Stock Analysis on Net
Stock Analysis on Net

Freeport-McMoRan Inc. (NYSE:FCX)

Analysis of Long-term (Investment) Activity Ratios 
Quarterly Data

Microsoft Excel

Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.

Long-term Activity Ratios (Summary)

Freeport-McMoRan Inc., long-term (investment) activity ratios (quarterly data)

Microsoft Excel
Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Net fixed asset turnover 0.65 0.63 0.66 0.68 0.67 0.66 0.65 0.66 0.65 0.65 0.70 0.73 0.78 0.80 0.75 0.70 0.63 0.55
Total asset turnover 0.46 0.44 0.46 0.46 0.45 0.44 0.44 0.44 0.43 0.42 0.45 0.46 0.48 0.50 0.48 0.45 0.42 0.37
Equity turnover 1.42 1.41 1.45 1.46 1.42 1.40 1.37 1.38 1.35 1.34 1.46 1.55 1.63 1.65 1.63 1.59 1.58 1.49

Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

Net Fixed Asset Turnover
The net fixed asset turnover ratio exhibited a generally increasing trend from March 2021 through March 2022, rising from 0.55 to 0.80. This suggests an improving efficiency in utilizing fixed assets to generate sales during this period. Subsequently, there was a gradual decline through December 2022, reaching 0.70, followed by a stabilizing phase around the mid-0.60s from March 2023 to June 2025. Minor fluctuations occurred within this range, but no significant upward or downward trend was evident in the latter period. Overall, the ratio indicates a peak utilization of fixed assets in early 2022, with a moderate reduction and subsequent stabilization afterward.
Total Asset Turnover
The total asset turnover ratio demonstrated an upward trajectory from 0.37 in March 2021 to a peak of 0.50 in March 2022, reflecting enhanced efficiency in using total assets to generate revenue. Following this peak, the ratio experienced a slight decline to 0.45 by December 2022. From March 2023 onward, the ratio hovered consistently around the 0.42 to 0.46 range, indicating stable asset utilization without significant improvement or deterioration. This pattern implies that while initial improvements were realized up to early 2022, asset turnover efficiency plateaued thereafter.
Equity Turnover
The equity turnover ratio increased gradually from 1.49 in March 2021 to 1.65 in March 2022, implying a growing ability to generate sales relative to shareholders' equity. After reaching this peak, the ratio declined steadily through December 2022 to 1.46, followed by a more pronounced decrease to around 1.34 by March 2023. From mid-2023 to June 2025, the equity turnover ratio showed a modest recovery and relative stability, fluctuating between 1.37 and 1.46. This suggests some restoration of equity utilization efficiency but not to previous peak levels, pointing to a cautious improvement in the company’s sales generation relative to equity in the most recent periods.

Net Fixed Asset Turnover

Freeport-McMoRan Inc., net fixed asset turnover calculation (quarterly data)

Microsoft Excel
Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Selected Financial Data (US$ in millions)
Revenues 7,582 5,728 5,720 6,790 6,624 6,321 5,905 5,824 5,737 5,389 5,758 5,003 5,416 6,603 6,164 6,083 5,748 4,850
Property, plant, equipment and mine development costs, net 39,835 39,200 38,514 37,750 36,784 36,197 35,295 34,535 33,845 33,159 32,627 31,814 31,200 30,708 30,345 30,102 29,836 29,775
Long-term Activity Ratio
Net fixed asset turnover1 0.65 0.63 0.66 0.68 0.67 0.66 0.65 0.66 0.65 0.65 0.70 0.73 0.78 0.80 0.75 0.70 0.63 0.55

Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

1 Q2 2025 Calculation
Net fixed asset turnover = (RevenuesQ2 2025 + RevenuesQ1 2025 + RevenuesQ4 2024 + RevenuesQ3 2024) ÷ Property, plant, equipment and mine development costs, net
= (7,582 + 5,728 + 5,720 + 6,790) ÷ 39,835 = 0.65

