Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
18.22B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
1.48%.
Starting with 18.22B and growing at 1.48%
for 5 years, we estimate Free Cash Flow will be
19.61B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 639.52M.
We will project this out 5 year(s) with a growth rate
of -3.98%.
Estimated Diluted Shares Outstanding: 521.99M.
Step 3: Project Future Stock Price
Using a price ratio of 3.79, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(19.61B ÷ 521.99M) × 3.79 =
$142
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.4.
Projected over 5 years with a growth rate of
12.47%, dividends add to total shareholder return.
Expected dividends in 5 years:
$16.098039322408148.
Step 5: Discount the Projected Stock Price
Projected stock price: $142.
Including dividends, total future value: $158.1.
Discounted at 10% per
year over 5 years → Fair Value:
$98.
