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Implied growth: what the price demands from the largest stocks

Instead of asking what a stock is worth, we invert the calculation: what annual free-cash-flow growth must a company deliver for five years (then slowing evenly to 2 %) so that today's price is fair? Same discount rate and same terminal value as the fair-value model, solved for growth.

As of October 21, 2026 · 351 of the largest stocks with positive free cash flow · updated daily

+14.9 %median implied growth p.a.
165stocks require at least 15 % p.a.
49stocks are fair or cheap even with shrinking cash flow
2prices beyond any cash-flow model (over 80 % p.a. needed)

Ranking

Sorted by implied growth. For comparison the actual revenue growth of the last five years and the sector median revenue growth.

#StockSectorImplied p.a.Achieved (5y)Sector medianFCF yieldDiscount rate
1Micron Technology Inc MUInformation Technology over 80 % +11.8 %+10.7 % +0.16 %10.9 %
2Natera Inc NTRAHealth Care over 80 % +42.6 %+5.6 % +0.19 %10.5 %
3Samsung Electro-Mechanics 009150Information Technology +78.5 % +6.6 %+10.7 % +0.28 %12.1 %
4SK Square Co Ltd 402340Information Technology +72.3 % +73.8 %+10.7 % +0.36 %12.1 %
5Cloudflare Inc NETInformation Technology +70.6 % +38.1 %+10.7 % +0.31 %10.7 %
6Amazon.com Inc AMZNConsumer Discretionary +70.0 % +13.2 %+4.3 % +0.27 %9.7 %
7Arm Holdings plc American Depositary Shares ARMInformation Technology +64.5 % +19.4 %+10.7 % +0.41 %10.9 %
8Delta Electronics (Thailand) Public Company Limited DELTAInformation Technology +63.5 % +25.7 %+10.7 % +0.40 %10.4 %
9Palantir Technologies Inc. PLTRInformation Technology +60.9 % +32.6 %+10.7 % +0.42 %10.1 %
10Astera Labs, Inc. ALABInformation Technology +60.2 % +120.2 %+10.7 % +0.54 %11.5 %
11Tesla Inc TSLAConsumer Discretionary +60.1 % +24.6 %+4.3 % +0.47 %10.6 %
12Lumentum Holdings Inc LITEInformation Technology +59.0 % +12.0 %+10.7 % +0.49 %10.5 %
13Marvell Technology Group Ltd MRVLInformation Technology +54.1 % +22.5 %+10.7 % +0.67 %10.9 %
14Hewlett Packard Enterprise Co HPEInformation Technology +52.5 % +4.9 %+10.7 % +0.77 %10.3 %
15Advanced Micro Devices Inc AMDInformation Technology +50.8 % +28.8 %+10.7 % +0.76 %10.9 %
16United Rentals Inc URIIndustrials +49.6 % +13.6 %+7.5 % +1.00 %11.1 %
17Iberdrola S.A. IBEUtilities +48.9 % +6.6 %+3.7 % +0.85 %9.2 %
18Teradyne Inc TERInformation Technology +48.9 % +0.4 %+10.7 % +0.85 %11.0 %
19Shopify Inc SHOPInformation Technology +47.0 % +31.6 %+10.7 % +0.89 %10.9 %
20Targa Resources Inc TRGPEnergy +43.5 % +15.7 %+12.5 % +0.93 %8.6 %
21Shandong Zhongji Electrical Equipment Co Ltd 300308Industrials +43.0 % +40.2 %+7.5 % +1.14 %11.2 %
22Johnson Controls International PLC JCIIndustrials +42.6 % +1.1 %+7.5 % +1.06 %9.9 %
23Monolithic Power Systems Inc MPWRInformation Technology +42.4 % +27.0 %+10.7 % +1.08 %10.8 %
24Wheaton Precious Metals Corp WPMMaterials +42.3 % +16.5 %+9.3 % +0.96 %9.9 %
25Freeport-McMoran Copper & Gold Inc FCXMaterials +41.4 % +13.2 %+9.3 % +1.12 %10.2 %
26Datadog Inc DDOGInformation Technology +41.3 % +41.5 %+10.7 % +1.06 %10.4 %
27Snowflake Inc. SNOWInformation Technology +40.8 % +51.2 %+10.7 % +1.04 %10.0 %
28Texas Instruments Incorporated TXNInformation Technology +40.5 % +4.1 %+10.7 % +1.02 %9.5 %
