Market-Implied DCF · META
Market-Implied DCF — full build
The full reverse-DCF build behind the current price: per-year projection, line-item growth ranges, raw model inputs, and the historical UFCF that seeds it.
Implied FCF growth
15.12%
WACC
10.71%
Terminal growth
2.50%
Total EV (PV)
$1441.40B
A · Projection & terminal value
Per-year unlevered FCF, discount factors, and the terminal-value bridge
| Year | Projected UFCF | Discount factor | Discounted UFCF |
|---|---|---|---|
| 1 | $49.26B | 1.1071 | $44.49B |
| 2 | $56.70B | 1.2257 | $46.26B |
| 3 | $65.27B | 1.3571 | $48.10B |
| 4 | $75.14B | 1.5024 | $50.01B |
| 5 | $86.50B | 1.6634 | $52.00B |
| 6 | $99.57B | 1.8416 | $54.07B |
| 7 | $114.62B | 2.0389 | $56.22B |
| 8 | $131.95B | 2.2573 | $58.45B |
| 9 | $151.89B | 2.4992 | $60.78B |
| 10 | $174.85B | 2.7669 | $63.19B |
| Terminal FCF | $206.31B | ||
| Terminal value | $2511.91B | ||
| Discounted terminal value | $907.83B | ||
| Total enterprise value (PV) | $1441.40B | ||
| Enterprise value anchor | $1441.38B | ||
B · Line-item growth ranges
Low / mid / high annual growth implied for each line item
| Line item | Low % | Mid % | High % |
|---|---|---|---|
| Revenue | 9.9% | 21.1% | 25.1% |
| Cost of revenue | 8.7% | 16.6% | 23.8% |
| Operating expense | 6.7% | 16.4% | 35.2% |
| D&A | 16.3% | 20.4% | 33.5% |
| Capex | 16.8% | 36.6% | 73.3% |
C · Raw model inputs
Baseline model assumptions
WACC
10.71%
Terminal growth
2.50%
Cost of equity
11.28%
Cost of debt
2.00%
Risk-free rate
4.40%
Effective tax rate
16.41%
Beta
1.23
Projection years
—
Shares outstanding
2538423303
Market cap
$1378.03B
Enterprise value (anchor)
$1441.38B
Total debt
$86.77B
Cash & equivalents
$23.43B
Preferred stock
$0.00
Minority interest
$0.00
Weight · equity
94.1%
Weight · debt
5.9%
Weight · preferred
0.0%
D · Historical UFCF (quarterly)
Statement-built unlevered free cash flow by quarter
| Period | Revenue | Cost of revenue | Operating expense | EBIT | D&A | Capex | UFCF |
|---|---|---|---|---|---|---|---|
| 2020Q2 | $18.69B | $3.83B | $8.89B | $5.96B | $1.70B | $3.25B | $429.5M |
| 2020Q3 | $21.47B | $4.19B | $9.24B | $8.04B | $1.70B | $3.69B | $5.01B |
| 2020Q4 | $28.07B | $5.21B | $10.09B | $12.78B | $1.86B | $4.61B | $8.89B |
| 2021Q1 | $26.17B | $5.13B | $9.66B | $11.38B | $1.97B | $4.27B | $7.98B |
| 2021Q2 | $29.08B | $5.40B | $11.31B | $12.37B | $1.99B | $4.61B | $8.58B |
| 2021Q3 | $29.01B | $5.77B | $12.82B | $10.42B | $2.00B | $4.31B | $9.30B |
| 2021Q4 | $33.67B | $6.35B | $14.74B | $12.59B | $2.01B | $5.37B | $12.97B |
| 2022Q1 | $27.91B | $6.00B | $13.38B | $8.52B | $2.16B | $5.44B | $8.30B |
| 2022Q2 | $28.82B | $5.19B | $15.27B | $8.36B | $1.98B | $7.57B | $4.92B |
| 2022Q3 | $27.71B | $5.72B | $16.33B | $5.66B | $2.17B | $9.38B | $655.5M |
| 2022Q4 | $32.16B | $8.34B | $17.43B | $6.40B | $2.38B | $9.04B | $6.16B |
| 2023Q1 | $28.64B | $6.11B | $15.31B | $7.23B | $2.52B | $6.84B | $7.49B |
| 2023Q2 | $32.00B | $5.95B | $16.66B | $9.39B | $2.62B | $6.22B | $11.16B |
| 2023Q3 | $34.15B | $6.21B | $14.19B | $13.75B | $2.86B | $6.54B | $13.77B |
| 2023Q4 | $40.11B | $7.70B | $16.03B | $16.38B | $3.17B | $7.67B | $11.42B |
| 2024Q1 | $36.45B | $6.64B | $16.00B | $13.82B | $3.37B | $6.40B | $12.03B |
| 2024Q2 | $39.07B | $7.31B | $16.92B | $14.85B | $3.64B | $8.17B | $10.14B |
| 2024Q3 | $40.59B | $7.38B | $15.86B | $17.35B | $4.03B | $8.26B | $15.28B |
| 2024Q4 | $48.38B | $8.84B | $16.18B | $23.36B | $4.46B | $14.43B | $12.25B |
| 2025Q1 | $42.31B | $7.57B | $17.19B | $17.55B | $3.90B | $12.94B | $9.12B |
| 2025Q2 | $47.52B | $8.49B | $18.58B | $20.44B | $4.34B | $16.54B | $7.77B |
| 2025Q3 | $51.24B | $9.21B | $21.50B | $20.54B | $4.96B | $18.83B | $25.63B |
| 2025Q4 | $59.89B | $10.91B | $24.24B | $24.75B | $5.41B | $21.38B | $12.75B |
| 2026Q1 | $56.31B | $10.22B | $23.22B | $22.87B | $6.00B | $19.00B | $5.57B |