Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.17B
as of Aug 3, 2025.
We will project this out 5 years with a yearly growth
rate of
32.6%.
Starting with 1.17B and growing at 32.6%
for 5 years, we estimate Free Cash Flow will be
4.79B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 113.47M.
We will project this out 5 year(s) with a growth rate
of -1.1%.
Estimated Diluted Shares Outstanding: 107.36M.
Step 3: Project Future Stock Price
Using a price ratio of 78.69, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(4.79B ÷ 107.36M) × 78.69 =
$3509
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: $3509.
Including dividends, total future value: $3509.
Discounted at 10% per
year over 5 years → Fair Value:
$2178.
