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 31 Aug 2026; TTM financials updated 06 Nov 2026 12:56.
Starts from TTM through 31 Aug 2026 financials in USD and a share price of USD 115.16. Growth begins at 25.2% a year (the valuation's blended assumption) and fades to 3.3% by year 10. Margins held at EBITDA 52.6%, net 26.4%, free cash flow -40.0% of revenue. Bear and bull move starting growth by 6.0 points and long-run growth by 1 point.
Confidence: EV/EBITDA (12x) agrees; trailing-twelve-month data; free cash flow is negative, so the earnings may not be turning into cash.
| Case | Starting growth | Year 10 | Annual growth |
|---|---|---|---|
| Bear | 39.7% | USD 66.46B | 13.4% |
| Base | 45.7% | USD 89.31B | 16.8% |
| Bull | 51.7% | USD 118.85B | 20.2% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| TTM through 31 Aug 2026 | – | USD 71.78B | USD 37.72B | USD 18.92B | -USD 28.72B | 6.31 | -9.57 | 1.98 | 22.26 | 115.16 |
| Year 1 | 45.7% | USD 104.59B | USD 54.96B | USD 27.57B | -USD 41.85B | 9.19 | -13.95 | 2.88 | 28.56 | 168.90 |
| Year 2 | 34.2% | USD 140.39B | USD 73.77B | USD 37.01B | -USD 56.17B | 12.34 | -18.72 | 3.87 | 37.03 | 228.19 |
| Year 3 | 20.3% | USD 168.91B | USD 88.76B | USD 44.52B | -USD 67.58B | 14.84 | -22.53 | 4.66 | 47.21 | 276.32 |
| Year 4 | 17.9% | USD 199.10B | USD 104.63B | USD 52.48B | -USD 79.67B | 17.49 | -26.56 | 5.49 | 59.21 | 327.81 |
| Year 5 | 15.4% | USD 229.84B | USD 120.78B | USD 60.58B | -USD 91.97B | 20.19 | -30.66 | 6.34 | 73.07 | 380.84 |
| Year 6 | 13.0% | USD 259.72B | USD 136.48B | USD 68.46B | -USD 103.92B | 22.82 | -34.64 | 7.16 | 88.72 | 430.35 |
| Year 7 | 10.6% | USD 287.16B | USD 150.90B | USD 75.69B | -USD 114.90B | 25.23 | -38.30 | 7.92 | 106.03 | 475.81 |
| Year 8 | 8.1% | USD 310.49B | USD 163.16B | USD 81.84B | -USD 124.24B | 27.28 | -41.41 | 8.56 | 124.75 | 514.47 |
| Year 9 | 5.7% | USD 328.15B | USD 172.44B | USD 86.50B | -USD 131.30B | 28.83 | -43.77 | 9.05 | 144.53 | 543.73 |
| Year 10 | 3.3% | USD 338.81B | USD 178.05B | USD 89.31B | -USD 135.57B | 29.77 | -45.19 | 9.34 | 164.96 | 561.40 |
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.