Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
7.74B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
15.76%.
Starting with 7.74B and growing at 15.76%
for 5 years, we estimate Free Cash Flow will be
16.09B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 468.48M.
We will project this out 5 year(s) with a growth rate
of -2.92%.
Estimated Diluted Shares Outstanding: 403.96M.
Step 3: Project Future Stock Price
Using a price ratio of 22.32, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(16.09B ÷ 403.96M) × 22.32 =
$888
Step 4: Project Future Dividends Paid
Forward dividend per share: $7.15.
Projected over 5 years with a growth rate of
1.00%, dividends add to total shareholder return.
Expected dividends in 5 years:
$36.65046428295187.
Step 5: Discount the Projected Stock Price
Projected stock price: $888.
Including dividends, total future value: $924.65.
Discounted at 10% per
year over 5 years → Fair Value:
$574.
