Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
44.27B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
21.96%.
Starting with 44.27B and growing at 21.96%
for 5 years, we estimate Free Cash Flow will be
119.44B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 3.18B.
We will project this out 5 year(s) with a growth rate
of -0.12%.
Estimated Diluted Shares Outstanding: 3.16B.
Step 3: Project Future Stock Price
Using a price ratio of 2.3, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(119.44B ÷ 3.16B) × 2.3 =
$86
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.67.
Projected over 5 years with a growth rate of
27.76%, dividends add to total shareholder return.
Expected dividends in 5 years:
$6.180620312563373.
Step 5: Discount the Projected Stock Price
Projected stock price: $86.
Including dividends, total future value: $92.18.
Discounted at 10% per
year over 5 years → Fair Value:
$57.
