# What Growth Do Today's Stock Prices Assume?

Source: https://www.equity-rank.com/priced-in

Instead of asking what a company is worth, this page asks what its share price already expects. For each of the largest companies we cover, it works backwards from today's market value to the yearly growth in free cash flow over the next ten years that would justify it. Data as of 2026-10-29. Across the 100 largest companies listed here, today's prices assume free cash flow grows a median 10.1% a year for ten years. 29 assume more than 20% a year; 34 assume less than 5%.

## How it is worked out

- Start from the last twelve months of free cash flow and the current market value.
- Discount future cash flow at the 10-year Treasury yield plus a market risk premium scaled by the stock's beta (beta capped at 1.5).
- After year ten, assume cash flow grows 2.5% a year forever.
- Search for the yearly growth rate over years one to ten that makes that value equal today's market value.

This is arithmetic under those assumptions, not a forecast. A higher rate means the price needs faster growth to hold up; a lower one means it needs little. Banks, insurers and REITs are left out, as are companies with negative free cash flow or a rate outside -20% to 80%. [Reverse DCF calculator](https://www.equity-rank.com/tools/reverse-dcf-calculator)

| Company | Market value | Price assumes, per year | FCF growth, last 3 yrs | Revenue growth, last year | FCF yield | Model gap |
| --- | --- | --- | --- | --- | --- | --- |
| [NVDA](https://www.equity-rank.com/stocks/NVDA) NVIDIA Corporation | $5.26T | **24.2%** | 193.9% | 105.9% | 1.84% | -24.7% |
| [AAPL](https://www.equity-rank.com/stocks/AAPL) Apple Inc. | $5.07T | **19.3%** | -4.0% | 16.4% | 1.95% | -26.2% |
| [MSFT](https://www.equity-rank.com/stocks/MSFT) Microsoft Corporation | $3.95T | **21.5%** | 4.0% | 17.7% | 1.70% | -17.3% |
| [GOOGL](https://www.equity-rank.com/stocks/GOOGL) Alphabet Inc Class A | $3.92T | **21.3%** | 6.9% | 24.2% | 1.87% | -35.7% |
| [AMZN](https://www.equity-rank.com/stocks/AMZN) Amazon.com Inc | $2.73T | **51.9%** | — | 19.6% | 0.28% | +14.2% |
| [AVGO](https://www.equity-rank.com/stocks/AVGO) Broadcom Inc | $1.68T | **26.0%** | 18.2% | 85.5% | 1.60% | -21.8% |
| [TSLA](https://www.equity-rank.com/stocks/TSLA) Tesla Inc | $1.61T | **47.4%** | -6.3% | -0.2% | 0.39% | -81.2% |
| [META](https://www.equity-rank.com/stocks/META) Meta Platforms Inc. | $1.59T | **15.0%** | 34.3% | 26.1% | 2.91% | -31.4% |
| [LLY](https://www.equity-rank.com/stocks/LLY) Eli Lilly and Company | $1.14T | **24.0%** | 24.9% | 47.7% | 0.78% | -48.5% |
| [MU](https://www.equity-rank.com/stocks/MU) Micron Technology Inc | $1.05T | **8.5%** | -18.8% | 379.3% | 5.61% | -20.1% |
| [WMT](https://www.equity-rank.com/stocks/WMT) Walmart Inc. | $946.7B | **16.6%** | 6.8% | 5.9% | 1.58% | -32.4% |