29Royal Caribbean Cruises Ltd RCLConsumer Discretionary +40.2 % +52.0 %+4.3 % +1.59 %11.0 %
30Delta Electronics Inc 2308Information Technology +39.8 % +14.5 %+10.7 % +1.26 %11.0 %
31Williams Companies Inc WMBEnergy +38.9 % +9.1 %+12.5 % +1.17 %8.4 %
32Eli Lilly and Company LLYHealth Care +38.8 % +21.6 %+5.6 % +0.78 %7.6 %
33Corning Incorporated GLWInformation Technology +37.4 % +6.7 %+10.7 % +1.22 %9.5 %
34Toyota Motor Corporation ADR TMConsumer Discretionary +36.9 % +13.2 %+4.3 % +1.46 %7.6 %
35Lam Research Corp LRCXInformation Technology +35.7 % +9.7 %+10.7 % +1.47 %10.6 %
36Advantest Corp DRC ATEYYInformation Technology +35.5 % +30.8 %+10.7 % +1.28 %9.7 %
37Robinhood Markets Inc HOODFinancials +34.5 % +36.1 %+9.3 % +1.81 %11.5 %
38Blackstone Group Inc BXFinancials +34.5 % +20.7 %+9.3 % +2.02 %10.6 %
39Constellation Energy Corp CEGUtilities +34.4 % +7.7 %+3.7 % +1.41 %9.5 %
40Synopsys Inc SNPSInformation Technology +34.3 % +13.9 %+10.7 % +1.57 %9.8 %
41Intesa Sanpaolo SpA ISPFinancials +34.3 % +7.5 %+9.3 % +6.04 %11.0 %
42Carvana Co CVNAConsumer Discretionary +33.5 % +29.5 %+4.3 % +1.99 %11.5 %
43Intuitive Surgical Inc ISRGHealth Care +32.6 % +18.2 %+5.6 % +1.59 %10.3 %
443M Company MMMIndustrials +32.5 % -5.0 %+7.5 % +1.54 %9.4 %
45Seagate Technology PLC STXInformation Technology +32.4 % +2.7 %+10.7 % +2.01 %11.5 %
46NVIDIA Corporation NVDAInformation Technology +32.2 % +66.9 %+10.7 % +1.82 %10.9 %
47Nextera Energy Inc NEEUtilities +31.9 % +8.8 %+3.7 % +1.95 %8.4 %
48Infineon Technologies AG IFXInformation Technology +31.7 % +11.4 %+10.7 % +2.07 %11.1 %
49Bank of Nova Scotia BNSFinancials +31.6 % +18.5 %+9.3 % +4.40 %9.7 %
50CSX Corporation CSXIndustrials +31.5 % +5.9 %+7.5 % +1.91 %9.7 %
51Broadcom Inc AVGOInformation Technology +31.4 % +21.7 %+10.7 % +1.65 %9.7 %
52Canadian Pacific Kansas City Limited CPIndustrials +31.4 % +14.4 %+7.5 % +1.93 %9.7 %
53Deere & Company DEIndustrials +31.0 % +5.2 %+7.5 % +1.89 %8.9 %
54Howmet Aerospace Inc HWMIndustrials +30.8 % +9.4 %+7.5 % +1.68 %9.7 %
55Vale S.A. VALE3Materials +30.5 % -0.3 %+9.3 % +5.60 %11.4 %
56UniCredit S.p.A. UCGFinancials +30.4 % +6.3 %+9.3 % +6.43 %11.6 %
57Quanta Services Inc PWRIndustrials +30.3 % +20.4 %+7.5 % +1.78 %9.7 %
58Applied Materials Inc AMATInformation Technology +30.3 % +10.5 %+10.7 % +1.76 %10.0 %
59argenx NV ADR ARGXHealth Care +29.9 % +151.5 %+5.6 % +1.47 %9.2 %
60Investor AB ser. B INVE-BIndustrials +29.9 % +20.2 %+7.5 % +1.50 %8.5 %
61MediaTek Inc 2454Information Technology +29.8 % +13.1 %+10.7 % +2.16 %11.5 %
62BlackRock Inc BLKFinancials +29.7 % +8.4 %+9.3 % +1.91 %10.2 %
63Taiwan Semiconductor Manufacturing Co. Ltd. 2330Information Technology +29.6 % +23.3 %+10.7 % +1.73 %9.9 %
64KLA Corporation KLACInformation Technology +29.5 % +14.4 %+10.7 % +1.76 %9.7 %
65The Coca-Cola Company KOConsumer Staples +29.4 % +7.8 %+3.3 % +1.31 %7.6 %
66Murata Manufacturing Inc MRAAYInformation Technology +29.3 % +3.6 %+10.7 % +1.68 %9.7 %
67Welltower Inc WELLReal Estate +29.0 % +18.4 %+2.3 % +1.63 %8.7 %
68Vertiv Holdings Co VRTIndustrials +29.0 % +18.5 %+7.5 % +2.37 %11.5 %
69TC Energy Corp TRPEnergy +28.9 % +3.2 %+12.5 % +3.21 %9.2 %
70Arista Networks ANETInformation Technology +28.7 % +31.2 %+10.7 % +1.84 %10.1 %
71Cadence Design Systems Inc CDNSInformation Technology +28.4 % +14.6 %+10.7 % +1.80 %9.6 %
