Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.26B
as of Aug 24, 2025.
We will project this out 5 years with a yearly growth
rate of
36.64%.
Starting with 1.26B and growing at 36.64%
for 5 years, we estimate Free Cash Flow will be
5.99B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 117.05M.
We will project this out 5 year(s) with a growth rate
of -0.71%.
Estimated Diluted Shares Outstanding: 112.95M.
Step 3: Project Future Stock Price
Using a price ratio of 24.78, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(5.99B ÷ 112.95M) × 24.78 =
$1313
Step 4: Project Future Dividends Paid
Forward dividend per share: $7.2.
Projected over 5 years with a growth rate of
37.50%, dividends add to total shareholder return.
Expected dividends in 5 years:
$79.81035566324555.
Step 5: Discount the Projected Stock Price
Projected stock price: $1313.
Including dividends, total future value: $1392.81.
Discounted at 10% per
year over 5 years → Fair Value:
$864.
