Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
93.3B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
21.93%.
Starting with 93.3B and growing at 21.93%
for 5 years, we estimate Free Cash Flow will be
251.43B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.5B.
We will project this out 5 year(s) with a growth rate
of -28.41%.
Estimated Diluted Shares Outstanding: 281.84M.
Step 3: Project Future Stock Price
Using a price ratio of 0.59, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(251.43B ÷ 281.84M) × 0.59 =
$526
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.09.
Projected over 5 years with a growth rate of
4.44%, dividends add to total shareholder return.
Expected dividends in 5 years:
$0.5016255762592938.
Step 5: Discount the Projected Stock Price
Projected stock price: $526.
Including dividends, total future value: $526.5.
Discounted at 10% per
year over 5 years → Fair Value:
$326.
