Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
5.37B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
56.47%.
Starting with 5.37B and growing at 56.47%
for 5 years, we estimate Free Cash Flow will be
50.38B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 134.65M.
We will project this out 5 year(s) with a growth rate
of -9.29%.
Estimated Diluted Shares Outstanding: 82.69M.
Step 3: Project Future Stock Price
Using a price ratio of 0.81, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(50.38B ÷ 82.69M) × 0.81 =
$493
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.09.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$5.45.
Step 5: Discount the Projected Stock Price
Projected stock price: $493.
Including dividends, total future value: $498.45.
Discounted at 10% per
year over 5 years → Fair Value:
$309.
