Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.

Solvency Ratios (Summary)
Debt to Equity
Debt to Equity (including Operating Lease Liability)
Debt to Capital
Debt to Capital (including Operating Lease Liability)
Debt to Assets
Debt to Assets (including Operating Lease Liability)
Financial Leverage
Interest Coverage
Fixed Charge Coverage

Freeport-McMoRan Inc., solvency ratios

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Debt Ratios
Debt to equity	0.51	0.56	0.68	0.68	0.95
Debt to equity (including operating lease liability)	0.55	0.59	0.70	0.70	0.98
Debt to capital	0.34	0.36	0.41	0.40	0.49
Debt to capital (including operating lease liability)	0.36	0.37	0.41	0.41	0.49
Debt to assets	0.16	0.18	0.21	0.20	0.23
Debt to assets (including operating lease liability)	0.18	0.19	0.21	0.20	0.24
Financial leverage	3.12	3.15	3.28	3.44	4.14
Coverage Ratios
Interest coverage	22.70	12.69	13.05	13.73	4.03
Fixed charge coverage	20.07	11.69	12.13	11.86	3.53

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

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Solvency ratio	Description	The company
Debt to equity ratio	A solvency ratio calculated as total debt divided by total shareholders’ equity.	Freeport-McMoRan Inc. debt to equity ratio improved from 2022 to 2023 and from 2023 to 2024.
Debt to equity ratio (including operating lease liability)	A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity.	Freeport-McMoRan Inc. debt to equity ratio (including operating lease liability) improved from 2022 to 2023 and from 2023 to 2024.
Debt to capital ratio	A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity.	Freeport-McMoRan Inc. debt to capital ratio improved from 2022 to 2023 and from 2023 to 2024.
Debt to capital ratio (including operating lease liability)	A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity.	Freeport-McMoRan Inc. debt to capital ratio (including operating lease liability) improved from 2022 to 2023 and from 2023 to 2024.
Debt to assets ratio	A solvency ratio calculated as total debt divided by total assets.	Freeport-McMoRan Inc. debt to assets ratio improved from 2022 to 2023 and from 2023 to 2024.
Debt to assets ratio (including operating lease liability)	A solvency ratio calculated as total debt (including operating lease liability) divided by total assets.	Freeport-McMoRan Inc. debt to assets ratio (including operating lease liability) improved from 2022 to 2023 and from 2023 to 2024.
Financial leverage ratio	A solvency ratio calculated as total assets divided by total shareholders’ equity.	Freeport-McMoRan Inc. financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.

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Solvency ratio	Description	The company
Interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments.	Freeport-McMoRan Inc. interest coverage ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.
Fixed charge coverage ratio	A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges.	Freeport-McMoRan Inc. fixed charge coverage ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Freeport-McMoRan Inc., debt to equity calculation, comparison to benchmarks

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Current portion of debt	41)	766)	1,037)	372)	34)
Long-term debt, less current portion	8,907)	8,656)	9,583)	9,078)	9,677)
Total debt	8,948)	9,422)	10,620)	9,450)	9,711)

Stockholders’ equity	17,581)	16,693)	15,555)	13,980)	10,174)
Solvency Ratio
Debt to equity¹	0.51	0.56	0.68	0.68	0.95
Benchmarks
Debt to Equity, Industry
Materials	0.68	0.65	0.67	0.55	0.56

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ 2024 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 8,948 ÷ 17,581 = 0.51

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Solvency ratio	Description	The company
Debt to equity ratio	A solvency ratio calculated as total debt divided by total shareholders’ equity.	Freeport-McMoRan Inc. debt to equity ratio improved from 2022 to 2023 and from 2023 to 2024.

