FCX vs HBM: Freeport-McMoran Copper & Gold and Hudbay Minerals compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Freeport-McMoran Copper & Gold is the larger company, worth $99.4B, about 11.1 times Hudbay Minerals.
- Hudbay Minerals grew revenue faster over the last year (+9.4% vs -7.3%).
- Hudbay Minerals keeps more of each dollar of revenue as operating profit (41.5% vs 26.8%).
- On earnings, Hudbay Minerals is the cheaper stock (18.1x vs 36.6x).
- Freeport-McMoran Copper & Gold's price assumes faster free cash flow growth: about 25% a year, against 13% for Hudbay Minerals (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | FCX | HBM |
|---|---|---|
| Market cap | $99.4B | $9.0B |
| Share price | $73.69 | $26.12 |
| Revenue (last fiscal year) | $25.9B | $2.2B |
| Free cash flow (last fiscal year) | $1.1B | $238M |
| Revenue growth, last year | -7.3% | +9.4% |
| Revenue growth per year, last 5 fiscal years | +3.2% | +10.1% |
| Operating margin | 26.8% | 41.5% |
| Net margin | 11.4% | 25.7% |
| Return on equity | 14.7% | 17.6% |
| P/E (trailing) | 36.6x | 18.1x |
| Price / free cash flow | 89.1x | 45.3x |
| EV / EBITDA | 11.8x | 6.70x |
| FCF growth the price implies | 24.8% | 13.3% |
| Dividend yield | 0.83% | 0.10% |
| Debt / equity | 1.37x | 0.93x |
| Fundamental grade | C | B |
| Superinvestors holding it | 9 | 5 |
| Insider purchases, last 12 months | 4 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Freeport-McMoran Copper & Gold
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $22.8B | $5.6B | 36.6% |
| 2022 | $22.8B | $1.7B | 30.9% |
| 2023 | $22.9B | $455M | 27.2% |
| 2024 | $25.5B | $2.4B | 27.0% |
| 2025 | $25.9B | $1.1B | 25.2% |
Hudbay Minerals
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.5B | $33M | 1.2% |
| 2022 | $1.5B | $179M | 14.7% |
| 2023 | $1.7B | $196M | 17.6% |
| 2024 | $2.0B | $317M | 19.8% |
| 2025 | $2.2B | $238M | 41.5% |
Where the revenue comes from
Freeport-McMoran Copper & Gold · by segments, 2025
Grasberg Segment$8.6B33%
Rod & Refining$6.9B26%
Cerro Verde$4.7B18%
Atlantic Copper Smelting & Refining$3.2B12%
Morenci$2.6B10%
Hudbay Minerals · by segments, 2025
Peru CGU$1.2B53%
Manitoba$749M34%
British Columbia Segment$301M14%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open FCX in InvestinglyQuestions
Which is bigger, Freeport-McMoran Copper & Gold or Hudbay Minerals?
Freeport-McMoran Copper & Gold (FCX), at $99.4B against $9.0B.
Is FCX or HBM cheaper?
By trailing P/E, Hudbay Minerals (18.1x) is cheaper than Freeport-McMoran Copper & Gold (36.6x). A lower multiple can also mean the market expects less growth.
Which grows faster, FCX or HBM?
Hudbay Minerals: revenue grew +9.4% over the last year, against -7.3%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.