Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
44.39B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
21.96%.
Starting with 44.39B and growing at 21.96%
for 5 years, we estimate Free Cash Flow will be
119.77B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 633.2M.
We will project this out 5 year(s) with a growth rate
of -0.12%.
Estimated Diluted Shares Outstanding: 629.41M.
Step 3: Project Future Stock Price
Using a price ratio of 2.43, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(119.77B ÷ 629.41M) × 2.43 =
$462
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.33.
Projected over 5 years with a growth rate of
21.57%, dividends add to total shareholder return.
Expected dividends in 5 years:
$27.131904489875094.
Step 5: Discount the Projected Stock Price
Projected stock price: $462.
Including dividends, total future value: $489.13.
Discounted at 10% per
year over 5 years → Fair Value:
$303.
