BHP's Copper-Heavy Earnings Beat Lifts Valuation Case
FCX sits 91% above its 52-week low of $35.15.
Summary
BHP's FY2026 results show copper now drives 55% of underlying EBITDA with a 70% margin, pushing overall EBITDA margin to 59% and net debt down a third. The company trades at a higher multiple than Freeport-McMoRan, validating the pure-play copper valuation pitch. For FCX, this is a relative valuation signal: BHP's richer multiple and copper growth pipeline could pressure FCX's premium or attract capital rotation. Watch BHP's Jansen potash execution and copper project ramp-ups through mid-2030s.
At the time of this announcement, FCX was trading at $67.08 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $98.2B. The 52-week trading range was $35.15 to $72.28. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.