72National Australia Bank Ltd NABFinancials +28.0 % +18.0 %+9.3 % +5.78 %8.4 %
73GE Vernova Inc GEVIndustrials +27.9 % +3.6 %+7.5 % +1.54 %8.7 %
74Fortinet Inc FTNTInformation Technology +27.9 % +21.3 %+10.7 % +1.76 %9.3 %
75Microsoft Corporation MSFTInformation Technology +27.7 % +14.6 %+10.7 % +1.69 %9.0 %
76Palo Alto Networks Inc PANWInformation Technology +27.7 % +22.0 %+10.7 % +1.58 %8.5 %
77Alphabet Inc Class C GOOGCommunication Services +27.5 % +17.2 %+3.3 % +1.77 %9.2 %
78Western Digital Corporation WDCInformation Technology +27.4 % -5.3 %+10.7 % +2.56 %11.5 %
79Prosus N.V. PRXCommunication Services +27.2 % +13.5 %+3.3 % +1.70 %8.5 %
80Eoptolink Technology Inc Ltd 300502Information Technology +26.9 % +65.6 %+10.7 % +2.15 %10.2 %
81Münchener Rück AG MUV2Financials +26.6 % +3.4 %+9.3 % +1.60 %7.9 %
82Southern Copper Corporation SCCOMaterials +26.2 % +10.9 %+9.3 % +2.04 %9.5 %
83Amphenol Corporation APHInformation Technology +26.2 % +21.9 %+10.7 % +2.14 %9.8 %
84Walmart Inc. WMTConsumer Staples +25.9 % +5.0 %+3.3 % +1.58 %7.9 %
85Starbucks Corporation SBUXConsumer Discretionary +25.9 % +9.6 %+4.3 % +2.15 %9.2 %
86Analog Devices Inc ADIInformation Technology +25.8 % +14.5 %+10.7 % +2.20 %9.8 %
87ASML Holding N.V. ASMLInformation Technology +25.5 % +18.5 %+10.7 % +1.97 %9.3 %
88Keysight Technologies Inc KEYSInformation Technology +25.4 % +5.0 %+10.7 % +2.22 %9.7 %
89WW Grainger Inc GWWIndustrials +25.3 % +8.8 %+7.5 % +2.11 %9.3 %
90Transdigm Group Incorporated TDGIndustrials +25.2 % +11.6 %+7.5 % +2.74 %9.0 %
91DoorDash, Inc. Class A Common Stock DASHConsumer Discretionary +25.1 % +36.6 %+4.3 % +2.58 %11.1 %
92Marriott International Inc MARConsumer Discretionary +25.1 % +19.9 %+4.3 % +2.44 %9.5 %
93Apple Inc AAPLInformation Technology +24.9 % +8.7 %+10.7 % +1.97 %8.9 %
94Costco Wholesale Corp COSTConsumer Staples +24.6 % +10.5 %+3.3 % +1.78 %8.4 %
95Enel SpA ENELUtilities +24.6 % +1.0 %+3.7 % +4.28 %11.2 %
96Samsung Electronics Co Ltd 005930Information Technology +24.5 % +7.1 %+10.7 % +2.35 %10.4 %
97Hilton Worldwide Holdings Inc HLTConsumer Discretionary +24.3 % +22.8 %+4.3 % +2.46 %9.4 %
98SK Hynix Inc 000660Information Technology +24.3 % +25.0 %+10.7 % +2.94 %11.4 %
99GE Aerospace GEIndustrials +24.1 % -9.6 %+7.5 % +2.31 %9.6 %
100Cintas Corporation CTASIndustrials +24.0 % +9.6 %+7.5 % +2.13 %9.0 %
101Keyence KYCCFInformation Technology +23.6 % +16.9 %+10.7 % +2.05 %9.3 %
102Norfolk Southern Corporation NSCIndustrials +23.6 % +4.5 %+7.5 % +2.94 %9.9 %
103Ecolab Inc ECLMaterials +23.4 % +6.4 %+9.3 % +2.34 %9.0 %
104Phillips 66 PSXEnergy +23.1 % +15.7 %+12.5 % +2.33 %8.6 %
105Air Liquide SA AIMaterials +23.0 % +5.6 %+9.3 % +2.29 %8.8 %
106Fast Retailing Co DRC 6288Consumer Discretionary +22.7 % +11.1 %+4.3 % +1.92 %8.6 %
107O’Reilly Automotive Inc ORLYConsumer Discretionary +22.6 % +8.9 %+4.3 % +2.14 %8.1 %
108Enbridge Inc ENBEnergy +22.4 % +10.8 %+12.5 % +4.31 %8.8 %
109Dell Technologies Inc DELLInformation Technology +22.2 % +5.6 %+10.7 % +2.71 %9.7 %
110Hon Hai Precision Industry Co Ltd 2317Information Technology +22.2 % +8.6 %+10.7 % +2.21 %9.5 %
111Emerson Electric Company EMRIndustrials +21.8 % +1.4 %+7.5 % +2.96 %9.8 %
112Linde plc Ordinary Shares LINMaterials +21.8 % +4.5 %+9.3 % +2.18 %8.1 %
