Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
66.73B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
18.63%.
Starting with 66.73B and growing at 18.63%
for 5 years, we estimate Free Cash Flow will be
156.78B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 12.09B.
We will project this out 5 year(s) with a growth rate
of -2.28%.
Estimated Diluted Shares Outstanding: 10.78B.
Step 3: Project Future Stock Price
Using a price ratio of 27.84, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(156.78B ÷ 10.78B) × 27.84 =
$404
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.02.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$5.1.
Step 5: Discount the Projected Stock Price
Projected stock price: $404.
Including dividends, total future value: $409.1.
Discounted at 10% per
year over 5 years → Fair Value:
$254.
