Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
3.72B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
58.43%.
Starting with 3.72B and growing at 58.43%
for 5 years, we estimate Free Cash Flow will be
37.13B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 120.46M.
We will project this out 5 year(s) with a growth rate
of 0.5%.
Estimated Diluted Shares Outstanding: 123.5M.
Step 3: Project Future Stock Price
Using a price ratio of 1.23, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(37.13B ÷ 123.5M) × 1.23 =
$369
Step 4: Project Future Dividends Paid
Forward dividend per share: $7.62.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$38.1.
Step 5: Discount the Projected Stock Price
Projected stock price: $369.
Including dividends, total future value: $407.1.
Discounted at 10% per
year over 5 years → Fair Value:
$252.
