Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
15.34B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
10.3%.
Starting with 15.34B and growing at 10.3%
for 5 years, we estimate Free Cash Flow will be
25.04B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 559.63M.
We will project this out 5 year(s) with a growth rate
of 0.58%.
Estimated Diluted Shares Outstanding: 576.04M.
Step 3: Project Future Stock Price
Using a price ratio of 10.54, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(25.04B ÷ 576.04M) × 10.54 =
$458
Step 4: Project Future Dividends Paid
Forward dividend per share: $6.61.
Projected over 5 years with a growth rate of
31.14%, dividends add to total shareholder return.
Expected dividends in 5 years:
$65.08927170111993.
Step 5: Discount the Projected Stock Price
Projected stock price: $458.
Including dividends, total future value: $523.09.
Discounted at 10% per
year over 5 years → Fair Value:
$324.
