Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
96.18B
as of Jun 28, 2025.
We will project this out 5 years with a yearly growth
rate of
13.06%.
Starting with 96.18B and growing at 13.06%
for 5 years, we estimate Free Cash Flow will be
177.68B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 14.84B.
We will project this out 5 year(s) with a growth rate
of -3.69%.
Estimated Diluted Shares Outstanding: 12.3B.
Step 3: Project Future Stock Price
Using a price ratio of 27.62, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(177.68B ÷ 12.3B) × 27.62 =
$399
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.27.
Projected over 5 years with a growth rate of
-0.95%, dividends add to total shareholder return.
Expected dividends in 5 years:
$6.200260335682847.
Step 5: Discount the Projected Stock Price
Projected stock price: $399.
Including dividends, total future value: $405.2.
Discounted at 10% per
year over 5 years → Fair Value:
$251.
