Freeport-McMoran Copper & Gold (FCX)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $97.9B, Freeport-McMoran Copper & Gold's free cash flow of $1.1B (fiscal 2025) would need to grow about 25% a year for the stock to be worth today's price. That is faster than the company has grown its free cash flow over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Freeport-McMoran Copper & Gold's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from FCX's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Freeport-McMoran Copper & Gold's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $22.8B | $22.8B | $22.9B | $25.5B | $25.9B |
| Net income | $4.3B | $3.5B | $1.8B | $1.9B | $2.2B |
| Free cash flow | $5.6B | $1.7B | $455M | $2.4B | $1.1B |
| EPS (diluted) | $2.90 | — | — | — | — |
| Operating margin | 36.6% | 30.9% | 27.2% | 27.0% | 25.2% |
Where the revenue comes from
Revenue by segments, fiscal 2025.
Superinvestors who own FCX
From each investor's latest 13F filing (what a 13F shows). 9 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Cliff Asness AQR Capital Management |
Added | $747M | 0.26% | Q2 2026 |
| Hersh Cohen ClearBridge Investments |
Trimmed | $489M | 0.40% | Q2 2026 |
| Howard Marks Oaktree Capital Management |
Trimmed | $76M | 1.3% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Trimmed | $44M | 0.10% | Q2 2026 |
| Mario Gabelli GAMCO Investors |
Trimmed | $44M | 0.39% | Q2 2026 |
| Ric Dillon Diamond Hill Capital Management |
Trimmed | $36M | 0.28% | Q2 2026 |
| Eric Marshall Hodges Capital Management |
Trimmed | $28M | 1.9% | Q2 2026 |
| PRIMECAP Management PRIMECAP Management Co |
Trimmed | $20M | 0.01% | Q2 2026 |
| Murray Stahl Horizon Kinetics LLC |
Trimmed | $6M | 0.06% | Q2 2026 |
Insider buying
Open-market purchases by Freeport-McMoran Copper & Gold's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Nov 18, 2025 | Gilbert Ray Cisneros, Jr. |
0 | $39.97 | — |
| Nov 18, 2025 | Gilbert Ray Cisneros, Jr. |
0 | $39.97 | — |
| Oct 17, 2025 | Gilbert Ray Cisneros, Jr. |
0 | $41.18 | — |
| Oct 17, 2025 | Gilbert Ray Cisneros, Jr. |
0 | $41.18 | — |
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In the full deep dive
Questions
What growth does Freeport-McMoran Copper & Gold's stock price imply?
At a market value of $97.9B, Freeport-McMoran Copper & Gold would need its free cash flow to grow about 25% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 2% a year.
Are Freeport-McMoran Copper & Gold insiders buying the stock?
4 open-market insider purchases of FCX in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Freeport-McMoran Copper & Gold?
9 of the superinvestors Investingly tracks hold FCX in their latest 13F, including Cliff Asness, Hersh Cohen, Howard Marks.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.