# Freeport-McMoRan Inc. (FCX)

> Source: Nexqual · https://nexqual.com/FCX · data as of 2026-10-22 20:02 UTC · cite as "Nexqual, Freeport-McMoRan Inc. (FCX), nexqual.com/FCX" · informational, not investment advice.

**Price:** USD 64.59 (-6.26% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 68.9 · day 64.16–66.6 · 52w 38.54–80.24 · market cap $92.8B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $25.9B, net income $4.18B (16.2% margin) (SEC filings).
- Valuation: P/E 22.2x (avg 15.5x at the last 3 fiscal year-ends), EV/EBITDA 10.8x, net debt $5.31B.
- 1 of 80 tracked superinvestors hold FCX (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $8.4M; 5 not under a Rule 10b5-1 plan ($8.4M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (23 analysts), mean target USD 79.2 (range 32–92).
- Total return with dividends: 1Y +58.1% vs S&P 500 +14.9%; 5Y +83.7% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD 0.83, revenue estimate $7.40B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $22.8B | $23.3B | $22.9B | $25.5B | $25.9B | $25.9B |
| Gross profit | $8.81B | $8.18B | $7.16B | $7.66B | $7.30B | — |
| Operating income | $8.37B | $7.04B | $6.22B | $6.86B | $6.52B | $6.92B |
| Net income | $5.37B | $4.48B | $3.75B | $4.40B | $4.15B | $4.18B |
| EPS (diluted) | $2.90 | — | — | — | — | — |
| Free cash flow | $5.60B | $1.67B | $455M | $2.35B | $1.12B | — |
| Gross margin | 38.6% | 35.2% | 31.3% | 30.1% | 28.2% | — |
| Operating margin | 36.6% | 30.2% | 27.2% | 27.0% | 25.2% | 26.7% |
| Net margin | 23.5% | 19.2% | 16.4% | 17.3% | 16.0% | 16.2% |
| Revenue growth | +60.9% | +1.9% | -1.8% | +11.4% | +1.8% | — |
| Cash + short-term investments | $8.07B | $8.15B | $4.76B | $3.92B | $3.82B | — |
| Total debt | $9.45B | $10.6B | $9.42B | $8.95B | $9.38B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 22.2x · P/S 3.6x · EV/EBITDA 10.8x · EV/Sales 3.8x · P/B 4.6x · Earnings yield 4.51% · Dividend yield (paid, TTM) 0.93% · Buyback yield (TTM) 0.22% · Net debt $5.31B · EV $98.1B
P/E at fiscal year-ends: Dec 2025 17.7x, Dec 2024 12.5x, Dec 2023 16.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold FCX. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Howard Marks | Oaktree Capital | 2.00% | $75.5M | Reduced -1.6% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-27 | Kennard Lydia H | Director | 3,798 | $300K | 3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-25 | Currault Douglas N. Ii | EVP & General Counsel | 80,000 | $6.3M | 27.5% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-05 | Mikes Ellie L. | Chief Accounting Officer | 4,773 | $334K | 11.7% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-05 | Higgins Stephen T. | EVP & CAO | 14,277 | $992K | 11.2% | No | Too little history (no open-market trades in 2023) |
| 2026-07-30 | Higgins Stephen T. | EVP & CAO | 7,550 | $476K | 5.6% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 23 analysts; mean target USD 79.2 (low 32, high 92).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Barclays | Target raised | Overweight | $83 → $84 |
| 2026-10-08 | UBS | Target raised | Buy | $77 → $78 |
| 2026-10-07 | JP Morgan | Target raised | Overweight | $77 → $92 |
| 2026-10-07 | Morgan Stanley | Target raised | Equal-Weight | $70 → $75 |
| 2026-10-06 | Barclays | Target raised | Overweight | $82 → $83 |
| 2026-10-06 | Wells Fargo | Target raised | Overweight | $70 → $87 |
| 2026-10-05 | Citigroup | Target raised | Buy | $66 → $84 |
| 2026-09-16 | RBC Capital | Target raised | Sector Perform | $73 → $85 |
| 2026-09-09 | Bernstein | Target lowered | Market Perform | $50 → $47 |
| 2026-07-27 | Barclays | Target raised | Overweight | $80 → $82 |
| 2026-07-24 | Wells Fargo | Target raised | Overweight | $68 → $70 |
| 2026-07-24 | RBC Capital | Target raised | Sector Perform | $70 → $73 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +58.1% | +83.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +58.4% | +12.9% |
| Volatility (annualized) | 47.9% | 45.1% |
| Max drawdown | -24.3% (Feb 2026→Mar 2026) | -49.8% (Mar 2022→Jul 2022) |

