Freeport-McMoRan Inc., FCFF 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)
Net income attributable to noncontrolling interests	2,510)	1,903)	1,011)	1,059)	266)
Net noncash charges	2,790)	2,408)	2,261)	1,603)	1,487)
Changes in working capital and other	(29)	(880)	(1,601)	747)	665)
Net cash provided by operating activities	7,160)	5,279)	5,139)	7,715)	3,017)
Third-party interest paid, net of capitalized interest, net of tax¹	130)	260)	275)	448)	222)
Capitalized interest, net of tax²	246)	166)	99)	50)	69)
Capital expenditures	(4,808)	(4,824)	(3,469)	(2,115)	(1,961)
Free cash flow to the firm (FCFF)	2,728)	880)	2,044)	6,098)	1,347)

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

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

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Effective Income Tax Rate (EITR)
EITR¹	37.00%	38.00%	34.00%	30.00%	53.00%
Interest Paid, Net of Tax
Third-party interest paid, net of capitalized interest, before tax	206)	419)	417)	640)	472)
Less: Third-party interest paid, net of capitalized interest, tax²	76)	159)	142)	192)	250)
Third-party interest paid, net of capitalized interest, net of tax	130)	260)	275)	448)	222)
Interest Costs Capitalized, Net of Tax
Capitalized interest, before tax	391)	267)	150)	72)	147)
Less: Capitalized interest, tax³	145)	101)	51)	22)	78)
Capitalized interest, net of tax	246)	166)	99)	50)	69)

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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² 2024 Calculation
Third-party interest paid, net of capitalized interest, tax = Third-party interest paid, net of capitalized interest × EITR
= 206 × 37.00% = 76

³ 2024 Calculation
Capitalized interest, tax = Capitalized interest × EITR
= 391 × 37.00% = 145

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

Selected Financial Data (US$ in millions)
Enterprise value (EV)	68,419)
Free cash flow to the firm (FCFF)	2,728)
Valuation Ratio
EV/FCFF	25.08
Benchmarks
EV/FCFF, Industry
Materials	39.02

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

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, 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)
Free cash flow to the firm (FCFF)²	2,728)	880)	2,044)	6,098)	1,347)
Valuation Ratio
EV/FCFF³	26.41	79.26	35.32	12.13	46.43
Benchmarks
EV/FCFF, Industry
Materials	38.72	40.02	34.36	20.85	30.81

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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² See details »

³ 2024 Calculation
EV/FCFF = EV ÷ FCFF
= 72,055 ÷ 2,728 = 26.41

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

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