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
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Price to FCFE (P/FCFE)
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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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: 2025-06-30), 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 ratio began to register from the first quarter of 2021, starting at 0.48. It exhibited a rising trend through the first three quarters of 2021, reaching a peak of 0.8 in mid-2022. Subsequently, the ratio showed a gradual decline toward the end of 2022, stabilizing in the 0.65 to 0.7 range through 2023. During 2024 and into mid-2025, the ratio demonstrated modest fluctuations within a narrow band between 0.63 and 0.68, indicating a plateau in the efficiency of asset utilization over this period.
- Total Asset Turnover
- The total asset turnover started from 0.34 in early 2021 and rose steadily to reach a peak of 0.5 by mid-2022. This was followed by a gradual decrease to approximately 0.42 by late 2022. From 2023 onwards, the ratio showed a stable pattern, generally fluctuating in the range of 0.44 to 0.46 with slight increases toward the end of 2024. This indicates a consistent, albeit modest, level of overall asset efficiency in generating revenue with no significant volatility in recent periods.
- Equity Turnover
- The equity turnover ratio began at 1.4 in early 2021, increasing steadily and reaching a peak of 1.65 by mid-2021. After peaking, it experienced a gradual and continuous decline through early 2023, reaching a low near 1.34. Following this trough, the ratio showed signs of recovery with a slow upward trend, stabilizing around 1.4 to 1.46 during 2024. By mid-2025, the ratio slightly decreased again to approximately 1.41. These movements indicate fluctuations in how effectively the company is utilizing shareholder equity to generate sales, with a notable dip followed by partial recovery.
Net Fixed Asset Turnover
Freeport-McMoRan Inc., net fixed asset turnover calculation (quarterly data)
Based on: 10-Q (reporting date: 2025-06-30), 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 Q2 2025 Calculation
Net fixed asset turnover
= (RevenuesQ2 2025
+ RevenuesQ1 2025
+ RevenuesQ4 2024
+ RevenuesQ3 2024)
÷ Property, plant, equipment and mine development costs, net
= ( + + + )
÷ =
- Revenue Trends
- Revenues demonstrated an overall upward trend from March 31, 2020, through June 30, 2025, despite some fluctuations. Starting at $2,798 million in March 2020, revenues increased steadily, reaching a peak of $6,790 million in September 2024. There was a notable dip in revenue in the middle of 2022, specifically June and September quarters, where values fell to $5,416 million and $5,003 million respectively. This was followed by a recovery and new highs towards the end of 2024 and early 2025, culminating at $7,582 million in June 2025.
- Property, Plant, Equipment and Mine Development Costs
- The net value of property, plant, equipment, and mine development costs showed a consistent increase over the entire period. Beginning at $29,899 million in March 2020, there was a steady rise each quarter, reaching $39,835 million by June 2025. This indicates ongoing investment or capitalization in fixed assets and mine development, with no significant declines or downturns noted across the periods.
- Net Fixed Asset Turnover
- Net fixed asset turnover ratios were unavailable for the early quarters but became available starting in September 2020 at 0.48. This ratio increased consistently, reaching a high of 0.80 in March 2022, reflecting improving efficiency in utilizing fixed assets to generate revenues. After this peak, the ratio gently declined and stabilized around the mid-0.60s through to June 2025. This suggests that while asset utilization efficiency improved significantly during 2020-2022, it slightly decreased and then maintained a stable level afterward, possibly due to the expanding asset base.
- Insights on Financial Performance
- The data suggests a strategy of sustained investment into property, plant, and equipment, which supports growing revenues. Despite periods of revenue volatility, particularly in 2022, the overall upward trend and recovery indicate resilience. The improvement in net fixed asset turnover until 2022 implies enhanced operational efficiency, but the slight decline and stabilization post-2022 may reflect the increasingly large asset base, which usually dampens turnover ratios as the company scales. This combination of growing assets and overall rising revenues reflects expansion and scaling efforts with reasonable efficiency of asset use over the reported periods.
