Freeport-McMoRan Inc., FCFF 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)
Net income attributable to noncontrolling interests	1,903)	1,011)	1,059)	266)	50)
Net noncash charges	2,408)	2,261)	1,603)	1,487)	1,322)
Changes in working capital and other	(880)	(1,601)	747)	665)	349)
Net cash provided by operating activities	5,279)	5,139)	7,715)	3,017)	1,482)
Third-party interest paid, net of capitalized interest, net of tax¹	260)	275)	448)	222)	467)
Capitalized interest, net of tax²	166)	99)	50)	69)	118)
Capital expenditures	(4,824)	(3,469)	(2,115)	(1,961)	(2,652)
Free cash flow to the firm (FCFF)	880)	2,044)	6,098)	1,347)	(585)

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
FCFF	Free cash flow to the firm is the cash flow available to the Freeport-McMoRan Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Freeport-McMoRan Inc. FCFF decreased from 2021 to 2022 and from 2022 to 2023.

Freeport-McMoRan Inc., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Effective Income Tax Rate (EITR)
EITR¹	38.00%	34.00%	30.00%	53.00%	21.00%
Interest Paid, Net of Tax
Third-party interest paid, net of capitalized interest, before tax	419)	417)	640)	472)	591)
Less: Third-party interest paid, net of capitalized interest, tax²	159)	142)	192)	250)	124)
Third-party interest paid, net of capitalized interest, net of tax	260)	275)	448)	222)	467)
Interest Costs Capitalized, Net of Tax
Capitalized interest, before tax	267)	150)	72)	147)	149)
Less: Capitalized interest, tax³	101)	51)	22)	78)	31)
Capitalized interest, net of tax	166)	99)	50)	69)	118)

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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² 2023 Calculation
Third-party interest paid, net of capitalized interest, tax = Third-party interest paid, net of capitalized interest × EITR
= 419 × 38.00% = 159

³ 2023 Calculation
Capitalized interest, tax = Capitalized interest × EITR
= 267 × 38.00% = 101

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

Selected Financial Data (US$ in millions)
Enterprise value (EV)	76,867)
Free cash flow to the firm (FCFF)	880)
Valuation Ratio
EV/FCFF	87.32
Benchmarks
EV/FCFF, Industry
Materials	45.02

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

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

Freeport-McMoRan Inc., historical EV/FCFF 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)
Free cash flow to the firm (FCFF)²	880)	2,044)	6,098)	1,347)	(585)
Valuation Ratio
EV/FCFF³	79.26	35.32	12.13	46.43	—
Benchmarks
EV/FCFF, Industry
Materials	44.41	32.52	18.19	36.43	79.74

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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² See details »

³ 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 69,771 ÷ 880 = 79.26

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Freeport-McMoRan Inc. EV/FCFF ratio increased from 2021 to 2022 and from 2022 to 2023.

Freeport-McMoRan Inc. (NYSE:FCX)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical