Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
50.14B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
20.58%.
Starting with 50.14B and growing at 20.58%
for 5 years, we estimate Free Cash Flow will be
127.8B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 2.51B.
We will project this out 5 year(s) with a growth rate
of -1.89%.
Estimated Diluted Shares Outstanding: 2.28B.
Step 3: Project Future Stock Price
Using a price ratio of 27.06, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(127.8B ÷ 2.28B) × 27.06 =
$1514
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.08.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$10.4.
Step 5: Discount the Projected Stock Price
Projected stock price: $1514.
Including dividends, total future value: $1524.4.
Discounted at 10% per
year over 5 years → Fair Value:
$946.
