FCXFREEPORT-MCMORAN INC

Metal Mining

Revenue: $25.2B; 0.1% YoY
Operating margin: 25.9%; 5.1% YoY
EBITDA: $8.8B; 3.8% YoY
Market cap: $59.0B
Employees: 29,000; $868K revenue each
Net debt / EBITDA: 0.7×; $5.9B net debt
AI in 10-K: 1.3; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
255% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
17% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$868K · 80th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.3 per 10K words · 40th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$59.0B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$46M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$22.4B	$23.3B	$22.7B	$25.2B	$25.2B	0.1%
Operating income	$8.4B	$7.0B	$6.2B	$6.9B	$6.5B	5.0%
Net income	$4.3B	$3.5B	$1.8B	$1.9B	$2.2B	17%
Operating cash flow	$7.7B	$5.1B	$5.3B	$7.2B	$5.6B	22%
Capex	$2.1B	$3.5B	$4.8B	$4.8B	$4.5B	6.5%
Stock-based comp	$98M	$95M	$109M	$109M	$121M	11%
Buybacks	$488M	$1.3B	$0	$59M	$107M	81%
Dividends	$331M	$866M	$863M	$865M	$865M	0.0%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $46M · 14
Net: −$46M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	209	331
FY2024	—	—	154	179
FY2023	—	—	170	187
FY2022	—	—	150	154
FY2021	—	—	161	135