Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
167.4B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
8.9%.
Starting with 167.4B and growing at 8.9%
for 5 years, we estimate Free Cash Flow will be
256.39B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 3.02B.
We will project this out 5 year(s) with a growth rate
of -1.39%.
Estimated Diluted Shares Outstanding: 2.82B.
Step 3: Project Future Stock Price
Using a price ratio of 1.35, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(256.39B ÷ 2.82B) × 1.35 =
$122
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.78.
Projected over 5 years with a growth rate of
-4.69%, dividends add to total shareholder return.
Expected dividends in 5 years:
$3.4586831721315128.
Step 5: Discount the Projected Stock Price
Projected stock price: $122.
Including dividends, total future value: $125.46.
Discounted at 10% per
year over 5 years → Fair Value:
$77.
