| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 36 | 34.7x | 17.8x | Bottom tier | |
Growth | 60 | -9.7% | 7.1% | Around median | |
Quality | 46 | 16.1% | 4.5% | Around median | |
Safety | 70 | 0.8x | 2.6x | Top tier | |
Capital Return | 37 | 0.84% | 2.12% | Bottom tier | |
Momentum | 80 | 56.9% | 2.9% | Top tier | |
Sentiment | 62 | 14 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Freeport-McMoRan is a global copper producer, with additional gold and molybdenum production and mining, smelting, and processing operations in the United States, Indonesia, and South America. Its ability to generate revenue and earnings depends on metal sales volumes and prices and extraction and processing costs, while organic growth drivers include ramping up Grasberg production, expanding Bagdad and El Abra, and increasing copper recovery from stockpiles through leaching initiatives. In the first half of fiscal year 2026, U.S. mining operations generated operating income equal to 2.4 times its level in the corresponding period, demonstrating the diversity of geographic contributions alongside Grasberg.
In quarter 2 of fiscal year 2026, revenue was $7.0 billion, gross profit was $2.2 billion, net income was $984 million, and earnings per share according to EDGAR were approximately $0.68, while adjusted earnings per share reported in the company’s results were $0.74. This equates to a gross profit margin of approximately 31.4% and a net income margin of approximately 14.1%. Compared with quarter 1 of fiscal year 2026, revenue increased from $6.2 billion to $7.0 billion, gross profit from $1.7 billion to $2.2 billion, and net income from $881 million to $984 million.
Revenue for the trailing twelve months ended in fiscal year 2026 was approximately $26.8 billion, gross profit was $7.8 billion, and net income was $4.7 billion. Performance in quarter 2 of fiscal year 2026 came from the copper, gold, and molybdenum portfolio, with improved execution of the Grasberg ramp-up and strength in the Americas operations, despite a 30% year-over-year decline in copper sales volumes. Consolidated net income in the first half of fiscal year 2026 also increased by 65% year over year, benefiting from metal prices and improved operating performance.
The average analyst price target is $72.41, within a wide range of $58.50 to $82, with a consensus rating classified as “buy”; the average target is below the 52-week range high of $80.24, while the highest target is slightly above that high. The 52-week range extends from $35.15 to $80.24, and the revaluation during the year ended August 2026 was associated with quarter 2 fiscal year 2026 results exceeding expectations, higher copper prices, and an improved production outlook. Conversely, the approximately 30% increase in the Bagdad capital estimate to $4.5 billion, higher fiscal year 2027 spending, and the wide range of analyst targets limit the valuation’s appeal.
Figures in the text are as of 2026-08-27; the live price is shown at the top of the page.
Revenue in quarter 2 of fiscal year 2026 was approximately $7.0 billion, net income was $984 million, and adjusted earnings per share were $0.74. Net income in the first half of fiscal year 2026 increased by 65% over the corresponding period, and U.S. operations contributed operating income equal to 2.4 times its previous level. The improvement came from favorable metal prices, greater efficiency in U.S. operations, and progress in ramping up Grasberg production, despite a 30% year-over-year decline in copper sales volumes.
Average Grasberg Block Cave production increased from 34 thousand tonnes per day in April 2026 to 69 thousand tonnes per day in June 2026. The company targets an average of approximately 60 to 65 thousand tonnes per day in the second half of fiscal year 2026 due to upgrades to the handling system, followed by approximately 65% of the area’s full capacity by mid-2027. It aims to approach full capacity by the end of 2027, with Production Block 1 South targeted to resume during 2027.
The expansion could more than double Bagdad’s production and make it the second-largest copper mine in the United States after Morenci. The company estimates the initial investment at approximately $4.5 billion, about 30% above the 2023 estimate, but believes the project remains economical at a copper price of $4 per pound. The project benefits from existing infrastructure and autonomous truck operations, and management does not expect significant permitting obstacles, with an estimated implementation period of three to four years after final approval.
Automated analysis for informational purposes only — not investment advice.
The initiative’s rate was approximately 200 million pounds annually at the time of the July 23, 2026 call, and the company targets 300 million pounds annually by the end of 2026. Over the longer term, it sees a potential pathway to 800 million pounds annually using chemical additives, heating leach solutions, and improving irrigation and injection. Management said the results from first-generation additives exceeded its expectations, while it prepares to test second-generation additives at Morenci, New Mexico, and El Abra.
The company estimates that every $0.10 per pound change in copper changes annual earnings before interest, taxes, depreciation, and amortization by approximately $390 million based on fiscal year 2027 and fiscal year 2028 volumes. Every $100 per ounce change in gold equates to approximately $105 million annually, while a $1 per pound change in molybdenum equates to approximately $85 million. Assuming gold at $4,000 per ounce and molybdenum at $30 per pound, modeled annual earnings before interest, taxes, depreciation, and amortization range from $13 billion at copper priced at $5 per pound to $20 billion at $7.
The company expects capital expenditure of $4.8 billion in fiscal year 2027, including approximately $1.9 billion for discretionary projects, and this does not yet include the full Bagdad expansion, which remains subject to approval. In the first half of fiscal year 2026, it returned $600 million to shareholders, including approximately $200 million through share repurchases. Since adopting its financial policy in 2021, total distributions and share repurchases have amounted to $6.3 billion, while management said there are no significant debt maturities during fiscal year 2026.
