Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
4.13B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
71.08%.
Starting with 4.13B and growing at 71.08%
for 5 years, we estimate Free Cash Flow will be
60.54B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 242.49M.
We will project this out 5 year(s) with a growth rate
of 43.97%.
Estimated Diluted Shares Outstanding: 1.5B.
Step 3: Project Future Stock Price
Using a price ratio of 3.1, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(60.54B ÷ 1.5B) × 3.1 =
$125
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.43.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$2.15.
Step 5: Discount the Projected Stock Price
Projected stock price: $125.
Including dividends, total future value: $127.15.
Discounted at 10% per
year over 5 years → Fair Value:
$78.
