Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
3.72B
as of Jul 31, 2025.
We will project this out 5 years with a yearly growth
rate of
33.4%.
Starting with 3.72B and growing at 33.4%
for 5 years, we estimate Free Cash Flow will be
15.7B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 668.94M.
We will project this out 5 year(s) with a growth rate
of 4.06%.
Estimated Diluted Shares Outstanding: 816.22M.
Step 3: Project Future Stock Price
Using a price ratio of 31.89, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(15.7B ÷ 816.22M) × 31.89 =
$613
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: $613.
Including dividends, total future value: $613.
Discounted at 10% per
year over 5 years → Fair Value:
$380.
