Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
20.69B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
2.84%.
Starting with 20.69B and growing at 2.84%
for 5 years, we estimate Free Cash Flow will be
23.8B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.27B.
We will project this out 5 year(s) with a growth rate
of -12.9%.
Estimated Diluted Shares Outstanding: 635.76M.
Step 3: Project Future Stock Price
Using a price ratio of 9.08, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(23.8B ÷ 635.76M) × 9.08 =
$339
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.65.
Projected over 5 years with a growth rate of
0.27%, dividends add to total shareholder return.
Expected dividends in 5 years:
$18.373437066904252.
Step 5: Discount the Projected Stock Price
Projected stock price: $339.
Including dividends, total future value: $357.37.
Discounted at 10% per
year over 5 years → Fair Value:
$221.
