FREEPORT-MCMORAN INC (FCX)

Metal Mining

Latest Price

$69.34

TTM P/E

Normalized P/E

33.82

Div Yield

0.87%

Book Value

13.97

P/B Ratio

4.96

Valuation metrics

EPS: $2.90

Book value / share: $13.10

Formula: √(22.5 × EPS × BVPS)

Graham Number

$29.23

58% downside

Norm. op. income: $6.7B (median of 6yr)

Tax rate: 35%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$26.36

62% downside

Base FCF: $1.7B (median of recent 5yr)

Growth: 5%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$15.89

77% downside

EPS: $2.90

Target P/E: 34×

Formula: EPS × P/E

P/E Fair Value

$98.60

+42% upside

90.1% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	122.92M	$7.73B	8.55%	-2.95M	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	93.91M	$5.91B	6.53%	+502.2K	2026-06-30
Fisher Asset Management, LLC	66.92M	$4.21B	4.65%	+1.83M	2026-06-30
STATE STREET CORP	66.49M	$4.18B	4.62%	+2.30M	2026-06-30
Capital Research Global Investors	41.50M	$2.61B	2.89%	+661.1K	2026-06-30
FRANKLIN RESOURCES INC	37.38M	$2.35B	2.60%	+2.06M	2026-06-30
BANK OF AMERICA CORP /DE/	36.40M	$2.29B	2.53%	-5.94M	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	32.56M	$2.04B	2.26%	+275.7K	2026-06-30
JPMORGAN CHASE & CO	31.00M	$1.91B	2.16%	+22.38M	2026-06-30
JANE STREET GROUP, LLC	30.06M	$1.89B	2.09%	+12.84M	2026-06-30