Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
61.99B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
14.4%.
Starting with 61.99B and growing at 14.4%
for 5 years, we estimate Free Cash Flow will be
121.46B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 4.44B.
We will project this out 5 year(s) with a growth rate
of -1.27%.
Estimated Diluted Shares Outstanding: 4.17B.
Step 3: Project Future Stock Price
Using a price ratio of 5.84, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(121.46B ÷ 4.17B) × 5.84 =
$170
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.68.
Projected over 5 years with a growth rate of
20.88%, dividends add to total shareholder return.
Expected dividends in 5 years:
$13.494767743875856.
Step 5: Discount the Projected Stock Price
Projected stock price: $170.
Including dividends, total future value: $183.49.
Discounted at 10% per
year over 5 years → Fair Value:
$113.
