Stock Analysis on Net

Freeport-McMoRan Inc. (NYSE:FCX)

Enterprise Value to EBITDA (EV/EBITDA)

Microsoft Excel

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Freeport-McMoRan Inc., EBITDA calculation

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net income (loss) attributable to common stockholders 1,848 3,468 4,306 599 (239)
Add: Net income attributable to noncontrolling interest 1,903 1,011 1,059 266 50
Less: Net gain from discontinued operations 3
Add: Income tax expense 2,270 2,267 2,299 944 510
Earnings before tax (EBT) 6,021 6,746 7,664 1,809 318
Add: Interest expense, net 515 560 602 598 620
Earnings before interest and tax (EBIT) 6,536 7,306 8,266 2,407 938
Add: Depreciation, depletion and amortization 2,068 2,019 1,998 1,528 1,412
Earnings before interest, tax, depreciation and amortization (EBITDA) 8,604 9,325 10,264 3,935 2,350

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Item Description The company
EBITDA To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital. Freeport-McMoRan Inc. EBITDA decreased from 2021 to 2022 and from 2022 to 2023.

Enterprise Value to EBITDA Ratio, Current

Freeport-McMoRan Inc., current EV/EBITDA calculation, comparison to benchmarks

Microsoft Excel
Selected Financial Data (US$ in millions)
Enterprise value (EV) 79,884
Earnings before interest, tax, depreciation and amortization (EBITDA) 8,604
Valuation Ratio
EV/EBITDA 9.28
Benchmarks
EV/EBITDA, Competitors1
Newmont Corp. 123.28
EV/EBITDA, Sector
Metals & Mining 14.14
EV/EBITDA, Industry
Materials 17.23

Based on: 10-K (reporting date: 2023-12-31).

1 Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.


Enterprise Value to EBITDA Ratio, Historical

Freeport-McMoRan Inc., historical EV/EBITDA calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)1 69,771 72,212 73,951 62,532 33,716
Earnings before interest, tax, depreciation and amortization (EBITDA)2 8,604 9,325 10,264 3,935 2,350
Valuation Ratio
EV/EBITDA3 8.11 7.74 7.20 15.89 14.35
Benchmarks
EV/EBITDA, Competitors4
Newmont Corp. 111.24 15.27 13.92 8.02 7.30
EV/EBITDA, Sector
Metals & Mining 12.50 9.32 9.04 11.15 9.27
EV/EBITDA, Industry
Materials 16.20 13.49 12.02 14.14 12.12

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 See details »

2 See details »

3 2023 Calculation
EV/EBITDA = EV ÷ EBITDA
= 69,771 ÷ 8,604 = 8.11

4 Click competitor name to see calculations.

Valuation ratio Description The company
EV/EBITDA Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock. Freeport-McMoRan Inc. EV/EBITDA ratio increased from 2021 to 2022 and from 2022 to 2023.