Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
3.68B
as of Aug 2, 2025.
We will project this out 5 years with a yearly growth
rate of
9.56%.
Starting with 3.68B and growing at 9.56%
for 5 years, we estimate Free Cash Flow will be
5.81B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 495.79M.
We will project this out 5 year(s) with a growth rate
of 5.99%.
Estimated Diluted Shares Outstanding: 663.17M.
Step 3: Project Future Stock Price
Using a price ratio of 29.47, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(5.81B ÷ 663.17M) × 29.47 =
$258
Step 4: Project Future Dividends Paid
Forward dividend per share: $4.81.
Projected over 5 years with a growth rate of
3.67%, dividends add to total shareholder return.
Expected dividends in 5 years:
$26.317693638975687.
Step 5: Discount the Projected Stock Price
Projected stock price: $258.
Including dividends, total future value: $284.32.
Discounted at 10% per
year over 5 years → Fair Value:
$176.
