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
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
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Historical Valuation Ratios (Summary)
Freeport-McMoRan Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
An overall expansion in valuation multiples is evident across all tracked metrics from March 2022 through March 2026. While the early part of the period was characterized by relative stability or moderate fluctuations, a significant upward shift in market valuation occurred starting in 2023, peaking across most ratios in the fourth quarter of 2025 before stabilizing slightly in the first quarter of 2026.
- Price to Earnings (P/E) Ratio
- A substantial increase in the P/E ratio is observed, rising from 11.23 in March 2022 to 32.43 by March 2026. The ratio exhibited significant volatility, with a notable surge beginning in June 2023 (29.29) and reaching a peak of 43.29 in March 2024. Despite intermittent corrections, the valuation remained consistently higher in the 2024-2026 period than in the 2022 baseline, suggesting a significant increase in the premium investors were willing to pay per unit of earnings.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio followed a general upward trajectory, moving from 5.96 in March 2022 to 12.05 in March 2026. The metric remained relatively stable between 8.0 and 11.5 for much of 2023 and 2024. A sharp escalation was recorded in December 2025, where the ratio reached a peak of 13.86, indicating a valuation spike relative to core operating performance toward the end of the observed period.
- Price to Sales (P/S) Ratio
- Revenue-based valuation remained comparatively stable for the first three years, fluctuating primarily between 1.78 and 3.02. However, a distinct upward trend emerged in late 2025, with the ratio climbing to 3.48 in December 2025 and remaining elevated at 3.35 in March 2026. This suggests a shift in market sentiment or an increase in expected future revenue growth during the final quarters of the analysis.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio demonstrated a cyclical pattern, starting at 3.86 in March 2022 and ending at 4.54 in March 2026. After a period of consolidation between 2.91 and 4.23 from 2022 through mid-2025, a significant spike occurred in December 2025, reaching a period high of 4.78. This indicates a marked increase in the market's valuation of the company's net assets relative to their accounting value toward the end of the timeframe.
Price to Earnings (P/E)
Freeport-McMoRan Inc., historical P/E calculation (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
EPS
= (Net income attributable to common stockholdersQ1 2026
+ Net income attributable to common stockholdersQ4 2025
+ Net income attributable to common stockholdersQ3 2025
+ Net income attributable to common stockholdersQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Freeport-McMoRan Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
The valuation metrics exhibit a significant expansion in the Price-to-Earnings (P/E) ratio over the analyzed period, characterized by a divergence between share price movements and earnings per share (EPS) performance.
- Earnings Per Share (EPS) Trajectory
- A consistent downward trend in EPS is observed from March 31, 2022, where earnings stood at 3.53 US$, reaching a trough of 1.15 US$ by March 31, 2024. This contraction represents a substantial reduction in quarterly profitability. However, a recovery phase emerged in the subsequent quarters, with EPS steadily climbing to 1.90 US$ by March 31, 2026.
- Share Price Volatility and Growth
- The share price demonstrated significant volatility with an overall upward trajectory. After an initial decline to 30.27 US$ in June 2022, the price experienced several cycles of growth and correction. A notable surge occurred between September 30, 2025, and December 31, 2025, where the price rose from 38.65 US$ to a peak of 62.84 US$, maintaining a level above 60 US$ through the end of the period.
- P/E Ratio Expansion and Contraction
- The P/E ratio underwent a dramatic expansion, rising from a low of 8.88 in June 2022 to a peak of 43.29 in March 2024. This peak coincided with the lowest recorded EPS, indicating that the market valuation remained high despite diminishing earnings. Following this peak, the ratio stabilized within a range of 26.79 to 40.98. The final recording of 32.43 in March 2026 reflects a moderate contraction relative to the 2024 peak, driven by the recovery in EPS.
The data indicates a shift in valuation multiples, where the asset transitioned from a relatively low-multiple environment in early 2022 to a high-multiple environment by 2024. The subsequent stabilization of the P/E ratio suggests that the recent increase in share price is being partially supported by improving fundamental earnings rather than purely by multiple expansion.
Price to Operating Profit (P/OP)
Freeport-McMoRan Inc., historical P/OP calculation (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Operating profit per share
= (Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025
+ Operating incomeQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Freeport-McMoRan Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
The valuation trend is characterized by a general expansion of the Price to Operating Profit (P/OP) multiple over the observed period from March 2022 to March 2026. While operating profit per share underwent a period of contraction followed by stabilization, the share price demonstrated significant volatility and a strong upward trajectory in the final phases, resulting in higher valuation multiples.
