Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
15.09B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
27.33%.
Starting with 15.09B and growing at 27.33%
for 5 years, we estimate Free Cash Flow will be
50.5B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 445.25M.
We will project this out 5 year(s) with a growth rate
of 7.25%.
Estimated Diluted Shares Outstanding: 631.81M.
Step 3: Project Future Stock Price
Using a price ratio of 8.69, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(50.5B ÷ 631.81M) × 8.69 =
$694
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.29.
Projected over 5 years with a growth rate of
17.35%, dividends add to total shareholder return.
Expected dividends in 5 years:
$2.1630957153736547.
Step 5: Discount the Projected Stock Price
Projected stock price: $694.
Including dividends, total future value: $696.16.
Discounted at 10% per
year over 5 years → Fair Value:
$432.