113Crowdstrike Holdings Inc CRWDInformation Technology +21.6 % +40.6 %+10.7 % +2.23 %9.2 %
114Saudi Arabian Mining Company 1211Materials +21.4 % +15.7 %+9.3 % +2.42 %8.6 %
115Trane Technologies plc TTIndustrials +21.3 % +11.4 %+7.5 % +2.73 %9.7 %
116Caterpillar Inc CATIndustrials +21.3 % +10.1 %+7.5 % +3.06 %10.0 %
117Reliance Industries Limited RELIANCEEnergy +21.3 % +17.8 %+12.5 % +3.19 %10.4 %
118United Microelectronics Corporation 2303Information Technology +21.2 % +6.1 %+10.7 % +3.27 %11.5 %
119Brookfield Asset Management Ltd. BAMFinancials +21.1 % +18.0 %+9.3 % +2.82 %9.8 %
120Thermo Fisher Scientific Inc TMOHealth Care +21.0 % +6.7 %+5.6 % +2.47 %8.5 %
121Moodys Corporation MCOFinancials +20.6 % +7.5 %+9.3 % +3.08 %10.0 %
122Meta Platforms Inc. METACommunication Services +20.4 % +18.5 %+3.3 % +2.59 %9.3 %
123Spotify Technology SA SPOTCommunication Services +20.3 % +16.9 %+3.3 % +2.93 %10.6 %
124Monster Beverage Corp MNSTConsumer Staples +20.2 % +12.5 %+3.3 % +2.11 %8.1 %
125Grupo México S.A.B. de C.V GMEXICOBMaterials +19.9 % +10.8 %+9.3 % +3.77 %11.7 %
126Eaton Corporation PLC ETNIndustrials +19.7 % +9.0 %+7.5 % +3.01 %9.5 %
127Recruit Holdings Co Ltd ADR RCRUYIndustrials +19.5 % +11.6 %+7.5 % +2.64 %9.2 %
128Sherwin-Williams Co SHWMaterials +19.4 % +5.1 %+9.3 % +3.20 %9.4 %
129Arthur J Gallagher & Co AJGFinancials +19.3 % +14.8 %+9.3 % +2.66 %8.1 %
130Union Pacific Corporation UNPIndustrials +19.1 % +4.6 %+7.5 % +3.22 %9.1 %
131Netflix Inc NFLXCommunication Services +19.0 % +12.6 %+3.3 % +3.23 %10.1 %
132Cummins Inc CMIIndustrials +18.9 % +11.2 %+7.5 % +3.21 %9.8 %
133Airbus Group SE AIRIndustrials +18.6 % +8.0 %+7.5 % +2.89 %9.5 %
134Prologis Inc PLDReal Estate +18.6 % +14.6 %+2.3 % +4.10 %10.0 %
135Parker-Hannifin Corporation PHIndustrials +18.3 % +8.4 %+7.5 % +3.23 %9.5 %
136Schneider Electric S.E. SUIndustrials +18.3 % +9.8 %+7.5 % +3.64 %10.1 %
137Novo Nordisk A/S NOVO-BHealth Care +18.2 % +19.5 %+5.6 % +2.50 %7.9 %
138Waste Management Inc WMIndustrials +18.0 % +10.6 %+7.5 % +3.01 %8.1 %
139ABB Ltd ABBNIndustrials +18.0 % +4.9 %+7.5 % +2.86 %9.0 %
140Digital Realty Trust Inc DLRReal Estate +17.7 % +9.4 %+2.3 % +3.81 %9.3 %
141Elevance Health Inc ELVHealth Care +17.7 % +10.3 %+5.6 % +3.31 %8.5 %
142Atlas Copco AB Series A ATCO-AIndustrials +17.6 % +11.0 %+7.5 % +3.03 %9.2 %
143ServiceNow Inc NOWInformation Technology +17.4 % +24.1 %+10.7 % +2.95 %9.2 %
144Siemens Energy AG ENRIndustrials +17.3 % +7.3 %+7.5 % +3.66 %10.9 %
145Vertex Pharmaceuticals Inc VRTXHealth Care +17.2 % +14.2 %+5.6 % +2.43 %8.1 %
146Applovin Corp APPInformation Technology +17.2 % +30.5 %+10.7 % +4.28 %11.5 %
147Illinois Tool Works Inc ITWIndustrials +17.0 % +5.0 %+7.5 % +3.43 %9.2 %
148Hermes International SCA RMSConsumer Discretionary +16.9 % +20.2 %+4.3 % +3.14 %9.9 %
149Motorola Solutions Inc MSIInformation Technology +16.8 % +9.5 %+10.7 % +3.32 %9.0 %
150Ross Stores Inc ROSTConsumer Discretionary +16.7 % +12.7 %+4.3 % +2.88 %8.9 %
151Cisco Systems Inc CSCOInformation Technology +16.7 % +4.9 %+10.7 % +3.00 %8.7 %
152Enterprise Products Partners LP EPDEnergy +16.7 % +14.1 %+12.5 % +3.67 %8.1 %
153American Tower Corp AMTReal Estate +16.3 % +5.8 %+2.3 % +4.42 %9.0 %
154Visa Inc. Class A VFinancials +16.3 % +12.9 %+9.3 % +2.75 %8.2 %
155Safran SA SAFIndustrials +16.1 % +13.2 %+7.5 % +3.45 %9.7 %
