Freeport-McMoRan Inc., current enterprise value calculation

Current share price (P)	$37.86
No. shares of common stock outstanding	1,437,073,006
US$ in millions
Common equity (market value)¹	54,408)
Add: Noncontrolling interests (per books)	11,197)
Total equity	65,605)
Add: Current portion of debt (per books)	41)
Add: Long-term debt, less current portion (per books)	8,907)
Total equity and debt	74,553)
Less: Cash and cash equivalents	3,923)
Less: Restricted cash and cash equivalents	888)
Enterprise value (EV)	69,742)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 37.86 × 1,437,073,006

Freeport-McMoRan Inc., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$39.47	$38.83	$42.31	$43.67	$32.90
No. shares of common stock outstanding¹	1,437,073,006	1,434,409,010	1,430,693,689	1,454,781,055	1,458,480,446
US$ in millions
Common equity (market value)³	56,721)	55,698)	60,533)	63,530)	47,984)
Add: Noncontrolling interests (book value)	11,197)	10,617)	9,316)	9,039)	8,494)
Total equity	67,918)	66,315)	69,849)	72,569)	56,478)
Add: Current portion of debt (book value)	41)	766)	1,037)	372)	34)
Add: Long-term debt, less current portion (book value)	8,907)	8,656)	9,583)	9,078)	9,677)
Total equity and debt	76,866)	75,737)	80,469)	82,019)	66,189)
Less: Cash and cash equivalents	3,923)	4,758)	8,146)	8,068)	3,657)
Less: Restricted cash and cash equivalents	888)	1,208)	111)	—)	—)
Enterprise value (EV)	72,055)	69,771)	72,212)	73,951)	62,532)

¹ Data adjusted for splits and stock dividends.

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

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 39.47 × 1,437,073,006

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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 2022 to 2023 but then increased from 2023 to 2024 not reaching 2022 level.

Freeport-McMoRan Inc. (NYSE:FCX)

Enterprise Value (EV)