Total Asset Turnover
Freeport-McMoRan Inc., total asset turnover calculation (quarterly data)
Based on: 10-Q (reporting date: 2025-06-30), 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 Q2 2025 Calculation
Total asset turnover
= (RevenuesQ2 2025
+ RevenuesQ1 2025
+ RevenuesQ4 2024
+ RevenuesQ3 2024)
÷ Total assets
= ( + + + )
÷ =
- Revenues
- Revenues exhibited an overall upward trend from March 2020 through June 2025 despite some fluctuations. Starting at 2,798 million USD in March 2020, revenues increased steadily reaching a peak of 6,790 million USD in September 2024. Notable declines occurred in mid-2022, where revenues dropped from 6,603 million USD in March 2022 to 5,003 million USD in September 2022, followed by a recovery in subsequent quarters. The revenues again showed variability around mid-2025 but ended higher than most prior quarters at 7,582 million USD in June 2025. This pattern indicates cyclical fluctuations with an underlying positive growth momentum.
- Total assets
- Total assets increased consistently over the observed period, starting at 40,219 million USD in March 2020 and rising to 56,492 million USD by June 2025. The growth was gradual, without significant reversals, reflecting steady asset accumulation or valuation increases. This steady increase suggests ongoing investment or capital growth supporting the company’s operations and expansion efforts.
- Total asset turnover ratio
- The total asset turnover ratio, available from September 2020 onward, fluctuated between 0.34 and 0.50. Initially, the ratio improved from 0.34 in September 2020 to a high of 0.50 in June 2022, indicating enhanced efficiency in generating revenue from assets during that period. After June 2022, the ratio showed a gradual decline and stabilization around 0.44 to 0.46 through mid-2025. The decline after the peak suggests a moderate decrease in asset utilization efficiency but overall remains relatively stable, implying consistent revenue generation relative to asset base.
- Summary of trends and insights
- The company demonstrated strong revenue growth complemented by an increasing asset base over the analyzed period. While revenues showed periodic declines, they corrected quickly, maintaining an overall upward trajectory. The increase in total assets indicates sustained investment in resources, while the asset turnover ratio highlights periods of improved operational efficiency, peaking in mid-2022, with a moderate normalization afterward. This balance between growth in assets and revenue generation efficiency indicates a company managing expansion with reasonable control over asset utilization.
Equity Turnover
Freeport-McMoRan Inc., equity turnover calculation (quarterly data)
Based on: 10-Q (reporting date: 2025-06-30), 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 Q2 2025 Calculation
Equity turnover
= (RevenuesQ2 2025
+ RevenuesQ1 2025
+ RevenuesQ4 2024
+ RevenuesQ3 2024)
÷ Stockholders’ equity
= ( + + + )
÷ =
The financial data reveals several key trends over the examined periods:
- Revenues
- Revenues exhibited a general upward trajectory from March 2020 to December 2025, with some fluctuations. Initially, there was a steady increase from $2,798 million in March 2020 to a peak of $6,790 million in September 2024. Notably, revenues experienced a decline during mid-2022 and early 2025, dipping approximately to $5,720-$5,728 million, indicating potential cyclical challenges or market volatility. However, by December 2025, revenues surged strongly to $7,582 million, representing a recovery and new peak.
- Stockholders’ Equity
- Stockholders’ equity showed a consistent and gradual increase throughout the periods. Beginning at $8,855 million in March 2020, equity rose steadily to reach $18,208 million by December 2025. This steady accumulation suggests ongoing retention of earnings or capital injections, reflecting financial stability and enhanced shareholders’ value over time.
- Equity Turnover
- The equity turnover ratio was available starting in December 2020 and showed a pattern of modest fluctuation within a narrow range. It rose from 1.40 to a high of 1.65 by June 2022, indicating improved efficiency in using equity to generate revenues during this time. Subsequently, the ratio gradually declined to around 1.34 by March 2024, before stabilizing approximately between 1.40 and 1.46 in the later periods. This suggests relative stabilization in the efficiency of equity utilization with minor fluctuations reflective of changing operational dynamics or market conditions.
Overall, the data depicts a company experiencing growth in revenues and equity, with a relatively stable and efficient use of equity capital. Revenue volatility in certain quarters hints at external or internal factors affecting sales or production, while equity growth aligns with strengthened financial foundations over the medium term.