Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
4.38B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
12.29%.
Starting with 4.38B and growing at 12.29%
for 5 years, we estimate Free Cash Flow will be
7.81B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 572.42M.
We will project this out 5 year(s) with a growth rate
of 0.39%.
Estimated Diluted Shares Outstanding: 583.67M.
Step 3: Project Future Stock Price
Using a price ratio of 23.45, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(7.81B ÷ 583.67M) × 23.45 =
$313
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.37.
Projected over 5 years with a growth rate of
9.86%, dividends add to total shareholder return.
Expected dividends in 5 years:
$14.990542052436371.
Step 5: Discount the Projected Stock Price
Projected stock price: $313.
Including dividends, total future value: $327.99.
Discounted at 10% per
year over 5 years → Fair Value:
$203.
