Freeport-McMoRan
FCX on NYSE. Metal mining. Market value $104.3bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Materials stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $1.07 of spare cash last year. A savings account pays about $4.
You pay 15.8 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 24 cents a year. Above 10 is good.
Quality score: 100 of 100. Price score: 47 of 100. Our list needs 70 on quality and 60 on price.
$72.60 a share, 88% above its 1-year low
Over the past year the price has ranged from $38.54 to $80.24.
Dividend: 0.8% a year
Paid every year for at least 5 years
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $22.8bn | $22.8bn | $22.9bn | $25.5bn | $25.9bn |
| Operating margin | |||||
| Operating margin | 36.6% | 30.9% | 27.2% | 27.0% | 25.2% |
| Debt to equity | |||||
| Debt to equity | 0.68 | 0.68 | 0.56 | 0.51 | 0.50 |
| Shares outstanding | |||||
| Shares outstanding | 1.43bn | 1.43bn | 1.44bn | 1.44bn | 1.44bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Watch
- Financial strength (Piotroski)4 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt0.50× equity
- Revenue growth, five yearsStrong, 12.8% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $7 billion last quarter, down 7% on a year ago.
- Profit: $984 million, up 27% on a year ago.
- It keeps 27 cents of each $1 of sales as operating profit, about the same as a year earlier.
- About the same number of shares as a year ago.
- Debt is $5.3 billion more than cash, up from $4.8 billion a year ago.
- Sales grew on a year ago in 2 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $6.8bn |
| December 2024 | $5.7bn |
| March 2025 | $5.7bn |
| June 2025 | $7.6bn |
| September 2025 | $7.0bn |
| December 2025 | $5.6bn |
| March 2026 | $6.2bn |
| June 2026 | $7.0bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $526m |
| December 2024 | $274m |
| March 2025 | $352m |
| June 2025 | $772m |
| September 2025 | $674m |
| December 2025 | $406m |
| March 2026 | $881m |
| June 2026 | $984m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 22 October 2026
- Last annual report (10-K)
- 13 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
13 long-term investors we follow own it, unchanged from 13 last quarter. 1,890 funds in all.
- Barrow HanleyBarrow Hanley team
- Value
- $627m
- Share of fund
- 1.9%
- Oaktree Capital ManagementHoward Marks
- Value
- $76m
- Share of fund
- 2.0%
- Gotham Asset ManagementJoel Greenblatt
- Value
- $44m
- Share of fund
- 0.1%
- Diamond Hill Capital ManagementRic Dillon (founder)
- Value
- $36m
- Share of fund
- 0.3%
- Letko BrosseauLetko Brosseau team
- Value
- $605,316
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Barrow HanleyBarrow Hanley team | $627m | 1.9% | |
| Boston PartnersBoston Partners team | $577m | 0.5% | Added |
| Hosking PartnersJeremy Hosking | $85m | 2.8% | Cut |
| Oaktree Capital ManagementHoward Marks | $76m | 2.0% | |
| Gotham Asset ManagementJoel Greenblatt | $44m | 0.1% | |
| GAMCO InvestorsMario Gabelli | $44m | 0.4% | Cut |
| Diamond Hill Capital ManagementRic Dillon (founder) | $36m | 0.3% | |
| GMOJeremy Grantham | $33m | <0.1% | Cut |
| Marathon Asset ManagementNeil Ostrer | $14m | 0.6% | Cut |
| Horizon KineticsMurray Stahl | $6m | <0.1% | Cut |
| Royce & AssociatesChuck Royce | $2m | <0.1% | Cut |
| First Manhattan Co.First Manhattan partners | $690,029 | <0.1% | Added |
| Letko BrosseauLetko Brosseau team | $605,316 | <0.1% |
Largest holders overall
- BlackRock$7.7bnCut
- Vanguard Capital Management$5.9bn
- Fisher Asset Management$4.2bnAdded
- State Street$4.2bnAdded
- Capital Research Global Investors$2.6bn
- Franklin Resources$2.4bnAdded
- Bank of America$2.3bnCut
- Geode Capital Management$2.0bn
- JPMorgan Chase$1.9bnAdded
- Morgan Stanley$1.6bn
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Vanguard Capital ManagementPassive investor7.5%Since 31 March 2026
- BlackRock, Inc.Passive investor6.2%Since 31 March 2025
- Capital Research Global InvestorsPassive investorSold down below 5%Since 31 March 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Capital Management Passive investor | 7.5% | 31 March 2026 | |
BlackRock, Inc. Passive investor | 6.2% | 31 March 2025 | |
Capital Research Global Investors Passive investor | Sold down below 5% | 31 March 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 6 sold $46m.
- KENNARD LYDIA HDirectorSold
- Date
- 27 August 2026
- Shares
- 3,798
- Price
- $79.11
- Value
- $300,471
- Currault Douglas N. IIEVP & General CounselSold
- Date
- 25 August 2026
- Shares
- 80,000
- Price
- $78.56
- Value
- $6m
- Mikes Ellie L.Chief Accounting OfficerSold
- Date
- 5 August 2026
- Shares
- 4,773
- Price
- $70.00
- Value
- $334,110
- Higgins Stephen T.EVP & CAOSold
- Date
- 5 August 2026
- Shares
- 14,277
- Price
- $69.50
- Value
- $992,252
- Higgins Stephen T.EVP & CAOSold
- Date
- 30 July 2026
- Shares
- 7,550
- Price
- $63.00
- Value
- $475,650
- Higgins Stephen T.EVP & CAOSold
- Date
- 20 February 2026
- Shares
- 29,654
- Price
- $63.00
- Value
- $2m
- Mikes Ellie L.Chief Accounting OfficerSold
- Date
- 18 February 2026
- Shares
- 11,000
- Price
- $62.03
- Value
- $682,330
- Robertson Maree E.EVP & CFOSold
- Date
- 13 February 2026
- Shares
- 48,500
- Price
- $61.55
- Value
- $3m
- ADKERSON RICHARD CChairman of the Board, DirectorSold
- Date
- 11 February 2026
- Shares
- 152,960
- Price
- $64.65
- Value
- $10m
- Currault Douglas N. IIEVP & General CounselSold
- Date
- 11 February 2026
- Shares
- 75,000
- Price
- $64.52
- Value
- $5m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 27 August 2026 | KENNARD LYDIA H Director | Sold | 3,798 | $79.11 | $300,471 |
| 25 August 2026 | Currault Douglas N. II EVP & General Counsel | Sold | 80,000 | $78.56 | $6m |
| 5 August 2026 | Mikes Ellie L. Chief Accounting Officer | Sold | 4,773 | $70.00 | $334,110 |
| 5 August 2026 | Higgins Stephen T. EVP & CAO | Sold | 14,277 | $69.50 | $992,252 |
| 30 July 2026 | Higgins Stephen T. EVP & CAO | Sold | 7,550 | $63.00 | $475,650 |
| 20 February 2026 | Higgins Stephen T. EVP & CAO | Sold | 29,654 | $63.00 | $2m |
| 18 February 2026 | Mikes Ellie L. Chief Accounting Officer | Sold | 11,000 | $62.03 | $682,330 |
| 13 February 2026 | Robertson Maree E. EVP & CFO | Sold | 48,500 | $61.55 | $3m |
| 11 February 2026 | ADKERSON RICHARD C Chairman of the Board, Director | Sold | 152,960 | $64.65 | $10m |
| 11 February 2026 | Currault Douglas N. II EVP & General Counsel | Sold | 75,000 | $64.52 | $5m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 13 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 7 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.