| [AMD](https://www.equity-rank.com/stocks/AMD) Advanced Micro Devices Inc | $914.6B | **37.6%** | 29.1% | 50.1% | 0.73% | -65.2% |
| [V](https://www.equity-rank.com/stocks/V) Visa Inc. Class A | $754.4B | **10.9%** | 3.9% | 14.4% | 2.92% | -22.7% |
| [XOM](https://www.equity-rank.com/stocks/XOM) Exxon Mobil Corp | $739.8B | **2.9%** | -26.1% | 44.1% | 3.19% | -20.3% |
| [JNJ](https://www.equity-rank.com/stocks/JNJ) Johnson & Johnson | $646.9B | **3.5%** | 4.7% | 5.9% | 3.04% | -11.5% |
| [MA](https://www.equity-rank.com/stocks/MA) Mastercard Inc | $534.2B | **10.1%** | 17.6% | 14.1% | 3.08% | -24.7% |
| [ABBV](https://www.equity-rank.com/stocks/ABBV) AbbVie Inc | $506.1B | **2.1%** | -9.8% | 10.2% | 3.34% | -18.3% |
| [PLTR](https://www.equity-rank.com/stocks/PLTR) Palantir Technologies Inc. | $477.6B | **45.4%** | 125.3% | 92.8% | 0.44% | -75.1% |
| [CVX](https://www.equity-rank.com/stocks/CVX) Chevron Corp | $447.7B | **5.2%** | -23.9% | 53.5% | 3.71% | -0.8% |
| [COST](https://www.equity-rank.com/stocks/COST) Costco Wholesale Corp | $439.6B | **16.1%** | 11.7% | 11.1% | 2.14% | -36.6% |
| [CSCO](https://www.equity-rank.com/stocks/CSCO) Cisco Systems Inc | $439.1B | **13.1%** | -12.5% | 17.6% | 2.91% | +10.7% |
| [KO](https://www.equity-rank.com/stocks/KO) The Coca-Cola Company | $392.3B | **15.1%** | -17.8% | 6.7% | 1.35% | -17.6% |
| [UNH](https://www.equity-rank.com/stocks/UNH) UnitedHealth Group Incorporated | $368.4B | **4.2%** | -11.8% | -0.4% | 4.36% | -30.2% |
| [PG](https://www.equity-rank.com/stocks/PG) Procter & Gamble Company | $366.8B | **2.1%** | 3.2% | 4.0% | 4.13% | -13.0% |
| [MRK](https://www.equity-rank.com/stocks/MRK) Merck & Company Inc | $349.9B | **2.0%** | -5.6% | 5.1% | 3.53% | -7.3% |
| [PANW](https://www.equity-rank.com/stocks/PANW) Palo Alto Networks Inc | $328.6B | **24.1%** | 16.1% | 34.5% | 1.25% | -50.3% |
| [CAT](https://www.equity-rank.com/stocks/CAT) Caterpillar Inc | $327.9B | **21.3%** | 13.0% | 24.0% | 1.30% | -24.0% |
| [DELL](https://www.equity-rank.com/stocks/DELL) Dell Technologies Inc | $319.2B | **18.6%** | 147.8% | 57.7% | 1.92% | -20.7% |
| [HD](https://www.equity-rank.com/stocks/HD) The Home Depot Inc | $317.8B | **9.2%** | 3.2% | 5.7% | 3.98% | -25.6% |
| [PM](https://www.equity-rank.com/stocks/PM) Philip Morris International Inc | $315.8B | **4.5%** | 3.1% | 5.5% | 3.65% | -49.5% |
| [AMAT](https://www.equity-rank.com/stocks/AMAT) Applied Materials Inc | $314.2B | **24.5%** | 7.3% | 24.8% | 1.81% | -18.7% |
| [GE](https://www.equity-rank.com/stocks/GE) GE Aerospace | $308.8B | **19.7%** | 15.3% | 15.9% | 2.35% | -27.3% |
| [LRCX](https://www.equity-rank.com/stocks/LRCX) Lam Research Corp | $301.4B | **26.1%** | 1.5% | 54.4% | 1.62% | -7.0% |
| [NVS](https://www.equity-rank.com/stocks/NVS) Novartis AG ADR | $298.1B | **-0.7%** | 15.2% | 4.7% | 5.93% | +7.1% |
