---
title: Freeport-McMoRan (FCX) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/fcx
ticker: FCX
as_of: 2026-10-17
sector: Basic Materials
industry: Copper
---
# Freeport-McMoRan (FCX)

Freeport-McMoRan (FCX) closed at $69.54 on Oct 16, 2026, overvalued by 37% vs its model value of $50.90 (from a five-year discounted cash flow).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $69.54 (Oct 16, 2026) |
| Model value (from a five-year discounted cash flow) | $50.90 |
| Price vs model | overvalued by 37% vs model |
| Range of that model | $36.26 – $86.18 |
| Market value | $100.0B |
| P/E (fiscal 2025) | — |
| Net margin (fiscal 2025) | 8.6% |
| Free cash flow (fiscal 2025) | $1.1B |
| Dividend yield (trailing twelve months) | 0.76% |
| Beta | 1.39 |
| Cost of capital (WACC) | 9.71% |
| Business classification | Cyclical (Low/slowing growth (~5% recent), Moderate margins (16% net margin), Highly cyclical earnings) |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 0.76% |
| Dividends per share, last 12 months | $0.53 |
| Dividends / free cash flow (fiscal 2025) | 77.5% |
| Raised | — |
| Growth over 5 years | 14.0% a year |
| Latest payment | $0.08, ex-date Oct 15, 2026, paid Nov 2, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Oct 14, 2021 | $0.28 |
| To Oct 13, 2022 | $0.60 |
| To Oct 12, 2023 | $0.60 |
| To Oct 15, 2024 | $0.60 |
| To Oct 15, 2025 | $0.60 |
| Trailing twelve months (to Oct 15, 2026) | $0.53 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $50.90 | $36.26 | $86.18 |
| DCF · Perpetuity growth · 10y | cross check | $65.40 | $46.90 | $109.43 |
| DCF · EBITDA exit · 5y | cross check | $84.52 | $48.48 | $127.17 |
| DCF · EBITDA exit · 10y | cross check | $95.31 | $56.38 | $148.14 |
| P/E · peers | cross check | $46.73 | $45.47 | $50.31 |
| P/E · own history | cross check | $43.42 | $38.14 | $57.04 |
| PEG | sanity check | $25.05 | $25.05 | $25.05 |
| EV/EBITDA · peers | cross check | $51.26 | $50.49 | $58.08 |
| EV/Revenue · peers | cross check | $84.28 | $76.28 | $89.14 |
| Earnings power value | cross check | $0.00 | $0.00 | $0.00 |
| Dividend discount | cross check | $13.10 | $9.52 | $17.89 |

## Insider activity (SEC Form 4)

Past 90 days: 0 open-market buys ($0) and 5 open-market sales ($8.4M); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Oct 1, 2026 | GRANT HUGH | Director | Grant / award | 482 | $33,740 |
| Oct 1, 2026 | STEPHENS JOHN JOSEPH | Director | Grant / award | 294 | $20,580 |
| Aug 27, 2026 | KENNARD LYDIA H | Director | Open-market sell | 3,798 | $300,470.8 |
| Aug 25, 2026 | Currault Douglas N. II | EVP & General Counsel | Open-market sell | 80,000 | $6.3M |
| Aug 25, 2026 | Currault Douglas N. II | EVP & General Counsel | Option/RSU exercise | 65,000 | $0 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Oct 2, 2026 | 8-K | 2.02 Results of Operations (Earnings); 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/831259/000083125926000043/fcx-20261002.htm |
| Sep 8, 2026 | 8-K | 8.01 Other Events | https://www.sec.gov/Archives/edgar/data/831259/000083125926000038/fcx-20260901.htm |
| Aug 6, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/831259/000083125926000036/fcx-20260630.htm |
| Jul 23, 2026 | 8-K | 2.02 Results of Operations (Earnings); 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/831259/000083125926000033/fcx-20260723.htm |
| Jun 10, 2026 | 8-K | 5.07 Submission of Matters to a Shareholder Vote | https://www.sec.gov/Archives/edgar/data/831259/000083125926000030/fcx-20260610.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Howard Marks | 2026-06-30 | 1,201,122 | $75.5M |
| Soros | 2026-06-30 | 62,294 | $3.9M |

2 tracked managers in all.

## About

Freeport-McMoRan Inc. is a prominent mining enterprise conducting extensive operations across North America, South America, and Indonesia. The company primarily focuses on the exploration and extraction of key mineral resources such as copper, gold, molybdenum, and silver, alongside other valuable metals. Additionally, it maintains a significant presence in the oil and gas sector. Its diverse portfolio of assets features the notable Grasberg minerals district in Indonesia; numerous sites in the United States including Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado. In South America, its holdings include Cerro Verde in Peru and El Abra in Chile. Beyond its mineral interests, Freeport-McMoRan operates a collection of oil and gas properties, predominantly situated off the coasts of California and in the Gulf of…

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Source: https://sweetvaluelab.com/stocks/fcx (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.