# Freeport-McMoran Inc. (FCX) — Stock CV

Freeport-McMoran Inc. is a $106B materials company. Revenue grew 0.2% over the last year, it keeps 11¢ of every dollar of sales as profit, and its net debt equals ~2.9 years of free cash flow. It trades at 35.9× earnings — in the most expensive third of its own history.

> Freeport-McMoRan owns stakes in 10 copper mines, led by its 49% ownership of the Grasberg copper and gold operations in Indonesia, 55% of the Cerro Verde mine in Peru, and 72% of Morenci in Arizona.

## Identity

- **Ticker**: FCX
- **Sector**: Basic Materials
- **Industry**: Metal Mining
- **Headquarters**: PHOENIX, AZ
- **Employees**: 29 000
- **Website**: https://www.fcx.com
- **Market cap**: $106B
- **Last price**: $73.68
- **Financial profile**: Strong

## Vitals (TTM)

- **Revenue**: $25.9B
- **Net income**: $2.94B
- **Free cash flow**: $1.76B
- **Net debt**: $5.09B
- **P/E**: 35.9
- **Revenue growth (YoY)**: 0.2%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 45 |
| Growth | 56 |
| Profitability | 77 |
| Health | 88 |
| Quality | 50 |
| Moat | 44 |

## Qualifications (beginner checklist) — 10 of 11 passed

- [x] Revenue growing — +0.2% YoY
- [x] Profitable — $2.94B TTM
- [ ] Profit growing — -13.9% YoY
- [x] Generates cash — $1.76B TTM
- [x] Debt under control — ~2.9y of cash flow to repay
- [x] Established company — $106B market cap
- [x] Not printing shares — -1.2% shares over ~5y
- [x] Proven track record — 8/10 profitable years
- [x] Financially stable — Altman Z 3.0 — grey
- [x] Pays a dividend — yield 0.82%
- [x] Valuation not extreme — P/E 35.9

## Experience (career milestones)

- **FY2021** — Best year on record: $4.31B net income
- **FY2020** — Positive free cash flow every year since: 6-year streak
- **FY2017** — Turned profitable: $1.82B net income after a loss year
- **FY2016** — Revenue already above $10B: $14.8B in first reported year
- **2012** — The company announced agreements to acquire affiliated companies McMoRan Exploration Company and Plains…
- **Mar 19, 2007** — The company acquired Phelps Dodge (for $25.9 Billion) and became the largest copper producer of…
- **1995** — The company completed the corporate spin-off, first announced in May 1994, of its entire interest in…
- **Apr 7, 1981** — Freeport Minerals Company merged with the McMoRan Oil and Gas Company
- **1971** — The company changed its name to Freeport Minerals Company, (not to be confused with Freeport Minerals…
- **1932** — Freeport Sulphur Company acquired the sulfur rights for Lake Grande Ecaille and vicinity in Plaquemines…
- **Feb 19, 1931** — The company announced on February 19, 1931, the acquisition of a controlling interest in the Cuban American…
- **1928** — Shareholder and scion of one of the founding investment firms, John Langbourne Williams & Sons, Langbourne…
- **1919** — The stock was listed on the NYSE since 1919
- **1912** — The Bryan Mound salt dome just south of Freeport became the second Frasch sulphur mine in the world in 1912

## Strengths

- Interest covered 20.0× by operating earnings

## Watch-outs

- Loss-making in 2 of the recent years

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $22.8B | $4.31B | $5.60B |
| FY2022 | $22.8B | $3.47B | $1.67B |
| FY2023 | $22.9B | $1.85B | $455M |
| FY2024 | $25.5B | $1.88B | $2.35B |
| FY2025 | $25.9B | $2.20B | $1.12B |

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Source: https://stockcv.com/FCX — derived from company filings; may be delayed or incomplete. Information, not investment advice.