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: Assets
- Common-Size Income Statement
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Price to FCFE (P/FCFE)
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Price to Earnings (P/E) Ratio
- The P/E ratio shows a notable downward trend from March 31, 2021, when it peaked at 80.11, decreasing sharply to 13.92 by December 31, 2021. Following this steep decline, the ratio fluctuated between approximately 8.88 and 30.14 over the next several quarters. From March 31, 2023, onward, there is greater volatility in the P/E ratio, reaching highs above 40 (43.29 in June 30, 2024) and lows near 23 (23.37 in December 31, 2023). This suggests periods of varying investor confidence or earnings performance but generally indicates a relatively high valuation compared to earnings.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio consistently declined from 19.69 in March 31, 2021, to a low point of 4.65 by September 30, 2022. Afterward, it experienced some rebounds and fluctuations, rising to a peak of 11.47 on June 30, 2024, before settling around 8.24 to 8.69 towards the end of the period. The initial decrease might reflect improving operating profitability relative to price, while the subsequent rise indicates some oscillations in operating profit margins or market valuation.
- Price to Sales (P/S) Ratio
- The P/S ratio exhibits less dramatic variation, generally oscillating between about 1.78 and 3.75 during the examined quarters. It peaks at 3.75 on June 30, 2020, followed by declines and rebounds, indicating relatively stable sales valuations across the periods. The ratio experiences mild increases and decreases but does not demonstrate any sustained long-term upward or downward trend. This stability suggests consistent pricing relative to sales.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio shows a rising trend from 1.47 at March 31, 2020, peaking at 5.57 by March 31, 2021. Following this peak, it declines to a low near 2.91 by June 30, 2022, and then fluctuates between roughly 3.04 and 4.54 through the latter periods. The initial upward trend suggests growing investor valuation relative to book value, possibly due to optimism or asset revaluations, while the subsequent stabilization with moderate fluctuations indicates a balancing of market perceptions of asset values.
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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
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 Trend
- The share price exhibited a general upward trajectory from March 2020 through December 2021, rising from $8.97 to a peak of $43.67. This increase was marked by substantial gains particularly between March 2020 and December 2020. Following the peak in late 2021, the share price experienced notable volatility, with fluctuations observed through June 2025. Noteworthy declines occurred during mid-2022 and mid-2023, with prices dipping below previous highs, before partially recovering by early 2024 and maintaining a range between approximately $37 and $50 thereafter.
- Earnings Per Share (EPS) Development
- EPS figures began to be reported starting March 2021 at $0.41, increasing steadily until reaching a high of $3.53 in June 2022. This period reflects significant earnings growth. However, from mid-2022 onward, EPS showed a declining trend, dropping to approximately $1.23 by June 2025. The reduction in EPS after mid-2022 suggests a deceleration in profitability, with EPS fluctuating but generally remaining below the peak values of the prior year.
- Price-to-Earnings (P/E) Ratio Behavior
- The P/E ratio decreased sharply from 80.11 in March 2021 to a low around 8.88 in June 2022, indicating that the market price was becoming cheaper relative to earnings during that period, likely driven by the rapid increase in EPS. Post-June 2022, the P/E ratio began to rise again, reaching values above 30 by mid-2024, despite the declining EPS. This suggests that the share price did not fall proportionately with earnings, potentially reflecting increased market optimism or other valuation factors unrelated to earnings performance.
- Integrated Insights
- The time frame from early 2021 to mid-2022 was characterized by strong earnings growth and concurrent share price increases, resulting in a declining P/E ratio as earnings caught up with stock price appreciation. Subsequently, as EPS declined, the share price showed resilience, maintaining levels that resulted in increasing P/E ratios. This divergence signals a shift in market sentiment or expectations, where investor valuation of the stock became less tightly linked to reported earnings. The observed volatility in share price and earnings post-2022 indicates an uncertain or transitional phase in the company's financial performance and market perception.
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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
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
- The share price demonstrated an overall upward trend from March 2020 through December 2021, rising from $8.97 to a peak of $43.67. This substantial appreciation indicates strong market confidence during this period. However, from early 2022 onward, the share price displayed notable volatility, oscillating between approximately $30 and $49.96 without a clear sustained direction. Despite fluctuations, the price generally remained in a higher range compared to the initial period, suggesting a retained elevated valuation. Recent quarters show variability with no consistent pattern of increase or decrease.
