Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
187.4B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
12.14%.
Starting with 187.4B and growing at 12.14%
for 5 years, we estimate Free Cash Flow will be
332.32B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 9.08B.
We will project this out 5 year(s) with a growth rate
of -0.41%.
Estimated Diluted Shares Outstanding: 8.89B.
Step 3: Project Future Stock Price
Using a price ratio of 3.16, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(332.32B ÷ 8.89B) × 3.16 =
$118
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.01.
Projected over 5 years with a growth rate of
29.91%, dividends add to total shareholder return.
Expected dividends in 5 years:
$9.7139940930407.
Step 5: Discount the Projected Stock Price
Projected stock price: $118.
Including dividends, total future value: $127.71.
Discounted at 10% per
year over 5 years → Fair Value:
$79.
