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Side-by-side financial comparison of Freeport-McMoRan (FCX) and NetEase, Inc. (NTES). Click either name above to swap in a different company.
Freeport-McMoRan is the larger business by last-quarter revenue ($5.3B vs $4.0B, roughly 1.3× NetEase, Inc.). NetEase, Inc. runs the higher net margin — 31.0% vs 10.7%, a 20.3% gap on every dollar of revenue. NetEase, Inc. produced more free cash flow last quarter ($1.8B vs $-312.0M). Over the past eight quarters, NetEase, Inc.'s revenue compounded faster (9.7% CAGR vs -7.9%).
Freeport-McMoRan Inc., often called Freeport, is an American mining company based in the Freeport-McMoRan Center, in Phoenix, Arizona. The company is the world's largest producer of molybdenum, a major copper producer and operates the world's largest gold mine, the Grasberg mine in Papua, Indonesia.
NetEase, Inc. is a Chinese developer and publisher of online PC and mobile games, advertising services, email services, and e-commerce platforms. It is one of the largest Internet and video game companies in the world and was founded by Ding Lei in June 1997.
FCX vs NTES — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.3B | $4.0B |
| Net Profit | $565.0M | $1.2B |
| Gross Margin | 12.4% | 64.1% |
| Operating Margin | 15.4% | 28.3% |
| Net Margin | 10.7% | 31.0% |
| Revenue YoY | -10.4% | — |
| Net Profit YoY | -21.6% | — |
| EPS (diluted) | — | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $5.3B | — | ||
| Q3 25 | $6.8B | $4.0B | ||
| Q2 25 | $7.5B | $3.9B | ||
| Q1 25 | $5.6B | $4.0B | ||
| Q4 24 | $5.9B | — | ||
| Q3 24 | $6.7B | $3.7B | ||
| Q2 24 | $6.4B | $3.5B | ||
| Q1 24 | $6.2B | $3.7B |
| Q4 25 | $565.0M | — | ||
| Q3 25 | $1.2B | $1.2B | ||
| Q2 25 | $1.5B | $1.3B | ||
| Q1 25 | $793.0M | $1.5B | ||
| Q4 24 | $721.0M | — | ||
| Q3 24 | $1.2B | $955.7M | ||
| Q2 24 | $1.3B | $939.6M | ||
| Q1 24 | $1.2B | $1.1B |
| Q4 25 | 12.4% | — | ||
| Q3 25 | 29.2% | 64.1% | ||
| Q2 25 | 34.2% | 64.7% | ||
| Q1 25 | 24.3% | 64.1% | ||
| Q4 24 | 27.0% | — | ||
| Q3 24 | 30.0% | 62.9% | ||
| Q2 24 | 31.5% | 62.9% | ||
| Q1 24 | 28.5% | 63.4% |
| Q4 25 | 15.4% | — | ||
| Q3 25 | 28.9% | 28.3% | ||
| Q2 25 | 32.3% | 32.5% | ||
| Q1 25 | 23.4% | 36.2% | ||
| Q4 24 | 21.1% | — | ||
| Q3 24 | 29.0% | 27.3% | ||
| Q2 24 | 32.0% | 27.4% | ||
| Q1 24 | 26.3% | 28.4% |
| Q4 25 | 10.7% | — | ||
| Q3 25 | 18.3% | 31.0% | ||
| Q2 25 | 20.6% | 32.6% | ||
| Q1 25 | 14.2% | 36.6% | ||
| Q4 24 | 12.3% | — | ||
| Q3 24 | 18.5% | 25.6% | ||
| Q2 24 | 20.0% | 26.8% | ||
| Q1 24 | 18.7% | 29.1% |
| Q4 25 | — | — | ||
| Q3 25 | $0.46 | — | ||
| Q2 25 | $0.53 | — | ||
| Q1 25 | $0.24 | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $0.36 | — | ||
| Q2 24 | $0.42 | — | ||
| Q1 24 | $0.32 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $3.8B | $31.3B |
| Total DebtLower is stronger | $9.4B | — |
| Stockholders' EquityBook value | $18.9B | $160.8B |