Revenues
Revenues show a generally fluctuating trend over the analyzed quarters. From March 2021 to December 2021, there was a consistent increase, peaking at 6,164 million USD. This was followed by a mixed period in 2022, with revenues declining in some quarters (notably June and September) but recovering by the end of the year. In 2023, revenues remained relatively stable with small fluctuations around the mid-5,000 to 5,900 million USD range. A notable upward trend resumes starting in early 2024, culminating in a significant spike to 7,582 million USD by June 2025, which represents the highest revenue recorded in the period under review.
Property, Plant, Equipment and Mine Development Costs, Net
The net value of property, plant, equipment, and mine development costs shows a steady increase across all quarters. The amount rose from approximately 29,775 million USD at the beginning of 2021 to nearly 39,835 million USD by mid-2025. This indicates ongoing capital investment or asset development activities that consistently add to the company's asset base over time, reflecting a sustained commitment to maintaining or expanding operational infrastructure.
Net Fixed Asset Turnover
The net fixed asset turnover ratio exhibits some variation but overall a moderate downward trend after reaching a peak in early 2022. Initially, the ratio rose from 0.55 in March 2021 to a high of 0.8 by March 2022, indicating improved efficiency in generating revenues from fixed assets. Subsequently, there is a gradual decline with values hovering between 0.63 and 0.68 towards mid-2025. This decline may suggest a decrease in asset utilization efficiency, potentially influenced by the increasing asset base relative to revenue generation during certain periods.

Total Asset Turnover

Freeport-McMoRan Inc., total asset turnover calculation (quarterly data)

Microsoft Excel
Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Selected Financial Data (US$ in millions)
Revenues 7,582 5,728 5,720 6,790 6,624 6,321 5,905 5,824 5,737 5,389 5,758 5,003 5,416 6,603 6,164 6,083 5,748 4,850
Total assets 56,492 56,022 54,848 55,400 54,635 54,198 52,506 51,648 50,907 50,909 51,093 49,927 50,113 48,832 48,022 46,917 45,436 43,643
Long-term Activity Ratio
Total asset turnover1 0.46 0.44 0.46 0.46 0.45 0.44 0.44 0.44 0.43 0.42 0.45 0.46 0.48 0.50 0.48 0.45 0.42 0.37

Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

1 Q2 2025 Calculation
Total asset turnover = (RevenuesQ2 2025 + RevenuesQ1 2025 + RevenuesQ4 2024 + RevenuesQ3 2024) ÷ Total assets
= (7,582 + 5,728 + 5,720 + 6,790) ÷ 56,492 = 0.46

The financial data reveals a dynamic pattern in the company's quarterly performance from early 2021 through mid-2025. Revenues exhibit overall growth with some fluctuations. Beginning at 4,850 million in the first quarter of 2021, revenues peak at 6,603 million by the first quarter of 2022, followed by a notable decline in subsequent quarters within 2022. Through 2023 and 2024, the revenue trend resumes growth, reaching a cautious high near 6,790 million in the third quarter of 2024 before another reduction appears late in 2024 and early 2025. A marked increase is observed again in the second quarter of 2025, reaching 7,582 million, the highest level reported across the periods analyzed.

Total assets increase steadily over the entire period, rising from approximately 43,643 million in the first quarter of 2021 to about 56,492 million by the second quarter of 2025. This illustrates a disciplined expansion of asset base, with no evident contraction phases, indicating stable or growing asset investment.

The total asset turnover ratio, an indicator of efficiency in using assets to generate revenue, shows improvement from 0.37 in early 2021 to a peak of 0.50 in the first quarter of 2022. Afterward, the ratio declines progressively through 2022 to around 0.44 by the end of 2022, then remains relatively stable between 0.42 and 0.46 throughout 2023 and into 2025. This suggests a phase of declining asset utilization efficiency following early 2022, stabilizing in recent quarters without significant recovery to previous highs.

