Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
7.69B
as of Aug 1, 2025.
We will project this out 5 years with a yearly growth
rate of
22.31%.
Starting with 7.69B and growing at 22.31%
for 5 years, we estimate Free Cash Flow will be
21.04B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 560.82M.
We will project this out 5 year(s) with a growth rate
of -6.12%.
Estimated Diluted Shares Outstanding: 408.97M.
Step 3: Project Future Stock Price
Using a price ratio of 18.63, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(21.04B ÷ 408.97M) × 18.63 =
$958
Step 4: Project Future Dividends Paid
Forward dividend per share: $5.85.
Projected over 5 years with a growth rate of
15.87%, dividends add to total shareholder return.
Expected dividends in 5 years:
$42.27205761213167.
Step 5: Discount the Projected Stock Price
Projected stock price: $958.
Including dividends, total future value: $1000.27.
Discounted at 10% per
year over 5 years → Fair Value:
$621.
