How much a stock's price changes over time is a significant driver for most investors. Not only can price performance impact your portfolio, but it can help you compare investment results across sectors and industries as well.

Another thing that can drive investing is the fear of missing out, or FOMO. This particularly applies to tech giants and popular consumer-facing stocks.

What if you'd invested in Freeport-McMoRan (FCX) ten years ago? It may not have been easy to hold on to FCX for all that time, but if you did, how much would your investment be worth today?

Freeport-McMoRan's Business In-Depth

With that in mind, let's take a look at Freeport-McMoRan's main business drivers.

Based in Phoenix, AZ, Freeport-McMoRan Inc., formerly Freeport-McMoRan Copper & Gold Inc., is engaged in mineral exploration and development; mining and milling of copper, gold, molybdenum and silver; as well as the smelting and refining of copper concentrates. The company conducts its operations primarily through its principal operating subsidiaries, PT Freeport Indonesia (PT-FI), Freeport Minerals Corporation and Atlantic Copper. PT Freeport Indonesia’s principal asset is Papua, Indonesia-based Grasberg mine, which contains the world’s largest copper and gold reserves.In December 2018, the company completed the transaction with the Indonesian government regarding PT Freeport Indonesia’s long-term mining rights and ownership. Freeport currently has a 48.76% ownership interest in PT-FI and it manages the mining operations. Freeport’s economic interest in PT-FI was around 81% prior to Jan. 1, 2023.Freeport's mining operations are North America copper mines, South America mining, Indonesia mining and Molybdenum. Freeport’s copper production for 2025 was 3,383 million pounds. North America, South America and Indonesia accounted for roughly 39%, 31% and 30% of its copper production, respectively, in 2025.In North America, Freeport operates seven open-pit copper mines – Morenci, Bagdad, Sierrita, Miami and Safford located in Arizona, and Chino and Tyrone in New Mexico. The company also has molybdenum mines, Henderson (underground) and Climax (open-pit), in Colorado. All of these operations are wholly owned by Freeport, except Morenci, which is under a joint venture with Freeport holding a 72% stake. In South America, the company has two operating copper mines – Cerro Verde (55.66% stake) in Peru and El Abra (51%) in Chile.

Bottom Line

While anyone can invest, building a lucrative investment portfolio takes research, patience, and a little bit of risk. If you had invested in Freeport-McMoRan ten years ago, you're probably feeling pretty good about your investment today.

According to our calculations, a $1000 investment made in September 2016 would be worth $7,214.69, or a gain of 621.47%, as of September 9, 2026, and this return excludes dividends but includes price increases.

The S&P 500 rose 251.79% and the price of gold increased 215.36% over the same time frame in comparison.

Analysts are anticipating more upside for FCX.

Freeport continues to leverage its portfolio of high-quality copper assets, emphasizing disciplined execution and organic growth initiatives to strengthen its production profile. Itis conducting exploration activities near existing mines to expand reserves. It is expected to gain from progress in its expansion projects that will boost production capacity. Freeport is executing several smelter projects in Indonesia. It is also well-positioned to benefit from automotive electrification, which is positive for copper, as electric vehicles are copper-intensive. The company's efforts to reduce debt are also encouraging. Solid financial health also bodes well. However, weak copper volumes and higher unit costs may hurt its performance. Sizable capital spending is also likely to impact free cash flow generation.

The stock is up 11.25% over the past four weeks, and no earnings estimate has gone lower in the past two months, compared to 10 higher, for fiscal 2026. The consensus estimate has moved up as well.

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Freeport-McMoRan Inc. (FCX) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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