Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
22.08B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
9.22%.
Starting with 22.08B and growing at 9.22%
for 5 years, we estimate Free Cash Flow will be
34.32B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.93B.
We will project this out 5 year(s) with a growth rate
of -2.24%.
Estimated Diluted Shares Outstanding: 1.72B.
Step 3: Project Future Stock Price
Using a price ratio of 31.57, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(34.32B ÷ 1.72B) × 31.57 =
$629
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.36.
Projected over 5 years with a growth rate of
7.73%, dividends add to total shareholder return.
Expected dividends in 5 years:
$14.214240422773907.
Step 5: Discount the Projected Stock Price
Projected stock price: $629.
Including dividends, total future value: $643.21.
Discounted at 10% per
year over 5 years → Fair Value:
$399.
