Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
89.24B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
18.96%.
Starting with 89.24B and growing at 18.96%
for 5 years, we estimate Free Cash Flow will be
212.6B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 5.71B.
We will project this out 5 year(s) with a growth rate
of 0.39%.
Estimated Diluted Shares Outstanding: 5.82B.
Step 3: Project Future Stock Price
Using a price ratio of 0.87, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(212.6B ÷ 5.82B) × 0.87 =
$31
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.35.
Projected over 5 years with a growth rate of
5.20%, dividends add to total shareholder return.
Expected dividends in 5 years:
$1.986448902814983.
Step 5: Discount the Projected Stock Price
Projected stock price: $31.
Including dividends, total future value: $32.99.
Discounted at 10% per
year over 5 years → Fair Value:
$20.
