Explain this page
Arphra AIPlain-English read on Freeport-McMoRan Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +37.07% | +34.68% | +30.30% | +29.48% | +26.98% | +29.01% | +29.63% | +29.35% | +29.42% |
| Operating margin | +34.95% | +32.36% | +26.79% | +26.97% | +24.44% | +26.78% | +26.75% | +26.79% | +26.66% |
| EBITDA margin | +45.89% | +39.83% | +37.83% | +37.19% | +34.02% | +36.14% | +35.40% | +37.03% | +35.86% |
| EBIT margin | +36.95% | +31.18% | +28.72% | +28.39% | +25.30% | +27.07% | +28.13% | +28.10% | +28.19% |
| Pre-tax margin | +34.28% | +28.91% | +26.52% | +27.19% | +24.75% | +25.55% | +25.61% | +25.95% | +26.91% |
| Net margin | +19.23% | +14.83% | +8.11% | +7.40% | +8.56% | +7.87% | +8.23% | +8.15% | +8.17% |
| Cost structure | |||||||||
| Cost of revenue / sales | +62.93% | +65.32% | +69.70% | +70.52% | +73.02% | +72.21% | +72.81% | +70.76% | +72.40% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +1.71% | +1.80% | +2.11% | +2.02% | +2.12% | +2.05% | +2.04% | +2.05% | +2.14% |
| Effective tax rate | +30.00% | +33.61% | +37.70% | +36.45% | +34.86% | +37.06% | +36.89% | +37.24% | +34.75% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +18.68% | +13.92% | +6.74% | +6.54% | +7.16% | +6.52% | +7.00% | +6.73% | +7.06% |
| Return on assets (ROA) | +8.95% | +6.77% | +3.51% | +3.43% | +3.79% | +3.56% | +3.74% | +3.69% | +3.72% |
| Return on capital (ROC) | +23.83% | +21.08% | +16.22% | +17.82% | +14.88% | +16.31% | +16.57% | +16.37% | +16.95% |
| Return on invested capital (ROIC) | +13.11% | +9.66% | +4.91% | +4.89% | +5.21% | +4.80% | +5.10% | +4.98% | +5.20% |
| Asset turnover | +46.56% | +45.67% | +43.25% | +46.41% | +44.25% | +45.27% | +45.38% | +45.25% | +45.57% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +19.23% | +14.83% | +8.11% | +7.40% | +8.56% | +7.87% | +8.23% | +8.15% | +8.17% |
| Asset turnover (× revenue / assets) | +46.56% | +45.67% | +43.25% | +46.41% | +44.25% | +45.27% | +45.38% | +45.25% | +45.57% |
| Equity multiplier (× assets / equity) | +208.62% | +205.43% | +192.26% | +190.59% | +189.06% | +182.86% | +187.28% | +182.53% | +189.66% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.47 | 0.46 | 0.43 | 0.46 | 0.44 | 0.45 | 0.45 | 0.45 | 0.46 |
| Fixed-asset turnover | 0.74 | 0.72 | 0.64 | 0.66 | 0.63 | — | — | — | — |
| Inventory turnover | 3.13 | 2.94 | 2.61 | 2.64 | 2.51 | — | — | — | — |
| Receivables turnover | 12.83 | 13.00 | 13.65 | 22.29 | 15.32 | — | — | — | — |
| Payables turnover | 6.91 | 5.64 | 6.42 | 6.44 | 6.38 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 28.44 | 28.08 | 26.75 | 16.38 | 23.82 | — | — | — | — |
| Days inventory outstanding (DIO) | 116.66 | 124.05 | 139.76 | 138.42 | 145.51 | — | — | — | — |
| Days payables outstanding (DPO) | 52.79 | 64.69 | 56.87 | 56.71 | 57.25 | — | — | — | — |
| Cash conversion cycle | 92.31 | 87.45 | 109.64 | 98.09 | 112.08 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.79 | 1.48 | 2.87 | 3.80 | 2.55 | 3.09 | 2.91 | 2.93 | 3.00 |
| FCF / Net income | 1.30 | 0.48 | 0.25 | 1.25 | 0.51 | 0.65 | 0.65 | 0.65 | 0.63 |
| FCF margin | +25.05% | +7.16% | +2.00% | +9.24% | +4.34% | +5.09% | +5.31% | +5.31% | +5.15% |
| OCF margin | +34.51% | +22.02% | +23.25% | +28.13% | +21.79% | +24.37% | +23.95% | +23.86% | +24.54% |
| CapEx / Revenue | +9.46% | +14.87% | +21.24% | +18.89% | +17.46% | +18.81% | +19.04% | +19.04% | +19.50% |
