Financials Freeport-McMoRan Inc.

Equities

FCX

US35671D8570

Specialty Mining & Metals

Market Closed - Nyse Other stock markets 04:00:47 2024-05-24 pm EDT			5-day change	1st Jan Change
51.53 ^USD	+0.64%		-4.98%	+21.05%

May. 22	LSB Industries to Supply Low-Carbon Ammonium Nitrate Solution to Freeport Minerals for 5 Years	MT
May. 14	UBS Adjusts Freeport-McMoRan Price Target to $54 From $41, Maintains Neutral Rating	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	19,036	37,804	61,279	54,314	61,044	74,022	-	-
Enterprise Value (EV) ¹	26,842	43,858	62,661	56,814	65,708	77,676	75,986	72,450
P/E ratio	-77.2 x	63.5 x	14.4 x	15.9 x	33.3 x	33.3 x	24.4 x	20.9 x
Yield	1.52%	-	0.9%	1.58%	1.41%	1.16%	1.16%	1.16%
Capitalization / Revenue	1.32 x	2.66 x	2.68 x	2.38 x	2.67 x	2.95 x	2.82 x	2.76 x
EV / Revenue	1.86 x	3.09 x	2.74 x	2.49 x	2.88 x	3.1 x	2.9 x	2.7 x
EV / EBITDA	9.93 x	11.1 x	6.05 x	6.27 x	7.92 x	7.69 x	6.6 x	5.83 x
EV / FCF	-22.9 x	41.5 x	11.2 x	34 x	144 x	30.9 x	17.5 x	12.4 x
FCF Yield	-4.36%	2.41%	8.94%	2.94%	0.69%	3.24%	5.71%	8.05%
Price to Book	2.05 x	3.74 x	4.42 x	3.5 x	3.66 x	4.05 x	3.52 x	3.04 x
Nbr of stocks (in thousands)	1,450,914	1,452,868	1,468,474	1,429,327	1,433,977	1,436,490	-	-
Reference price ²	13.12	26.02	41.73	38.00	42.57	51.53	51.53	51.53
Announcement Date	1/23/20	1/26/21	1/26/22	1/25/23	1/24/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	14,402	14,198	22,845	22,780	22,855	25,070	26,216	26,787
EBITDA ¹	2,703	3,965	10,364	9,056	8,293	10,100	11,510	12,421
EBIT ¹	1,091	2,437	8,366	7,037	6,225	7,695	9,142	10,115
Operating Margin	7.58%	17.16%	36.62%	30.89%	27.24%	30.69%	34.87%	37.76%
Earnings before Tax (EBT) ¹	306	1,797	7,659	6,715	6,006	7,513	9,072	9,397
Net income ¹	-239	599	4,306	3,468	1,848	2,340	3,334	3,688
Net margin	-1.66%	4.22%	18.85%	15.22%	8.09%	9.33%	12.72%	13.77%
EPS ²	-0.1700	0.4100	2.900	2.390	1.280	1.549	2.116	2.471
Free Cash Flow ¹	-1,170	1,056	5,600	1,670	455	2,518	4,337	5,830
FCF margin	-8.12%	7.44%	24.51%	7.33%	1.99%	10.04%	16.54%	21.76%
FCF Conversion (EBITDA)	-	26.63%	54.03%	18.44%	5.49%	24.93%	37.69%	46.94%
FCF Conversion (Net income)	-	176.29%	130.05%	48.15%	24.62%	107.61%	130.1%	158.09%
Dividend per Share ²	0.2000	-	0.3750	0.6000	0.6000	0.6000	0.6000	0.6000
Announcement Date	1/23/20	1/26/21	1/26/22	1/25/23	1/24/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	6,164	6,603	5,416	5,003	5,758	5,389	5,737	5,824	5,905	6,321	6,073	6,199	6,560	6,104	6,336
EBITDA ¹	2,873	3,298	2,243	1,470	2,045	2,165	2,141	2,197	2,311	2,496	2,410	2,426	2,649	2,696	2,733
EBIT ¹	2,305	2,809	1,736	962	1,530	1,601	1,410	1,492	1,722	1,634	1,944	2,051	2,253	-	-
Operating Margin	37.39%	42.54%	32.05%	19.23%	26.57%	29.71%	24.58%	25.62%	29.16%	25.85%	32.01%	33.08%	34.35%	-	-
Earnings before Tax (EBT) ¹	1,973	2,713	1,599	867	1,536	1,538	1,268	1,472	1,728	1,674	1,980	1,916	2,022	2,182	2,431
Net income ¹	1,106	1,527	840	404	697	663	343	454	388	473	571.9	585.8	664.8	878.3	1,012
Net margin	17.94%	23.13%	15.51%	8.08%	12.1%	12.3%	5.98%	7.8%	6.57%	7.48%	9.42%	9.45%	10.13%	14.39%	15.97%
EPS ²	0.7400	1.040	0.5700	0.2800	0.4800	0.4600	0.2300	0.3100	0.2700	0.3200	0.3153	0.3268	0.3774	0.3940	0.4060
Dividend per Share ²	0.1500	0.1500	0.1500	0.1500	0.1500	0.1500	0.1500	0.1500	0.1500	0.1500	0.1500	0.1500	0.1500	0.1500	0.1500
Announcement Date	1/26/22	4/21/22	7/21/22	10/20/22	1/25/23	4/21/23	7/20/23	10/19/23	1/24/24	4/23/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	7,806	6,054	1,382	2,500	4,664	3,654	1,964	-
Net Cash position ¹	-	-	-	-	-	-	-	1,573
Leverage (Debt/EBITDA)	2.888 x	1.527 x	0.1333 x	0.2761 x	0.5624 x	0.3617 x	0.1706 x	-
Free Cash Flow ¹	-1,170	1,056	5,600	1,670	455	2,518	4,337	5,830
ROE (net income / shareholders' equity)	-2.5%	6.15%	38.4%	23.5%	13.8%	13.8%	17.4%	16.3%
ROA (Net income/ Total Assets)	-0.58%	1.44%	9.55%	7%	4.29%	4.47%	6.2%	6.13%
Assets ¹	41,515	41,477	45,083	49,558	43,100	52,317	53,776	60,158
Book Value Per Share ²	6.410	6.960	9.430	10.90	11.60	12.70	14.60	17.00
Cash Flow per Share ²	1.020	2.070	5.210	3.540	3.660	4.780	5.600	5.870
Capex ¹	2,652	1,961	2,115	3,469	4,824	4,672	3,960	2,753
Capex / Sales	18.41%	13.81%	9.26%	15.23%	21.11%	18.63%	15.1%	10.28%
Announcement Date	1/23/20	1/26/21	1/26/22	1/25/23	1/24/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Freeport-McMoRan Inc.

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

51.53 USD

Average target price

52.54 USD

Spread / Average Target

+1.96%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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