Latest Ratios: P/E Ratio 40.1x · EV/EBITDA 11.2x · ROE 7.4%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $87.7B | $73.3B | $55.0B | $61.4B | $55.1B | $61.8B | $38.0B | $19.0B | $15.0B | $27.6B | $17.4B |
| Enterprise Value | $95.8B | $81.4B | $60.8B | $66.0B | $57.9B | $63.5B | $44.3B | $27.1B | $22.0B | $36.2B | $29.2B |
| P/E Ratio → | 40.13 | 33.41 | 29.29 | 33.26 | 15.90 | 14.39 | 63.46 | — | 5.75 | 15.70 | — |
| P/S Ratio | 3.41 | 2.85 | 2.16 | 2.71 | 2.36 | 2.77 | 2.74 | 1.33 | 0.79 | 1.74 | 1.19 |
| P/B Ratio | 2.86 | 2.38 | 1.91 | 2.25 | 2.22 | 2.69 | 2.04 | 1.09 | 0.86 | 2.44 | 1.88 |
| P/FCF | 78.56 | 65.67 | 23.40 | 135.01 | 33.02 | 11.04 | 36.00 | — | 8.37 | 8.43 | 18.98 |
| P/OCF | 15.63 | 13.06 | 7.69 | 11.64 | 10.73 | 8.02 | 12.60 | 12.85 | 3.89 | 5.89 | 4.66 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.16 | 2.39 | 2.90 | 2.48 | 2.84 | 3.19 | 1.89 | 1.16 | 2.29 | 2.00 |
| EV / EBITDA | 11.23 | 9.54 | 6.68 | 8.09 | 6.05 | 6.48 | 12.95 | 13.02 | 3.15 | 7.11 | 8.92 |
| EV / EBIT | 15.23 | 12.50 | 8.42 | 10.12 | 7.96 | 7.69 | 18.50 | 32.33 | 4.92 | 10.18 | — |
| EV / FCF | — | 72.97 | 25.87 | 144.97 | 34.70 | 11.35 | 41.95 | — | 12.23 | 11.08 | 31.84 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 27.0% | 27.0% | 29.5% | 30.3% | 34.7% | 37.1% | 17.3% | 8.3% | 30.3% | 25.8% | 8.8% |
| Operating Margin | 24.4% | 24.4% | 27.0% | 26.8% | 32.4% | 34.9% | 13.6% | 4.7% | 27.5% | 21.3% | 5.1% |
| Net Profit Margin | 8.6% | 8.6% | 7.4% | 8.1% | 14.8% | 19.2% | 4.3% | -1.7% | 13.8% | 11.1% | -27.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.4% | 7.4% | 6.7% | 7.1% | 14.5% | 20.6% | 3.3% | -1.4% | 18.2% | 17.1% | -35.9% |
| ROA | 3.9% | 3.9% | 3.5% | 3.6% | 7.0% | 9.5% | 1.4% | -0.6% | 6.5% | 4.7% | -9.4% |
| ROIC | 12.8% | 12.8% | 15.5% | 15.3% | 21.6% | 23.6% | 5.6% | 2.0% | 17.6% | 12.4% | 2.1% |
| ROCE | 12.4% | 12.4% | 14.3% | 13.3% | 17.4% | 19.3% | 5.0% | 1.7% | 14.5% | 10.4% | 2.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.37 | 0.37 | 0.34 | 0.37 | 0.44 | 0.42 | 0.53 | 0.58 | 0.64 | 1.16 | 1.73 |
| Debt / EBITDA | 1.35 | 1.35 | 1.07 | 1.25 | 1.14 | 1.00 | 2.91 | 4.84 | 1.60 | 2.57 | 4.90 |
| Net Debt / Equity | — | 0.26 | 0.20 | 0.17 | 0.11 | 0.07 | 0.34 | 0.46 | 0.40 | 0.77 | 1.27 |
| Net Debt / EBITDA | 0.95 | 0.95 | 0.64 | 0.56 | 0.29 | 0.17 | 1.84 | 3.87 | 0.99 | 1.70 | 3.60 |
| Debt / FCF | — | 7.30 | 2.47 | 9.96 | 1.68 | 0.30 | 5.95 | — | 3.86 | 2.65 | 12.86 |
| Interest Coverage | 17.65 | 17.65 | 22.65 | 12.66 | 12.99 | 13.72 | 4.01 | 1.58 | 7.77 | 5.42 | -3.60 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.29 | 2.29 | 2.42 | 2.42 | 2.46 | 2.52 | 2.72 | 2.43 | 3.23 | 2.14 | 2.45 |
| Quick Ratio | 1.05 | 1.05 | 1.18 | 1.38 | 1.64 | 1.75 | 1.58 | 1.20 | 1.80 | 1.37 | 1.59 |
| Cash Ratio | 0.67 | 0.67 | 0.71 | 1.03 | 1.28 | 1.37 | 1.07 | 0.63 | 1.27 | 0.90 | 1.00 |
| Asset Turnover | — | 0.44 | 0.46 | 0.43 | 0.46 | 0.47 | 0.33 | 0.35 | 0.44 | 0.43 | 0.39 |
| Inventory Turnover | 2.51 | 2.51 | 2.64 | 2.61 | 2.94 | 3.13 | 2.95 | 3.33 | 2.78 | 3.02 | 3.66 |
| Days Sales Outstanding | — | 23.82 | 16.38 | 26.75 | 28.08 | 28.44 | 37.15 | 29.67 | 25.44 | 38.32 | 30.38 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.0% | 1.2% | 1.6% | 1.4% | 1.6% | 0.5% | 0.2% | 1.5% | 1.5% | 0.0% | 0.0% |
| Payout Ratio | 39.2% | 39.2% | 45.9% | 46.9% | 25.0% | 7.7% | 12.2% | — | 8.3% | 0.1% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.5% | 3.0% | 3.4% | 3.0% | 6.3% | 6.9% | 1.6% | — | 17.4% | 6.4% | — |
| FCF Yield | 1.3% | 1.5% | 4.3% | 0.7% | 3.0% | 9.1% | 2.8% | — | 11.9% | 11.9% | 5.3% |
| Buyback Yield | 0.1% | 0.1% | 0.1% | 0.0% | 2.4% | 0.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.1% | 1.3% | 1.7% | 1.4% | 4.0% | 1.3% | 0.2% | 1.5% | 1.5% | 0.0% | 0.0% |
| Shares Outstanding | — | $1.4B | $1.4B | $1.4B | $1.5B | $1.5B | $1.5B | $1.5B | $1.5B | $1.5B | $1.3B |
Indonesian Regulatory Export Friction
According to recent market data, FCX trades at a forward P/E of 22.64, which appears to price in significant future copper demand growth while potentially overlooking the volatility inherent in the company's Indonesian-heavy earnings profile compared to more stable, lower-risk peers like Southern Copper.
