Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
18.24B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
6.9%.
Starting with 18.24B and growing at 6.9%
for 5 years, we estimate Free Cash Flow will be
25.46B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.77B.
We will project this out 5 year(s) with a growth rate
of 3.62%.
Estimated Diluted Shares Outstanding: 2.11B.
Step 3: Project Future Stock Price
Using a price ratio of 13.54, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(25.46B ÷ 2.11B) × 13.54 =
$163
Step 4: Project Future Dividends Paid
Forward dividend per share: $8.11.
Projected over 5 years with a growth rate of
6.81%, dividends add to total shareholder return.
Expected dividends in 5 years:
$47.81020944206959.
Step 5: Discount the Projected Stock Price
Projected stock price: $163.
Including dividends, total future value: $210.81.
Discounted at 10% per
year over 5 years → Fair Value:
$130.
