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Overvalued
Morningstar Quantitative Rating as of 4 NOV 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 26.13 Fair value 42.19 One-star price 68.11
Morningstar Quantitative Rating as of 4 NOV 2026.
Morningstar Quantitative Rating as of 4 NOV 2026. The slider runs from the five-star price (26.13) to the one-star price (68.11).
| Ratios |
|---|
| Currency (Price/reporting): USD/USD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 61.77 |
| Price - 12 month high | 80.22 |
| Price - 12 month low | 38.55 |
| Pricing date | 3 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 11.24 |
| Market capitalization | 89,894.70 |
| 12 Month High price date | 26 AUG 2026 |
| 12 Month Low price date | 6 NOV 2025 |
| Volume - avg. trading volume for the last 3 months | 12.33 |
| Price - 1 Day % Change | -1.91% |
| Price - 13 week price percent change | -2.94% |
| Price - 26 week price percent change | 9.23% |
| Price - 5 Day % Change | -6.34% |
| Price - 52 week price percent change | 50.00% |
| Price - YTD price percent change | 20.15% |
| Price % Change Month To Date | -14.26% |
| EPS excluding extraordinary items - most recent fiscal year | 1.520 |
| EPS excluding extraordinary items - trailing 12 month | 2.030 |
| EPS Normalized - most recent fiscal year | 1.770 |
| Revenue/share - most recent fiscal year | 17.959 |
| Revenue/share - trailing 12 month | 17.927 |
| Book value per share - most recent fiscal year | 13.188 |
| Book value per share - most recent quarter | 14.001 |
| Book value (tangible) per share - most recent fiscal year | 21.168 |
| Book value (tangible) per share - most recent quarter | 22.435 |
| Cash per share - most recent fiscal year | 2.669 |
| Cash per share - most recent quarter | 2.841 |
| Cash Flow per share - most recent fiscal year | 4.815 |
| Cash Flow per share - trailing 12 month | 5.096 |
| Dividend per share - most recent fiscal year | 0.600 |
| Dividends per share - trailing 12 month | 0.600 |
| EBITD per share - trailing 12 month | 6.394 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 1.530 |
| EPS Basic excluding extraordinary items - trailing 12 month | 2.030 |
| EPS including extraordinary items - most recent fiscal year | 1.530 |
| EPS including extraordinary items - trailing 12 month | 2.030 |
| Free Cash Flow per share - trailing 12 month | 2.228 |
| P/E excluding extraordinary items, most recent fiscal year | 26.30 |
| P/E Normalized, most recent fiscal year | 23.45 |
| Price to sales - most recent fiscal year | 3.42 |
| Price to Tangible Book - most fiscal year | 4.28 |
| Price to Free Cash Flow per Share - most recent fiscal year | 24.76 |
| Price to Cash Flow per share - trailing 12 month | 11.45 |
| Price to Book - most recent fiscal year | 4.28 |
| P/E excluding extraordinary items high, trailing 12 months | 46.29 |
| P/E excluding extraordinary items low, trailing 12 months | 25.95 |
| Net Debt, LFI | 6,279.00 |
| Net Debt, LFY | 6,668.00 |
| Dividend Yield - 5 Year Average | 1.22% |
| Dividend Yield - indicated annual dividend divided by closing price | 0.95% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 0.96% |
| Free Cash Flow - most recent fiscal year | 2,454.00 |
| LT debt/equity - most recent fiscal year | 32.25% |
| Payout ratio - most recent fiscal year | 39.47% |
| Total debt/total equity - most recent fiscal year | 34.10% |
| LT debt/equity - most recent quarter | 28.36% |
| Total debt/total equity - most recent quarter | 32.15% |
| Free Cash Flow - trailing 12 month | 3,215.00 |
| Payout ratio - trailing 12 month | 29.56% |
| Revenue - most recent fiscal year | 25,915.00 |
| Revenue - trailing 12 month | 25,868.00 |
| EBITD - most recent fiscal year | 8,985.00 |
| EBITD - trailing 12 month | 9,227.00 |
| Earnings before taxes - most recent fiscal year | 6,372.00 |
| Earnings before taxes - trailing 12 month | 6,654.00 |
| Net Income available to common - most recent fiscal year | 2,204.00 |
| Net Income available to common - trailing 12 months | 2,945.00 |
| Earnings before taxes Normalized - most recent fiscal year | 6,541.00 |
| Net Income Available to Common, Normalized - most recent fiscal year | 2,558.00 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 2.29 |
| Net Profit Margin % - 1st historical fiscal year | 16.02% |
| Net Profit Margin % - trailing 12 month | 17.74% |
| Operating margin - 1st historical fiscal year | 25.09% |
| Operating margin - trailing 12 month | 23.93% |
| Pretax margin - trailing 12 month | 25.72% |
| Pretax margin - 1st historical fiscal year | 24.59% |
| Operating Margin - 5 year average | 29.29% |
| Pretax Margin - 5 year average | 28.20% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 11.70% |
| Free Operating Cash Flow/Revenue, TTM | 12.43% |
| Net Profit Margin - 5 year average | 18.57% |
| Return on average assets - most recent fiscal year | 7.35% |
