Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
13.94B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
11.85%.
Starting with 13.94B and growing at 11.85%
for 5 years, we estimate Free Cash Flow will be
24.4B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 2.86B.
We will project this out 5 year(s) with a growth rate
of 14.1%.
Estimated Diluted Shares Outstanding: 5.52B.
Step 3: Project Future Stock Price
Using a price ratio of 6.55, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(24.4B ÷ 5.52B) × 6.55 =
$28
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.17.
Projected over 5 years with a growth rate of
10.76%, dividends add to total shareholder return.
Expected dividends in 5 years:
$20.463816567122553.
Step 5: Discount the Projected Stock Price
Projected stock price: $28.
Including dividends, total future value: $48.46.
Discounted at 10% per
year over 5 years → Fair Value:
$30.
