Stock Analysis on Net
Stock Analysis on Net

Freeport-McMoRan Inc. (NYSE:FCX)

Common Stock Valuation Ratios (Price Multiples) 
Quarterly Data

Microsoft Excel

Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).

Historical Valuation Ratios (Summary)

Freeport-McMoRan Inc., historical price multiples (quarterly data)

Microsoft Excel
Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Price to earnings (P/E) 29.41 43.29 30.14 23.37 29.29 19.39 17.45 12.97 8.88 11.23 14.75 13.92 18.54 33.67 80.11 — — — — — — —
Price to operating profit (P/OP) 8.23 11.47 8.95 8.35 11.22 8.66 8.60 6.44 4.65 5.96 7.59 7.00 8.51 13.71 19.69 18.48 34.65 43.85 16.28 — — —
Price to sales (P/S) 2.30 3.02 2.44 2.22 2.82 2.34 2.66 2.17 1.78 2.34 2.78 2.57 2.78 3.75 3.38 2.04 1.57 0.97 1.23 — — —
Price to book value (P/BV) 3.26 4.23 3.34 3.06 3.81 3.14 3.89 3.36 2.91 3.86 4.54 4.07 4.38 5.57 4.72 3.01 2.26 1.47 1.91 1.63 1.52 1.70

Based on: 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Freeport-McMoRan Inc. P/E ratio increased from Q4 2023 to Q1 2024 but then decreased significantly from Q1 2024 to Q2 2024.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Freeport-McMoRan Inc. P/OP ratio increased from Q4 2023 to Q1 2024 but then decreased significantly from Q1 2024 to Q2 2024.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Freeport-McMoRan Inc. P/S ratio increased from Q4 2023 to Q1 2024 but then decreased significantly from Q1 2024 to Q2 2024.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. Freeport-McMoRan Inc. P/BV ratio increased from Q4 2023 to Q1 2024 but then decreased significantly from Q1 2024 to Q2 2024.

Price to Earnings (P/E)

Freeport-McMoRan Inc., historical P/E calculation (quarterly data)

Microsoft Excel
Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 1,436,856,316 1,436,489,977 1,434,409,010 1,433,977,244 1,433,635,627 1,433,286,280 1,430,693,689 1,429,327,191 1,429,270,314 1,449,262,382 1,454,781,055 1,468,473,516 1,468,064,383 1,465,526,823 1,458,480,446 1,452,868,421 1,452,218,624 1,451,970,774 1,450,972,426 1,450,913,690 1,450,890,574 1,450,634,551
Selected Financial Data (US$)
Net income (loss) attributable to common stockholders (in millions) 616 473 388 454 343 663 697 404 840 1,527 1,106 1,399 1,083 718 708 329 53 (491) 9 (207) (72) 31
Earnings per share (EPS)2 1.34 1.15 1.29 1.50 1.47 1.82 2.42 2.71 3.41 3.53 2.96 2.66 1.93 1.23 0.41 -0.07 -0.44 -0.52 -0.16 0.00 0.00 0.00
Share price1, 3 39.52 49.96 38.83 35.15 43.05 35.22 42.31 35.19 30.27 39.64 43.67 37.04 35.85 41.54 32.90 19.12 13.96 8.97 12.24 10.64 10.14 11.44
Valuation Ratio
P/E ratio4 29.41 43.29 30.14 23.37 29.29 19.39 17.45 12.97 8.88 11.23 14.75 13.92 18.54 33.67 80.11 — — — — — — —

Based on: 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q2 2024 Calculation
EPS = (Net income (loss) attributable to common stockholdersQ2 2024 + Net income (loss) attributable to common stockholdersQ1 2024 + Net income (loss) attributable to common stockholdersQ4 2023 + Net income (loss) attributable to common stockholdersQ3 2023) ÷ No. shares of common stock outstanding
= (616,000,000 + 473,000,000 + 388,000,000 + 454,000,000) ÷ 1,436,856,316 = 1.34

3 Closing price as at the filing date of Freeport-McMoRan Inc. Quarterly or Annual Report.

4 Q2 2024 Calculation
P/E ratio = Share price ÷ EPS
= 39.52 ÷ 1.34 = 29.41

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Freeport-McMoRan Inc. P/E ratio increased from Q4 2023 to Q1 2024 but then decreased significantly from Q1 2024 to Q2 2024.

Price to Operating Profit (P/OP)

Freeport-McMoRan Inc., historical P/OP calculation (quarterly data)

Microsoft Excel
Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 1,436,856,316 1,436,489,977 1,434,409,010 1,433,977,244 1,433,635,627 1,433,286,280 1,430,693,689 1,429,327,191 1,429,270,314 1,449,262,382 1,454,781,055 1,468,473,516 1,468,064,383 1,465,526,823 1,458,480,446 1,452,868,421 1,452,218,624 1,451,970,774 1,450,972,426 1,450,913,690 1,450,890,574 1,450,634,551
Selected Financial Data (US$)
Operating income (loss) (in millions) 2,049 1,634 1,722 1,492 1,410 1,601 1,530 962 1,736 2,809 2,305 2,462 2,067 1,532 1,709 880 321 (473) 775 (38) 33 321
Operating profit per share2 4.80 4.36 4.34 4.21 3.84 4.07 4.92 5.47 6.52 6.65 5.75 5.29 4.22 3.03 1.67 1.03 0.40 0.20 0.75 0.00 0.00 0.00
Share price1, 3 39.52 49.96 38.83 35.15 43.05 35.22 42.31 35.19 30.27 39.64 43.67 37.04 35.85 41.54 32.90 19.12 13.96 8.97 12.24 10.64 10.14 11.44
Valuation Ratio
P/OP ratio4 8.23 11.47 8.95 8.35 11.22 8.66 8.60 6.44 4.65 5.96 7.59 7.00 8.51 13.71 19.69 18.48 34.65 43.85 16.28 — — —

