Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
Freeport-McMoRan Inc., historical price multiples (quarterly data)
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).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio demonstrates notable variability throughout the analyzed periods. Initially, there is a downward trend from 33.67 to a low of 8.88 by mid-2022, indicating a significant decrease in market valuation relative to earnings. Following this, the ratio experiences a marked increase, peaking at 43.29 in early 2024. Subsequent quarters show some fluctuation but generally maintain elevated levels around the 30 to 33 range by mid-2025. This pattern suggests increased market optimism or higher valuation relative to earnings in recent periods following an earlier phase of contraction.
- Price to Operating Profit (P/OP) Ratio
- The Price to Operating Profit ratio follows a similarly fluctuating pattern. It declines from 13.71 in early 2021 to a trough of 4.65 in mid-2022, indicating heightened market efficiency or depressed valuations relative to operating profit. After this low point, the ratio recovers, reaching a peak of 11.47 by early 2024. Post-peak, it experiences moderate volatility but remains relatively stable in the 8.0 to 9.0 range towards mid-2025. This demonstrates an improved or stabilized market perception of profitability over time.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio shows a general downward drift from early 2021 through mid-2022, moving from 3.75 to 1.78, reflecting a lighter market valuation relative to sales. Subsequently, the ratio rises irregularly, peaking at 3.02 in early 2024, then declines somewhat and remains relatively steady near 2.1 to 2.3 range up to mid-2025. This trend indicates some recovery of market valuation against sales but with less pronounced volatility compared to earnings or operating profit ratios.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio trends downward initially, from 5.57 in the first quarter of 2021 to a low of 2.91 in mid-2022, indicating a significant reduction in market valuation relative to book value. After this point, the ratio shows a modest upward trajectory, reaching around 4.23 by early 2024, before stabilizing between 3.0 and 3.8 in later periods. This suggests a partial recovery or adjustment in the market's estimate of the company’s net asset value over the observed timeframe.
- Overall Analysis
- Across all considered valuation metrics, there is a clear phase of declining ratios from early 2021 through mid-2022, likely reflecting either market skepticism, earnings pressure, or external economic conditions affecting the company's valuation. Following mid-2022, a consistent recovery phase is evident, with peak ratios occurring near early 2024, indicative of renewed market confidence or improved financial performance. Subsequent quarters show some stabilization or mild volatility, reflecting a balance between valuation optimism and caution.
Price to Earnings (P/E)
Freeport-McMoRan Inc., historical P/E calculation (quarterly data)
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 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
EPS
= (Net income (loss) attributable to common stockholdersQ2 2025
+ Net income (loss) attributable to common stockholdersQ1 2025
+ Net income (loss) attributable to common stockholdersQ4 2024
+ Net income (loss) attributable to common stockholdersQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Freeport-McMoRan Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
- Share Price Trends
- The share price exhibited notable volatility over the analyzed periods. It initially declined from $41.54 to $30.27 by mid-2022, followed by a recovery reaching nearly $49.96 in early 2024. Subsequently, the price experienced fluctuations within the range of approximately $37 to $46, showing no clear sustained upward or downward trend towards the end of the periods.
- Earnings per Share (EPS) Trends
- EPS demonstrated a strong upward trend through 2021 and early 2022, peaking at $3.53 in the first quarter of 2022. Afterward, there was a gradual decline through late 2022 and into 2023, stabilizing at lower levels around $1.15 to $1.39 across 2024 and early 2025. This suggests a contraction in profitability per share following the early 2022 peak.
- Price-to-Earnings (P/E) Ratio Trends
- The P/E ratio showed a declining trend from 33.67 in early 2021 to a low of 8.88 by mid-2022, indicating that earnings growth outpaced share price increases during this period. Thereafter, the P/E ratio rose sharply to over 43 in early 2024, reflecting either a relative increase in share price or contraction in earnings. The ratio remained elevated but variable towards the end of the observed timeframe, ranging from approximately 29 to 33.
- Key Insights and Interpretations
- Initially, the company's earnings growth and share price movements indicated strong financial performance, particularly up to early 2022. The subsequent decrease in EPS, along with rising P/E ratios, implies a reduction in earnings efficiency relative to share price, possibly reflecting market expectations of future performance or increased valuation multiples. The volatility in share price coupled with the fluctuating P/E ratio suggests market uncertainty or changing investor sentiment during the latest periods. Stable but lower EPS values indicate that profitability has not returned to previous peak levels despite some recovery in share price.
Price to Operating Profit (P/OP)
Freeport-McMoRan Inc., historical P/OP calculation (quarterly data)
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 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Operating profit per share
= (Operating income (loss)Q2 2025
+ Operating income (loss)Q1 2025
+ Operating income (loss)Q4 2024
+ Operating income (loss)Q3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Freeport-McMoRan Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
- Share Price Trend
- The share price exhibited volatility throughout the observed periods, with fluctuations ranging approximately between $30 and $50. Following a dip from $41.54 to $30.27 by mid-2022, the price recovered towards the end of 2022, reaching over $42. Subsequent quarters saw alternating increases and decreases, culminating in a value near $41.87 in mid-2025. This pattern indicates cyclical market responses, possibly influenced by broader economic or sector-specific factors.
