Freeport-McMoRan
ConvictionModerate
Integrated mine-to-cathode producer: extracts and processes copper (primary), gold and molybdenum by-products; sells cathode, concentrate and rod at market-linked prices. Earnings are commodity-price x volume less unit cash cost; leveraged to the copper price and to Grasberg/US volume ramp. Owns smelting (Indonesia Manyar smelter) and a growing leach/recovery program.
Revenue
$25.9BFY2025); $6.23B (Q1 FY2026Rev growth
+1.8% YoYFY2025); Q1 FY2026 revenue up ~9% YoY (vs $5.73B Q1 2025) on record copper pricesGross margin
~28%FY2025: gross profit ~$7.3B on $25.9B revenueOp margin
~25%FY2025 operating income $6.5B); adj. EBITDA ~38% (~$9.9BCapex intensity
high~17-19% of revenue (FY2025 ~$4.9B; FY2026 guide ~$4.3B incl. ~$3.0B major projectsMarket cap
~$87.6B5 Jul 2026; NYSE:FCX ~$60.68/sh; ATH $72.28 on 17 Jun 2026Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-02-13. The audited primary-source spine — not financial advice.
Revenue — annual (GAAP)
FY’20
$13.9B
FY’21
$22.4B+61%
FY’22
$23.3B+4%
FY’23
$25.2B+8%
FY’25
$25.2B
Margins & balance sheet — FY’25
Operating margin25.9%
Net debt$5.7B
The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
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- Supplier–customer ecosystem graph
- Signals, trends & valuation range
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