Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
3.98B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
31.15%.
Starting with 3.98B and growing at 31.15%
for 5 years, we estimate Free Cash Flow will be
15.42B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.26B.
We will project this out 5 year(s) with a growth rate
of -0.2%.
Estimated Diluted Shares Outstanding: 1.24B.
Step 3: Project Future Stock Price
Using a price ratio of 44.38, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(15.42B ÷ 1.24B) × 44.38 =
$550
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: $550.
Including dividends, total future value: $550.
Discounted at 10% per
year over 5 years → Fair Value:
$341.
