Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
28.69B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
12.8%.
Starting with 28.69B and growing at 12.8%
for 5 years, we estimate Free Cash Flow will be
52.39B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 2.96B.
We will project this out 5 year(s) with a growth rate
of -4.74%.
Estimated Diluted Shares Outstanding: 2.32B.
Step 3: Project Future Stock Price
Using a price ratio of 6.73, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(52.39B ÷ 2.32B) × 6.73 =
$152
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.52.
Projected over 5 years with a growth rate of
2.34%, dividends add to total shareholder return.
Expected dividends in 5 years:
$18.647739746277484.
Step 5: Discount the Projected Stock Price
Projected stock price: $152.
Including dividends, total future value: $170.65.
Discounted at 10% per
year over 5 years → Fair Value:
$105.
