FREEPORT-MCMORAN Inc. (FCX) intrinsic value & 10-year financials
FREEPORT-MCMORAN Inc. (FCX) has a Graham intrinsic value of $60.82 per share. At $69.54 on Oct 17, 2026, the stock trades 14% above that value. Over the last 10 fiscal years revenue grew 6.3% a year to $25.2B, with an average return on invested capital of 15.1%.
- Graham intrinsic value
- $60.82
- Share price (Oct 17, 2026)
- $69.54
- Price vs Graham value
- 14% above
- Market cap
- $100.3B
- Revenue (FY2025)
- $25.2B
- Revenue growth (10-yr CAGR)
- 6.3%
- ROIC (10-yr avg)
- 15.1%
- Free cash flow (FY2025)
- $1.1B
FCX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $25.2B | $4.2B | — | $1.1B | 25.9% | 17.4% |
| FY2024 | $25.2B | $4.4B | — | $2.4B | 27.3% | 19.4% |
| FY2023 | $22.7B | $3.8B | — | $455.0M | 27.4% | 19.4% |
| FY2022 | $23.3B | $4.5B | — | $1.7B | 30.2% | 27.5% |
| FY2021 | $22.4B | $5.4B | $2.90 | $5.6B | 37.3% | 36.5% |
| FY2020 | $13.9B | $865.0M | $0.41 | $1.1B | 17.5% | 7.2% |
| FY2019 | $14.3B | -$189.0M | -$0.17 | -$1.2B | 7.6% | 3.2% |
| FY2018 | $18.9B | $2.9B | $1.78 | $1.9B | 25.1% | 21.2% |
| FY2017 | $15.9B | $2.1B | $1.25 | $3.3B | 22.9% | 14.8% |
| FY2016 | $14.6B | -$4.0B | -$3.16 | $916.0M | -19.2% | -15.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Freeport-McMoRan has demonstrated mature, steady growth, with revenue compounding at 6.3% annually over the past decade.
Freeport-McMoRan has earned high returns on invested capital, averaging 15.1% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Freeport-McMoRan has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Freeport-McMoRan is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $60.82 per share.