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Freeport-McMoRan Inc

Freeport-McMoRan Inc

FCX
$58.38USD↓-0.31%-0.18 today

MARKET CAP

83.9B

P/E (TTM)

28.1x

FWD P/E

16.8x

DAY RANGE

$56 – $59

52W RANGE

$35
$72

AI Summary

Stalk
Sell NowMedium

FCX remains in a pronounced Stage 4 decline with sequential lower highs and an active Support Failure breaking key support. Price trades below the 9, 21, and 50 EMAs, which are sloping downward and acting as resistance, confirming a bearish medium-term bias. Distribution-heavy volume spikes on declines reinforce selling pressure, and short-term conditions favor executing now into EMA resistance despite the extreme oversold context.

  • ↑Positioned to benefit from electrification and infrastructure-driven copper demand.
  • ↑Management forecasts annual EBITDA of $14–$21B at $5–$7 copper prices.
  • ↓Grasberg ramp-up delayed; full production may not resume until 2027.
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The case for & against

Bull & Bear analysis

Bullish

Freeport-McMoRan Inc. (NYSE: FCX) is a leading international mining company focused on the extraction and production of copper, gold, and molybdenum. With significant operations centered on its flagship Grasberg mine in Indonesia, Freeport is strategically positioned in the copper industry, geared to capitalize on the growing demand driven by electrification trends and sustainable energy initiatives. The company is well-integrated across the value chain, enabling it to manage and optimize operations from extraction to processing.

Bull says

  • ↑Positioned to benefit from electrification and infrastructure-driven copper demand.
  • ↑Management forecasts annual EBITDA of $14–$21B at $5–$7 copper prices.
  • ↑Innovative leaching project may add up to 800M lbs copper by 2030.
  • ↑Robust balance sheet and liquidity; $300M returned via buybacks and dividends.
  • ↑High momentum and quality metrics indicate strong share price performance.
  • ↑Moderate dividend yield supports shareholder returns alongside growth prospects.

Bear says

  • ↓Grasberg ramp-up delayed; full production may not resume until 2027.
  • ↓Rising diesel prices could inflate operational costs by ~$500M annually.
  • ↓Each $0.10 copper price swing alters EBITDA by ~$415M.
  • ↓Regulatory and geopolitical shifts in Indonesia threaten operational stability.
  • ↓Weak liquidity may hinder short-term funding flexibility in downturns.
  • ↓Limited profitability and high share volatility amplify investment risks.

Investment themes with FCX

High Beta↓ -0.12%

Stocks with high volatility relative to market

AMD · DELL · MPWR
Copper Miners↑ +1.51%

5713.T · BOL.ST · KGH.WA

Earnings Call · Q1 2026 · Mgmt. Guidance

Updated 04-23-2026neutral

Transcript signals

Bull points

  • our team down there deserves a lot of credit for the way that they've built relationships with community when so many other mining operations down there face a lot of challenges from the community.
  • I'm confident we'll continue to do so.
  • We have a really good relationship, which is really important in Peru, with the local communities. We know we have to earn that every day, but that's really important at the local levels as well in Peru as we manage our risk there. Having that relationship and having the partnership that we have on water that we supply to Arequipa has been really positive for Cerro Verde. That's been a real positive for Cerro Verde for many years, and we expect that in the future as well.

Bear points

  • That's basically because we're not at full capacity in the second half. a portion, and it'll start being a declining portion, but a portion of our costs are expensed and don't go through the inventory and cost of sales. So it's really, it's not an increase in cost, it's really characterization of whether it's included in our unit costs or, you know, how it's treated for accounting purposes. So we're just following the accounting guidance, and as we modify the ramp up schedule, Since we're not at capacity yet, a portion of our costs are treated as idle, and those are expensed right away. So that's really what that is. It's really no change in absolute costs other than the input costs that we have with diesel, et cetera. But in terms of the idle cost methodology, that's consistent.
  • We do have a small impact in 28 and 29, but those are really on the margin, there really wasn't any. We don't, we're not projecting any sort of issue related to this material handling issue as we get into those periods.
  • we highlight renewed cost pressures we are experiencing since the onset of the conflict with Iran in late February. The price of diesel fuel, which we use to support our haul trucks in the Americas and for our portion of our power plant in Indonesia, has been volatile, with the most significant impacts in Indonesia. To date, it has been more of a cost issue than a sourcing issue, but we continue to monitor the situation carefully. For reference, the sharp rise in diesel prices in March equates to an approximate $500 million cost increase on an annualised basis.
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