## Peers (Copper)
SCCO (Southern Copper Corporation) USD 183.59 -7.31% · TECK (Teck Resources Ltd) USD 58.9 -6.18% · HBM (Hudbay Minerals Inc.) USD 21.89 -8.75% · ERO (Ero Copper Corp.) USD 30.13 -5.81% · TGB (Trekor Metals Limited) USD 7.3 -8.29% · IE (Ivanhoe Electric Inc.) USD 7.89 -7.07%

## More
Full page: https://nexqual.com/FCX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in FCX's own 10-K filed 2026-02-13 (https://www.sec.gov/Archives/edgar/data/831259/000083125926000012/fcx-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Rio Tinto (RIO) | "Pursuant to the divestment agreement and related documents, PT Mineral Industri Indonesia (MIND ID), an Indonesia state-owned enterprise, acquired all of Rio Tinto plc's (Rio Tinto) interests associated with its joint ve…" |

Other companies that name FCX in their own reports (relationship from FCX's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Sable Offshore Corp. (SOC) | 10-K 2026-02-27 | "Prior to Sable Permian Resources, LLC, from June 2013 to April 2017, Mr. Duenner was Vice President—International & New Ventures for Freeport-McMoRan Oil & Gas ("FM O&G"), a wholly owned subsidiary of…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Rod and Refining | $2.24B | 31.9% | +31.6% | $22.0M | 1.0% |
| Cerro Verde | $1.49B | 21.2% | +44.5% | $736.0M | 49.5% |
| Grasberg | $1.48B | 21.1% | -56.6% | $499.0M | 33.6% |
| Atlantic Copper Smelting and Refining | $1.03B | 14.7% | +25.9% | $26.0M | 2.5% |
| Morenci | $756.0M | 10.8% | +21.5% | $265.0M | 35.1% |
| Total revenue | $7.03B | 100% | — | $1.55B | 22.0% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Copper Cathode | $2.65B | 37.7% | +21.8% |
| Refined Copper Products | $1.53B | 21.8% | +58.2% |
| Copper In Concentrates | $976.0M | 13.9% | -51.8% |
| Molybdenum | $728.0M | 10.4% | +52.0% |
| Gold | $640.0M | 9.1% | -65.1% |
| Silver & Other | $297.0M | 4.2% | +71.7% |
| Purchased Copper | $164.0M | 2.3% | -5.2% |
| Total revenue | $7.03B | 100% | — |

## Revenue by region (quarter ended 2025-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| South America | $1.18B | 17.0% | +5.3% |
| North America | $58.0M | 0.8% | +11.5% |
| Total revenue | $6.97B | 100% | — |
The lines above cover 17.8% of total revenue.

## Customer concentration

Period ended 2024-12-31: 17% of revenue from unnamed direct customers (10-K, filed 2026-02-13).

## Company outlook (8-K filed 2026-10-02)

- "CONSOLIDATED RESULTS Third-quarter 2026 consolidated copper production of approximately 830 million pounds was in line with expectations, with slightly better results from international operations offsetting slightly lower production in the U.S."
- "Third-quarter 2026 consolidated gold production of approximately 230 thousand ounces approximated expectations."
- "FCX expects its consolidated copper sales for third-quarter 2026 to approximate its July 2026 estimate of 750 million pounds."
- "FCX expects consolidated gold sales for third-quarter 2026 to approximate 100 thousand ounces, which is below its July 2026 estimate reflecting the impact of deferred gold sales."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.83 | $0.78 | +6.6% | $7.40B | 13 |
| Next quarter (ends 2026-12-31) | $1.14 | $0.87 | +30.6% | $9.27B | 10 |
| Current fiscal year (ends 2026-12-31) | $3.20 | $3.10 | +3.4% | $30.14B | 14 |
| Next fiscal year (ends 2027-12-31) | $4.36 | $4.03 | +8.0% | $36.53B | 17 |