Freeport-McMoRan Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Current portion of debt	41)	766)	1,037)	372)	34)
Long-term debt, less current portion	8,907)	8,656)	9,583)	9,078)	9,677)
Total debt	8,948)	9,422)	10,620)	9,450)	9,711)
Short-term operating lease liabilities	98)	84)	38)	38)	38)
Long-term operating lease liabilities	692)	347)	294)	281)	190)
Total debt (including operating lease liability)	9,738)	9,853)	10,952)	9,769)	9,939)

Stockholders’ equity	17,581)	16,693)	15,555)	13,980)	10,174)
Solvency Ratio
Debt to equity (including operating lease liability)¹	0.55	0.59	0.70	0.70	0.98
Benchmarks
Debt to Equity (including Operating Lease Liability), Industry
Materials	0.74	0.70	0.72	0.60	0.61

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ 2024 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 9,738 ÷ 17,581 = 0.55

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Solvency ratio	Description	The company
Debt to equity ratio (including operating lease liability)	A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity.	Freeport-McMoRan Inc. debt to equity ratio (including operating lease liability) improved from 2022 to 2023 and from 2023 to 2024.

Freeport-McMoRan Inc., debt to capital calculation, comparison to benchmarks

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Current portion of debt	41)	766)	1,037)	372)	34)
Long-term debt, less current portion	8,907)	8,656)	9,583)	9,078)	9,677)
Total debt	8,948)	9,422)	10,620)	9,450)	9,711)
Stockholders’ equity	17,581)	16,693)	15,555)	13,980)	10,174)
Total capital	26,529)	26,115)	26,175)	23,430)	19,885)
Solvency Ratio
Debt to capital¹	0.34	0.36	0.41	0.40	0.49
Benchmarks
Debt to Capital, Industry
Materials	0.41	0.39	0.40	0.36	0.36

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 8,948 ÷ 26,529 = 0.34

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Solvency ratio	Description	The company
Debt to capital ratio	A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity.	Freeport-McMoRan Inc. debt to capital ratio improved from 2022 to 2023 and from 2023 to 2024.

Freeport-McMoRan Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Current portion of debt	41)	766)	1,037)	372)	34)
Long-term debt, less current portion	8,907)	8,656)	9,583)	9,078)	9,677)
Total debt	8,948)	9,422)	10,620)	9,450)	9,711)
Short-term operating lease liabilities	98)	84)	38)	38)	38)
Long-term operating lease liabilities	692)	347)	294)	281)	190)
Total debt (including operating lease liability)	9,738)	9,853)	10,952)	9,769)	9,939)
Stockholders’ equity	17,581)	16,693)	15,555)	13,980)	10,174)
Total capital (including operating lease liability)	27,319)	26,546)	26,507)	23,749)	20,113)
Solvency Ratio
Debt to capital (including operating lease liability)¹	0.36	0.37	0.41	0.41	0.49
Benchmarks
Debt to Capital (including Operating Lease Liability), Industry
Materials	0.43	0.41	0.42	0.38	0.38

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ 2024 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 9,738 ÷ 27,319 = 0.36

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Solvency ratio	Description	The company
Debt to capital ratio (including operating lease liability)	A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity.	Freeport-McMoRan Inc. debt to capital ratio (including operating lease liability) improved from 2022 to 2023 and from 2023 to 2024.

Freeport-McMoRan Inc., debt to assets calculation, comparison to benchmarks

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Current portion of debt	41)	766)	1,037)	372)	34)
Long-term debt, less current portion	8,907)	8,656)	9,583)	9,078)	9,677)
Total debt	8,948)	9,422)	10,620)	9,450)	9,711)

Total assets	54,848)	52,506)	51,093)	48,022)	42,144)
Solvency Ratio
Debt to assets¹	0.16	0.18	0.21	0.20	0.23
Benchmarks
Debt to Assets, Industry
Materials	0.26	0.25	0.26	0.22	0.23

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ 2024 Calculation
Debt to assets = Total debt ÷ Total assets
= 8,948 ÷ 54,848 = 0.16

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Solvency ratio	Description	The company
Debt to assets ratio	A solvency ratio calculated as total debt divided by total assets.	Freeport-McMoRan Inc. debt to assets ratio improved from 2022 to 2023 and from 2023 to 2024.

