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 2.26B.
We will project this out 5 year(s) with a growth rate
of 0.57%.
Estimated Diluted Shares Outstanding: 2.33B.
Step 3: Project Future Stock Price
Using a price ratio of 10.56, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(25.04B ÷ 2.33B) × 10.56 =
$113
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.67.
Projected over 5 years with a growth rate of
9.69%, dividends add to total shareholder return.
Expected dividends in 5 years:
$10.522139776670814.
Step 5: Discount the Projected Stock Price
Projected stock price: $113.
Including dividends, total future value: $123.52.
Discounted at 10% per
year over 5 years → Fair Value:
$76.
