Project revenue, EBITDA, net income and free cash flow for the next 5 or 10 years. Growth starts at the same rate the valuation uses and fades to the long-run rate, with margins held at today's level. Bear and bull cases move growth by the company's own revenue volatility. It is a model of what the assumptions imply, not a prediction.
Price updated 07 Nov 2026 00:03; Fiscal year 2025; Annual financials downloaded 07 Nov 2026 00:03.
Starts from Fiscal year 2025 financials in USD and a share price of USD 570.89. Growth begins at 3.0% a year (capped from 9.7% because the latest annual revenue declined) and fades to 2.4% by year 10. Margins held at EBITDA n/a, net 18.0%, free cash flow 6.7% of revenue. Bear and bull move starting growth by 6.0 points and long-run growth by 1 point.
Confidence: Earnings-based DCF is somewhat apart; annual data only; profit and cash flow steady for 3 years; value is more than 2x the price; investment holding company: value is its net assets less a typical discount, and book value is only a proxy for what its stakes are worth.
| Case | Starting growth | Year 10 | Annual growth |
|---|---|---|---|
| Bear | 2.4% | USD 24.99B | 0.0% |
| Base | 8.4% | USD 35.32B | 3.5% |
| Bull | 14.4% | USD 49.24B | 7.0% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| Fiscal year 2025 | – | USD 371.44B | – | USD 66.97B | USD 25.04B | 71,130.48 | 26,598.52 | n/a | n/a | 570.89 |
| Year 1 | 8.4% | USD 402.72B | – | USD 69.80B | USD 27.15B | 74,135.60 | 28,838.11 | n/a | n/a | 20,790.91 |
| Year 2 | 5.7% | USD 425.58B | – | USD 70.79B | USD 28.69B | 75,190.56 | 30,475.16 | n/a | n/a | 41,570.06 |
| Year 3 | 2.9% | USD 437.78B | – | USD 69.77B | USD 29.51B | 74,102.16 | 31,348.78 | n/a | n/a | 61,155.12 |
| Year 4 | 2.8% | USD 450.04B | – | USD 68.58B | USD 30.34B | 72,842.32 | 32,226.54 | n/a | n/a | 79,958.99 |
| Year 5 | 2.7% | USD 462.34B | – | USD 67.23B | USD 31.17B | 71,407.50 | 33,107.40 | n/a | n/a | 97,836.71 |
| Year 6 | 2.7% | USD 474.67B | – | USD 69.02B | USD 32.00B | 73,311.70 | 33,990.27 | n/a | n/a | 100,445.69 |
| Year 7 | 2.6% | USD 487.01B | – | USD 70.82B | USD 32.83B | 75,217.81 | 34,874.01 | n/a | n/a | 103,057.28 |
| Year 8 | 2.5% | USD 499.35B | – | USD 72.61B | USD 33.66B | 77,123.33 | 35,757.49 | n/a | n/a | 105,668.06 |
| Year 9 | 2.5% | USD 511.66B | – | USD 74.40B | USD 34.50B | 79,025.70 | 36,639.51 | n/a | n/a | 108,274.54 |
| Year 10 | 2.4% | USD 523.94B | – | USD 76.19B | USD 35.32B | 80,922.32 | 37,518.86 | n/a | n/a | 110,873.13 |
EPS and free cash flow per share assume today's share count. Dividends assume today's payout ratio and book value grows with retained earnings. The implied share price follows the valuation models and is not a price target; override growth settings do not change the model fair value. Margins stay at today's level except where the notes say they drift toward their average, so it does not model margin expansion, buybacks, acquisitions or recessions. It is for information and education only and is not investment advice. See the methodology for how the growth rate is blended.