Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
14.23B
as of Aug 3, 2025.
We will project this out 5 years with a yearly growth
rate of
8.13%.
Starting with 14.23B and growing at 8.13%
for 5 years, we estimate Free Cash Flow will be
21.03B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 995.39M.
We will project this out 5 year(s) with a growth rate
of -1.97%.
Estimated Diluted Shares Outstanding: 901.13M.
Step 3: Project Future Stock Price
Using a price ratio of 23.62, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(21.03B ÷ 901.13M) × 23.62 =
$551
Step 4: Project Future Dividends Paid
Forward dividend per share: $9.15.
Projected over 5 years with a growth rate of
2.83%, dividends add to total shareholder return.
Expected dividends in 5 years:
$49.05583674998052.
Step 5: Discount the Projected Stock Price
Projected stock price: $551.
Including dividends, total future value: $600.06.
Discounted at 10% per
year over 5 years → Fair Value:
$372.
