Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
29.12B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
41.81%.
Starting with 29.12B and growing at 41.81%
for 5 years, we estimate Free Cash Flow will be
167.02B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 4.26B.
We will project this out 5 year(s) with a growth rate
of 0.13%.
Estimated Diluted Shares Outstanding: 4.29B.
Step 3: Project Future Stock Price
Using a price ratio of 6.8, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(167.02B ÷ 4.29B) × 6.8 =
$264
Step 4: Project Future Dividends Paid
Forward dividend per share: $4.91.
Projected over 5 years with a growth rate of
-3.12%, dividends add to total shareholder return.
Expected dividends in 5 years:
$22.67967473763043.
Step 5: Discount the Projected Stock Price
Projected stock price: $264.
Including dividends, total future value: $286.68.
Discounted at 10% per
year over 5 years → Fair Value:
$178.
