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 09:55; TTM through 31 Aug 2026; TTM financials updated 06 Nov 2026 12:42.
Starts from TTM through 31 Aug 2026 financials in USD and a share price of USD 265.16. Growth begins at 5.9% a year (the valuation's blended assumption) and fades to 3.3% by year 10. Margins held at EBITDA 17.9%, net 11.3%, free cash flow 15.7% 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; trailing-twelve-month data; profit and cash flow steady for 3 years; value is more than 1.5x the Earnings-based DCF value.
| Case | Starting growth | Year 10 | Annual growth |
|---|---|---|---|
| Bear | -0.9% | USD 12.73B | 0.9% |
| Base | 5.1% | USD 17.95B | 4.4% |
| Bull | 11.1% | USD 24.98B | 8.0% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| TTM through 31 Aug 2026 | – | USD 74.18B | USD 13.28B | USD 8.40B | USD 11.62B | 13.88 | 19.20 | 6.58 | 52.15 | 265.16 |
| Year 1 | 5.1% | USD 77.95B | USD 13.95B | USD 8.83B | USD 12.21B | 14.58 | 20.17 | 6.92 | 59.82 | 278.71 |
| Year 2 | 5.3% | USD 82.10B | USD 14.69B | USD 9.30B | USD 12.86B | 15.36 | 21.25 | 7.29 | 67.89 | 293.62 |
| Year 3 | 5.3% | USD 86.43B | USD 15.47B | USD 9.79B | USD 13.54B | 16.17 | 22.37 | 7.67 | 76.39 | 309.19 |
| Year 4 | 5.0% | USD 90.73B | USD 16.24B | USD 10.28B | USD 14.21B | 16.98 | 23.48 | 8.05 | 85.32 | 324.69 |
| Year 5 | 4.7% | USD 94.99B | USD 17.00B | USD 10.76B | USD 14.88B | 17.77 | 24.58 | 8.43 | 94.66 | 340.04 |
| Year 6 | 4.4% | USD 99.18B | USD 17.75B | USD 11.23B | USD 15.54B | 18.56 | 25.67 | 8.80 | 104.41 | 355.02 |
| Year 7 | 4.1% | USD 103.26B | USD 18.48B | USD 11.69B | USD 16.18B | 19.32 | 26.72 | 9.17 | 114.57 | 369.63 |
| Year 8 | 3.8% | USD 107.21B | USD 19.19B | USD 12.14B | USD 16.79B | 20.06 | 27.75 | 9.52 | 125.11 | 383.78 |
| Year 9 | 3.5% | USD 111.01B | USD 19.87B | USD 12.57B | USD 17.39B | 20.77 | 28.73 | 9.85 | 136.03 | 397.36 |
| Year 10 | 3.3% | USD 114.62B | USD 20.51B | USD 12.98B | USD 17.95B | 21.44 | 29.66 | 10.17 | 147.30 | 410.27 |
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.