Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
4.02B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
17.73%.
Starting with 4.02B and growing at 17.73%
for 5 years, we estimate Free Cash Flow will be
9.1B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 382.31M.
We will project this out 5 year(s) with a growth rate
of 0.3%.
Estimated Diluted Shares Outstanding: 388.08M.
Step 3: Project Future Stock Price
Using a price ratio of 40.21, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(9.1B ÷ 388.08M) × 40.21 =
$942
Step 4: Project Future Dividends Paid
Forward dividend per share: $4.16.
Projected over 5 years with a growth rate of
1.36%, dividends add to total shareholder return.
Expected dividends in 5 years:
$21.514429762780985.
Step 5: Discount the Projected Stock Price
Projected stock price: $942.
Including dividends, total future value: $963.51.
Discounted at 10% per
year over 5 years → Fair Value:
$598.
