Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
3.28B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
9.72%.
Starting with 3.28B and growing at 9.72%
for 5 years, we estimate Free Cash Flow will be
5.22B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 205.37M.
We will project this out 5 year(s) with a growth rate
of -0.67%.
Estimated Diluted Shares Outstanding: 198.59M.
Step 3: Project Future Stock Price
Using a price ratio of 27.77, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(5.22B ÷ 198.59M) × 27.77 =
$729
Step 4: Project Future Dividends Paid
Forward dividend per share: $6.92.
Projected over 5 years with a growth rate of
46.37%, dividends add to total shareholder return.
Expected dividends in 5 years:
$89.68220566808809.
Step 5: Discount the Projected Stock Price
Projected stock price: $729.
Including dividends, total future value: $818.68.
Discounted at 10% per
year over 5 years → Fair Value:
$508.
