Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
24.93B
as of Aug 3, 2025.
We will project this out 5 years with a yearly growth
rate of
15.95%.
Starting with 24.93B and growing at 15.95%
for 5 years, we estimate Free Cash Flow will be
52.25B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 4.7B.
We will project this out 5 year(s) with a growth rate
of 2.66%.
Estimated Diluted Shares Outstanding: 5.36B.
Step 3: Project Future Stock Price
Using a price ratio of 26.02, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(52.25B ÷ 5.36B) × 26.02 =
$253
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.36.
Projected over 5 years with a growth rate of
5.80%, dividends add to total shareholder return.
Expected dividends in 5 years:
$13.586142847932654.
Step 5: Discount the Projected Stock Price
Projected stock price: $253.
Including dividends, total future value: $266.59.
Discounted at 10% per
year over 5 years → Fair Value:
$165.
