Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.03B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
21.29%.
Starting with 2.03B and growing at 21.29%
for 5 years, we estimate Free Cash Flow will be
5.34B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 766.27M.
We will project this out 5 year(s) with a growth rate
of -2.48%.
Estimated Diluted Shares Outstanding: 675.85M.
Step 3: Project Future Stock Price
Using a price ratio of 33.99, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(5.34B ÷ 675.85M) × 33.99 =
$268
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$0.
Step 5: Discount the Projected Stock Price
Projected stock price: $268.
Including dividends, total future value: $268.
Discounted at 10% per
year over 5 years → Fair Value:
$166.
