Commodities

Freeport-McMoRan's Stock Valuation Questioned Amid Record Copper Prices

Guavy AI Editorial Team Published August 28, 2026

Instruments

Copper

Freeport-McMoRan's (FCX) stock has been on a tear, gaining around ~121% from its 52-week low of $35.15 to reach $77.82 as of August 28, 2026.

The rally is largely due to record copper prices and structural demand tailwinds, which are expected to persist for multiple years.

However, despite the strong earnings beat in Q2 2026, with EPS of $0.74 beating the consensus by 25.4%, and revenue of $7.03B topping estimates by 4.8%, analysts are warning that the stock is overvalued, trading at a P/E of 38.1x (LTM) and EV/EBITDA of 13.6x.

InvestingPro's Fair Value model indicates that FCX is -22.4% overvalued, with a price target below the current level.

Freeport-McMoRan's Stock Valuation Questioned Amid Record Copper Prices

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