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Arphra AIPlain-English read on Freeport-McMoRan Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $22.36B | $23.33B | $22.71B | $25.46B | $25.74B | $28.29B | $34B | $35.7B | $37.61B |
| Cost of revenue | $14.07B | $15.24B | $15.83B | $17.95B | $18.8B | $20.42B | $24.76B | $25.26B | $27.23B |
| Gross profit | $8.29B | $8.09B | $6.88B | $7.5B | $6.95B | $8.21B | $10.08B | $10.48B | $11.06B |
| Gross margin | +37.07% | +34.68% | +30.30% | +29.48% | +26.98% | +29.01% | +29.63% | +29.35% | +29.42% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $383M | $420M | $479M | $513M | $545M | $580.95M | $694.51M | $732M | $804.22M |
| Total operating expenses | $474M | $541M | $798M | $640M | $655M | $829.18M | $953.68M | $990.47M | $1.1B |
| Operating income | $7.81B | $7.55B | $6.08B | $6.86B | $6.29B | $7.57B | $9.1B | $9.56B | $10.03B |
| Operating margin | +34.95% | +32.36% | +26.79% | +26.97% | +24.44% | +26.78% | +26.75% | +26.79% | +26.66% |
| EBITDA | $10.26B | $9.29B | $8.59B | $9.47B | $8.76B | $10.22B | $12.04B | $13.22B | $13.49B |
| EBIT | $8.26B | $7.28B | $6.52B | $7.23B | $6.51B | $7.66B | $9.57B | $10.03B | $10.6B |
| Below the line | |||||||||
| Interest expense | $602M | $560M | $515M | $319M | $369M | $457.45M | $557.82M | $577.59M | $603.59M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$149M | -$806M | -$62M | $58M | $82M | — | — | — | — |
| Pre-tax income | $7.66B | $6.75B | $6.02B | $6.92B | $6.37B | $7.23B | $8.71B | $9.26B | $10.12B |
| Income tax expense | $2.3B | $2.27B | $2.27B | $2.52B | $2.22B | $2.68B | $3.21B | $3.45B | $3.52B |
| Earnings | |||||||||
| Net income | $4.3B | $3.46B | $1.84B | $1.88B | $2.2B | $2.23B | $2.8B | $2.91B | $3.07B |
| Net income · continuing ops | $5.37B | $4.48B | $3.75B | $4.4B | $4.15B | $4.81B | $5.78B | $5.93B | $6.1B |
| Net margin | +19.23% | +14.83% | +8.11% | +7.40% | +8.56% | +7.87% | +8.23% | +8.15% | +8.17% |
| EPS · basic | $2.93 | $2.40 | $1.28 | $1.31 | $1.53 | $2.62 | $3.82 | $4.31 | $4.13 |
| EPS · diluted | $2.90 | $2.39 | $1.28 | $1.30 | $1.52 | $2.63 | $3.79 | $4.25 | $4.13 |
| EPS · low estimate | — | — | — | — | — | $2.12 | $2.26 | $2.36 | $3.70 |
| EPS · high estimate | — | — | — | — | — | $3.02 | $4.57 | $6.04 | $4.82 |
| Shares · basic | 1.47B | 1.44B | 1.43B | 1.45B | 1.44B | 1.44B | 1.43B | 1.44B | 1.45B |
| Shares · diluted | 1.48B | 1.45B | 1.44B | 1.45B | 1.44B | 1.43B | 1.44B | 1.43B | 1.44B |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 14 | 14 | 15 | 11 |
| Analysts (EPS) | — | — | — | — | — | 13 | 13 | 11 | 4 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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