Freeport-McMoRan

FCX

Copper · Basic Materials

Price

$58.40

-0.16 (-0.27%)

Market Cap

$83.95B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count falling — buybacks

−2.6% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 1.48B (2021) → 1.44B (2025)

Freeport-McMoRan is one of the world's largest copper mining companies. It digs copper, gold, and molybdenum out of the ground and sells those metals to manufacturers who use them to make electronics, wiring, cars, and construction materials. The company owns some of the biggest copper mines on the planet, including the Grasberg mine in Indonesia, which is one of the largest copper and gold deposits ever found.

Freeport makes money by selling the metals it mines, so its revenue rises and falls with commodity prices. It operates mines in the Americas — mainly in the United States and South America — as well as in Indonesia, giving it a global footprint with roughly $22 billion in annual revenue. Its massive, hard-to-replicate mines and low-cost production give it a durable edge over smaller rivals. The biggest growth driver is rising demand for copper in electric vehicles and power grids, but falling copper prices remain the central risk to its earnings.

Winston Score History

Politician Trades

13 trades / 12mo

8 Congressional buys and 5 sells on FCX in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+12.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+154.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

0.6%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$4.0B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Freeport-McMoRan is a rare growth stock that's already generating positive cash flow while growing at 12%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

26.5%

Modest — 26.5% gross margin

Operating Margin

34.3%

Excellent — 34.3% operating margin

ROCE

7.4%

Weak — 7.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+7.9%

Steady sales growth (7.9% YoY)

EPS YoY

+55.4%

Earnings growing fast (55.4% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

221%

Turns 221% of profit into real cash

FCF Margin

6.8%

Modest free cash flow (6.8%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.48

Conservative — low debt load (0.48)

Interest Cover

17.76x

Comfortably covers interest (17.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

31.1x

Pricey — P/E 31.1

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+17.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (31.1 → 13.9)

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Dividends

Dividend Yield

0.96%

Small dividend — 0.96% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+0.0%

Dividend flat

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