| [SHEL](https://www.equity-rank.com/stocks/SHEL) Shell PLC ADR | $297.6B | **0.2%** | -19.5% | 44.7% | 8.04% | +47.1% |
| [TXN](https://www.equity-rank.com/stocks/TXN) Texas Instruments Incorporated | $282.4B | **32.7%** | -24.0% | 27.7% | 0.92% | -52.0% |
| [CRWD](https://www.equity-rank.com/stocks/CRWD) Crowdstrike Holdings Inc | $274.4B | **40.9%** | 24.8% | 25.8% | 0.48% | -70.8% |
| [AZN](https://www.equity-rank.com/stocks/AZN) AstraZeneca PLC | $263.8B | **3.1%** | 6.2% | 6.4% | 3.29% | +6.6% |
| [RTX](https://www.equity-rank.com/stocks/RTX) RTX Corporation | $262.6B | **5.9%** | 19.2% | 11.1% | 2.84% | -2.9% |
| [NFLX](https://www.equity-rank.com/stocks/NFLX) Netflix Inc | $260.3B | **14.6%** | 80.1% | 11.8% | 3.63% | +7.6% |
| [TMO](https://www.equity-rank.com/stocks/TMO) Thermo Fisher Scientific Inc | $256.2B | **14.4%** | -3.1% | 9.1% | 2.46% | -24.1% |
| [AMGN](https://www.equity-rank.com/stocks/AMGN) Amgen Inc | $242.2B | **5.2%** | -2.7% | 9.5% | 3.34% | -1.6% |
| [ARM](https://www.equity-rank.com/stocks/ARM) Arm Holdings plc American Depositary Shares | $242.0B | **47.1%** | 14.9% | 22.4% | 0.40% | -82.8% |
| [GEV](https://www.equity-rank.com/stocks/GEV) GE Vernova LLC | $238.4B | **21.4%** | — | 21.9% | 1.56% | -64.4% |
| [IBM](https://www.equity-rank.com/stocks/IBM) International Business Machines | $236.5B | **3.3%** | 12.2% | 4.7% | 5.12% | -44.9% |
| [ANET](https://www.equity-rank.com/stocks/ANET) Arista Networks | $235.8B | **24.8%** | 111.7% | 37.7% | 1.80% | -55.3% |
| [LIN](https://www.equity-rank.com/stocks/LIN) Linde plc Ordinary Shares | $234.5B | **14.2%** | -3.7% | 9.3% | 2.17% | -34.6% |
| [MRVL](https://www.equity-rank.com/stocks/MRVL) Marvell Technology Group Ltd | $218.9B | **39.9%** | 9.2% | 36.5% | 0.64% | -55.7% |
| [SHOP](https://www.equity-rank.com/stocks/SHOP) Shopify Inc | $215.2B | **34.3%** | — | 33.7% | 0.93% | -70.0% |
| [BHP](https://www.equity-rank.com/stocks/BHP) BHP Group Limited | $209.9B | **3.6%** | -0.1% | 18.3% | 5.68% | +1.1% |
| [ADI](https://www.equity-rank.com/stocks/ADI) Analog Devices Inc | $206.1B | **20.2%** | 4.2% | 39.6% | 2.08% | -34.6% |
| [TTE](https://www.equity-rank.com/stocks/TTE) TotalEnergies SE ADR | $203.6B | **7.6%** | -32.7% | 27.8% | 5.31% | +22.0% |
| [KLAC](https://www.equity-rank.com/stocks/KLAC) KLA Corporation | $200.5B | **23.6%** | 4.2% | 15.2% | 1.88% | -36.9% |
| [CRM](https://www.equity-rank.com/stocks/CRM) Salesforce.com Inc | $198.3B | **3.1%** | 31.6% | 10.8% | 7.26% | +32.6% |
| [GILD](https://www.equity-rank.com/stocks/GILD) Gilead Sciences Inc | $197.3B | **-0.1%** | 4.3% | 10.2% | 4.79% | -8.2% |
| [QCOM](https://www.equity-rank.com/stocks/QCOM) Qualcomm Incorporated | $195.4B | **6.4%** | 23.3% | -4.0% | 6.56% | +13.5% |
| [APH](https://www.equity-rank.com/stocks/APH) Amphenol Corporation | $192.9B | **19.0%** | 34.7% | 55.0% | 2.27% | -42.3% |