Based on: 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q2 2024 Calculation
Operating profit per share = (Operating income (loss)Q2 2024 + Operating income (loss)Q1 2024 + Operating income (loss)Q4 2023 + Operating income (loss)Q3 2023) ÷ No. shares of common stock outstanding
= (2,049,000,000 + 1,634,000,000 + 1,722,000,000 + 1,492,000,000) ÷ 1,436,856,316 = 4.80

3 Closing price as at the filing date of Freeport-McMoRan Inc. Quarterly or Annual Report.

4 Q2 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 39.52 ÷ 4.80 = 8.23

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Freeport-McMoRan Inc. P/OP ratio increased from Q4 2023 to Q1 2024 but then decreased significantly from Q1 2024 to Q2 2024.

Price to Sales (P/S)

Freeport-McMoRan Inc., historical P/S calculation (quarterly data)

Microsoft Excel
Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 1,436,856,316 1,436,489,977 1,434,409,010 1,433,977,244 1,433,635,627 1,433,286,280 1,430,693,689 1,429,327,191 1,429,270,314 1,449,262,382 1,454,781,055 1,468,473,516 1,468,064,383 1,465,526,823 1,458,480,446 1,452,868,421 1,452,218,624 1,451,970,774 1,450,972,426 1,450,913,690 1,450,890,574 1,450,634,551
Selected Financial Data (US$)
Revenues (in millions) 6,624 6,321 5,905 5,824 5,737 5,389 5,758 5,003 5,416 6,603 6,164 6,083 5,748 4,850 4,495 3,851 3,054 2,798 3,911 3,153 3,546 3,792
Sales per share2 17.17 16.56 15.93 15.84 15.27 15.05 15.92 16.22 16.98 16.97 15.70 14.42 12.90 11.09 9.73 9.37 8.89 9.23 9.93 0.00 0.00 0.00
Share price1, 3 39.52 49.96 38.83 35.15 43.05 35.22 42.31 35.19 30.27 39.64 43.67 37.04 35.85 41.54 32.90 19.12 13.96 8.97 12.24 10.64 10.14 11.44
Valuation Ratio
P/S ratio4 2.30 3.02 2.44 2.22 2.82 2.34 2.66 2.17 1.78 2.34 2.78 2.57 2.78 3.75 3.38 2.04 1.57 0.97 1.23 — — —

Based on: 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q2 2024 Calculation
Sales per share = (RevenuesQ2 2024 + RevenuesQ1 2024 + RevenuesQ4 2023 + RevenuesQ3 2023) ÷ No. shares of common stock outstanding
= (6,624,000,000 + 6,321,000,000 + 5,905,000,000 + 5,824,000,000) ÷ 1,436,856,316 = 17.17

3 Closing price as at the filing date of Freeport-McMoRan Inc. Quarterly or Annual Report.

4 Q2 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= 39.52 ÷ 17.17 = 2.30

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Freeport-McMoRan Inc. P/S ratio increased from Q4 2023 to Q1 2024 but then decreased significantly from Q1 2024 to Q2 2024.

Price to Book Value (P/BV)

Freeport-McMoRan Inc., historical P/BV calculation (quarterly data)

Microsoft Excel
Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 1,436,856,316 1,436,489,977 1,434,409,010 1,433,977,244 1,433,635,627 1,433,286,280 1,430,693,689 1,429,327,191 1,429,270,314 1,449,262,382 1,454,781,055 1,468,473,516 1,468,064,383 1,465,526,823 1,458,480,446 1,452,868,421 1,452,218,624 1,451,970,774 1,450,972,426 1,450,913,690 1,450,890,574 1,450,634,551
Selected Financial Data (US$)
Stockholders’ equity (in millions) 17,404 16,973 16,693 16,459 16,202 16,057 15,555 14,954 14,889 14,866 13,980 13,353 12,011 10,920 10,174 9,236 8,954 8,855 9,298 9,444 9,709 9,783
Book value per share (BVPS)2 12.11 11.82 11.64 11.48 11.30 11.20 10.87 10.46 10.42 10.26 9.61 9.09 8.18 7.45 6.98 6.36 6.17 6.10 6.41 6.51 6.69 6.74
Share price1, 3 39.52 49.96 38.83 35.15 43.05 35.22 42.31 35.19 30.27 39.64 43.67 37.04 35.85 41.54 32.90 19.12 13.96 8.97 12.24 10.64 10.14 11.44
Valuation Ratio
P/BV ratio4 3.26 4.23 3.34 3.06 3.81 3.14 3.89 3.36 2.91 3.86 4.54 4.07 4.38 5.57 4.72 3.01 2.26 1.47 1.91 1.63 1.52 1.70

Based on: 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q2 2024 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 17,404,000,000 ÷ 1,436,856,316 = 12.11

3 Closing price as at the filing date of Freeport-McMoRan Inc. Quarterly or Annual Report.

4 Q2 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= 39.52 ÷ 12.11 = 3.26

Valuation ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. Freeport-McMoRan Inc. P/BV ratio increased from Q4 2023 to Q1 2024 but then decreased significantly from Q1 2024 to Q2 2024.