| CapEx / D&A | 1.10 | 1.72 | 2.33 | 2.15 | 2.00 | — | — | — | — |
| Stock-based comp / Revenue | +0.44% | +0.41% | +0.48% | +0.43% | 0.00% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 2.90 | 2.39 | 1.28 | 1.30 | 1.52 | 2.62 | 3.75 | 4.21 | 4.13 |
| EPS · basic | 2.93 | 2.40 | 1.28 | 1.31 | 1.53 | 2.61 | 3.78 | 4.26 | 4.13 |
| Book value / share | 15.53 | 17.14 | 18.93 | 19.92 | 21.32 | 23.85 | 27.66 | 30.09 | 30.32 |
| Tangible BV / share | 15.25 | 16.85 | 18.63 | 19.62 | 21.02 | 23.85 | 27.66 | 30.09 | 30.32 |
| Sales / share | 15.09 | 16.08 | 15.74 | 17.62 | 17.84 | 19.74 | 23.51 | 24.85 | 26.20 |
| Operating CF / share | 5.21 | 3.54 | 3.66 | 4.96 | 3.89 | 4.81 | 5.63 | 5.93 | 6.43 |
| Free cash flow / share | 3.78 | 1.15 | 0.32 | 1.63 | 0.77 | 1.00 | 1.25 | 1.32 | 1.35 |
| Dividends / share | 0.22 | 0.60 | 0.60 | 0.60 | 0.60 | 0.68 | 0.83 | 0.90 | 0.90 |
| Payout ratio | +7.70% | +25.02% | +46.85% | +45.94% | +39.25% | +43.99% | +43.09% | +44.22% | +41.95% |
| Retention ratio | +92.30% | +74.98% | +53.15% | +54.06% | +60.75% | +56.01% | +56.91% | +55.78% | +58.05% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +4.37% | -2.69% | +12.10% | +1.12% | +9.78% | +19.82% | +4.92% | +5.87% | +6.72% |
| Gross profit · YoY | — | -2.34% | -14.98% | +9.04% | -7.44% | +18.03% | +22.40% | +3.92% | +6.11% | +3.68% |
| Profit | ||||||||||
| Operating income · YoY | — | -3.34% | -19.45% | +12.84% | -8.36% | +20.31% | +19.69% | +5.06% | +5.37% | +3.17% |
| EBITDA · YoY | — | -9.41% | -7.59% | +10.22% | -7.50% | +16.62% | +17.37% | +9.74% | +2.54% | +3.48% |
| Net income · YoY | — | -19.49% | -46.78% | +2.23% | +17.05% | +0.96% | +25.27% | +3.84% | +6.19% | -4.11% |
| Operating | ||||||||||
| EBIT · YoY | — | -11.94% | -10.36% | +10.81% | -9.87% | +17.44% | +24.53% | +4.79% | +6.23% | +3.17% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -17.59% | -46.44% | +1.56% | +16.92% | +72.06% | +43.39% | +12.29% | -2.01% | +4.51% |
| EPS · basic · YoY | — | -18.09% | -46.67% | +2.34% | +16.79% | +70.66% | +44.84% | +12.71% | -3.09% | +4.39% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $9.77B | $10.95B | $10.2B | $9.74B | $11.5B | $12.25B | $14.84B | $15.13B | $15.64B |
| Net debt | $1.7B | $2.81B | $4.53B | $5.82B | $8.15B | $7.1B | $8.66B | $9B | $8.84B |
| Net debt / EBITDA | 0.17 | 0.30 | 0.53 | 0.61 | 0.93 | 0.70 | 0.72 | 0.68 | 0.66 |
| Debt / equity | 0.42 | 0.44 | 0.37 | 0.34 | 0.37 | 0.36 | 0.37 | 0.35 | 0.36 |
| Debt / assets | +20.34% | +21.44% | +19.43% | +17.75% | +19.77% | +19.63% | +19.89% | +19.27% | +18.96% |
| Equity / assets | +47.93% | +48.68% | +52.01% | +52.47% | +52.89% | +54.69% | +53.40% | +54.79% | +52.73% |
| Coverage | |||||||||
| EBITDA / interest expense | 17.04 | 16.60 | 16.68 | 29.68 | 23.73 | 22.35 | 21.58 | 22.89 | 22.34 |
| Operating income / interest | 12.98 | 13.49 | 11.81 | 21.52 | 17.05 | 16.56 | 16.31 | 16.56 | 16.61 |
| Interest expense | $602M | $560M | $515M | $319M | $369M | $457M | $555.45M | $574.72M | $603.59M |
| Liquidity | |||||||||
| Current ratio | 2.52 | 2.46 | 2.42 | 2.42 | 2.29 | — | — | — | — |
| Quick ratio | 1.66 | 1.57 | 1.31 | 0.92 | 0.95 | — | — | — | — |
| Cash ratio | 1.37 | 1.28 | 0.97 | 0.71 | 0.56 | — | — | — | — |
| Working capital | $8.94B | $9.27B | $8.25B | $7.8B | $7.77B | — | — | — | — |
| Working capital / revenue | +39.98% | +39.72% | +36.33% | +30.64% | +30.19% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).