- Operating Profit Per Share (OP per share)
- Operating profit per share data is available starting from March 2021, beginning at $1.67. It increased steadily through September 2022, peaking at $6.65. This indicates improved operational earnings capacity during this period. Following the peak, there was a gradual decline, with values decreasing to around $3.84 in September 2023. The most recent data depict a moderate recovery with OP per share reaching $4.82 by June 2025. Overall, the company's operational profitability experienced growth initially but faced a softening phase before stabilizing somewhat in the latest quarters.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio shows a declining trend from 19.69 in March 2021 to a low of 4.65 in September 2022, reflecting that the share price growth outpaced operating profit per share improvements during this time, suggesting increasing valuation efficiency or market optimism. Subsequently, the ratio increased again, reaching levels around 8 to 11 in the period from late 2022 through mid-2024, indicating that the share price was rising relative to operating profits or that profits were softening while prices remained elevated. The ratio remained near 8 to 9 in 2025, which implies a more balanced valuation relative to operating profits compared to earlier peaks and troughs.
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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
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
= ÷ =
- Share Price Trend
- The share price exhibited notable volatility over the observed periods. Starting from a modest value of $8.97 in March 2020, it climbed sharply to peak at $43.67 by December 2021. Subsequently, the price fluctuated, decreasing to approximately $30.27 in June 2022 before rising again to nearly $49.96 by March 2024. The later quarters show continued oscillations within the $37 to $47 range, indicating persistent volatility but maintaining higher levels relative to the initial periods.
- Sales per Share Development
- Sales per share data commence from March 2021 at $9.73, after which a gradual upward trajectory is observed. The sales per share increased steadily from $9.73 to a peak of $17.98 by June 2025, reflecting an overall positive growth trend. The incremental growth appears consistent, with small seasonal or periodic fluctuations but no evident periods of decline.
- Price-to-Sales Ratio (P/S) Analysis
- The P/S ratio, representing the relationship between share price and sales per share, varied significantly over the intervals. Initial values start at 3.38 in March 2021, rising to 3.75 in June 2021, then demonstrating a declining trend to a low of 1.78 in September 2022. After this trough, the ratio recovered somewhat, oscillating mostly between 2.17 and 3.02 through December 2024. Toward the later periods, the ratio settled around 2.17 to 2.33, suggesting a normalization relative to sales growth.
- Combined Financial Indicator Insights
- The interplay between share price, sales per share, and the P/S ratio suggests that while sales per share steadily increased, the share price was more volatile, influenced by growing market valuations as well as intermittent corrections. The declining P/S ratio in late 2022 indicates a phase where sales growth outpaced share price increases, possibly reflecting market adjustments or valuation recalibrations. The subsequent stabilization of the P/S ratio implies that the share price movement realigned more closely with the underlying sales performance in the most recent periods.
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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
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
- The share price exhibited a general upward trend from March 31, 2020, through December 31, 2021, rising from $8.97 to a peak of $43.67. This increase reflects notable growth over the course of nearly two years. However, from March 31, 2022, to March 31, 2023, there was heightened volatility with a downward bias, declining to $35.22 at the end of this period. Subsequently, the share price showed recovery and fluctuations, reaching a high of $49.96 on March 31, 2024, followed by alternating declines and increases, finishing at $41.87 on June 30, 2025. This pattern suggests periods of both investor optimism and caution.
- Book Value per Share (BVPS)
- The book value per share demonstrated a consistent and steady increase throughout the entire timeframe. Starting at $6.10 on March 31, 2020, BVPS rose progressively to $12.68 by June 30, 2025, effectively more than doubling. This steady increase points to ongoing accumulation of equity and financial strengthening within the company, reflecting retained earnings or asset growth over time without significant impairment or reduction.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio showed more variability compared to BVPS. Initially, it increased sharply from 1.47 on March 31, 2020, to a peak of 5.57 on March 31, 2021, indicating a market valuation growing faster than the underlying book value. Following this peak, the ratio declined and fluctuated between approximately 2.9 and 4.7 through June 30, 2025. These fluctuations imply shifts in market sentiment relative to the company's book value, with periods where the stock price was viewed as more or less overvalued compared to its net asset base.
- Overall Insights
- The data indicates an environment of significant growth in intrinsic value as measured by book value per share, accompanied by marked changes in market valuation as reflected in the share price and P/BV ratio. While the share price experienced periods of rapid appreciation and intermittent decline, the underlying book value growth was steady and uninterrupted. The oscillations in P/BV highlight changing investor perceptions and possible external influences affecting share valuation beyond fundamental asset growth.