Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Balance Sheet: Assets
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
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Long-term Activity Ratios (Summary)
Freeport-McMoRan Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Net Fixed Asset Turnover
-
The net fixed asset turnover exhibited a general upward trend from March 31, 2020, to June 30, 2022, increasing from 0.48 to a peak of 0.8. This rise indicates improved efficiency in utilizing net fixed assets to generate revenue during this period. However, starting from the third quarter of 2022, the ratio experienced a gradual decline, decreasing to 0.63 by March 31, 2025. This downward shift suggests a reduction in asset utilization efficiency or potentially increasing asset base without proportional revenue growth toward the end of the period.
- Total Asset Turnover
-
Total asset turnover showed a steady increase from 0.34 as of March 31, 2020, reaching a high of 0.5 by June 30, 2022. This improvement reflects enhanced overall asset efficiency in generating sales. Following this peak, there was a moderate decline and some stability, with ratios fluctuating around 0.44 to 0.46 through March 31, 2025. The pattern suggests that although the company improved asset utilization early on, the efficiency gains plateaued and slightly reversed in later periods.
- Equity Turnover
-
Equity turnover increased notably from 1.4 at March 31, 2020, reaching a maximum of 1.65 by June 30, 2021. This indicates more effective use of shareholders' equity to generate sales during that timeframe. Subsequently, there was a gradual decrease, dropping to approximately 1.34 by March 31, 2023. Afterward, the ratio stabilized around 1.37 to 1.46, maintaining relative consistency up to March 31, 2025. This trend implies that equity efficiency improved initially but then faced a decline and leveled off in recent quarters.
Net Fixed Asset Turnover
Freeport-McMoRan Inc., net fixed asset turnover calculation (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Net fixed asset turnover
= (RevenuesQ1 2025
+ RevenuesQ4 2024
+ RevenuesQ3 2024
+ RevenuesQ2 2024)
÷ Property, plant, equipment and mine development costs, net
= ( + + + )
÷ =
- Revenues
- The revenue figures exhibit a general upward trend from March 2020 through March 2025, starting at $2,798 million and reaching $5,728 million by the end of the period. There is notable volatility within this trajectory, including a peak at $6,790 million in September 2024, followed by a decline to $5,720 million in December 2024 before stabilizing at $5,728 million by March 2025. The revenues display strong growth from early 2020 to early 2022, with some fluctuations and moderate decreases observed in mid to late 2022. The positive trend resumes again in 2023 and reaches the highest levels in late 2024 before the slight dip.
- Property, Plant, Equipment, and Mine Development Costs, Net
- This asset category shows a steady increase during the entire period under review, rising from $29,899 million in March 2020 to $39,200 million in March 2025. The growth is consistent and incremental, reflecting ongoing capital investment and asset development. There are no declines or plateaus, indicating sustained expenditure and asset base expansion over the five-year timespan.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, which measures revenue generated per unit of fixed assets, starts from a relatively low base of 0.48 in September 2020 and improves to a peak of 0.80 in March 2022. After this peak, the ratio experiences a gradual decline and stabilizes around 0.65 to 0.68 from late 2022 through early 2025. This pattern suggests an improvement in asset utilization efficiency up to early 2022, followed by a period of reduced efficiency or slower revenue growth relative to asset growth. Despite the downward adjustment from the peak, the ratio remains above the initial levels observed in 2020, indicating a higher overall utilization than at the beginning of the period.
Total Asset Turnover
Freeport-McMoRan Inc., total asset turnover calculation (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Total asset turnover
= (RevenuesQ1 2025
+ RevenuesQ4 2024
+ RevenuesQ3 2024
+ RevenuesQ2 2024)
÷ Total assets
= ( + + + )
÷ =
- Revenue Trends
- The revenues demonstrated a general upward trajectory from March 31, 2020, through March 31, 2022, increasing from approximately 2,798 million USD to a peak of 6,603 million USD. Following this peak, a decline was observed during mid-2022, falling to around 5,003 million USD in September 2022. Revenues subsequently recovered, reaching levels just below 6,000 million USD across late 2022 and early 2023, with minor fluctuations. In 2024, revenues showed a notable increase again, reaching a high of approximately 6,790 million USD by September 30, 2024, before experiencing another drop towards early 2025, ending near 5,728 million USD. This pattern suggests cyclical variability with peaks generally occurring in late third quarters and troughs in the first quarters of the year.
