YouTube · Q3 FY2026 · 2026-10-22
FCX · NYSE
Freeport-McMoRan Inc.
Copper · United States
USD 62.123.0% daily changeQuote 2026-11-11 · USD
- Market cap (USD)
- US$89.14B
- Trailing P/E
- 26.10x
- Forward P/E
- 14.71x
- Quarterly revenue growth
- 8.2%
- Trailing net margin
- 13.0%
- Indicated dividend yield
- 1.0%
Snapshot 2026-11-11 · Latest financial period 2026-09-30 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.
Next earnings: 2027-01-21 (provider estimate; issuer confirmation unavailable here).
Company background
Freeport-McMoRan Inc. engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile. The company was formerly known as Freeport-McMoRan Copper & Gold Inc. and changed its name to Freeport-McMoRan Inc. in July 2014. The company was incorporated in 1987 and is headquartered in Phoenix, Arizona.
Company websiteQ3 2026
Go beyond the headline.
FCX Stock: The Copper Windfall Meets a $4.5 Billion Bill — Q3 2026
Published 2026-11-11
Q3 2026 REPORT HIGHLIGHTS
What’s changed for FCX
Higher copper prices lifted profit, but inventory conversion, partner claims and the approved Bagdad expansion decide what common shareholders keep.
Price carried the print.
Copper sales fell 23.3%, while realized copper rose 39.7%; revenue still grew 8.2%.
Inventory must become cash.
Gold sales of 105k ounces missed the prior 160k estimate; the next-quarter target is 300k.
Owners do not keep all consolidated profit.
$514M of $1.688B quarterly net income was attributable to noncontrolling interests; this is not cash paid.
Bagdad is now approved.
The November 4 decision commits an estimated $4.5B to a project targeting initial production in mid-2030.
Value requires a cash bridge.
Our three equity checks support $58 base value and $57.85 probability-weighted value.
Comparable businesses
FCX peer comparison
Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.
| Metric | FCXFreeport-McMoRan Inc.Snapshot 2026-11-11Financial period: 2026-09-30 | SCCOSouthern Copper CorporationSnapshot 2026-11-11Financial period: 2026-09-30 | TECKTeck Resources LimitedSnapshot 2026-11-11Financial period: 2026-09-30 | Peer medianSimilar-size peers only |
|---|---|---|---|---|
| Market capMarket value, converted to USD | US$89.14B | US$147.29B | US$31.26B | US$89.27Bn=2 |
| Forward P/EProvider forward earnings estimate | 14.71x | 22.84x | 15.56x | 19.20xn=2 |
| EV / EBITDAEnterprise value / trailing EBITDA | 10.56x | 13.30x | — | — |
| Revenue growthLatest quarter vs prior-year quarter | 8.2% | 39.1% | 33.4% | 36.2%n=2 |
| Operating marginLatest reported quarter | 28.6% | 58.6% | 37.1% | 47.8%n=2 |
| Free cash flow yieldTrailing cash flow / market cap | 2.1% | 3.8% | — | — |
| Net debt / EBITDANet debt / trailing EBITDA | 0.60x | 0.05x | 0.40x | 0.23xn=2 |
| Debt / equityTotal debt / positive book equity | 0.31x | 0.63x | 0.32x | 0.48xn=2 |
| Trailing P/ETrailing twelve-month earnings | 26.10x | 22.98x | 11.41x | 17.20xn=2 |
| Price / bookPrice / positive book equity per share | 4.25x | 11.23x | 1.50x | 6.37xn=2 |
| EV / salesEnterprise value / trailing revenue | 3.98x | 8.53x | — | — |
| Earnings growthLatest quarter vs prior-year quarter | 76.1% | 62.7% | 468.4% | 265.6%n=2 |
| Gross marginTrailing twelve months | 38.9% | 65.8% | 40.1% | 53.0%n=2 |
| Net marginTrailing twelve months | 13.0% | 37.2% | 25.2% | 31.2%n=2 |
| Return on equityProvider trailing return; positive equity only | 15.7% | 52.9% | 13.6% | 33.2%n=2 |
| Free cash flow marginTrailing free cash flow / revenue | 7.1% | 32.6% | 15.3% | 24.0%n=2 |
| Dividend yieldIndicated annual dividend / price | 1.0% | 3.0% | 0.5% | 1.8%n=2 |
| Earnings payoutProvider trailing dividend payout | 25.2% | 52.4% | 6.5% | 29.4%n=2 |
| Current ratioCurrent assets / current liabilities | 2.02x | 4.31x | 2.80x | 3.56xn=2 |
| BetaProvider historical market sensitivity | 1.37 | 1.16 | 1.65 | 1.40n=2 |
YouTube · Q3 FY2026 · 2026-10-22
YouTube · Q2 2026 · 2026-07-25
Comparison methodology & limitations
Reviewed operating groups override broad sector classifications. Other companies are matched only within a sufficiently specific provider industry. Business mix, geography and accounting standards can still differ. Market caps are converted to USD using exchange rates captured during the snapshot refresh. Financial ratios that would mix currencies are omitted. Snapshots must be at most 14 days old and no more than seven days apart for automatic selection.
Peer medians require at least two valid similar-size peers for each metric. Negative earnings, nonpositive equity, missing data and irrelevant bank ratios are not presented as attractive valuations. A higher or lower number is not automatically a better investment. Financial statement periods are not calendar-aligned across companies.
Reported performance
Financial trends
Periods are grouped by their ending calendar year or quarter, not identical fiscal calendars. Exact period-end dates appear in tooltips and reported figures. When reporting currencies differ and a recent captured FX rate is available, money and EPS are normalized to USD for comparison. This is not a historical FX restatement. Gaps are not estimated.
Financial statements load separately from the research page.
Source: . Window ends at the latest available reporting period.
Revenue
Reported figures
Financial data & calculation notes
Standalone charts use the stated reporting currency. When a chart comparison spans currencies, money and EPS can be normalized to USD using a recent captured FX snapshot; this is for comparison only, not a historical FX restatement. Stock-based compensation is noncash. Free cash flow is operating cash flow less capital spending, which may include capitalized software. Missing metrics are not estimated or assumed to be zero. Banking and insurance ratios require industry-specific interpretation. Latest restatements may differ from figures in older episodes.
Market context
Valuation & price history
Adjusted closing price
Price history loads separately.
Price figures
Earnings-multiple scenario
Illustrative price = your earnings-per-share assumption × your P/E assumption. This is not a price target or a complete valuation model.
Starting assumptions, when available, use provider forward estimates as of 2026-11-11. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.
THE RESEARCH RECORD
Research history for FCX
Q3 20262026-11-11
FREE RESEARCH PACKET · Q3 2026
FCX: The Copper Windfall Meets a $4.5 Billion Bill
Higher copper prices lifted profit, but inventory conversion, partner claims and the approved Bagdad expansion decide what common shareholders keep.
Research published November 10, 2026 · Download original report
Read Research PacketFCX Stock: The Copper Windfall Meets a $4.5 Billion Bill — Q3 2026
Presentation · 2026-11-11 · YouTube
Q2 20262026-07-25
Freeport-McMoRan (FCX) Q2 2026: Record Copper & Gold, a Big Beat — So Why Did the Stock Fall?
Presentation · 2026-07-25 · YouTube
Q1 20262026-04-24
FCX Stock: Earnings Deep Dive — Q1 2026 Earnings Analysis
Presentation · 2026-04-24 · YouTube