Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
13.29B
as of Jul 26, 2025.
We will project this out 5 years with a yearly growth
rate of
-1.94%.
Starting with 13.29B and growing at -1.94%
for 5 years, we estimate Free Cash Flow will be
12.05B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 3.95B.
We will project this out 5 year(s) with a growth rate
of -1.23%.
Estimated Diluted Shares Outstanding: 3.72B.
Step 3: Project Future Stock Price
Using a price ratio of 15.51, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(12.05B ÷ 3.72B) × 15.51 =
$50
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.63.
Projected over 5 years with a growth rate of
2.65%, dividends add to total shareholder return.
Expected dividends in 5 years:
$8.700715998435184.
Step 5: Discount the Projected Stock Price
Projected stock price: $50.
Including dividends, total future value: $58.7.
Discounted at 10% per
year over 5 years → Fair Value:
$36.
