Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
21.12B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
18.89%.
Starting with 21.12B and growing at 18.89%
for 5 years, we estimate Free Cash Flow will be
50.17B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 4.9B.
We will project this out 5 year(s) with a growth rate
of 0.81%.
Estimated Diluted Shares Outstanding: 5.1B.
Step 3: Project Future Stock Price
Using a price ratio of 16.8, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(50.17B ÷ 5.1B) × 16.8 =
$165
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.83.
Projected over 5 years with a growth rate of
8.67%, dividends add to total shareholder return.
Expected dividends in 5 years:
$11.264067951280875.
Step 5: Discount the Projected Stock Price
Projected stock price: $165.
Including dividends, total future value: $176.26.
Discounted at 10% per
year over 5 years → Fair Value:
$109.
