Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
9.26B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
29.82%.
Starting with 9.26B and growing at 29.82%
for 5 years, we estimate Free Cash Flow will be
34.13B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 393.2M.
We will project this out 5 year(s) with a growth rate
of -1.37%.
Estimated Diluted Shares Outstanding: 366.99M.
Step 3: Project Future Stock Price
Using a price ratio of 57.01, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(34.13B ÷ 366.99M) × 57.01 =
$5301
Step 4: Project Future Dividends Paid
Forward dividend per share: $10.92.
Projected over 5 years with a growth rate of
21.75%, dividends add to total shareholder return.
Expected dividends in 5 years:
$89.30279824192081.
Step 5: Discount the Projected Stock Price
Projected stock price: $5301.
Including dividends, total future value: $5390.3.
Discounted at 10% per
year over 5 years → Fair Value:
$3346.
