Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.63B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
12.4%.
Starting with 1.63B and growing at 12.4%
for 5 years, we estimate Free Cash Flow will be
2.93B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 6.36B.
We will project this out 5 year(s) with a growth rate
of -9.81%.
Estimated Diluted Shares Outstanding: 3.8B.
Step 3: Project Future Stock Price
Using a price ratio of 303.97, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.93B ÷ 3.8B) × 303.97 =
$234
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$0.
Step 5: Discount the Projected Stock Price
Projected stock price: $234.
Including dividends, total future value: $234.
Discounted at 10% per
year over 5 years → Fair Value:
$145.
