Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
16.47B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
20.26%.
Starting with 16.47B and growing at 20.26%
for 5 years, we estimate Free Cash Flow will be
41.44B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 586.16M.
We will project this out 5 year(s) with a growth rate
of 0.02%.
Estimated Diluted Shares Outstanding: 586.75M.
Step 3: Project Future Stock Price
Using a price ratio of 9.69, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(41.44B ÷ 586.75M) × 9.69 =
$684
Step 4: Project Future Dividends Paid
Forward dividend per share: $5.
Projected over 5 years with a growth rate of
13.08%, dividends add to total shareholder return.
Expected dividends in 5 years:
$33.99417518874412.
Step 5: Discount the Projected Stock Price
Projected stock price: $684.
Including dividends, total future value: $717.99.
Discounted at 10% per
year over 5 years → Fair Value:
$445.