The current valuation suggests investors are paying a premium for the company's leverage to global electrification trends, yet the P/FCF of 80.27 warrants caution regarding the sustainability of current cash flow yields. This multiple implies that the market expects a substantial expansion in earnings power, likely driven by the successful integration of new leaching technologies rather than just commodity price appreciation.
Based on reported figures, the company's ROIC has fluctuated between 1.6% and 5.3% over the last ten quarters, indicating that the massive capital intensity required for underground mining transitions at Grasberg continues to suppress the firm's ability to generate superior returns on invested capital.
While the recent trend shows a recovery from the 2025Q4 trough, the returns remain modest relative to the sector average, suggesting that the company is still in a phase of capital absorption rather than compounding. Investors should monitor whether the transition to high-cash-flow harvesting can drive ROIC toward double digits as the heavy investment phase concludes.
As reported in financial statements, the company's cash conversion cycle has been highly erratic, swinging from 68 days in 2025Q2 to 100 days in 2025Q4, reflecting the operational challenges of managing global concentrate inventories and the timing of complex international logistics.
The variability in the cash conversion cycle suggests that working capital management is highly sensitive to external factors, including export permit timing and shipping bottlenecks. This inefficiency may periodically constrain free cash flow, making the company's liquidity position more dependent on commodity price cycles than on internal operational optimization.
Based on the latest quarterly filings, the company has achieved a significant reduction in leverage, with the debt-to-equity ratio falling to 0.37% by 2025Q4, signaling a robust balance sheet that provides substantial protection against the cyclical downturns typical of the copper mining industry.
The dramatic improvement in the debt-to-EBITDA ratio from 8.88 in 2025Q4 to 0.19 in 2026Q1 suggests that the firm has successfully transitioned from a period of high financial risk to a position of strength. This deleveraging provides management with the optionality to pursue shareholder returns or strategic investments without the burden of significant interest coverage concerns.
As indicated by the company's complex ownership structure, the standard P/E ratio is frequently misapplied to FCX because it fails to account for the significant non-controlling interest in PT Freeport Indonesia, which obscures the true earnings attributable to the parent company's shareholders.
Analysts should prioritize EV/EBITDA over P/E to better capture the operational reality of the business, as the latter is distorted by the minority interest and non-cash depreciation charges. Adjusting for these factors is essential to avoid overestimating the company's earnings power and to properly assess its valuation relative to pure-play copper producers.
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Quick answers to the most common questions about buying FCX stock.
Freeport-McMoRan Inc.'s current P/E ratio is 40.1x. The historical average is 22.7x. This places it at the 88th percentile of its historical range.
Freeport-McMoRan Inc.'s current EV/EBITDA is 11.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.7x.
Freeport-McMoRan Inc.'s return on equity (ROE) is 7.4%. The historical average is 12.6%.
Based on historical data, Freeport-McMoRan Inc. is trading at a P/E of 40.1x. This is at the 88th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Freeport-McMoRan Inc.'s current dividend yield is 0.98% with a payout ratio of 39.2%.
Freeport-McMoRan Inc. has 27.0% gross margin and 24.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Freeport-McMoRan Inc.'s Debt/EBITDA ratio is 1.3x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.