Price to FCFE (P/FCFE)
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Freeport-McMoRan Inc. pages available for free this week:
- Balance Sheet: Assets
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
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Free Cash Flow to Equity (FCFE)
Freeport-McMoRan Inc., FCFE calculation
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-31).
The financial data indicates notable fluctuations in the net cash provided by operating activities over the five-year period. Starting at $3,017 million in 2020, there was a significant increase to $7,715 million in 2021, followed by a decline to $5,139 million in 2022. The figure stabilized somewhat in 2023 at $5,279 million before rising again to $7,160 million in 2024. This pattern suggests variability in the company's operational cash generation capability, with a peak in 2021, a mid-term dip, and recovery towards the end of the period.
The free cash flow to equity (FCFE) exhibits more volatility. Beginning at $863 million in 2020, FCFE surged to $5,340 million in 2021, then decreased substantially to $2,890 million in 2022. A negative FCFE of -$744 million was recorded in 2023, indicating a year where cash outflows to equity investors exceeded inflows. In 2024, FCFE reverted to a positive value of $1,872 million, though still below the peak observed in 2021. This pattern points to varying levels of cash availability for equity holders, with potential implications for dividend payments, share repurchases, or debt repayment.
- Net cash provided by operating activities
- Demonstrates an overall upward trend with peaks and troughs, showing operational cash flow strength but some instability in certain years.
- Free cash flow to equity (FCFE)
- Shows higher volatility, with a prominent peak in 2021 followed by a decline and a brief negative value in 2023, indicating fluctuating cash resources available to shareholders.
Price to FCFE Ratio, Current
Freeport-McMoRan Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Industry | |
| Materials | |
Based on: 10-K (reporting date: 2024-12-31).
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Freeport-McMoRan Inc., historical P/FCFE calculation, comparison to benchmarks
Based on: 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), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
3 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Freeport-McMoRan Inc. Annual Report.
5 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
The financial data reveals several notable trends over the five-year period ending December 31, 2024.
- Share Price
- The share price demonstrated an overall upward trend from 32.9 US$ in 2020 to a peak of 43.67 US$ in 2021. Subsequently, it declined to 42.31 US$ in 2022 and further decreased to 38.83 US$ in 2023. In 2024, a slight recovery was observed with the share price rising to 39.47 US$.
- Free Cash Flow to Equity (FCFE) per Share
- FCFE per share showed significant volatility during the period. It increased substantially from 0.59 US$ in 2020 to 3.67 US$ in 2021, indicating a strong cash flow to equity holders. However, this was followed by a decrease to 2.02 US$ in 2022 and a negative FCFE of -0.52 US$ in 2023, signifying a cash outflow to equity holders in that year. In 2024, FCFE per share rebounded to 1.3 US$.
- Price to FCFE (P/FCFE) Ratio
- The P/FCFE ratio reflected oscillations aligned with changes in FCFE per share and share price. The ratio dropped sharply from 55.6 in 2020 to 11.9 in 2021, suggesting improved valuation relative to cash flow in that year. In 2022, the ratio increased to 20.95 and was not reported for 2023, likely due to negative FCFE per share in that year. By 2024, the ratio rose again to 30.3, indicating a higher multiple of share price over free cash flow compared to the preceding years, possibly reflecting investor uncertainty or expected recovery in cash flows.
In summary, the period was marked by peak share prices and strong free cash flow in 2021, followed by a decline in both metrics. The negative FCFE in 2023 represents a notable event, with a partial recovery in 2024. Valuation multiples correspondingly fluctuated, reflecting changes in cash flow and market sentiment.