156China Shenhua Energy Co 601088Energy +16.0 % +4.8 %+12.5 % +2.62 %8.7 %
157Danaher Corporation DHRHealth Care +16.0 % +2.0 %+5.6 % +3.32 %8.8 %
158Industria de Diseno Textil SA ITXConsumer Discretionary +15.9 % +14.3 %+4.3 % +3.70 %10.4 %
159WuXi AppTec Co Ltd 603259Health Care +15.7 % +21.3 %+5.6 % +2.80 %8.7 %
160Energy Transfer LP ETEnergy +15.5 % +16.2 %+12.5 % +5.68 %8.2 %
161Simon Property Group Inc SPGReal Estate +15.5 % +6.7 %+2.3 % +5.32 %10.0 %
162Japan Tobacco ADR JAPAYConsumer Staples +15.5 % +11.7 %+3.3 % +2.92 %8.1 %
163Marathon Petroleum Corp MPCEnergy +15.4 % +13.7 %+12.5 % +3.45 %8.2 %
164Berkshire Hathaway Inc BRK-BFinancials +15.2 % +8.6 %+9.3 % +2.15 %7.9 %
165Republic Services Inc RSGIndustrials +15.2 % +10.3 %+7.5 % +3.36 %8.1 %
166LOréal S.A. ORConsumer Staples +15.1 % +9.5 %+3.3 % +3.31 %9.0 %
167AB Volvo (publ) VOLV-BIndustrials +15.1 % +7.2 %+7.5 % +4.18 %8.9 %
168Bajaj Finance Limited BAJFINANCEFinancials +15.0 % +26.4 %+9.3 % +5.86 %10.4 %
169Rio Tinto ADR RIOMaterials +14.9 % +5.3 %+9.3 % +3.33 %8.5 %
170Canadian National Railway Company CNIIndustrials +14.8 % +4.6 %+7.5 % +4.48 %9.2 %
171Target Corporation TGTConsumer Staples +14.8 % +2.3 %+3.3 % +4.04 %9.2 %
172RTX Corporation RTXIndustrials +14.6 % +9.4 %+7.5 % +3.01 %7.6 %
173The TJX Companies Inc TJXConsumer Discretionary +14.4 % +13.4 %+4.3 % +2.97 %8.2 %
174Kinder Morgan Inc KMIEnergy +14.4 % +7.7 %+12.5 % +4.31 %8.2 %
175Stryker Corporation SYKHealth Care +14.4 % +11.8 %+5.6 % +3.65 %8.7 %
176Merck KGaA MRKHealth Care +14.2 % +3.8 %+5.6 % +3.69 %8.6 %
177Mastercard Inc MAFinancials +14.1 % +16.5 %+9.3 % +3.09 %8.2 %
178The Home Depot Inc HDConsumer Discretionary +13.7 % +4.5 %+4.3 % +4.03 %8.7 %
179Amgen Inc AMGNHealth Care +13.6 % +7.6 %+5.6 % +3.39 %7.6 %
180S&P Global Inc SPGIFinancials +13.6 % +15.6 %+9.3 % +4.21 %9.5 %
181Northrop Grumman Corporation NOCIndustrials +13.5 % +2.7 %+7.5 % +4.35 %9.2 %
182Walt Disney Company DISCommunication Services +13.3 % +7.6 %+3.3 % +5.18 %10.2 %
183Compagnie Financière Richemont SA CFRConsumer Discretionary +13.3 % +11.3 %+4.3 % +3.50 %9.2 %
184Siemens Aktiengesellschaft SIEIndustrials +13.1 % +7.4 %+7.5 % +4.47 %9.1 %
185Mondelez International Inc MDLZConsumer Staples +13.1 % +7.7 %+3.3 % +3.91 %8.1 %
186Shin-Etsu Chemical Co Ltd ADR SHECYMaterials +13.1 % +12.8 %+9.3 % +3.43 %9.4 %
187Johnson & Johnson JNJHealth Care +12.8 % +2.7 %+5.6 % +3.11 %7.6 %
188Philip Morris International Inc PMConsumer Staples +12.7 % +7.2 %+3.3 % +3.41 %7.6 %
189Exxon Mobil Corp XOMEnergy +12.4 % +12.7 %+12.5 % +3.18 %7.6 %
190McDonald’s Corporation MCDConsumer Discretionary +12.4 % +7.0 %+4.3 % +4.09 %8.1 %
191Chugai Pharmaceutical Co Ltd ADR CHGCYHealth Care +12.3 % +10.9 %+5.6 % +3.08 %8.2 %
192Merck & Company Inc MRKHealth Care +12.2 % +9.4 %+5.6 % +3.37 %7.6 %
193Eni S.p.A. ENIEnergy +12.1 % +13.3 %+12.5 % +5.27 %10.0 %
194AbbVie Inc ABBVHealth Care +12.1 % +6.0 %+5.6 % +3.48 %7.6 %
195Saudi National Bank 1180Financials +12.0 % +16.0 %+9.3 % +2.64 %8.6 %
196Xiaomi Corp 1810Information Technology +11.9 % +13.2 %+10.7 % +3.48 %9.0 %
197Intercontinental Exchange Inc ICEFinancials +11.7 % +8.9 %+9.3 % +4.78 %9.1 %
198PepsiCo Inc PEPConsumer Staples +11.7 % +5.9 %+3.3 % +4.18 %8.1 %
199Kweichow Moutai Co Ltd 600519Consumer Staples +11.2 % +15.4 %+3.3 % +3.50 %8.2 %
