Freeport-McMoRan Inc. vs WHEATON PRECIOUS METALS CORP., two Mining stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Neither growth line prints, but the models locate it differently: Freeport grows with copper volumes and grade, Wheaton with each new streaming deal signed, and the market pays 35 times for the contract-signing model while Freeport's item-washed trailing year defies a multiple. Wheaton's 63.6% net margin is bookkeeping majesty; Freeport's 18% is what actual smelting returns. Returns on equity nearly meet, 15.1% and 16.9%. Wheaton is debt-free, yields 3.7%; Freeport carries 0.31 turns, yields 2%, pays 1%. Precious-metals receipts against copper reality: the pair prices paperwork above production, as this cycle consistently has, and the gap is the going rate for never owning a truck.
Comparison updated 2026-07-10.
| Metric | FCX | WPM |
|---|---|---|
| Price | $62.31 | $113.45 |
| Market cap | $90.0B | $51.5B |
| Sector | Mining | Mining |
| Stage | Cyclical | Cyclical |
| Implied growth (priced in) | +23.0% | — |
| P/E | — | 35.0 |
| P/B | 2.86 | 5.93 |
| P/S | 3.40 | 22.25 |
| EV/EBITDA | 12.2 | 31.8 |
| Revenue growth | +6.2% | +22.7% |
| Gross margin | — | 72.2% |
| Operating margin | 34.2% | 68.3% |
| Net margin | 17.9% | 63.6% |
| Return on equity | 15.1% | 16.9% |
| Return on assets | 8.1% | 16.1% |
| Return on invested capital | 14.0% | 15.8% |
| FCF yield | 1.9% | 3.7% |
| Dividend yield | 1.0% | — |
| Debt / equity | 0.31 | 0.00 |
| Current ratio | 2.39 | 7.78 |
| Altman Z (solvency) | 2.76 | 7.68 |
| Piotroski F (quality) | 8 / 9 | 8 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.