Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
37.79B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
5.01%.
Starting with 37.79B and growing at 5.01%
for 5 years, we estimate Free Cash Flow will be
48.25B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 4.97B.
We will project this out 5 year(s) with a growth rate
of -0.02%.
Estimated Diluted Shares Outstanding: 4.96B.
Step 3: Project Future Stock Price
Using a price ratio of 1.26, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(48.25B ÷ 4.96B) × 1.26 =
$12
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.26.
Projected over 5 years with a growth rate of
12.09%, dividends add to total shareholder return.
Expected dividends in 5 years:
$8.380264426824052.
Step 5: Discount the Projected Stock Price
Projected stock price: $12.
Including dividends, total future value: $20.38.
Discounted at 10% per
year over 5 years → Fair Value:
$12.
