Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
5.06B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
24.57%.
Starting with 5.06B and growing at 24.57%
for 5 years, we estimate Free Cash Flow will be
15.19B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 520.89M.
We will project this out 5 year(s) with a growth rate
of -0.22%.
Estimated Diluted Shares Outstanding: 515.18M.
Step 3: Project Future Stock Price
Using a price ratio of 38.92, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(15.19B ÷ 515.18M) × 38.92 =
$1147
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.35.
Projected over 5 years with a growth rate of
14.55%, dividends add to total shareholder return.
Expected dividends in 5 years:
$16.501582705778688.
Step 5: Discount the Projected Stock Price
Projected stock price: $1147.
Including dividends, total future value: $1163.5.
Discounted at 10% per
year over 5 years → Fair Value:
$722.