| Total Assets | $58.2B | $214.5B |
| Debt / EquityLower = less leverage | 0.50× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.8B | — | ||
| Q3 25 | $4.3B | $31.3B | ||
| Q2 25 | $4.5B | $54.4B | ||
| Q1 25 | $4.4B | $41.7B | ||
| Q4 24 | $3.9B | — | ||
| Q3 24 | $5.0B | $20.2B | ||
| Q2 24 | $5.3B | $19.0B | ||
| Q1 24 | $5.2B | $43.0B |
| Q4 25 | $9.4B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $9.4B | — | ||
| Q4 24 | $8.9B | — | ||
| Q3 24 | $9.7B | — | ||
| Q2 24 | $9.4B | — | ||
| Q1 24 | $9.4B | — |
| Q4 25 | $18.9B | — | ||
| Q3 25 | $18.7B | $160.8B | ||
| Q2 25 | $18.2B | $154.0B | ||
| Q1 25 | $17.7B | $147.8B | ||
| Q4 24 | $17.6B | — | ||
| Q3 24 | $17.5B | $135.6B | ||
| Q2 24 | $17.4B | $134.2B | ||
| Q1 24 | $17.0B | $130.5B |
| Q4 25 | $58.2B | — | ||
| Q3 25 | $56.8B | $214.5B | ||
| Q2 25 | $56.5B | $208.5B | ||
| Q1 25 | $56.0B | $200.9B | ||
| Q4 24 | $54.8B | — | ||
| Q3 24 | $55.4B | $184.9B | ||
| Q2 24 | $54.6B | $183.3B | ||
| Q1 24 | $54.2B | $195.1B |
| Q4 25 | 0.50× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.53× | — | ||
| Q4 24 | 0.51× | — | ||
| Q3 24 | 0.55× | — | ||
| Q2 24 | 0.54× | — | ||
| Q1 24 | 0.56× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $693.0M | $1.8B |
| Free Cash FlowOCF − Capex | $-312.0M | $1.8B |
| FCF MarginFCF / Revenue | -5.9% | 44.7% |
| Capex IntensityCapex / Revenue | 19.1% | 1.0% |
| Cash ConversionOCF / Net Profit | 1.23× | 1.47× |
| TTM Free Cash FlowTrailing 4 quarters | $1.1B | $6.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $693.0M | — | ||
| Q3 25 | $1.7B | $1.8B | ||
| Q2 25 | $2.2B | $1.5B | ||
| Q1 25 | $1.1B | $1.7B | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.9B | $1.5B | ||
| Q2 24 | $2.0B | $898.8M | ||
| Q1 24 | $1.9B | $1.3B |
| Q4 25 | $-312.0M | — | ||
| Q3 25 | $608.0M | $1.8B | ||
| Q2 25 | $934.0M | $1.5B | ||
| Q1 25 | $-114.0M | $1.6B | ||
| Q4 24 | $197.0M | — | ||
| Q3 24 | $673.0M | $1.5B | ||
| Q2 24 | $840.0M | $875.6M | ||
| Q1 24 | $642.0M | $1.3B |
| Q4 25 | -5.9% | — | ||
| Q3 25 | 8.9% | 44.7% | ||
| Q2 25 | 12.4% | 38.3% | ||
| Q1 25 | -2.0% | 40.4% | ||
| Q4 24 | 3.4% | — | ||
| Q3 24 | 10.1% | 38.9% | ||
| Q2 24 | 13.1% | 25.0% | ||
| Q1 24 | 10.3% | 34.0% |
| Q4 25 | 19.1% | — | ||
| Q3 25 | 15.5% | 1.0% | ||
| Q2 25 | 16.8% | 0.7% | ||
| Q1 25 | 21.0% | 1.6% | ||
| Q4 24 | 21.1% | — | ||
| Q3 24 | 17.9% | 1.4% | ||
| Q2 24 | 17.4% | 0.7% | ||
| Q1 24 | 20.2% | 1.5% |
| Q4 25 | 1.23× | — | ||
| Q3 25 | 1.33× | 1.47× | ||
| Q2 25 | 1.42× | 1.20× | ||
| Q1 25 | 1.33× | 1.15× | ||
| Q4 24 | 1.99× | — | ||
| Q3 24 | 1.51× | 1.58× | ||
| Q2 24 | 1.53× | 0.96× | ||
| Q1 24 | 1.63× | 1.22× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FCX
| Morenci | $2.5B | 47% |
| Grasberg Segment | $964.0M | 18% |
| Copper In Concentrates | $934.0M | 18% |
| Molybdenum | $541.0M | 10% |
| Gold | $388.0M | 7% |
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
