Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
14.72B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
12.67%.
Starting with 14.72B and growing at 12.67%
for 5 years, we estimate Free Cash Flow will be
26.73B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 2.5B.
We will project this out 5 year(s) with a growth rate
of -0.3%.
Estimated Diluted Shares Outstanding: 2.46B.
Step 3: Project Future Stock Price
Using a price ratio of 22.73, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(26.73B ÷ 2.46B) × 22.73 =
$246
Step 4: Project Future Dividends Paid
Forward dividend per share: $4.01.
Projected over 5 years with a growth rate of
0.53%, dividends add to total shareholder return.
Expected dividends in 5 years:
$20.31671944062795.
Step 5: Discount the Projected Stock Price
Projected stock price: $246.
Including dividends, total future value: $266.32.
Discounted at 10% per
year over 5 years → Fair Value:
$165.
