Freeport-McMoRan Inc., current enterprise value calculation

Current share price (P)	$44.12
No. shares of common stock outstanding	1,436,927,710
US$ in millions
Common equity (market value)¹	63,397)
Add: Noncontrolling interests (per books)	10,617)
Total equity	74,014)
Add: Current portion of debt (per books)	766)
Add: Long-term debt, less current portion (per books)	8,656)
Total equity and debt	83,436)
Less: Cash and cash equivalents	4,758)
Less: Restricted cash and cash equivalents	1,208)
Enterprise value (EV)	77,470)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 44.12 × 1,436,927,710

Freeport-McMoRan Inc., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$38.83	$42.31	$43.67	$32.90	$12.24
No. shares of common stock outstanding¹	1,434,409,010	1,430,693,689	1,454,781,055	1,458,480,446	1,450,972,426
US$ in millions
Common equity (market value)³	55,698)	60,533)	63,530)	47,984)	17,760)
Add: Noncontrolling interests (book value)	10,617)	9,316)	9,039)	8,494)	8,150)
Total equity	66,315)	69,849)	72,569)	56,478)	25,910)
Add: Current portion of debt (book value)	766)	1,037)	372)	34)	5)
Add: Long-term debt, less current portion (book value)	8,656)	9,583)	9,078)	9,677)	9,821)
Total equity and debt	75,737)	80,469)	82,019)	66,189)	35,736)
Less: Cash and cash equivalents	4,758)	8,146)	8,068)	3,657)	2,020)
Less: Restricted cash and cash equivalents	1,208)	111)	—)	—)	—)
Enterprise value (EV)	69,771)	72,212)	73,951)	62,532)	33,716)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Freeport-McMoRan Inc. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 38.83 × 1,434,409,010

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Freeport-McMoRan Inc. EV decreased from 2021 to 2022 and from 2022 to 2023.

Freeport-McMoRan Inc. (NYSE:FCX)

Enterprise Value (EV)