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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- Statement of Comprehensive Income
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Price to Operating Profit (P/OP) since 2005
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Historical Valuation Ratios (Summary)
Freeport-McMoRan Inc., historical price multiples (quarterly data)
Based on: 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), 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 shows significant volatility over the observed periods. Initially, it declined sharply from 33.67 to a low of 8.88 in mid-2022, indicating a substantial decrease in market valuation relative to earnings, possibly due to increased earnings or market sentiment changes. Subsequently, the ratio rose markedly again, peaking at 43.29 in early 2024, before stabilizing in the high twenties to low thirties range towards the end of 2025. This suggests fluctuating investor confidence and earnings performance, with periods of optimism reflected in elevated valuations, followed by relative moderation.
- Price to Operating Profit (P/OP) Ratio
- The Price to Operating Profit ratio generally trended downward from 13.71 in early 2021 to around 4.65 by mid-2022, indicative of improving operating profitability or a decrease in market price. After mid-2022, the ratio increased again, fluctuating between approximately 7.99 and 11.47. This pattern mirrors the P/E ratio to some extent, showing cyclical valuation adjustments relative to operating profit. The relatively lower ratio in mid-2022 followed by a rebound suggests temporary profitability improvements or market undervaluation at that time.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio exhibits a downward trend from 3.75 in early 2021 to approximately 1.78 in mid-2022, indicating market valuation declining faster than sales or increasing sales with stable prices. Following this low point, the ratio recovered somewhat, fluctuating mostly between 2.13 and 3.02 through 2024 and 2025, though it did not return to early 2021 levels. This suggests that while sales performance may have improved or normalized, valuation multiples have remained more conservative relative to sales compared to earlier periods.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio declined steadily from 5.57 in early 2021 to around 2.91 by mid-2022, indicating a decrease in market valuation relative to the company's book value. Thereafter, the ratio experienced fluctuations between roughly 2.97 and 4.23 through 2024 and 2025, demonstrating moderate variability but no clear sustained trend upward or downward. This pattern suggests the market's assessment of the company's asset base relative to its stock price has been relatively stable with short-term adjustments aligned to market conditions or company performance.
- Overall Trends and Insights
- Across all four valuation ratios, a notable trend is evident: a decline in valuation multiples through the early 2022 period, followed by a recovery phase with fluctuations through 2024 and 2025. The declines around mid-2022 hint at improving financial metrics such as earnings and operating profits possibly driven by operational strength or cost efficiencies. The subsequent increases in valuation multiples may reflect renewed market optimism or higher expectations for future performance. The variability and cyclical nature of these ratios underscore sensitivity to market conditions and company results over the quarters analyzed.
Price to Earnings (P/E)
Freeport-McMoRan Inc., historical P/E calculation (quarterly data)
Based on: 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), 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 Q3 2025 Calculation
EPS
= (Net income (loss) attributable to common stockholdersQ3 2025
+ Net income (loss) attributable to common stockholdersQ2 2025
+ Net income (loss) attributable to common stockholdersQ1 2025
+ Net income (loss) attributable to common stockholdersQ4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Freeport-McMoRan Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
- Share Price Trends
- The share price exhibits considerable volatility over the analyzed quarters. Initially, it started near $41.54 and experienced a decline reaching a low around $30.27 in mid-2022. Following this dip, the price showed an upward trend, achieving a notable peak near $49.96 in early 2024. Despite fluctuations thereafter, it generally hovered in the high 30s to low 40s range, indicating some recovery and stabilization but not surpassing the earlier peak in 2024.
- Earnings Per Share (EPS) Patterns
- EPS demonstrated a rising trend from early 2021 to mid-2022, peaking at approximately $3.53. After reaching this high, there was a marked decline over the following quarters, bottoming closer to $1.15 by early 2024. Subsequently, EPS stabilized slightly above $1.2 through to the end of the data range, suggesting a downturn in profitability or earnings generation after mid-2022 followed by a period of relative steadiness.
- Price to Earnings (P/E) Ratio Movements
- The P/E ratio showed a strong inverse relationship to EPS and share price trends. Early 2021 started with a high P/E around 33.67, which dropped significantly to under 9 by mid-2022 concurrent with rising EPS but declining share prices. Post-mid-2022, the P/E ratio rose sharply, reaching a peak near 43.29 in early 2024 as EPS fell and share prices recovered. Towards the end of the period, the ratio moderated somewhat, stabilizing in the high 20s to low 30s.
- Overall Insights
- The data reveals that the company experienced a cycle where growing earnings up to mid-2022 coincided with declining share prices, leading to a compression of the P/E ratio. This suggests potential undervaluation in that period or market concerns despite earnings strength. From late 2022 onwards, earnings declined while share prices recovered, inflating the P/E ratio and indicating potentially higher market expectations or valuation premiums relative to earnings. The EPS decline after mid-2022 and the subsequent stabilization at lower levels point to challenges in maintaining profit growth during the latter periods. Meanwhile, share price volatility may reflect market reactions to earnings shifts and changing investor sentiment in the given timespan.
Price to Operating Profit (P/OP)
Freeport-McMoRan Inc., historical P/OP calculation (quarterly data)
Based on: 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), 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 Q3 2025 Calculation
Operating profit per share
= (Operating income (loss)Q3 2025
+ Operating income (loss)Q2 2025
+ Operating income (loss)Q1 2025
+ Operating income (loss)Q4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Freeport-McMoRan Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
- Share Price Trends
- The share price exhibited significant fluctuations over the observed periods. Initially, it declined from $41.54 to $30.27 between March 2021 and June 2022, reflecting a downtrend. Subsequently, the price showed volatility with periods of recovery reaching $49.96 in March 2024, which marked the highest point in the dataset. Thereafter, the price generally decreased but remained relatively stable around the upper 30s to low 40s range by the end of the period in September 2025.
