Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.7B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
80.89%.
Starting with 1.7B and growing at 80.89%
for 5 years, we estimate Free Cash Flow will be
32.97B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 138.75M.
We will project this out 5 year(s) with a growth rate
of 1.3%.
Estimated Diluted Shares Outstanding: 148.01M.
Step 3: Project Future Stock Price
Using a price ratio of 3.32, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(32.97B ÷ 148.01M) × 3.32 =
$739
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.29.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$6.45.
Step 5: Discount the Projected Stock Price
Projected stock price: $739.
Including dividends, total future value: $745.45.
Discounted at 10% per
year over 5 years → Fair Value:
$462.
