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Freeport-McMoRan Inc

Freeport-McMoRan Inc

FCX
$76.23USD↓-0.51%-0.39 today

MARKET CAP

109.5B

P/E (TTM)

40.5x

FWD P/E

—

DAY RANGE

$76 – $78

52W RANGE

$35
$80

AI Summary

Stalk
StalkMedium

FCX remains in a Stage 2 advancing phase with the long-term uptrend intact. The stock is pausing within the 20-day EMA / 50-day SMA support zone near $72.50. Medium- and long-term directional biases are bullish, but short-term conditions are neutral amid extreme overbought context. Favor deferred entry on a clean pullback into the EMA zone with acceptance above to confirm buyer control.

  • ↑Q2’26 revenue +25% YoY to $6.4B; net income +65% YoY to $1.1B.
  • ↑2026 unit cash costs projected at $1.90/lb demonstrate tight cost discipline.
  • ↓Diesel price hike raises costs by ~$500M annually, pressuring margins.
Full analysis →

The case for & against

Bull & Bear analysis

Bullish

Freeport-McMoRan Inc. (NYSE: FCX) is a leading international mining company primarily involved in the exploration, mining, and production of copper, gold, and molybdenum. With operations extending across the Americas and significant holdings in Indonesia, Freeport is a dominant player in the copper market, capitalizing on the rising global demand for copper driven by electrification and renewable energy initiatives.

Bull says

  • ↑Q2’26 revenue +25% YoY to $6.4B; net income +65% YoY to $1.1B.
  • ↑2026 unit cash costs projected at $1.90/lb demonstrate tight cost discipline.
  • ↑Innovative leach initiative aims 40% output growth to 300M lbs by 2026.
  • ↑Operating cash flow of $15.5B at $7/lb copper underpins strong FCF generation.
  • ↑Returned $600M in H1’26 via dividends & buybacks; high earnings yield.
  • ↑Strong price momentum and robust profitability factors support upside.

Bear says

  • ↓Diesel price hike raises costs by ~$500M annually, pressuring margins.
  • ↓Grasberg mine under regulatory inspections, delaying production restart.
  • ↓Copper output growth forecasts at risk amid technical/environmental hurdles.
  • ↓High share volatility and copper price sensitivity may harm revenue.
  • ↓Negative growth factors and analyst revision risk point to downgrades.
  • ↓Commodity cost volatility and geopolitical tensions heighten operational risk.

Investment themes with FCX

High Beta↓ -0.84%

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Earnings Call · Q2 2025 · Mgmt. Guidance

Updated 08-22-2026neutral

Transcript signals

Bull points

  • guidance for 2026 and 2027 remain consistent with our previous estimates, and continued success in our leaching initiative would provide upside to these estimates.
  • Annual EBITDA would range from over $11.5 billion per annum at $4 copper to over $15.5 billion per annum at $5 copper, with operating cash flows ranging from $8.5 billion per year at $4 to over $11.5 billion at $5.
  • If we incorporate a 25% premium to our US sales, which is similar to current levels, annual EBITDA would increase by approximately 10%, and operating cash flows would increase by approximately 15%. A 50% premium would increase EBITDA by over 20%, and operating cash flows by almost 30%.

Bear points

  • 2025 guidance for copper is around 1% below the prior forecast, with gold sales down around 17%.
  • we are applying our financial policy, which is you know, to distribute through dividends and share buybacks 50% of our available cash flows. And that's about where we are through the program, about at 50%.
  • In the fourth quarter, we expect to not be exporting concentrates in the U.S. Our plan does not assume any exports in the fourth quarter, and all of it will be coming from the new smelter.
Read full transcript analysis ›