- Total Assets Behavior
- Total assets exhibited a consistent upward trend over the entire period, increasing from roughly 40,219 million USD in March 2020 to about 56,022 million USD by the end of the dataset in March 2025. The growth in assets was steady, without significant volatility or sharp declines, indicating ongoing asset accumulation or investment during this timeframe. Minor fluctuations occurred in mid and late 2022 but these were transient and followed by continued growth.
- Total Asset Turnover Analysis
- The total asset turnover ratio, reported intermittently starting from September 30, 2020, showed an improving trend from 0.34 to a peak of 0.48 in March 2022. Post-March 2022, this ratio slightly declined to a range between 0.42 and 0.46, maintaining relative stability with marginal periodic changes. Throughout the last years in the dataset, the turnover ratio hovered in the mid-0.40s, reflecting moderately efficient asset utilization in generating revenues, despite some variations in revenue levels. The ratio suggests that although assets increased steadily, the efficiency of revenue generation from these assets did not diminish significantly and remained stable after initial improvements.
- Summary of Insights
- The overall financial trends reveal steady asset growth complemented by revenue fluctuations that include significant peaks and troughs, possibly influenced by seasonal or market factors. The asset turnover ratio’s improvement early in the period followed by stabilization indicates that revenue growth initially outpaced asset increases but with eventual balancing between the two. These observations imply effective management of asset-based revenue generation over the years, despite external variability impacting revenue figures on a quarterly basis.
Equity Turnover
Freeport-McMoRan Inc., equity turnover calculation (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Equity turnover
= (RevenuesQ1 2025
+ RevenuesQ4 2024
+ RevenuesQ3 2024
+ RevenuesQ2 2024)
÷ Stockholders’ equity
= ( + + + )
÷ =
- Revenues
- The revenue figures exhibit a generally increasing trend from March 2020 through to March 2025, despite some fluctuations. Starting at $2,798 million in March 2020, revenues peaked notably in the last quarter of 2021 at $6,164 million. Following this, there was a decline in the first three quarters of 2022, with revenues dropping to $5,003 million in September 2022. Revenues then partially recovered towards the end of 2022 and into 2023, stabilizing around the $5,800 million mark. Another upward movement occurred through 2024, culminating at approximately $6,790 million by September 2024. However, by December 2024 and March 2025, revenues declined again to about $5,720 million. This pattern suggests seasonal or market-driven volatility, with revenue peaks typically occurring in the fourth quarter of each year.
- Stockholders’ Equity
- Stockholders' equity increased steadily over the time period observed. Beginning at $8,855 million in the first quarter of 2020, the equity base consistently expanded to reach $17,688 million by March 2025. The growth in equity was relatively smooth without significant downturns, reflecting a continual strengthening of the company’s capital position. Notable increments appear more pronounced during 2021 and 2022, with equity rising from approximately $13,980 million in December 2021 to about $15,555 million by December 2022. The rising equity indicates consistent retention of earnings or capital injections over the period.
- Equity Turnover
- Equity turnover ratios are available starting from December 2020 and demonstrate a gradual decline overall. The ratio started at 1.40 and peaked at 1.65 in June 2022, indicating relatively efficient use of equity in generating revenue during this period. Post-June 2022, the equity turnover exhibited a downward trend, decreasing to approximately 1.41 by March 2025. The declining equity turnover suggests that the revenues generated per dollar of equity have diminished slightly over recent periods, possibly reflecting increased equity base growth outpacing revenue growth or challenges in maximizing asset efficiency.
- Summary of Trends
- The data reveals that while revenues show a cyclic pattern with peaks generally in the last quarter, stockholders’ equity demonstrates consistent growth. The increase in equity surpasses the growth rate of revenues in the latter portion of the timeframe, contributing to a gradual reduction in the equity turnover ratio. This indicates that although the company has increased its capital base effectively, its efficiency in utilizing equity to generate revenues has experienced some erosion. Overall, the financial position appears solid with robust equity growth, yet there may be a need to focus on improving asset utilization or revenue generation relative to equity to sustain efficiency in the long term.