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Freeport-McMoRan

FCX
60
Copper · Basic Materials
Also trades as: 0R2O.L GBP 0.65 (-1.07%)
Price
$65.18
+0.59 (+0.91%)
Market Cap
$93.70B
Winston Score
60
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 25, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
21/30
Growth
Good
13/20
Cash Flow
Strong
8/10
Stability
Exceptional
9/10
Valuation
Good
6/10
Ownership
Weak
2/15
Dividends
Weak
1/5

60 of 100 counted points = Winston Score 60.

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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)

§Winston Score History

The full picture

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.

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Growth Profile

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

Revenue Growth

-7.3% YoY

YoY Growth Rate

Revenue declining

Reported EPS Growth

+28.3% YoY

Quarterly reporting periods ended:

30 Jun 2025: $0.53

30 Jun 2026: $0.68

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS increased year over year

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

0.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$4.1B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

Freeport-McMoRan's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

Profit per sale
Gross Margin
31.1%
Modest — 31.1% gross margin
Profit after running costs
Operating Margin
28.5%
Excellent — 28.5% operating margin
Return on the money invested
ROCE
22.7%
Exceptional — 22.7% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+0.7%
Nearly flat sales (+0.7% YoY)
Profit growth
EPS YoY
+53.8%
Earnings growing fast (+53.8% YoY)

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

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
201%
Turns 201% of profit into real cash
Spare cash per sale
FCF Margin
7.2%
Modest free cash flow (7.2%)

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

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Stability

What it owes vs what it owns
Debt / Equity
0.52
Conservative — low debt load (0.52)
Covers its interest
Interest Cover
16.21x
Comfortably covers interest (16.2x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
32.1x
Pricey — P/E 32.1

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

Cheaper or dearer next year
P/E vs Forward
+15.8
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (32.1 → 16.3)

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Dividends

Dividend
Dividend Yield
0.83%
Small dividend — 0.83% yield

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

Dividend record
Dividend Growth
+0.0%
Dividend flat
Payout Ratio
8%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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