Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.78B
as of Jun 28, 2025.
We will project this out 5 years with a yearly growth
rate of
14.67%.
Starting with 1.78B and growing at 14.67%
for 5 years, we estimate Free Cash Flow will be
3.53B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 488.14M.
We will project this out 5 year(s) with a growth rate
of -0.96%.
Estimated Diluted Shares Outstanding: 465.16M.
Step 3: Project Future Stock Price
Using a price ratio of 28.81, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(3.53B ÷ 465.16M) × 28.81 =
$218
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.61.
Projected over 5 years with a growth rate of
3.13%, dividends add to total shareholder return.
Expected dividends in 5 years:
$14.095258857789727.
Step 5: Discount the Projected Stock Price
Projected stock price: $218.
Including dividends, total future value: $232.1.
Discounted at 10% per
year over 5 years → Fair Value:
$144.
