Freeport-McMoRan Inc. (NYSE:FCX)

The analysis of the financial data over the periods reveals several notable trends in the share price, book value per share (BVPS), and the price-to-book value (P/BV) ratio.

Share Price

The share price exhibited significant volatility throughout the periods. Initially, the price increased from $26.65 in 2006 to a peak of $50.43 in 2008, before experiencing a steep decline to $15.05 in 2009. Subsequently, the price showed a recovery phase with fluctuations, reaching $52.45 in 2011 and then declining to a low of $7.43 in 2016. After 2016, the share price gradually recovered, reaching $43.67 in 2022, followed by a mild decrease and stabilization around $39 in the last two periods.

Book Value per Share (BVPS)

The BVPS displayed an overall upward trend, despite some interruptions. It rose sharply from $4.89 in 2006 to $23.82 in 2008, then dropped to $7.01 in 2009. Following this dip, the BVPS generally increased steadily, reaching $20.16 in 2014 before declining again to $4.19 in 2017. From 2017 onwards, the BVPS resumed growth, climbing from $5.51 to $12.23 by 2025. This indicates a recovery and consistent improvement in the company's net asset value per share over the long term.

Price-to-Book Value (P/BV) Ratio

The P/BV ratio experienced considerable fluctuation consistent with the volatility observed in the share price. It started at a high level of 5.45 in 2006 and dropped markedly to around 2.12 in 2008. Subsequently, the ratio oscillated between approximately 1.19 and 4.72, with the lowest point recorded in 2016 and the highest in 2021. This ratio trend reflects periods where the market price of shares significantly diverged from the book value, indicating variations in investor sentiment, perceived growth prospects, and risk assessment.

Overall, the data shows that while the book value per share portrays a general trend of asset base growth with some interruptions, the share price and resulting P/BV ratio were subject to wide fluctuations, highlighting varying market conditions, cyclical factors, and possibly underlying operational or financial changes influencing investor confidence over the years.