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, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
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)
Earnings before tax (EBT)	6,922)	6,021)	6,746)	7,664)	1,809)
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: Depreciation, depletion and amortization	2,241)	2,068)	2,019)	1,998)	1,528)
Earnings before interest, tax, depreciation and amortization (EBITDA)	9,482)	8,604)	9,325)	10,264)	3,935)

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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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 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

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)	70,546)
Earnings before interest, tax, depreciation and amortization (EBITDA)	9,482)
Valuation Ratio
EV/EBITDA	7.44
Benchmarks
EV/EBITDA, Industry
Materials	14.88

Based on: 10-K (reporting date: 2024-12-31).

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, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	72,055)	69,771)	72,212)	73,951)	62,532)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	9,482)	8,604)	9,325)	10,264)	3,935)
Valuation Ratio
EV/EBITDA³	7.60	8.11	7.74	7.20	15.89
Benchmarks
EV/EBITDA, Industry
Materials	15.07	15.61	14.17	13.46	17.97

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 See details »

² See details »

³ 2024 Calculation
EV/EBITDA = EV ÷ EBITDA
= 72,055 ÷ 9,482 = 7.60

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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 2022 to 2023 but then decreased significantly from 2023 to 2024.

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