- Operating Profit Per Share (OPPS) Trend
- Operating profit per share showed initial growth from $3.03 to a peak of $6.65 in early 2022, suggesting improved operational efficiency or higher commodity prices during that period. Thereafter, a gradual decline followed, stabilizing around $4.0 to $5.1 over subsequent quarters. This stabilization suggests normalized profitability levels after the earlier peak.
- Price to Operating Profit Ratio (P/OP) Dynamics
- The P/OP ratio decreased significantly from 13.71 at the beginning of 2021 to a low of 4.65 in mid-2022, reflecting the concurrent rise in operating profit per share and decline in share price, indicating enhanced valuation relative to earnings. However, post-mid-2022, the ratio increased again, oscillating between approximately 6.44 and 11.47, indicating fluctuating market optimism or valuation adjustments relative to earnings performance.
- Interrelationships and Insights
- The inverse correlation between operating profit per share and the P/OP ratio is evident, with the ratio declining as OPPS rises and vice versa. The share price movements, though volatile, do not consistently mirror operating profit trends, suggesting that external market factors and investor sentiment may also significantly influence stock price valuation.
Price to Sales (P/S)
Freeport-McMoRan Inc., historical P/S calculation (quarterly data)
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 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Sales per share
= (RevenuesQ2 2025
+ RevenuesQ1 2025
+ RevenuesQ4 2024
+ RevenuesQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Freeport-McMoRan Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
The financial analysis reveals several notable trends in the share price, sales per share, and price-to-sales (P/S) ratio over the examined periods.
- Share Price
- The share price exhibited considerable volatility throughout the observed quarters. Initially, it declined from $41.54 to $30.27 between March 2021 and June 2022, reflecting a downward pressure during this interval. Subsequently, the share price experienced fluctuations, rebounding to a peak of $49.96 in March 2024, followed by moderate oscillations around the $37 to $46 range in the latest periods. This pattern indicates periods of both investor confidence and uncertainty.
- Sales Per Share
- Sales per share demonstrated a consistent upward trend over the entire timeline, increasing from $11.09 in March 2021 to $17.98 in June 2025. The progression shows steady growth with minor fluctuations, suggesting strengthening revenue generation on a per-share basis. This consistent increase implies operational efficiency or favorable market conditions supporting sales growth.
- Price-to-Sales (P/S) Ratio
- The P/S ratio displayed a declining trend initially, dropping from 3.75 in March 2021 to a low of 1.78 in June 2022. This decrease implies that the stock price was becoming less expensive relative to sales during this period. Following this, the ratio fluctuated moderately, reaching a high of 3.02 in March 2024 before settling around the 2.17 to 2.33 range in recent quarters. The fluctuations in P/S suggest changing market valuation perspectives, potentially reflecting shifts in investor sentiment or changes in future earnings expectations.
Overall, the steady rise in sales per share indicates improving operational performance, while the variability in share price and P/S ratio points to a market responding dynamically to external factors or company-specific developments. These patterns suggest a yet cautious investment environment, balancing growth prospects with price volatility.
Price to Book Value (P/BV)
Freeport-McMoRan Inc., historical P/BV calculation (quarterly data)
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 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Freeport-McMoRan Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
- Share Price Trend
- The share price demonstrated notable fluctuations throughout the observed period. Initially, it declined from $41.54 at the end of Q1 2021 to $30.27 by mid-2022, marking a significant decrease. Subsequently, the price experienced a recovery phase reaching peaks near $43.05 in mid-2023 and $49.96 in early 2024. Despite these recoveries, the share price showed considerable volatility with intermittent declines after peaks, closing at $41.87 by mid-2025, slightly above its initial value but below the early 2024 peak.
- Book Value per Share (BVPS) Trend
- Book value per share registered steady growth over the entire timeframe. Starting at $7.45, it increased consistently without any regressions, reaching $12.68 by mid-2025. This represents a strong upward trajectory, indicating ongoing accumulation of equity or retained earnings within the company, thus strengthening its intrinsic value per share across the quarters.
- Price-to-Book Value (P/BV) Ratio Trend
- The Price-to-Book Value ratio exhibited considerable variation aligning largely with share price movements but inversely affected by the steady rise in book value. Initially, the P/BV ratio dropped from 5.57 to a low of approximately 2.91 in mid-2022, reflecting lower market valuation relative to the book value during that period. It then increased again, peaking at 4.23 in early 2024 before settling around 3.3 by mid-2025. The declining trend early in the data and subsequent partial recovery indicate shifts in market valuation sentiments possibly driven by external market factors and company performance.
- Insights and Interpretation
- The company's book value growth indicates consistent value creation on a per-share basis, which is a positive fundamental sign. However, the share price volatility and corresponding fluctuations in the P/BV ratio suggest that market perceptions and external conditions significantly influenced investor sentiment and stock valuation. Periods of share price decline despite growing book value highlight potential concerns or market pressures not directly related to underlying equity growth. The partial recovery in share price and P/BV ratio in later periods might reflect renewed investor confidence or improved market conditions.