Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
295.41B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
9.64%.
Starting with 295.41B and growing at 9.64%
for 5 years, we estimate Free Cash Flow will be
468.02B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 4.4B.
We will project this out 5 year(s) with a growth rate
of -12.67%.
Estimated Diluted Shares Outstanding: 2.24B.
Step 3: Project Future Stock Price
Using a price ratio of 0.89, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(468.02B ÷ 2.24B) × 0.89 =
$186
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.71.
Projected over 5 years with a growth rate of
3.47%, dividends add to total shareholder return.
Expected dividends in 5 years:
$3.8660233768955.
Step 5: Discount the Projected Stock Price
Projected stock price: $186.
Including dividends, total future value: $189.87.
Discounted at 10% per
year over 5 years → Fair Value:
$117.
