Analysis of Inventory
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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Net Profit Margin since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Inventory Disclosure
Freeport-McMoRan Inc., balance sheet: inventory
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Product | |||||||||||
| Materials and supplies, net | |||||||||||
| Mill and leach stockpiles | |||||||||||
| Inventories |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Overall, the values associated with inventories demonstrate a consistent upward trend from 2021 through 2025. This growth is evident across all disclosed inventory components: product, materials and supplies, and mill and leach stockpiles. The rate of increase, however, varies between these components.
- Product
- The value of product inventory increased from US$1,658 million in 2021 to US$3,332 million in 2025, representing a cumulative increase of approximately 100.8%. The growth was most pronounced between 2022 and 2023, with an increase of US$639 million. The rate of increase slowed in subsequent years, but remained positive.
- Materials and Supplies, Net
- Materials and supplies, net, also exhibited a steady increase, rising from US$1,669 million in 2021 to US$2,738 million in 2025, a cumulative increase of approximately 63.8%. The growth pattern was relatively consistent year-over-year, with increases ranging from US$185 million to US$356 million annually.
- Mill and Leach Stockpiles
- Mill and leach stockpiles showed the smallest absolute increase among the three components, growing from US$1,170 million in 2021 to US$1,423 million in 2025, representing a cumulative increase of approximately 21.6%. Notably, the value decreased slightly between 2023 and 2024, falling by US$31 million, before resuming growth in 2025.
- Total Inventories
- The aggregate value of inventories increased from US$4,497 million in 2021 to US$7,493 million in 2025, a cumulative increase of approximately 66.7%. The largest year-over-year increase occurred between 2022 and 2023, with a rise of US$880 million. The rate of growth decelerated in 2024 and 2025, but remained positive, indicating continued investment in inventory.
The consistent growth in all inventory categories suggests a potential increase in production levels, anticipated demand, or a strategic decision to build up stockpiles. The slight decrease in mill and leach stockpiles in 2024 warrants further investigation to understand the underlying cause, but the subsequent increase in 2025 suggests it was a temporary fluctuation.