Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
25.74B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-2.91%.
Starting with 25.74B and growing at -2.91%
for 5 years, we estimate Free Cash Flow will be
22.2B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 796.5M.
We will project this out 5 year(s) with a growth rate
of -1.48%.
Estimated Diluted Shares Outstanding: 739.28M.
Step 3: Project Future Stock Price
Using a price ratio of 19.78, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(22.2B ÷ 739.28M) × 19.78 =
$594
Step 4: Project Future Dividends Paid
Forward dividend per share: $10.97.
Projected over 5 years with a growth rate of
3.37%, dividends add to total shareholder return.
Expected dividends in 5 years:
$59.58856440141772.
Step 5: Discount the Projected Stock Price
Projected stock price: $594.
Including dividends, total future value: $653.59.
Discounted at 10% per
year over 5 years → Fair Value:
$405.
