Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.58B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
56.62%.
Starting with 1.58B and growing at 56.62%
for 5 years, we estimate Free Cash Flow will be
14.91B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 381.33M.
We will project this out 5 year(s) with a growth rate
of -1.66%.
Estimated Diluted Shares Outstanding: 350.71M.
Step 3: Project Future Stock Price
Using a price ratio of 8.97, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(14.91B ÷ 350.71M) × 8.97 =
$381
Step 4: Project Future Dividends Paid
Forward dividend per share: $4.45.
Projected over 5 years with a growth rate of
11.63%, dividends add to total shareholder return.
Expected dividends in 5 years:
$29.294246196965155.
Step 5: Discount the Projected Stock Price
Projected stock price: $381.
Including dividends, total future value: $410.29.
Discounted at 10% per
year over 5 years → Fair Value:
$254.
