Freeport-McMoRan Inc., current enterprise value calculation

Current share price (P)	$61.65
No. shares of common stock outstanding	1,437,559,865
US$ in millions
Common equity (market value)¹	88,626)
Add: Noncontrolling interests (per books)	11,867)
Total equity	100,493)
Add: Current portion of debt (per books)	466)
Add: Long-term debt, less current portion (per books)	8,913)
Total equity and debt	109,872)
Less: Cash and cash equivalents	3,824)
Less: Restricted cash and cash equivalents	230)
Enterprise value (EV)	105,818)

Based on: 10-K (reporting date: 2025-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 61.65 × 1,437,559,865

Freeport-McMoRan Inc., EV calculation

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Share price^1, 2	$62.84	$39.47	$38.83	$42.31	$43.67
No. shares of common stock outstanding¹	1,437,201,606	1,437,073,006	1,434,409,010	1,430,693,689	1,454,781,055
US$ in millions
Common equity (market value)³	90,314)	56,721)	55,698)	60,533)	63,530)
Add: Noncontrolling interests (book value)	11,867)	11,197)	10,617)	9,316)	9,039)
Total equity	102,181)	67,918)	66,315)	69,849)	72,569)
Add: Current portion of debt (book value)	466)	41)	766)	1,037)	372)
Add: Long-term debt, less current portion (book value)	8,913)	8,907)	8,656)	9,583)	9,078)
Total equity and debt	111,560)	76,866)	75,737)	80,469)	82,019)
Less: Cash and cash equivalents	3,824)	3,923)	4,758)	8,146)	8,068)
Less: Restricted cash and cash equivalents	230)	888)	1,208)	111)	—)
Enterprise value (EV)	107,506)	72,055)	69,771)	72,212)	73,951)

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).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Freeport-McMoRan Inc. Annual Report.

³ 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 62.84 × 1,437,201,606

The information presents a five-year trend of several financial metrics, including common equity market value, total equity, total equity and debt, and enterprise value. Overall, a period of relative stability is observed between 2021 and 2023, followed by increases in all metrics from 2023 to 2025.

Enterprise Value (EV) Trend: Enterprise value exhibited a slight decline from $73,951 million in 2021 to $69,771 million in 2023. This represents a cumulative decrease of approximately 5.7%. However, EV then increased significantly to $107,506 million by 2025, representing a 54.2% increase from the 2023 low. This suggests a substantial re-evaluation of the company’s value by the market during this period.
Equity and Debt Relationship: Total equity and debt remained relatively stable between 2021 and 2023, fluctuating between $80,469 million and $82,019 million. Similar to EV, this metric experienced a notable increase, reaching $111,560 million in 2025. This increase suggests either increased debt financing, equity issuance, or a combination of both.
Common Equity vs. Total Equity: Common equity (market value) generally tracked total equity, though with more volatility. Common equity decreased from $63,530 million in 2021 to $55,698 million in 2023, before rising sharply to $90,314 million in 2025. Total equity followed a similar pattern, but with less pronounced fluctuations. The difference between total equity and common equity likely represents other equity components, such as preferred stock or accumulated other comprehensive income.

The period between 2023 and 2025 demonstrates a clear shift in financial positioning, with substantial growth in both enterprise value and the combined value of equity and debt. The increase in common equity market value suggests positive investor sentiment during this timeframe.

AI Ask an analyst for more

Download chart

Freeport-McMoRan Inc. (NYSE:FCX)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)