Freeport-McMoRan Inc., FCFE 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)
Capital expenditures	(4,824)	(3,469)	(2,115)	(1,961)	(2,652)
Proceeds from debt	1,781)	5,735)	1,201)	3,531)	1,879)
Repayments of debt	(2,980)	(4,515)	(1,461)	(3,724)	(3,197)
Free cash flow to equity (FCFE)	(744)	2,890)	5,340)	863)	(2,488)

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
FCFE	Free cash flow to equity is the cash flow available to Freeport-McMoRan Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Freeport-McMoRan Inc. FCFE decreased from 2021 to 2022 and from 2022 to 2023.

Freeport-McMoRan Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	1,436,927,710
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	(744)
FCFE per share	-0.52
Current share price (P)	38.86
Valuation Ratio
P/FCFE	—
Benchmarks
P/FCFE, Industry
Materials	44.63

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

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

Freeport-McMoRan Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
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
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	(744)	2,890)	5,340)	863)	(2,488)
FCFE per share³	-0.52	2.02	3.67	0.59	-1.71
Share price^1, 4	38.83	42.31	43.67	32.90	12.24
Valuation Ratio
P/FCFE⁵	—	20.95	11.90	55.60	—
Benchmarks
P/FCFE, Industry
Materials	45.58	18.95	19.23	27.42	88,121.39

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).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= -744,000,000 ÷ 1,434,409,010 = -0.52

⁴ Closing price as at the filing date of Freeport-McMoRan Inc. Annual Report.

⁵ 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 38.83 ÷ -0.52 = —

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Freeport-McMoRan Inc. (NYSE:FCX)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical