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 06 Nov 2026 09:56; TTM through 30 Sep 2026; TTM financials updated 06 Nov 2026 12:56.
Starts from TTM through 30 Sep 2026 financials in USD and a share price of USD 88.25. Growth begins at 9.3% a year (the valuation's blended assumption) and fades to 2.2% by year 10. Margins held at EBITDA 59.1%, net 39.9%, free cash flow -5.5% of revenue. Bear and bull move starting growth by 6.0 points and long-run growth by 1 point.
Confidence: EV/EBITDA (12x) is somewhat apart; trailing-twelve-month data; profit and cash flow steady for 3 years; value is more than 1.5x the EV/EBITDA (12x) value; free cash flow is negative, so the earnings may not be turning into cash.
| Case | Starting growth | Year 10 | Annual growth |
|---|---|---|---|
| Bear | 5.9% | USD 12.23B | 0.5% |
| Base | 11.9% | USD 17.09B | 3.9% |
| Bull | 17.9% | USD 23.59B | 7.3% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| TTM through 30 Sep 2026 | – | USD 29.14B | USD 17.22B | USD 11.64B | -USD 1.62B | 5.55 | -0.77 | 2.43 | 29.32 | 88.25 |
| Year 1 | 11.9% | USD 32.62B | USD 19.27B | USD 12.53B | -USD 1.81B | 5.97 | -0.86 | 2.61 | 32.68 | 94.34 |
| Year 2 | 10.2% | USD 35.95B | USD 21.24B | USD 13.26B | -USD 1.99B | 6.32 | -0.95 | 2.76 | 36.24 | 99.16 |
| Year 3 | 7.7% | USD 38.73B | USD 22.88B | USD 13.69B | -USD 2.15B | 6.53 | -1.02 | 2.85 | 39.91 | 101.68 |
| Year 4 | 6.9% | USD 41.41B | USD 24.47B | USD 14.01B | -USD 2.30B | 6.68 | -1.10 | 2.92 | 43.67 | 103.31 |
| Year 5 | 6.1% | USD 43.96B | USD 25.97B | USD 14.20B | -USD 2.44B | 6.77 | -1.16 | 2.96 | 47.48 | 103.97 |
| Year 6 | 5.4% | USD 46.31B | USD 27.36B | USD 14.96B | -USD 2.57B | 7.13 | -1.22 | 3.12 | 51.49 | 109.54 |
| Year 7 | 4.6% | USD 48.43B | USD 28.61B | USD 15.65B | -USD 2.69B | 7.46 | -1.28 | 3.26 | 55.69 | 114.54 |
| Year 8 | 3.8% | USD 50.26B | USD 29.69B | USD 16.24B | -USD 2.79B | 7.74 | -1.33 | 3.38 | 60.05 | 118.87 |
| Year 9 | 3.0% | USD 51.76B | USD 30.58B | USD 16.72B | -USD 2.87B | 7.97 | -1.37 | 3.49 | 64.53 | 122.42 |
| Year 10 | 2.2% | USD 52.90B | USD 31.25B | USD 17.09B | -USD 2.93B | 8.15 | -1.40 | 3.56 | 69.12 | 125.11 |
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.