Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
810.5B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
2.55%.
Starting with 810.5B and growing at 2.55%
for 5 years, we estimate Free Cash Flow will be
919.25B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 706.27M.
We will project this out 5 year(s) with a growth rate
of -0.87%.
Estimated Diluted Shares Outstanding: 676.08M.
Step 3: Project Future Stock Price
Using a price ratio of 0.07, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(919.25B ÷ 676.08M) × 0.07 =
$95
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.69.
Projected over 5 years with a growth rate of
-3.70%, dividends add to total shareholder return.
Expected dividends in 5 years:
$12.240185572091269.
Step 5: Discount the Projected Stock Price
Projected stock price: $95.
Including dividends, total future value: $107.24.
Discounted at 10% per
year over 5 years → Fair Value:
$66.