200British American Tobacco p.l.c. BTIConsumer Staples +10.7 % -0.1 %+3.3 % +4.50 %8.1 %
201SAP SE SAPInformation Technology +10.6 % +6.1 %+10.7 % +3.54 %8.0 %
202Valero Energy Corporation VLOEnergy +10.5 % +13.6 %+12.5 % +3.95 %8.2 %
203Bharti Airtel Limited BHARTIARTLCommunication Services +10.4 % +16.0 %+3.3 % +5.56 %10.4 %
204Airbnb Inc ABNBConsumer Discretionary +10.4 % +29.4 %+4.3 % +4.40 %9.6 %
205Medtronic PLC MDTHealth Care +10.1 % +3.8 %+5.6 % +4.45 %8.3 %
206Chevron Corp CVXEnergy +10.1 % +14.3 %+12.5 % +3.72 %7.6 %
207TE Connectivity Ltd TELInformation Technology +10.1 % +7.0 %+10.7 % +5.12 %9.6 %
208Automatic Data Processing Inc ADPIndustrials +10.0 % +7.9 %+7.5 % +4.49 %8.8 %
209United Parcel Service Inc UPSIndustrials +9.8 % +1.0 %+7.5 % +5.68 %9.3 %
210UnitedHealth Group Incorporated UNHHealth Care +9.6 % +11.7 %+5.6 % +4.23 %7.9 %
211Abbott Laboratories ABTHealth Care +9.3 % +5.1 %+5.6 % +4.14 %8.3 %
212Ferrari NV RACEConsumer Discretionary +9.3 % +15.6 %+4.3 % +4.23 %8.3 %
213PNC Financial Services Group Inc PNCFinancials +9.3 % +11.4 %+9.3 % +4.91 %9.0 %
214CME Group Inc CMEFinancials +9.3 % +6.0 %+9.3 % +3.92 %8.1 %
215Mitsubishi Electric Corp ADR MIELYIndustrials +9.2 % +8.3 %+7.5 % +4.01 %8.7 %
216Great-West Lifeco Inc. GWOFinancials +9.2 % -8.4 %+9.3 % +3.32 %8.3 %
217General Dynamics Corporation GDIndustrials +9.2 % +6.7 %+7.5 % +4.20 %8.1 %
218Bank of Communications Co 601328Financials +9.1 % +7.3 %+9.3 % +13.36 %8.7 %
219Procter & Gamble Company PGConsumer Staples +9.0 % +2.7 %+3.3 % +3.92 %7.6 %
220KDDI Corp PK KDDIYCommunication Services +8.9 % +3.9 %+3.3 % +5.74 %9.2 %
221China Yangtze Power Co Ltd 600900Utilities +8.6 % +8.7 %+3.7 % +5.79 %8.7 %
222China Petroleum & Chemical Corp Class A 600028Energy +8.6 % +3.9 %+12.5 % +6.37 %9.2 %
223Pfizer Inc PFEHealth Care +8.6 % +8.5 %+5.6 % +5.29 %8.1 %
224CSL Ltd CSLHealth Care +8.5 % +9.2 %+5.6 % +4.45 %7.9 %
225HCA Healthcare, Inc. HCAHealth Care +8.4 % +8.0 %+5.6 % +7.41 %9.5 %
226International Business Machines IBMInformation Technology +8.4 % -1.7 %+10.7 % +5.02 %8.1 %
227Zijin Mining Group Co Ltd Class A 601899Materials +8.3 % +15.2 %+9.3 % +5.91 %9.9 %
228Equinor ASA EQNREnergy +8.1 % +18.3 %+12.5 % +5.26 %9.0 %
229Tata Consultancy Services Limited TCSInformation Technology +7.8 % +10.2 %+10.7 % +5.67 %10.4 %
230CVS Health Corp CVSHealth Care +7.8 % +8.4 %+5.6 % +6.42 %8.3 %
231Anheuser Busch Inbev SA NV ABIConsumer Staples +7.7 % +4.8 %+3.3 % +7.08 %9.2 %
232Itochu Corp ADR ITOCYIndustrials +7.7 % +8.7 %+7.5 % +5.22 %8.2 %
233Takeda Pharmaceutical Co Ltd ADR TAKHealth Care +7.6 % +8.4 %+5.6 % +6.16 %8.1 %
234AIA Group Ltd 1299Financials +7.4 % -8.5 %+9.3 % +5.25 %8.9 %
235China Petroleum & Chemical Corp Class H 0386Energy +7.4 % +3.0 %+12.5 % +7.35 %9.0 %
236Colgate-Palmolive Company CLConsumer Staples +7.4 % +4.4 %+3.3 % +4.77 %8.1 %
237McKesson Corporation MCKHealth Care +7.4 % +11.1 %+5.6 % +4.47 %8.1 %
238Agnico Eagle Mines Limited AEMMaterials +7.4 % +30.6 %+9.3 % +4.55 %8.5 %
239EssilorLuxottica S. A. ELHealth Care +7.2 % +14.6 %+5.6 % +5.39 %8.7 %
240Marsh & McLennan Companies, Inc. MRSHFinancials +7.2 % +9.4 %+9.3 % +5.40 %8.3 %
241EOG Resources Inc EOGEnergy +7.1 % +18.0 %+12.5 % +4.70 %8.1 %
242Cencora Inc. CORHealth Care +7.1 % +11.1 %+5.6 % +4.82 %8.3 %
