Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
340.8B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
11.76%.
Starting with 340.8B and growing at 11.76%
for 5 years, we estimate Free Cash Flow will be
594.19B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.07B.
We will project this out 5 year(s) with a growth rate
of -0.03%.
Estimated Diluted Shares Outstanding: 1.07B.
Step 3: Project Future Stock Price
Using a price ratio of 0.23, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(594.19B ÷ 1.07B) × 0.23 =
$127
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.32.
Projected over 5 years with a growth rate of
-7.14%, dividends add to total shareholder return.
Expected dividends in 5 years:
$1.329510222636606.
Step 5: Discount the Projected Stock Price
Projected stock price: $127.
Including dividends, total future value: $128.33.
Discounted at 10% per
year over 5 years → Fair Value:
$79.
