Freeport-McMoRanMEX:FCX -0.61%84 Gross Margin % is 26.55% as of Mar. 2026, which is 5% below its 10-year median of 27.94. GuruFocus rates MEX:FCX with a GF Score™ of 84/100 and a GF Value™ of MXN829.92 (Significantly Overvalued). Among 730 Metals & Mining companies, Freeport-McMoRan ranks better than 51.78% on this metric.
Warren Buffett believes that firms with excellent long term economics tend to have consistently higher margins.
Durable competitive advantage creates a high Gross Margin % because of the freedom to price in excess of cost. Companies can be categorized by their Gross Margin %
1. Greater than 40% = Durable competitive advantage
2. Less than 40% = Competition eroding margins
3. Less than 20% = no sustainable competitive advantage
Consistency of Gross Margin is key
Freeport-McMoRan had a gross margin of 26.55% for the quarter that ended in Mar. 2026 => Competition eroding margins
Be Aware
If a company loses its competitive advantages, usually its gross margin declines well before its sales declines. Watching Gross Margin % and Operating Margin % closely helps avoid value trap situations.
Freeport-McMoRan Gross Margin % Related Terms
Freeport-McMoRan Gross Margin % Historical Data
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The historical data trend for Freeport-McMoRan's Gross Margin % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
MEX:FCX vs SCCO, IE, COPRD: Gross Margin % Comparison
For the Copper subindustry, Freeport-McMoRan's Gross Margin %, along with its competitors' market caps and Gross Margin % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Freeport-McMoRan Gross Margin % vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Freeport-McMoRan's Gross Margin % distribution charts can be found below:
* The bar in red indicates where Freeport-McMoRan's Gross Margin % falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
A positive Gross Profit is only the first step for a company to make a net profit. The gross profit needs to be big enough to also cover related labor, equipment, rental, marketing/advertising, research and development and a lot of other costs in selling the products.
Freeport-McMoRan (MEX:FCX) has a Gross Margin % of 26.55% as of Mar. 2026. Gross margin is the ratio of total gross profit to net sales. View historical data on Freeport-McMoRan and its competitors. This is near median its historical median of 27.94. According to the industry distribution chart, Freeport-McMoRan ranks #352 out of 730 companies in the Metals & Mining industry, placing it in the top 48.2%.
Is Freeport-McMoRan's Gross Margin % too high?
Freeport-McMoRan's current Gross Margin % of 26.55% is near median its 10-year median of 27.94. The Metals & Mining industry median Gross Margin % is 26.18. Freeport-McMoRan's value of 26.55% is 1.4% above this industry median. Based on the distribution chart, Freeport-McMoRan ranks #352 out of 730 companies in the Metals & Mining industry, which is above the industry midpoint. Overall, Freeport-McMoRan has a GF Score™ of 84/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Freeport-McMoRan's Gross Margin % compare to SCCO and IE?
According to the Metals & Mining industry distribution chart, Freeport-McMoRan ranks #352 out of 730 companies for Gross Margin %. This puts Freeport-McMoRan in the upper half of its industry. The industry median Gross Margin % is 26.18. Freeport-McMoRan's value of 26.55% is 1.4% above this benchmark. While the company's 10-year median is 27.94 vs. the industry median of 26.18, Freeport-McMoRan has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Gross Margin % for a Metals & Mining company?
The median Gross Margin % among Metals & Mining companies is 26.18, based on 730 companies in the industry. Companies in the top quartile (top 25%) have a Gross Margin % significantly above this median, while those in the bottom quartile fall well below. However, Gross Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Freeport-McMoRan's current Gross Margin % of 26.55% is 1.4% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Gross Margin % mean?
A high Gross Margin % can signal that a stock is expensive relative to its fundamentals. Gross margin is the ratio of total gross profit to net sales. View historical data on Freeport-McMoRan and its competitors. For the Metals & Mining industry, the median Gross Margin % is 26.18 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Freeport-McMoRan's current Gross Margin % is 26.55%, which is near median its own 10-year median of 27.94. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Freeport-McMoRan stock overvalued right now?
Based on GuruFocus' analysis, Freeport-McMoRan (MEX:FCX) is currently considered Significantly Overvalued. The stock's GF Value™ is MXN829.92, compared to a current price of MXN1,083.37 — trading 30.5% above its estimated fair value. The current Gross Margin % is 26.55%, which is near median its 10-year median of 27.94 and 1.4% above the Metals & Mining industry median of 26.18. Freeport-McMoRan's overall GF Score™ is 84/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Gross Margin % calculated?
Gross Margin % is calculated from a company's financial statements. For Freeport-McMoRan (MEX:FCX), the current Gross Margin % is 26.55% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Freeport-McMoRan (MEX:FCX) Overvalued in 2026?
Based on GuruFocus' analysis, Freeport-McMoRan stock appears to be overvalued.
The current stock price of MXN1,083.37 is trading 30.5% above its estimated GF Value™ of MXN829.92.
GuruFocus considers Freeport-McMoRan to be Significantly Overvalued.
Key valuation signals for MEX:FCX:
Gross Margin %: 26.55% (near median its 10-year median of 27.94)
GF Value™: MXN829.92 vs. price of MXN1,083.37 (30.5% above fair value)
Industry Position: 1.4% above the Metals & Mining median (#352 of 730)
No single metric tells the full story. See the MEX:FCX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Freeport-McMoRan owns stakes in 10 copper mines, led by its 49% ownership of the Grasberg copper and gold operations in Indonesia, 55% of the Cerro Verde mine in Peru, and 72% of Morenci in Arizona. It sold around 1.1 million metric tons of copper (its share) in 2025, making it the one of the world's largest copper miners by volume. It also sold about 530,000 ounces of gold, mostly from Grasberg, and 74 million pounds of molybdenum. It had about 25 years of copper reserves at the end of December 2025. We expect it to sell about 1.3 million metric tons of copper and 610,000 ounces of gold midcycle in 2030.
84GF Score
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