| Return on average assets - trailing 12 month | 7.91% |
| Return on average equity - most recent fiscal year | 22.80% |
| Return on average equity - trailing 12 month | 24.06% |
| Return on average assets - 5 year average | 8.77% |
| Return on average equity - 5 year average | 29.12% |
| Net Income/employee - most recent fiscal year | 143,172.41 |
| Revenue/employee - most recent fiscal year | 893,620.69 |
| Revenue growth rate, 5 year | 12.79% |
| EPS growth rate, 5 year | 29.96% |
| Growth rate% - dividend, 3 year | 0.00% |
| Revenue/share (5 yr growth) | 13.07% |
| Growth rate% - Revenue, 3 year | 4.39% |
| Growth rate% - EPS, 3 year | -14.00% |
| Book value per share growth rate, 5 year | 13.58% |
| Capital Spending growth rate, 5 year | 18.04% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | 18.03% |
Financial forecast (USD, millions except per share)
| Actuals | Estimates | |||||||
| 2025 | 2026 | 2027 | 2028 | 2029 | ||||
| Estimate breakdown | ||||||||
Financials (USD, millions)
| Period end: | DEC 21 | DEC 22 | DEC 23 | DEC 24 | DEC 25 |
| Fiscal year: | 2021 | 2022 | 2023 | 2024 | 2025 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
Announcements are available for ASX-listed companies only.
Freeport-McMoRan (FCX) finished +1.2% higher overnight after delivering a better-than-expected third-quarter result, with strong copper pricing offsetting softer volumes. The result itself was solid, although another trim to near-term copper sales guidance and higher capex continue to temper enthusiasm.
The largest listed copper miner FCX soared over +7% on Friday night in US trade, its best one-day move since April last year, breaking out to new highs in the process.
Freeport-McMoRan delivered a better-than-expected second quarter, with stronger realised commodity prices and solid copper volumes offsetting lower production from Grasberg.
Freeport had a good session overnight gaining +4.4%, following the copper price higher, recovering from some recent weakness after the company reduced 2026 copper and gold sales forecasts because of operational delays at the Grasberg mine in Indonesia — specifically wet ore conditions at Grasberg Block Cave that are bottlenecking material handling infrastructure.
FCX is one of the world’s largest listed copper producers, operating major long-life mines in the Americas and Indonesia, with earnings highly leveraged to copper prices. After correcting ~20% from this year’s high on growth concerns tied to the Iran war, buyers emerged, and our preferred scenario is that the stock had already found a base, making the risk/reward attractive around the $US60 area.
Freeport-McMoRan (FCX US) is one of the world’s largest publicly listed copper producers, operating major long-life mining assets across the Americas and Indonesia, with earnings heavily leveraged to global copper prices - not surprisingly its walked a similar path to the ASX's Sandfire Resources (SFR) over the last 12-months.
Copper has been on a tear, and while there are some shorter-term tariff related impacts at play, the medium-term picture for one of the key metals underpinning global electrification remain sound.
Freeport-McMoRan Inc. (FCX) US is a leading US mining company focusing heavily on copper; in the fourth quarter of 2024, copper sales contributed over 75% of the company's total revenue. The stock has struggled over the last 6-12 months, tracking the Cu price closely but failing to embrace its recent recovery;
FCX is a major $US61bn resource beast MM has touched on a few times through 2024; the company generates approximately 75–80% of its revenue from copper (Cu), with the remainder coming from gold and molybdenum sales. Through 2024, FCX has advanced around 8i% compared to Sandfire (SFR), which has powered over 40% higher.
MM remains long & bullish FCX ~$US65
MM is long and cautiously bullish toward FCX around US$76
MM remains long & bullish FCX US
We are long & bullish towards Freeport around $US64
MM is bullish on FCX around $US60
MM is adding to FCX US in the International Equities Portfolio, increasing the target weight to 6% around $US55
MM is long and bullish FCX
MM is long and bullish FCX ~$US68
MM is trimming FCX US in the International Equities Portfolio, targeting a 4% weighting around $US58.70
MM is long and bullish towards FCX
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. It sold around 1.1 million metric tons of copper (its share) in 2025, making it one of the world's largest copper miners by volume. It also sold about 530,000 ounces of gold, mostly from Grasberg, and 74 million pounds of molybdenum. It had about 25 years of copper reserves at the end of December 2025. We expect it to sell about 1.3 million metric tons of copper and 610,000 ounces of gold midcycle in 2030.
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