Freeport-McMoRanMEX:FCX -0.61%84 Pretax Margin % is 32.63% as of Mar. 2026, which is 43% above its 10-year median of 22.74. GuruFocus rates MEX:FCX with a GF Score™ of 84/100 and a GF Value™ of MXN829.92 (Significantly Overvalued). Among 842 Metals & Mining companies, Freeport-McMoRan ranks better than 75.42% on this metric.
The pretax margin, as know as pretax profit margin, is widely used to measure the operating efficiency of a company before deducting taxes.
The pretax margin is sometimes preferred over the net margin as tax expenditures can make profitability comparisons between companies misleading.
It is a useful tool to compare companies operating in the same sector and less effective when comparing companies from other sectors as each industry generally has different operating expenses and sales patterns.
The long term trend of the pretax margin is a good indicator of the competitiveness and health of the business.
Freeport-McMoRan Pretax Margin % Related Terms
Freeport-McMoRan Pretax Margin % Historical Data
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The historical data trend for Freeport-McMoRan's Pretax 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: Pretax Margin % Comparison
For the Copper subindustry, Freeport-McMoRan's Pretax Margin %, along with its competitors' market caps and Pretax 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 Pretax Margin % vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Freeport-McMoRan's Pretax Margin % distribution charts can be found below:
* The bar in red indicates where Freeport-McMoRan's Pretax 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.
Freeport-McMoRan (MEX:FCX) has a Pretax Margin % of 32.63% as of Mar. 2026. Pre-Tax margin is the ratio of total pre-tax income to net sales. View historical data on Freeport-McMoRan and its competitors. This is 43% above median its historical median of 22.74. According to the industry distribution chart, Freeport-McMoRan ranks #207 out of 842 companies in the Metals & Mining industry, placing it in the top 24.6%.
Is Freeport-McMoRan's Pretax Margin % too high?
Freeport-McMoRan's current Pretax Margin % of 32.63% is 43% above median its 10-year median of 22.74. The Metals & Mining industry median Pretax Margin % is 4.84. Freeport-McMoRan's value of 32.63% is 574.2% above this industry median. Based on the distribution chart, Freeport-McMoRan ranks #207 out of 842 companies in the Metals & Mining industry, which is in the top quartile — a strong position relative to peers. 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 Pretax Margin % compare to SCCO and IE?
According to the Metals & Mining industry distribution chart, Freeport-McMoRan ranks #207 out of 842 companies for Pretax Margin %. This places Freeport-McMoRan in the top 25% of its industry — outperforming the majority of peers. The industry median Pretax Margin % is 4.84. Freeport-McMoRan's value of 32.63% is 574.2% above this benchmark. While the company's 10-year median is 22.74 vs. the industry median of 4.84, 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 Pretax Margin % for a Metals & Mining company?
The median Pretax Margin % among Metals & Mining companies is 4.84, based on 842 companies in the industry. Companies in the top quartile (top 25%) have a Pretax Margin % significantly above this median, while those in the bottom quartile fall well below. However, Pretax Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Freeport-McMoRan's current Pretax Margin % of 32.63% is 574.2% 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 Pretax Margin % mean?
A high Pretax Margin % can signal that a stock is expensive relative to its fundamentals. Pre-Tax margin is the ratio of total pre-tax income to net sales. View historical data on Freeport-McMoRan and its competitors. For the Metals & Mining industry, the median Pretax Margin % is 4.84 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Freeport-McMoRan's current Pretax Margin % is 32.63%, which is 43% above median its own 10-year median of 22.74. 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 Pretax Margin % is 32.63%, which is 43% above median its 10-year median of 22.74 and 574.2% above the Metals & Mining industry median of 4.84. 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 Pretax Margin % calculated?
Pretax Margin % is calculated from a company's financial statements. For Freeport-McMoRan (MEX:FCX), the current Pretax Margin % is 32.63% 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:
Pretax Margin %: 32.63% (43% above median its 10-year median of 22.74)
GF Value™: MXN829.92 vs. price of MXN1,083.37 (30.5% above fair value)
Industry Position: 574.2% above the Metals & Mining median (#207 of 842)
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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