FCX vs SCCO: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of October 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: FCX is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. FCX and SCCO share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined FCX and SCCO exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Freeport-McMoRan (FCX) is one of the world's largest publicly traded copper producers. It mines and sells copper, with significant byproduct gold and molybdenum, from large operations including the Grasberg district in Indonesia (among the biggest copper and gold deposits in the world) and major mines in North and South America. Copper is the company's core driver, and copper demand is closely tied to global growth, construction, the electrical grid, electric vehicles, and renewable-energy buildout, all of which are copper-intensive. As a commodity producer, Freeport's revenue and profits swing with copper and gold prices, which it does not control. A fatal mud rush at the Grasberg Block Cave mine in September 2025 disrupted Indonesian output, and quarterly revenue dipped to about $5.6 billion in Q4 2025 before recovering to about $7.0 billion in Q2 2026, with net income near $984 million that quarter. Trailing-twelve-month revenue is about $25.9 billion and net income about $2.9 billion. Its third-quarter 2026 production update was described as broadly in line with expectations, with some Indonesian gold output pushed into the fourth quarter. The company has also pursued initiatives to recover additional copper from existing leach stockpiles to add lower-cost production. Headquartered in Phoenix, Arizona, Freeport is widely viewed as a leveraged way to invest in the long-term electrification and energy-transition thesis through the metal that wiring, motors, and grids depend on.

Full FCX guide

Southern Copper (SCCO) is one of the largest integrated copper producers in the world, with operations concentrated in Peru and Mexico. The company mines, smelts, and refines copper and produces meaningful byproduct volumes of molybdenum, zinc, silver, and other metals, which help offset costs. Southern Copper is known for very large, long-life ore reserves and among the lowest cash costs in the industry, a structural advantage that lets it stay profitable across much of the commodity cycle. It is majority owned by Grupo Mexico, a large Mexican mining and infrastructure conglomerate, which influences capital allocation and strategy. The investment case is closely tied to the price of copper, a metal central to electrification, electric vehicles, renewable power, grid buildout, and construction. Southern Copper pursues a pipeline of expansion and greenfield projects to grow output over time, though large mining projects carry permitting, environmental, and social-license risk, particularly in Peru. Headquartered in Phoenix, Arizona, with primary operations in Latin America, SCCO is a high-dividend, commodity-leveraged miner whose results rise and fall with copper prices. Results in 2026 show the price leverage clearly. Second-quarter 2026 revenue was about $4.29 billion and net income about $1.67 billion, with EPS of $1.99 against a $1.92 estimate, the fourth straight quarterly beat. Volumes went the other way: copper production fell 3.5% to 230,662 tons in the quarter as Peru output dropped 12% on lower grades and recoveries at Toquepala and Cuajone, and 2026 guidance calls for about 917,000 tons, down roughly 4% from 2025. Copper averaged about $6.53 per pound in the third quarter and reached an all-time high of about $6.93 in September. Third-quarter results are expected around October 22, 2026, with consensus near $1.93 per share on about $4.39 billion of revenue.

Full SCCO guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• FCX drivers: Copper and the energy transition; Tier-one assets and the Grasberg recovery.
• SCCO drivers: Low-cost, long-life reserves; Leverage to the copper demand thesis.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Freeport is a commodity producer, so its revenue and profits swing sharply with copper and gold prices, which it does not control and which fall in global slowdowns. For SCCO, southern Copper's earnings and dividend swing with the price of copper, a volatile commodity sensitive to global growth, China demand, and the dollar, so a copper downturn hits results directly.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick FCX if you believe its drivers more; SCCO if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the FCX and SCCO guides.

FCX. Freeport's valuation is inherently cyclical because earnings move with copper and gold prices the company does not control. Today the trailing P/E near 35 looks high because Grasberg disruption depressed recent earnings, while the forward P/E near 16 assumes EPS climbs to about $3.19 in 2026 and $4.33 in 2027. Q3 2026 results are due October 27, with consensus near $0.83 per share on about $7.4 billion of revenue. Figures are approximate and move sharply with commodity prices; verify current numbers before relying on them.

SCCO. At $203.66 on October 16, 2026, Southern Copper trades at about 30 times trailing and 27 times forward earnings and nearly 14 times book value, a large premium to most miners that reflects its low costs, long-life reserves and record copper prices. Because the dividend rises with earnings, the yield has fallen to about 2.2% as the share price ran ahead. Third-quarter results, expected around October 22, 2026, will show how much of the roughly $6.53 per pound average copper price offset lower volumes and rising costs.

Headline figures (approximate, October 2026): FCX shows revenue (ttm) ~$25.9 billion (latest quarter down ~7% YoY), net income (ttm / q2 2026) ~$2.9 billion / ~$984 million, eps (q2 2026 vs estimate) ~$0.74 vs ~$0.62, margins (gross / operating) ~38% / ~33%; SCCO shows revenue (ttm) ~$15.8 billion (+41% y/y in latest quarter), net income (ttm) ~$5.7 billion; Q2 2026 ~$1.67 billion, operating margin (ttm) ~61%, eps ~$6.70 trailing; Q2 2026 $1.99 vs $1.92 expected.

FCX and SCCO are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined FCX and SCCO exposure against your real portfolio. It is not an investment adviser.