Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
-252M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
108.66%.
Starting with -252M and growing at 108.66%
for 5 years, we estimate Free Cash Flow will be
-9.97B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 307.81M.
We will project this out 5 year(s) with a growth rate
of -4.74%.
Estimated Diluted Shares Outstanding: 241.45M.
Step 3: Project Future Stock Price
Using a price ratio of -7.74, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(-9.97B ÷ 241.45M) × -7.74 =
$319
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.5.
Projected over 5 years with a growth rate of
3.44%, dividends add to total shareholder return.
Expected dividends in 5 years:
$8.161736002318062.
Step 5: Discount the Projected Stock Price
Projected stock price: $319.
Including dividends, total future value: $327.16.
Discounted at 10% per
year over 5 years → Fair Value:
$203.
