Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
21.59B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
12.64%.
Starting with 21.59B and growing at 12.64%
for 5 years, we estimate Free Cash Flow will be
39.14B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 2.6B.
We will project this out 5 year(s) with a growth rate
of 0.76%.
Estimated Diluted Shares Outstanding: 2.7B.
Step 3: Project Future Stock Price
Using a price ratio of 3.94, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(39.14B ÷ 2.7B) × 3.94 =
$57
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.19.
Projected over 5 years with a growth rate of
-24.68%, dividends add to total shareholder return.
Expected dividends in 5 years:
$0.4677344774791893.
Step 5: Discount the Projected Stock Price
Projected stock price: $57.
Including dividends, total future value: $57.47.
Discounted at 10% per
year over 5 years → Fair Value:
$35.
