Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
25.27B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
4.78%.
Starting with 25.27B and growing at 4.78%
for 5 years, we estimate Free Cash Flow will be
31.92B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 905.67M.
We will project this out 5 year(s) with a growth rate
of -0.78%.
Estimated Diluted Shares Outstanding: 870.9M.
Step 3: Project Future Stock Price
Using a price ratio of 23.58, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(31.92B ÷ 870.9M) × 23.58 =
$864
Step 4: Project Future Dividends Paid
Forward dividend per share: $10.72.
Projected over 5 years with a growth rate of
6.18%, dividends add to total shareholder return.
Expected dividends in 5 years:
$62.26895711768386.
Step 5: Discount the Projected Stock Price
Projected stock price: $864.
Including dividends, total future value: $926.27.
Discounted at 10% per
year over 5 years → Fair Value:
$575.
