Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
5.63B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
64.06%.
Starting with 5.63B and growing at 64.06%
for 5 years, we estimate Free Cash Flow will be
66.92B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 321.38M.
We will project this out 5 year(s) with a growth rate
of -0.31%.
Estimated Diluted Shares Outstanding: 316.43M.
Step 3: Project Future Stock Price
Using a price ratio of 0.73, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(66.92B ÷ 316.43M) × 0.73 =
$154
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$0.
Step 5: Discount the Projected Stock Price
Projected stock price: $154.
Including dividends, total future value: $154.
Discounted at 10% per
year over 5 years → Fair Value:
$95.