- Operating Profit per Share (OPPS) Pattern
- Operating profit per share demonstrated a rising trend early on, increasing from $3.03 in March 2021 to a peak of $6.65 in March 2022. Following this peak, the OPPS experienced a gradual decline to a low near $3.84 by June 2023. From that point, a moderate recovery occurred, with values stabilizing around $4.5 to $5.1 per share in the later quarters, specifically from March 2024 to September 2025, indicating a more consistent earning performance in the latter periods.
- Price-to-Operating Profit (P/OP) Ratio Analysis
- The price-to-operating profit ratio showed a general downward trend during the initial periods, falling from 13.71 in March 2021 to a low of 4.65 in June 2022. This indicates that the share price was becoming more undervalued relative to operating profit at that time. After June 2022, the ratio increased again, peaking at around 11.47 in March 2024, suggesting a relatively higher valuation of the share price compared to operating profit. Post this peak, the ratio stabilized but remained elevated compared to mid-2022 levels, fluctuating between approximately 7.99 and 9.07 through to September 2025.
- Insights and Summary
- The data reveals a period of marked volatility in share price accompanied by somewhat cyclical operating profitability. The initial period saw decreasing share price and improving profit per share, leading to a compression in the P/OP ratio, indicative of increasing profitability relative to price. However, the subsequent increase in P/OP ratio was coupled with stabilization of OPPS and rising share price, pointing to a phase where market valuation outpaced profit growth. Ultimately, the more recent quarters reflect a period of relative stabilization in both operating profit per share and valuation multiples, suggesting a phase of normalization in financial performance and market perception.
Price to Sales (P/S)
Freeport-McMoRan Inc., historical P/S calculation (quarterly data)
Based on: 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), 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 Q3 2025 Calculation
Sales per share
= (RevenuesQ3 2025
+ RevenuesQ2 2025
+ RevenuesQ1 2025
+ RevenuesQ4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Freeport-McMoRan Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
- Share Price Trend
- The share price demonstrated considerable volatility over the observed periods. Initially, it declined from $41.54 to a low of $30.27 by mid-2022, before recovering to reach nearly $50 by early 2024. Subsequently, the price fluctuated between approximately $37 and $47, indicating moderate instability without a clear long-term upward or downward trajectory in the latest quarters.
- Sales per Share Evolution
- Sales per share showed a consistent upward trend throughout the reported periods. Starting at $11.09, sales per share steadily increased to exceed $18 by the end of the latest period. This reflects gradual growth in sales revenue attributable to each share, suggesting improved business performance or increased sales volumes over time.
- Price-to-Sales (P/S) Ratio Patterns
- The P/S ratio experienced significant fluctuations corresponding with changes in share price and sales per share. It fell from 3.75 to a low around 1.78 by mid-2022, aligning with the share price drop and rising sales per share. Thereafter, the ratio oscillated between roughly 2.1 and 3.0, indicating varying market valuation relative to sales. The P/S ratio did not exhibit a stable trend but reflected the changing investor sentiment and share price dynamics relative to sales growth.
- Overall Insights
- The analysis reveals that while sales per share steadily grew, suggesting positive underlying operational trends, the share price and related valuation multiples displayed volatility. This volatility in market price and P/S ratio could indicate fluctuating investor confidence or external market factors impacting share valuation independently of operational sales performance. Sustained sales growth with volatile market valuation points to potential opportunity for value realization depending on market conditions.
Price to Book Value (P/BV)
Freeport-McMoRan Inc., historical P/BV calculation (quarterly data)
Based on: 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), 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 Q3 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 Q3 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
- Share Price
- The share price experienced fluctuations over the analyzed periods, generally oscillating between approximately $30 and $50. Initially, there was a decline from $41.54 to a low near $30.27 in mid-2022, followed by a recovery towards the end of 2022 reaching over $42. In 2023, the price showed volatility, rising to $43.05 in mid-year before falling again. The share price peaked at nearly $50 by the first quarter of 2024, then exhibited alternating increases and decreases, ending around $38.65 in late 2025. Overall, the price reflected cyclical movements with intermittent recoveries, without a clear sustained upward or downward trend.
- Book Value per Share (BVPS)
- The book value per share displayed a consistent, gradual upward trend throughout the period. Starting from $7.45 in early 2021, it steadily increased each quarter, reaching $13.01 by the last quarter of 2025. This indicates a continuous strengthening of the company's net asset base on a per-share basis, suggesting accumulation of equity and potential reinvestment in the business over time.
- Price-to-Book Value Ratio (P/BV)
- The price-to-book value ratio showed notable volatility, influenced by both share price movements and the steadily increasing book value. The ratio declined sharply from a high of 5.57 at the beginning of 2021 to a low of 2.91 in mid-2022, reflecting the combined effect of decreasing share prices and rising book values. Subsequently, the P/BV ratio partially recovered to values around 4.23 in early 2024 before trending downward again towards the end of the period, stabilizing near 3.0 by late 2025. This pattern indicates varying market valuations relative to the company's book value, with periods where the stock was perceived as more or less expensive relative to its net asset value.