COMP <GO>

DOW vs FCX // OPTIONS IMPLIED MOVE & PUT/CALL SKEW

Dow Inc. Common Stock (NYSE) VS. Freeport-McMoRan Inc. (NYSE) • 15-METRIC TALLY: DOW 4 — FCX 11

▲ OPTIONS IMPLIED MOVE & PUT/CALL SKEW LEADER: DOW

LAST: $34.70 (+3.21%) • MKT CAP: $24.34B

options-implied-move

6.60%

LAST: $62.47 (-5.55%) • MKT CAP: $94.98B

options-implied-move

6.70%

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (DOW VS. FCX) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	DOW	FCX	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	6.30%	26.10%	-19.80	FCX	/gross-margins <GO>
Return on Invested Capital (ROIC)	2.80%	21.50%	-18.70	FCX	/roic <GO>
EV/EBITDA & P/E Valuation	13.5x	13.4x	+0.10	FCX	/valuation <GO>
Free Cash Flow Yield	-3.15%	4.71%	-7.86	FCX	/fcf-yield <GO>
Operating Margin	2.20%	25.90%	-23.70	FCX	/operating-margins <GO>
Net Profit Margin	1.70%	8.80%	-7.10	FCX	/net-margins <GO>
Revenue Growth (YoY)	-7.00%	0.10%	-7.10	FCX	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	6.12%	0.91%	+5.21	DOW	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	1.83	3.08	-1.25	FCX	/balance-sheet <GO>
Piotroski F-Score Quality	5/9	7/9	-2.00	FCX	/piotroski-score <GO>
Options Implied Move & Put/Call Skew ACTIVE	6.60%	6.70%	-0.10	DOW	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	75.6	30.2	+45.42	DOW	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	0.92	0.95	-0.03	FCX	/macro-sensitivity <GO>
Forward P/E Multiple	33.7x	40.1x	-6.40	DOW	/forward-pe <GO>
Enterprise Scale & Market Cap	$24.34B	$94.98B	-$70.64B	FCX	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	DOW REV	FCX REV	DOW GROSS %	FCX GROSS %	DOW FCF	FCX FCF
FY 2025	$39.97B	$25.19B	6.3%	26.1%	-$766.6M	$4.48B
FY 2024	$42.96B	$25.17B	10.7%	29.3%	$980.6M	$6.03B
FY 2023	$44.62B	$22.70B	44.0%	44.0%	$3.19B	$4.26B

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

DOW // BETA 0.92

FCX // BETA 0.95