Is the business good?
How good a business is FCX?
Freeport-McMoRan earns 22% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
22%
Return on invested capital · cost of capital 9.0% · 13 points above what the capital costs: growth creates value
- Operating margin
- 27%
Operating margin · Copper median 38% · 12 months to Q2 2026
- Cash conversion
- 0.36×
Cash conversion · 0.39× a year ago · some of the reported profit has not turned into cash yet
- Share count, year on year
- 0.00%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | 17% |
| FY2021 | 37% |
| FY2022 | 31% |
| FY2023 | 27% |
| FY2024 | 27% |
| FY2025 | 25% |
Details›
- Gross margin12 months to Q2 2026
- 27%
- Operating margin12 months to Q2 2026
- 27%
- Net margin12 months to Q2 2026
- 18%
- Free cash flow margin
- 6.5%
- Revenue, trailing twelve months
- $25.9B
- Free cash flow, trailing twelve months
- $1.67B
- Net income, trailing twelve months
- $4.59B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 22%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.