28% | -0.3 points |
| Q2 2025 | 32% | +1.1 points |
| Q1 2025 | 23% | -3.1 points |
| Q4 2024 | 22% | -7.4 points |
FCX's operating margin was 31% last quarter, up 2.9 points from the same quarter a year ago.
FCX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $2B | +226% |
| Q2 2026 | $2B | +119% |
| Q1 2026 | $522M | +$636M |
| Q4 2025 | -$312M | -258% |
| Q3 2025 | $608M | -9.7% |
| Q2 2025 | $934M | +11% |
| Q1 2025 | -$114M | -118% |
| Q4 2024 | $197M | +$239M |
FCX generated $4.2B in free cash flow over the past year, up 161% from the year before.
FCX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -1M shares |
| 1 year | -0.1% | -1M shares |
| 3 years | -0.1% | -1M shares |
| 5 years | -2.8% | -42M shares |
| Available history | -1% | -15M shares |
FCX has 1.4B diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $102M |
| Q2 2026 | $110M |
| Q1 2026 | $93M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | $52M |
| Q1 2025 | $55M |
| Q4 2024 | — |
FCX spent $305M buying back its own shares over the past year, up 185% from the year before.
FCX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.5x | Very low |
| Q2 2026 | 0.6x | Very low |
| Q1 2026 | 0.6x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.5x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.6x | Very low |
| Q4 2024 | 0.6x | Very low |
FCX's net debt is less than a year of its operating earnings (EBITDA).
FCX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 15.5 | Oversold |
FCX's weekly RSI is 43 (neutral) and its Stochastic is 16 (oversold).
FCX PE vs Basic Materials Sector
| Metric | FCX | Sector median | Relative |
|---|---|---|---|
| PE | 25x | 19x | 36% above |
| PE % | 37 | 40 | 3 pts below |
FCX is trading at 25x earnings, a 36% premium to the Basic Materials sector's median of 19x.
FCX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $66.9 | 9.6% below |
| 20 week MA | $67.3 | 10% below |
| 50 week MA | $62.8 | 3.8% below |
| 100 week MA | $51.4 | 18% above |
| 200 week MA | $46.9 | 29% above |
FCX has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 29% above its 200-week average.
FCX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $13.0 | $24.8 | +90% |
| 2021 | $24.8 | $41.1 | +66% |
| 2022 | $41.1 | $38.1 | -7.4% |
| 2023 | $38.1 | $42.6 | +12% |
| 2024 | $42.6 | $38.9 | -8.7% |
| 2025 | $38.9 | $53.0 | +36% |
| 2026 YTD | $53.0 | $60.5 | +14% |
FCX has finished higher in four of the last six years, two of them by more than 50%. It's up 14% so far in 2026.