243Bank of Montreal BMOFinancials +7.0 % +17.9 %+9.3 % +10.16 %9.5 %
244Lowe's Companies Inc LOWConsumer Discretionary +6.9 % -0.8 %+4.3 % +6.88 %8.9 %
245Gilead Sciences Inc GILDHealth Care +6.8 % +3.6 %+5.6 % +4.86 %8.1 %
246KKR & Co. Inc. KKRFinancials +6.8 % +35.4 %+9.3 % +11.29 %11.1 %
247FedEx Corporation FDXIndustrials +6.8 % +2.5 %+7.5 % +7.16 %10.1 %
248Qualcomm Incorporated QCOMInformation Technology +6.6 % +13.5 %+10.7 % +6.83 %10.7 %
249Boston Scientific Corp BSXHealth Care +6.4 % +15.2 %+5.6 % +5.40 %8.2 %
250TotalEnergies SE TTEEnergy +6.4 % +8.8 %+12.5 % +5.34 %8.1 %
251Salesforce.com Inc CRMInformation Technology +6.2 % +14.3 %+10.7 % +6.21 %9.8 %
252Roche Holding AG ROHealth Care +6.2 % +1.1 %+5.6 % +4.40 %7.4 %
253Lockheed Martin Corporation LMTIndustrials +5.8 % +2.8 %+7.5 % +5.45 %8.1 %
254PetroChina Co Ltd Class A 601857Energy +5.8 % +8.2 %+12.5 % +5.09 %8.5 %
255Nestle S.A. NESNConsumer Staples +5.8 % +1.1 %+3.3 % +5.32 %7.4 %
256General Motors Company GMConsumer Discretionary +5.7 % +8.6 %+4.3 % +15.62 %10.0 %
257MPLX LP MPLXEnergy +5.2 % +7.1 %+12.5 % +6.92 %8.1 %
258Sandisk Corp SNDKInformation Technology +5.2 % +20.0 %+10.7 % +5.43 %8.7 %
259Nu Holdings Ltd NUFinancials +5.1 % +84.8 %+9.3 % +4.72 %9.1 %
260Saudi Aramco 2222Energy +4.7 % +14.2 %+12.5 % +5.14 %8.1 %
261Regeneron Pharmaceuticals Inc REGNHealth Care +4.7 % +11.0 %+5.6 % +4.73 %8.1 %
262Uber Technologies Inc UBERIndustrials +4.4 % +36.1 %+7.5 % +6.91 %9.8 %
263Schlumberger NV SLBEnergy +4.3 % +8.6 %+12.5 % +6.33 %8.7 %
264Honeywell International Inc HONIndustrials +4.3 % +2.8 %+7.5 % +7.93 %9.0 %
265Barrick Gold Corp ABXMaterials +4.2 % +6.4 %+9.3 % +6.22 %9.3 %
266Hitachi Ltd ADR HTHIYInformation Technology +4.1 % +5.2 %+10.7 % +5.30 %8.2 %
267Mitsubishi Corporation MTSUYIndustrials +4.0 % +8.0 %+7.5 % +6.55 %8.1 %
268Tencent Holdings Ltd 0700Communication Services +3.4 % +9.3 %+3.3 % +5.95 %8.7 %
269Canadian Natural Resources Ltd CNQEnergy +2.8 % +20.4 %+12.5 % +7.44 %9.0 %
270American Electric Power Co Inc AEPUtilities +2.6 % +7.9 %+3.7 % +9.73 %8.1 %
271Booking Holdings Inc BKNGConsumer Discretionary +2.6 % +31.7 %+4.3 % +7.20 %9.5 %
272China Citic Bank Corp Ltd Class A 601998Financials +2.5 % +0.8 %+9.3 % +0.88 %9.9 %
273Newmont Goldcorp Corp NEMMaterials +2.2 % +14.1 %+9.3 % +5.86 %8.2 %
274Imperial Oil Ltd IMOEnergy +2.0 % +16.1 %+12.5 % +6.91 %8.8 %
275Verizon Communications Inc VZCommunication Services +1.3 % +1.5 %+3.3 % +10.83 %8.1 %
276Altria Group MOConsumer Staples +1.3 % -5.1 %+3.3 % +7.27 %8.1 %
277Sony Group Corp SONYConsumer Discretionary +1.2 % +8.0 %+4.3 % +6.62 %8.8 %
278AMERICA MOVIL SAB DE CV AMXBCommunication Services +1.2 % -1.5 %+3.3 % +11.09 %10.0 %
279American Express Company AXPFinancials +1.2 % +16.0 %+9.3 % +7.41 %8.9 %
280Accenture plc ACNInformation Technology +1.0 % +9.5 %+10.7 % +7.39 %9.4 %
281China Mobile Ltd 0941Communication Services +0.9 % +5.9 %+3.3 % +5.10 %8.1 %
282Westpac Banking Corporation WBCFinancials +0.8 % +26.5 %+9.3 % +10.61 %8.4 %
283Novartis AG NOVNHealth Care +0.4 % +2.7 %+5.6 % +6.28 %7.4 %
284LVMH Moët Hennessy - Louis Vuitton MCConsumer Discretionary +0.2 % +12.6 %+4.3 % +7.86 %9.0 %
285Suncor Energy Inc SUEnergy +0.2 % +14.7 %+12.5 % +7.23 %8.2 %
