Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
9.6B
as of Aug 29, 2025.
We will project this out 5 years with a yearly growth
rate of
13.87%.
Starting with 9.6B and growing at 13.87%
for 5 years, we estimate Free Cash Flow will be
18.38B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 418.6M.
We will project this out 5 year(s) with a growth rate
of -1.75%.
Estimated Diluted Shares Outstanding: 383.23M.
Step 3: Project Future Stock Price
Using a price ratio of 31.9, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(18.38B ÷ 383.23M) × 31.9 =
$1529
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$0.
Step 5: Discount the Projected Stock Price
Projected stock price: $1529.
Including dividends, total future value: $1529.
Discounted at 10% per
year over 5 years → Fair Value:
$949.
