Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
44.87B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
52.79%.
Starting with 44.87B and growing at 52.79%
for 5 years, we estimate Free Cash Flow will be
373.61B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 568.92M.
We will project this out 5 year(s) with a growth rate
of -0.26%.
Estimated Diluted Shares Outstanding: 561.56M.
Step 3: Project Future Stock Price
Using a price ratio of 0.65, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(373.61B ÷ 561.56M) × 0.65 =
$432
Step 4: Project Future Dividends Paid
Forward dividend per share: $5.79.
Projected over 5 years with a growth rate of
10.37%, dividends add to total shareholder return.
Expected dividends in 5 years:
$37.048973053761536.
Step 5: Discount the Projected Stock Price
Projected stock price: $432.
Including dividends, total future value: $469.05.
Discounted at 10% per
year over 5 years → Fair Value:
$291.