Freeport-McMoRan Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Current portion of debt	41)	766)	1,037)	372)	34)
Long-term debt, less current portion	8,907)	8,656)	9,583)	9,078)	9,677)
Total debt	8,948)	9,422)	10,620)	9,450)	9,711)
Short-term operating lease liabilities	98)	84)	38)	38)	38)
Long-term operating lease liabilities	692)	347)	294)	281)	190)
Total debt (including operating lease liability)	9,738)	9,853)	10,952)	9,769)	9,939)

Total assets	54,848)	52,506)	51,093)	48,022)	42,144)
Solvency Ratio
Debt to assets (including operating lease liability)¹	0.18	0.19	0.21	0.20	0.24
Benchmarks
Debt to Assets (including Operating Lease Liability), Industry
Materials	0.28	0.27	0.28	0.24	0.25

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ 2024 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 9,738 ÷ 54,848 = 0.18

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Solvency ratio	Description	The company
Debt to assets ratio (including operating lease liability)	A solvency ratio calculated as total debt (including operating lease liability) divided by total assets.	Freeport-McMoRan Inc. debt to assets ratio (including operating lease liability) improved from 2022 to 2023 and from 2023 to 2024.

Freeport-McMoRan Inc., financial leverage calculation, comparison to benchmarks

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Total assets	54,848)	52,506)	51,093)	48,022)	42,144)
Stockholders’ equity	17,581)	16,693)	15,555)	13,980)	10,174)
Solvency Ratio
Financial leverage¹	3.12	3.15	3.28	3.44	4.14
Benchmarks
Financial Leverage, Industry
Materials	2.66	2.60	2.61	2.49	2.47

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ 2024 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 54,848 ÷ 17,581 = 3.12

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Solvency ratio	Description	The company
Financial leverage ratio	A solvency ratio calculated as total assets divided by total shareholders’ equity.	Freeport-McMoRan Inc. financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.

Freeport-McMoRan Inc., interest coverage calculation, comparison to benchmarks

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Net income attributable to common stockholders	1,889)	1,848)	3,468)	4,306)	599)
Add: Net income attributable to noncontrolling interest	2,510)	1,903)	1,011)	1,059)	266)
Add: Income tax expense	2,523)	2,270)	2,267)	2,299)	944)
Add: Interest expense, net	319)	515)	560)	602)	598)
Earnings before interest and tax (EBIT)	7,241)	6,536)	7,306)	8,266)	2,407)
Solvency Ratio
Interest coverage¹	22.70	12.69	13.05	13.73	4.03
Benchmarks
Interest Coverage, Industry
Materials	16.68	14.00	14.30	15.36	8.03

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ 2024 Calculation
Interest coverage = EBIT ÷ Interest expense
= 7,241 ÷ 319 = 22.70

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Solvency ratio	Description	The company
Interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments.	Freeport-McMoRan Inc. interest coverage ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Freeport-McMoRan Inc., fixed charge coverage calculation, comparison to benchmarks

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Net income attributable to common stockholders	1,889)	1,848)	3,468)	4,306)	599)
Add: Net income attributable to noncontrolling interest	2,510)	1,903)	1,011)	1,059)	266)
Add: Income tax expense	2,523)	2,270)	2,267)	2,299)	944)
Add: Interest expense, net	319)	515)	560)	602)	598)
Earnings before interest and tax (EBIT)	7,241)	6,536)	7,306)	8,266)	2,407)
Add: Operating lease costs	44)	48)	46)	104)	116)
Earnings before fixed charges and tax	7,285)	6,584)	7,352)	8,370)	2,523)

Interest expense, net	319)	515)	560)	602)	598)
Operating lease costs	44)	48)	46)	104)	116)
Fixed charges	363)	563)	606)	706)	714)
Solvency Ratio
Fixed charge coverage¹	20.07	11.69	12.13	11.86	3.53
Benchmarks
Fixed Charge Coverage, Industry
Materials	9.98	8.89	8.68	8.75	4.84

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ 2024 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 7,285 ÷ 363 = 20.07

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Solvency ratio	Description	The company
Fixed charge coverage ratio	A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges.	Freeport-McMoRan Inc. fixed charge coverage ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Freeport-McMoRan Inc. (NYSE:FCX)

Analysis of Solvency Ratios

Solvency Ratios (Summary)

Debt to Equity

Debt to Equity (including Operating Lease Liability)

Debt to Capital

Debt to Capital (including Operating Lease Liability)

Debt to Assets

Debt to Assets (including Operating Lease Liability)

Financial Leverage

Interest Coverage

Fixed Charge Coverage