Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
5.86B
as of Jul 27, 2025.
We will project this out 5 years with a yearly growth
rate of
21.69%.
Starting with 5.86B and growing at 21.69%
for 5 years, we estimate Free Cash Flow will be
15.64B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 796.68M.
We will project this out 5 year(s) with a growth rate
of -2.47%.
Estimated Diluted Shares Outstanding: 703.03M.
Step 3: Project Future Stock Price
Using a price ratio of 22.78, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(15.64B ÷ 703.03M) × 22.78 =
$506
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.18.
Projected over 5 years with a growth rate of
15.39%, dividends add to total shareholder return.
Expected dividends in 5 years:
$15.590029296936764.
Step 5: Discount the Projected Stock Price
Projected stock price: $506.
Including dividends, total future value: $521.59.
Discounted at 10% per
year over 5 years → Fair Value:
$323.
