Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
6.17B
as of Jun 28, 2025.
We will project this out 5 years with a yearly growth
rate of
12.42%.
Starting with 6.17B and growing at 12.42%
for 5 years, we estimate Free Cash Flow will be
11.08B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 377.61M.
We will project this out 5 year(s) with a growth rate
of -1.01%.
Estimated Diluted Shares Outstanding: 358.92M.
Step 3: Project Future Stock Price
Using a price ratio of 30, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(11.08B ÷ 358.92M) × 30 =
$926
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.68.
Projected over 5 years with a growth rate of
7.95%, dividends add to total shareholder return.
Expected dividends in 5 years:
$10.170350090179202.
Step 5: Discount the Projected Stock Price
Projected stock price: $926.
Including dividends, total future value: $936.17.
Discounted at 10% per
year over 5 years → Fair Value:
$581.
