Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2,041.7B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
31.46%.
Starting with 2,041.7B and growing at 31.46%
for 5 years, we estimate Free Cash Flow will be
8,016.1B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 19.92B.
We will project this out 5 year(s) with a growth rate
of -1.2%.
Estimated Diluted Shares Outstanding: 18.76B.
Step 3: Project Future Stock Price
Using a price ratio of 0.19, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(8,016.1B ÷ 18.76B) × 0.19 =
$81
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.75.
Projected over 5 years with a growth rate of
3.14%, dividends add to total shareholder return.
Expected dividends in 5 years:
$4.051343670421035.
Step 5: Discount the Projected Stock Price
Projected stock price: $81.
Including dividends, total future value: $85.05.
Discounted at 10% per
year over 5 years → Fair Value:
$52.