Revenue Trends
Revenues display growth with intermittent declines, peaking in early 2022 and again in mid-2025. Periodic decreases are observed between these peaks, suggesting sensitivity to external or operational factors.
Asset Growth
The company's total assets consistently increase over time, indicating ongoing asset accumulation or investment strategies without major asset base contractions.
Asset Turnover Ratio
The asset turnover ratio improves initially, reaches a peak, then declines and stabilizes. This pattern indicates initial gains in efficiency followed by a modest reduction in how effectively assets generate revenues.

Equity Turnover

Freeport-McMoRan Inc., equity turnover calculation (quarterly data)

Microsoft Excel
Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Selected Financial Data (US$ in millions)
Revenues 7,582 5,728 5,720 6,790 6,624 6,321 5,905 5,824 5,737 5,389 5,758 5,003 5,416 6,603 6,164 6,083 5,748 4,850
Stockholders’ equity 18,208 17,688 17,581 17,548 17,404 16,973 16,693 16,459 16,202 16,057 15,555 14,954 14,889 14,866 13,980 13,353 12,011 10,920
Long-term Activity Ratio
Equity turnover1 1.42 1.41 1.45 1.46 1.42 1.40 1.37 1.38 1.35 1.34 1.46 1.55 1.63 1.65 1.63 1.59 1.58 1.49

Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

1 Q2 2025 Calculation
Equity turnover = (RevenuesQ2 2025 + RevenuesQ1 2025 + RevenuesQ4 2024 + RevenuesQ3 2024) ÷ Stockholders’ equity
= (7,582 + 5,728 + 5,720 + 6,790) ÷ 18,208 = 1.42

Revenues
The revenue figures exhibit noticeable fluctuations over the observed periods. From March 31, 2021, to December 31, 2021, revenues showed a general upward trend, increasing from 4850 million USD to 6164 million USD. In 2022, revenues fluctuated more markedly, peaking at 6603 million USD in March, then dropping to a low of 5003 million USD by September, before recovering to 5758 million USD by December. The year 2023 showed relatively stable revenues around the 5800-5900 million USD range but started trending higher from early 2024 onwards with values rising to 6790 million USD in September 2024. However, a subsequent decrease was observed in December 2024 and March 2025, dropping to around 5720-5728 million USD, before rebounding strongly to 7582 million USD by June 2025. This indicates a cyclical pattern with some seasonal or market-driven volatility but an overall positive progression over the four-year span.
Stockholders’ Equity
Stockholders’ equity consistently increased throughout the entire period under review. Beginning at 10,920 million USD in March 2021, equity rose steadily each quarter, reaching 18,208 million USD by June 2025. The increase appears relatively stable and continuous, without significant volatility or reversal, reflecting ongoing capital growth, retained earnings accumulation, or equity financing activities. This trend suggests strengthening of the company's financial foundation over time.
Equity Turnover Ratio
The equity turnover ratio, which measures the efficiency of using equity to generate revenues, generally trended downward in the first part of the period. It started at 1.49 in March 2021 and peaked slightly at 1.65 in March 2022 before gradually declining to 1.34 by March 2023. Post this nadir, the ratio exhibits slight fluctuations but a mild recovery trend, moving upwards to about 1.46 by September 2024 before a slight dip again towards mid-2025 around 1.41-1.42. The overall pattern indicates a reduction in how efficiently equity was employed to generate revenues in the earlier years, followed by a moderate improvement, though it has not returned to its initial higher levels from 2021.
Summary
The financial overview presents a company with growing equity and volatile revenues characterized by periodic declines and recoveries, which might be influenced by market conditions or operational factors. Despite some revenue volatility, equity growth remains strong and uninterrupted, indicating a solid capital base. The equity turnover ratio’s moderate decline and subsequent stabilization suggest a shift in efficiency dynamics, potentially linked to changes in asset structure or market environment, necessitating further analysis to identify underlying causes and optimize capital utilization.