- Share Price Dynamics
- The share price exhibited considerable volatility, beginning at 39.64 US$ in March 2022 and dipping to 30.27 US$ by June 2022. Following a prolonged period of fluctuation between approximately 35.00 US$ and 49.00 US$ through 2023 and 2024, a sharp increase was recorded in late 2025, with the price reaching a peak of 62.84 US$ in December 2025 and closing the period at 61.65 US$ in March 2026.
- Operating Profit per Share Trends
- Operating profit per share followed a declining trend in the first year, falling from 6.65 US$ in March 2022 to a low of 3.84 US$ in June 2023. Subsequent quarters showed a recovery and stabilization phase, with values oscillating between 4.21 US$ and 5.11 US$. The operating profit remained relatively steady compared to the more aggressive movements seen in the share price.
- P/OP Ratio Analysis
- The P/OP ratio shifted from a lower valuation range of 4.65 to 6.44 in early 2022 to a higher range, peaking at 13.86 in December 2025. This upward movement indicates that the market price increased at a rate that significantly exceeded the growth of operating profits. The expansion of the ratio is most evident in the transition from 2022, where multiples were often below 7.0, to the 2025-2026 period, where the ratio remained above 12.0, reflecting an increased premium attributed to the company's operating earnings.
Price to Sales (P/S)
Freeport-McMoRan Inc., historical P/S calculation (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Sales per share
= (RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025
+ RevenuesQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Freeport-McMoRan Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
The Price to Sales (P/S) ratio exhibits significant volatility throughout the period from March 2022 to March 2026, reflecting a dynamic relationship between market valuation and revenue generation. The ratio fluctuated between a minimum of 1.78 in June 2022 and a peak of 3.48 in December 2025, indicating shifting investor sentiment relative to the company's top-line performance.
- Share Price Dynamics
- The share price acted as the primary driver of P/S ratio fluctuations. After a period of instability between 2022 and 2024, where prices generally ranged from approximately 30 to 50 US$, a substantial upward shift occurred in late 2025. The price surged to 62.84 US$ in December 2025 and remained elevated at 61.65 US$ by March 2026, leading to a marked expansion in the valuation multiple.
- Sales per Share Performance
- Revenue efficiency, measured by sales per share, remained relatively stable with a gradual growth trajectory. Following a decline from 16.97 US$ in March 2022 to a low of 15.05 US$ in March 2023, sales per share entered a consistent recovery phase. This trend culminated in a peak of 18.38 US$ by March 2026, demonstrating a steady increase in the underlying revenue generated per single share of common stock.
- P/S Ratio Correlation and Trends
- The P/S ratio did not move in lockstep with revenue growth, suggesting that market valuation was influenced more by external price pressures or future expectations than by current sales figures. While sales per share grew modestly, the P/S ratio experienced sharp spikes, most notably reaching 3.02 in March 2024 and peaking at 3.48 in December 2025. The divergence between the steady rise in sales per share and the aggressive increase in share price toward the end of the period resulted in a higher valuation multiple, indicating that investors were willing to pay a higher premium per dollar of sales by early 2026.
Price to Book Value (P/BV)
Freeport-McMoRan Inc., historical P/BV calculation (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 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 Q1 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
The valuation analysis from March 2022 through March 2026 reveals a dichotomy between a steadily increasing book value and a volatile market price, resulting in significant fluctuations in the Price to Book Value (P/BV) ratio.
- Book Value per Share (BVPS) Growth
- A consistent upward trajectory is observed in the book value per share, which rose steadily from 10.26 USD in March 2022 to 13.57 USD by March 2026. This linear progression indicates a stable increase in the company's net asset value on a per-share basis over the analyzed period.
- Share Price Volatility
- The share price exhibited substantial variance, characterized by several peaks and troughs. A low of 30.27 USD was recorded in June 2022, while a period of significant appreciation culminated in a peak of 62.84 USD in December 2025. Because the book value grew at a steady pace, the fluctuations in the share price became the primary driver of changes in the valuation ratio.
- P/BV Ratio Interpretation
- The P/BV ratio fluctuated within a range of 2.91 to 4.78. For much of the period between March 2022 and September 2025, the ratio largely oscillated between 3.0 and 4.2, suggesting a relatively consistent market premium over the accounting value. However, a sharp increase is observed in the final quarters, with the ratio climbing from 2.97 in September 2025 to a peak of 4.78 in December 2025, before moderating slightly to 4.54 in March 2026. This indicates a marked increase in market valuation relative to the company's book value toward the end of the sequence.