Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.98B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
52.78%.
Starting with 1.98B and growing at 52.78%
for 5 years, we estimate Free Cash Flow will be
16.52B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.22B.
We will project this out 5 year(s) with a growth rate
of -0.44%.
Estimated Diluted Shares Outstanding: 1.19B.
Step 3: Project Future Stock Price
Using a price ratio of 23.13, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(16.52B ÷ 1.19B) × 23.13 =
$320
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.15.
Projected over 5 years with a growth rate of
8.45%, dividends add to total shareholder return.
Expected dividends in 5 years:
$0.9186184299194784.
Step 5: Discount the Projected Stock Price
Projected stock price: $320.
Including dividends, total future value: $320.92.
Discounted at 10% per
year over 5 years → Fair Value:
$199.
