Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
4.04B
as of Aug 2, 2025.
We will project this out 5 years with a yearly growth
rate of
8.1%.
Starting with 4.04B and growing at 8.1%
for 5 years, we estimate Free Cash Flow will be
5.97B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.11B.
We will project this out 5 year(s) with a growth rate
of -1.42%.
Estimated Diluted Shares Outstanding: 1.04B.
Step 3: Project Future Stock Price
Using a price ratio of 36.88, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(5.97B ÷ 1.04B) × 36.88 =
$212
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.02.
Projected over 5 years with a growth rate of
48.30%, dividends add to total shareholder return.
Expected dividends in 5 years:
$27.050434871311488.
Step 5: Discount the Projected Stock Price
Projected stock price: $212.
Including dividends, total future value: $239.05.
Discounted at 10% per
year over 5 years → Fair Value:
$148.
