The business behind the dividend
| Measure | FCX | Median | Formula |
|---|---|---|---|
| Return on equity | 22.0% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 23.0% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $1.90bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $1.12bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 25.9% | 15.0% | Operating income ÷ revenue |
| Net margin | 16.5% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.50x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 25.46x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 2.29x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 1.15x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.35x | 1.78x | Operating cash flow ÷ net income |
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 22.0% | 25.0% | 22.5% | 28.8% | 38.4% | 8.5% | -2.0% | 29.5% | 26.3% | -66.5% | 22.5% |
| Return on capital employed | 23.0% | 25.9% | 23.8% | 26.9% | 35.7% | 12.3% | 5.7% | 22.7% | 17.4% | -12.4% | 22.7% |
| Operating margin | 25.9% | 27.3% | 27.4% | 30.2% | 37.3% | 17.5% | 7.6% | 25.1% | 23.2% | -18.7% | 25.1% |
| Net margin | 16.5% | 17.5% | 16.5% | 19.2% | 23.9% | 6.2% | -1.3% | 15.3% | 13.2% | -27.6% | 15.3% |
| Debt to equity | 0.50x | 0.51x | 0.56x | 0.68x | 0.68x | 0.95x | 1.06x | 1.14x | 1.66x | 2.65x | 0.68x |
| Current ratio | 2.29x | 2.42x | 2.42x | 2.46x | 2.52x | 2.72x | 2.47x | 3.14x | 2.16x | 2.45x | 2.45x |
| Cash conversion | 1.35x | 1.63x | 1.41x | 1.15x | 1.44x | 3.49x | — | 1.33x | 2.23x | — | 1.44x |
How it compares in materials
Among the 35 materials companies here measured on free cash flow, Freeport-Mcmoran pays out less than 8 of them. The median for that group is 40.8%, against this company’s 77.5%.
Closest on free cash flow
- Deswell Industries (DSWL) 67.6%
- Corning (GLW) 70.7%
- Luda Technology Group (LUD) 77.1%
- Louisiana-Pacific (LPX) 85.7%
Same sector and same denominator, so the figures are comparable. All 47 in materials →