Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
9.23B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
29.86%.
Starting with 9.23B and growing at 29.86%
for 5 years, we estimate Free Cash Flow will be
34.1B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 388.15M.
We will project this out 5 year(s) with a growth rate
of -1.37%.
Estimated Diluted Shares Outstanding: 362.28M.
Step 3: Project Future Stock Price
Using a price ratio of 56.93, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(34.1B ÷ 362.28M) × 56.93 =
$5358
Step 4: Project Future Dividends Paid
Forward dividend per share: $8.41.
Projected over 5 years with a growth rate of
12.38%, dividends add to total shareholder return.
Expected dividends in 5 years:
$56.297429992554164.
Step 5: Discount the Projected Stock Price
Projected stock price: $5358.
Including dividends, total future value: $5414.3.
Discounted at 10% per
year over 5 years → Fair Value:
$3361.
