Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Freeport-McMoRan Inc., EBITDA calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (loss) attributable to common stockholders	1,848)	3,468)	4,306)	599)	(239)
Add: Net income attributable to noncontrolling interest	1,903)	1,011)	1,059)	266)	50)
Less: Net gain from discontinued operations	—)	—)	—)	—)	3)
Add: Income tax expense	2,270)	2,267)	2,299)	944)	510)
Earnings before tax (EBT)	6,021)	6,746)	7,664)	1,809)	318)
Add: Interest expense, net	515)	560)	602)	598)	620)
Earnings before interest and tax (EBIT)	6,536)	7,306)	8,266)	2,407)	938)
Add: Depreciation, depletion and amortization	2,068)	2,019)	1,998)	1,528)	1,412)
Earnings before interest, tax, depreciation and amortization (EBITDA)	8,604)	9,325)	10,264)	3,935)	2,350)

Based on: 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), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Freeport-McMoRan Inc. EBITDA decreased from 2021 to 2022 and from 2022 to 2023.

Enterprise Value to EBITDA Ratio, Current

Freeport-McMoRan Inc., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	77,470)
Earnings before interest, tax, depreciation and amortization (EBITDA)	8,604)
Valuation Ratio
EV/EBITDA	9.00
Benchmarks
EV/EBITDA, Industry
Materials	14.55

Based on: 10-K (reporting date: 2023-12-31).

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Enterprise Value to EBITDA Ratio, Historical

Freeport-McMoRan Inc., historical EV/EBITDA calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	69,771)	72,212)	73,951)	62,532)	33,716)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	8,604)	9,325)	10,264)	3,935)	2,350)
Valuation Ratio
EV/EBITDA³	8.11	7.74	7.20	15.89	14.35
Benchmarks
EV/EBITDA, Industry
Materials	14.46	13.26	11.65	17.12	14.98

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ See details »

² See details »

³ 2023 Calculation
EV/EBITDA = EV ÷ EBITDA
= 69,771 ÷ 8,604 = 8.11

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Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	Freeport-McMoRan Inc. EV/EBITDA ratio increased from 2021 to 2022 and from 2022 to 2023.

Freeport-McMoRan Inc. (NYSE:FCX)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical