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 09:57; Fiscal year 2026; Annual financials downloaded 06 Nov 2026 13:19.
Starts from Fiscal year 2026 financials in USD and a share price of USD 27.08. Growth begins at 20.3% a year (the valuation's blended assumption) and fades to 3.3% by year 10. Margins held at EBITDA 7.8%, net 5.7%, free cash flow -17.8% of revenue. Bear and bull move starting growth by 6.0 points and long-run growth by 1 point.
Confidence: EV/EBITDA (12x) agrees; annual data only; value is more than 2x the price; free cash flow is negative, so the earnings may not be turning into cash.
| Case | Starting growth | Year 10 | Annual growth |
|---|---|---|---|
| Bear | 10.3% | USD 4.67B | 7.7% |
| Base | 16.3% | USD 6.41B | 11.1% |
| Bull | 22.3% | USD 8.71B | 14.6% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| Fiscal year 2026 | – | USD 39.06B | USD 3.04B | USD 2.23B | -USD 6.97B | 3.20 | -10.00 | n/a | n/a | 27.08 |
| Year 1 | 16.3% | USD 45.41B | USD 3.53B | USD 2.59B | -USD 8.10B | 3.72 | -11.62 | n/a | n/a | 33.10 |
| Year 2 | 17.3% | USD 53.27B | USD 4.14B | USD 3.04B | -USD 9.51B | 4.36 | -13.63 | n/a | n/a | 40.74 |
| Year 3 | 16.5% | USD 62.04B | USD 4.82B | USD 3.54B | -USD 11.07B | 5.08 | -15.88 | n/a | n/a | 49.66 |
| Year 4 | 14.6% | USD 71.09B | USD 5.53B | USD 4.06B | -USD 12.69B | 5.82 | -18.20 | n/a | n/a | 59.45 |
| Year 5 | 12.7% | USD 80.12B | USD 6.23B | USD 4.57B | -USD 14.30B | 6.56 | -20.50 | n/a | n/a | 69.86 |
| Year 6 | 10.8% | USD 88.77B | USD 6.90B | USD 5.07B | -USD 15.84B | 7.27 | -22.72 | n/a | n/a | 77.41 |
| Year 7 | 8.9% | USD 96.69B | USD 7.52B | USD 5.52B | -USD 17.26B | 7.92 | -24.75 | n/a | n/a | 84.31 |
| Year 8 | 7.0% | USD 103.48B | USD 8.05B | USD 5.91B | -USD 18.47B | 8.47 | -26.49 | n/a | n/a | 90.23 |
| Year 9 | 5.1% | USD 108.80B | USD 8.46B | USD 6.21B | -USD 19.42B | 8.91 | -27.85 | n/a | n/a | 94.87 |
| Year 10 | 3.3% | USD 112.34B | USD 8.74B | USD 6.41B | -USD 20.05B | 9.20 | -28.75 | n/a | n/a | 97.95 |
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.