| [DIS](https://www.equity-rank.com/stocks/DIS) Walt Disney Company | $190.3B | **8.8%** | 111.4% | 6.8% | 5.29% | +21.5% |
| [SNDK](https://www.equity-rank.com/stocks/SNDK) Sandisk Corp | $188.6B | **3.9%** | — | 371.6% | 3.80% | +0.3% |
| [VZ](https://www.equity-rank.com/stocks/VZ) Verizon Communications Inc | $182.1B | **-11.0%** | 23.7% | 1.5% | 10.81% | +18.7% |
| [PEP](https://www.equity-rank.com/stocks/PEP) PepsiCo Inc | $181.9B | **1.8%** | 11.0% | 5.6% | 4.22% | +30.1% |
| [ABT](https://www.equity-rank.com/stocks/ABT) Abbott Laboratories | $178.4B | **4.5%** | -1.8% | 14.5% | 4.15% | -22.3% |
| [UNP](https://www.equity-rank.com/stocks/UNP) Union Pacific Corporation | $178.2B | **12.2%** | -1.4% | 15.3% | 3.09% | -24.1% |
| [COP](https://www.equity-rank.com/stocks/COP) ConocoPhillips | $177.7B | **0.8%** | -26.4% | 35.5% | 4.07% | -7.8% |
| [MCD](https://www.equity-rank.com/stocks/MCD) McDonald’s Corporation | $177.3B | **3.2%** | 9.4% | 3.7% | 3.53% | -9.0% |
| [NEE](https://www.equity-rank.com/stocks/NEE) Nextera Energy Inc | $172.9B | **15.4%** | — | 1.6% | 1.86% | -33.0% |
| [DE](https://www.equity-rank.com/stocks/DE) Deere & Company | $172.4B | **18.0%** | 52.5% | 4.9% | 1.87% | -22.2% |
| [PFE](https://www.equity-rank.com/stocks/PFE) Pfizer Inc | $169.9B | **-2.2%** | -29.6% | 2.6% | 5.34% | +4.6% |
| [SCCO](https://www.equity-rank.com/stocks/SCCO) Southern Copper Corporation | $164.2B | **20.2%** | 22.7% | 39.1% | 2.09% | -45.9% |
| [DHR](https://www.equity-rank.com/stocks/DHR) Danaher Corporation | $163.1B | **10.1%** | -10.6% | 8.3% | 3.23% | -11.1% |
| [BUD](https://www.equity-rank.com/stocks/BUD) Anheuser Busch Inbev NV ADR | $160.2B | **0.5%** | 11.4% | 11.0% | 7.03% | +6.6% |
| [NOW](https://www.equity-rank.com/stocks/NOW) ServiceNow Inc | $160.0B | **13.5%** | 28.2% | 24.0% | 2.86% | -17.1% |
| [ISRG](https://www.equity-rank.com/stocks/ISRG) Intuitive Surgical Inc | $157.5B | **26.2%** | 37.5% | 21.7% | 1.58% | -35.4% |
| [TMUS](https://www.equity-rank.com/stocks/TMUS) T-Mobile US Inc | $157.5B | **-10.9%** | — | 7.9% | 11.43% | -10.8% |
| [TJX](https://www.equity-rank.com/stocks/TJX) The TJX Companies Inc | $154.2B | **7.6%** | 23.2% | 5.4% | 3.19% | -11.0% |
| [STX](https://www.equity-rank.com/stocks/STX) Seagate Technology PLC | $151.9B | **22.9%** | 70.5% | 48.5% | 2.04% | -43.2% |
| [ETN](https://www.equity-rank.com/stocks/ETN) Eaton Corporation PLC | $149.2B | **17.4%** | 22.4% | 21.4% | 2.38% | -17.1% |
| [ACN](https://www.equity-rank.com/stocks/ACN) Accenture plc | $148.9B | **1.1%** | 8.9% | 6.2% | 7.80% | -32.9% |
| [LMT](https://www.equity-rank.com/stocks/LMT) Lockheed Martin Corporation | $145.5B | **-3.1%** | 4.0% | 11.3% | 4.75% | -8.5% |
| [WDC](https://www.equity-rank.com/stocks/WDC) Western Digital Corporation | $142.6B | **20.2%** | 18.4% | 55.5% | 2.46% | -49.7% |
| [T](https://www.equity-rank.com/stocks/T) AT&T Inc. | $141.1B | **-12.1%** | 16.2% | 5.3% | 13.78% | +35.9% |
