Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
3.34B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
59.21%.
Starting with 3.34B and growing at 59.21%
for 5 years, we estimate Free Cash Flow will be
34.19B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 3.04B.
We will project this out 5 year(s) with a growth rate
of 46.74%.
Estimated Diluted Shares Outstanding: 20.68B.
Step 3: Project Future Stock Price
Using a price ratio of 17.25, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(34.19B ÷ 20.68B) × 17.25 =
$28
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.38.
Projected over 5 years with a growth rate of
80.06%, dividends add to total shareholder return.
Expected dividends in 5 years:
$8.266025019677864.
Step 5: Discount the Projected Stock Price
Projected stock price: $28.
Including dividends, total future value: $36.27.
Discounted at 10% per
year over 5 years → Fair Value:
$22.
