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The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -2.25 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Freeport-McMoRan's Beneish M-Score or its related term are showing as below:
BUE:FCX'
s Beneish M-Score Range Over the Past 10 Years
Min: -8.18 Med: -2.8 Max: -0.09
Current: -2.25
During the past 13 years, the highest Beneish M-Score of Freeport-McMoRan was -0.09. The lowest was -8.18. And the median was -2.80.
Freeport-McMoRan Beneish M-Score Related Terms
Freeport-McMoRan Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Freeport-McMoRan's Beneish M-Score 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.
BUE:FCX vs SCCO, IE, COPRD: Beneish M-Score Comparison
For the Copper subindustry, Freeport-McMoRan's Beneish M-Score, along with its competitors' market caps and Beneish M-Score 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 Beneish M-Score vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Freeport-McMoRan's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Freeport-McMoRan's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Freeport-McMoRan for today is based on a combination of the following eight different indices:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 1.408
+
0.528 * 1.047
+
0.404 * 1.1498
+
0.892 * 1.4571
+
0.115 * 0.9303
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9955
+
4.679 * -0.067417
-
0.327 * 1.0134
=
-1.94
* 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.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI
=
(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))
/
(Depreciation_t / (Depreciaton_t + PPE_t))
=
(2065252.686 / (2065252.686 + 41788647.943))
/
(3064499.669 / (3064499.669 + 57469271.467))
=
0.047094
/
0.050625
=
0.9303
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA
=
(IncomefromContinuingOperations_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(NetIncome_t - NonOperatingIncome_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(3653002.848 - 1237628.289
-
7961967.804)
/
82272741.128
=
-0.067417
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Freeport-McMoRan has a M-score of -1.94 suggests that the company is unlikely to be a manipulator.
Freeport-McMoRan (BUE:FCX) has a Beneish M-Score of -2.25 as of Jul. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Freeport-McMoRan and its competitors. According to the industry distribution chart, Freeport-McMoRan ranks #353 out of 681 companies in the Metals & Mining industry, placing it in the top 51.8%.
Is Freeport-McMoRan's Beneish M-Score too high?
Freeport-McMoRan's current Beneish M-Score is -2.25. Based on the distribution chart, Freeport-McMoRan ranks #353 out of 681 companies in the Metals & Mining industry, which is below the industry midpoint. Overall, Freeport-McMoRan has a GF Score™ of 81/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Freeport-McMoRan's Beneish M-Score compare to SCCO and IE?
According to the Metals & Mining industry distribution chart, Freeport-McMoRan ranks #353 out of 681 companies for Beneish M-Score. This places Freeport-McMoRan in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Metals & Mining company?
A good Beneish M-Score depends on the Metals & Mining industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Freeport-McMoRan and its competitors. Freeport-McMoRan's current Beneish M-Score is -2.25. 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 (BUE:FCX) is currently considered Modestly Overvalued. The stock's GF Value™ is ARS24,757.90, compared to a current price of ARS32,000.00 — trading 29.3% above its estimated fair value. The current Beneish M-Score is -2.25. Freeport-McMoRan's overall GF Score™ is 81/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Freeport-McMoRan (BUE:FCX), the current Beneish M-Score is -2.25 as of Jul. 15, 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 (BUE:FCX) Overvalued in 2026?
Based on GuruFocus' analysis, Freeport-McMoRan stock appears to be overvalued.
The current stock price of ARS32,000.00 is trading 29.3% above its estimated GF Value™ of ARS24,757.90.
GuruFocus considers Freeport-McMoRan to be Modestly Overvalued.
Key valuation signals for BUE:FCX:
Beneish M-Score: -2.25
GF Value™: ARS24,757.90 vs. price of ARS32,000.00 (29.3% above fair value)
No single metric tells the full story. See the BUE: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.
81GF Score
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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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