| [RIO](https://www.equity-rank.com/stocks/RIO) Rio Tinto ADR | $139.4B | **8.3%** | -19.9% | 15.5% | 3.46% | +15.3% |
| [FTNT](https://www.equity-rank.com/stocks/FTNT) Fortinet Inc | $135.7B | **21.8%** | 15.4% | 25.6% | 1.64% | -19.8% |
| [UBER](https://www.equity-rank.com/stocks/UBER) Uber Technologies Inc | $134.4B | **3.2%** | 192.5% | 12.2% | 7.27% | -14.2% |
| [SPGI](https://www.equity-rank.com/stocks/SPGI) S&P Global Inc | $132.3B | **9.6%** | 29.5% | -5.4% | 4.12% | -14.6% |
| [VRTX](https://www.equity-rank.com/stocks/VRTX) Vertex Pharmaceuticals Inc | $132.1B | **7.6%** | -6.6% | 12.5% | 2.42% | -12.5% |
| [MPC](https://www.equity-rank.com/stocks/MPC) Marathon Petroleum Corp | $127.3B | **5.6%** | -30.1% | 53.7% | 3.75% | -4.9% |
| [BP](https://www.equity-rank.com/stocks/BP) BP PLC ADR | $126.0B | **-1.4%** | -26.9% | 48.2% | 8.94% | +22.7% |
| [BMY](https://www.equity-rank.com/stocks/BMY) Bristol-Myers Squibb Company | $125.7B | **-10.9%** | 2.4% | 5.7% | 10.22% | +59.4% |
| [MO](https://www.equity-rank.com/stocks/MO) Altria Group | $122.7B | **-3.9%** | 4.1% | 1.2% | 5.88% | -17.3% |
| [MDT](https://www.equity-rank.com/stocks/MDT) Medtronic PLC | $120.2B | **3.3%** | 5.8% | 13.7% | 4.52% | +34.7% |
| [SNOW](https://www.equity-rank.com/stocks/SNOW) Snowflake Inc. | $119.0B | **32.6%** | 31.2% | 35.1% | 0.94% | -81.0% |
| [NEM](https://www.equity-rank.com/stocks/NEM) Newmont Goldcorp Corp | $118.4B | **-0.8%** | 88.5% | 15.2% | 6.17% | +1.3% |
| [SBUX](https://www.equity-rank.com/stocks/SBUX) Starbucks Corporation | $117.5B | **17.7%** | -1.5% | -1.4% | 2.61% | -48.0% |
| [NET](https://www.equity-rank.com/stocks/NET) Cloudflare Inc | $116.7B | **56.8%** | — | 35.9% | 0.22% | -78.9% |
| [CVS](https://www.equity-rank.com/stocks/CVS) CVS Health Corp | $116.6B | **-1.3%** | -16.6% | 7.1% | 6.70% | -3.7% |
| [SYK](https://www.equity-rank.com/stocks/SYK) Stryker Corporation | $115.6B | **8.1%** | 28.1% | 9.4% | 3.70% | -2.4% |
| [PH](https://www.equity-rank.com/stocks/PH) Parker-Hannifin Corporation | $113.6B | **12.3%** | 14.5% | 9.8% | 3.44% | -9.5% |
| [ADP](https://www.equity-rank.com/stocks/ADP) Automatic Data Processing Inc | $113.1B | **5.8%** | 13.0% | 6.8% | 4.64% | -4.0% |
| [MCK](https://www.equity-rank.com/stocks/MCK) McKesson Corporation | $112.7B | **-0.5%** | 5.5% | 7.7% | 6.07% | -31.8% |

Largest companies first; one row per company. Model gap = model fair value differential versus the current price, shown for context. [Classic investor screens](https://www.equity-rank.com/screens)

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Fair value is a model estimate under stated assumptions — not a price target, not a prediction, and not a recommendation. This page is research information, not investment advice. Equity Rank is not a registered investment adviser.