FCX vs SCCO: Freeport-McMoran Copper & Gold and Southern Copper compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Southern Copper is the larger company, worth $153.7B, about 1.5 times Freeport-McMoran Copper & Gold.
- Southern Copper grew revenue faster over the last year (+40.6% vs -7.3%).
- Southern Copper keeps more of each dollar of revenue as operating profit (56.9% vs 26.8%).
- On earnings, Southern Copper is the cheaper stock (31.1x vs 36.6x).
- Freeport-McMoran Copper & Gold's price assumes faster free cash flow growth: about 25% a year, against 16% for Southern Copper (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 | SCCO |
|---|---|---|
| Market cap | $99.4B | $153.7B |
| Share price | $73.69 | $209.21 |
| Revenue (last fiscal year) | $25.9B | $13.4B |
| Free cash flow (last fiscal year) | $1.1B | $3.4B |
| Revenue growth, last year | -7.3% | +40.6% |
| Revenue growth per year, last 5 fiscal years | +3.2% | +5.3% |
| Operating margin | 26.8% | 56.9% |
| Net margin | 11.4% | 35.9% |
| Return on equity | 14.7% | 44.8% |
| P/E (trailing) | 36.6x | 31.1x |
| Price / free cash flow | 89.1x | 44.9x |
| EV / EBITDA | 11.8x | 17.3x |
| FCF growth the price implies | 24.8% | 15.6% |
| Dividend yield | 0.83% | 1.8% |
| Debt / equity | 1.37x | 0.90x |
| 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% |
Southern Copper
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $10.9B | $3.4B | 55.5% |
| 2022 | $10.0B | $1.9B | 44.1% |
| 2023 | $9.9B | $2.6B | 42.4% |
| 2024 | $11.4B | $3.4B | 48.6% |
| 2025 | $13.4B | $3.4B | 52.2% |
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%
Southern Copper · by segments, 2025
Mexican Open-Pit$7.6B56%
Peruvian Operations$5.2B38%
Mexican IMMSA Unit$808M6%
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 Southern Copper?
Southern Copper (SCCO), at $153.7B against $99.4B.
Is FCX or SCCO cheaper?
By trailing P/E, Southern Copper (31.1x) 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 SCCO?
Southern Copper: revenue grew +40.6% 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.