286Deutsche Post AG DHLIndustrials +0.1 % +4.4 %+7.5 % +8.67 %9.3 %
287AT&T Inc. TCommunication Services -0.6 % -6.1 %+3.3 % +11.95 %8.1 %
288T-Mobile US Inc TMUSCommunication Services -1.2 % +5.2 %+3.3 % +10.54 %8.1 %
289Adobe Systems Incorporated ADBEInformation Technology -1.3 % +13.1 %+10.7 % +9.72 %10.2 %
290DBS Group Holdings Ltd D05Financials -1.8 % +9.4 %+9.3 % +4.97 %7.9 %
291ICICI Bank Limited ICICIBANKFinancials -1.9 % +14.2 %+9.3 % +9.93 %10.4 %
292OVERSEA-CHINESE BANKING CORP O39Financials -2.3 % +7.6 %+9.3 % +6.30 %7.9 %
293Petroleo Brasileiro Petrobras SA ADR PBREnergy -2.5 % +11.1 %+12.5 % +10.11 %9.2 %
294Sea Ltd SEConsumer Discretionary -3.0 % +39.3 %+4.3 % +8.58 %10.4 %
295Midea Group Co Ltd 000333Consumer Discretionary -3.0 % +10.0 %+4.3 % +6.51 %8.7 %
296Bristol-Myers Squibb Company BMYHealth Care -3.1 % +2.5 %+5.6 % +10.17 %8.1 %
297Cigna Corp CIHealth Care -3.1 % +11.4 %+5.6 % +10.37 %8.1 %
298Intuit Inc INTUInformation Technology -3.2 % +17.4 %+10.7 % +9.45 %9.2 %
299Comcast Holdings Corp CCZCommunication Services -3.7 % +3.6 %+3.3 % +9.36 %9.2 %
300HDFC Bank Limited HDFCBANKFinancials -4.1 % +51.7 %+9.3 % +14.90 %10.4 %
301MercadoLibre Inc. MELIConsumer Discretionary -4.2 % +48.7 %+4.3 % +11.31 %10.0 %
302Petróleo Brasileiro S.A. - Petrobras PBR-AEnergy -4.2 % +11.1 %+12.5 % +11.25 %9.2 %
303Royal Bank of Canada RYFinancials -4.4 % +17.6 %+9.3 % +26.84 %8.5 %
304ConocoPhillips COPEnergy -4.5 % +25.6 %+12.5 % +9.46 %8.1 %
305Christian Dior SE CDIConsumer Discretionary -4.5 % +12.6 %+4.3 % +18.79 %9.4 %
306ANZ Group Holdings Ltd ANZFinancials -4.7 % +17.6 %+9.3 % +21.02 %8.0 %
307GlaxoSmithKline PLC ADR GSKHealth Care -4.9 % +6.1 %+5.6 % +11.18 %8.1 %
308Vinci S.A. DGIndustrials -5.3 % +11.3 %+7.5 % +13.40 %9.1 %
309State Bank of India SBINFinancials -5.3 % +13.5 %+9.3 % +17.42 %10.4 %
310China Telecom Corp Ltd 601728Communication Services -5.5 % +5.9 %+3.3 % +8.55 %8.8 %
311Sanofi ADR SNYHealth Care -5.5 % +4.6 %+5.6 % +10.24 %8.1 %
312CNOOC Ltd 0883Energy -5.7 % +20.0 %+12.5 % +8.42 %8.6 %
313Contemporary Amperex Technology Co Ltd Class A 300750Industrials -6.0 % +53.1 %+7.5 % +7.73 %8.7 %
314Charles Schwab Corp SCHWFinancials -6.7 % +18.0 %+9.3 % +5.54 %8.7 %
315Hong Kong Exchange and Clearing Ltd 0388Financials -8.7 % +11.6 %+9.3 % +4.44 %9.6 %
316UBS Group AG UBSFinancials -10.1 % +13.0 %+9.3 % +10.22 %8.8 %
317Comcast Corp CMCSACommunication Services -10.4 % +3.6 %+3.3 % +27.43 %8.5 %
318Chubb Ltd CBFinancials -10.8 % +10.6 %+9.3 % +10.34 %8.1 %
319Deutsche Telekom AG DTECommunication Services -11.7 % +3.4 %+3.3 % +22.87 %7.9 %
320Itaú Unibanco Holding S.A ITUB4Financials -12.4 % +8.0 %+9.3 % +23.95 %10.7 %
321Progressive Corp PGRFinancials -13.4 % +15.5 %+9.3 % +13.26 %8.1 %
322AXA SA CSFinancials -14.2 % +0.6 %+9.3 % +24.12 %8.8 %
323Assicurazioni Generali S.p.A. GFinancials -14.2 % -10.4 %+9.3 % +30.22 %10.5 %
324The Travelers Companies Inc TRVFinancials -14.5 % +8.8 %+9.3 % +12.55 %8.1 %
325JPMorgan Chase & Co JPMFinancials -14.8 % +16.6 %+9.3 % +10.77 %8.7 %
326China Merchants Bank Co Ltd 600036Financials -16.7 % +8.4 %+9.3 % +37.79 %8.7 %
327Allianz SE VNA O.N. ALVFinancials -17.0 % +3.0 %+9.3 % +19.11 %8.3 %
328Itau Unibanco Banco Holding SA ITUBFinancials -17.7 % +17.3 %+9.3 % +23.56 %8.1 %
329Zurich Insurance Group AG ZURNFinancials -18.8 % +9.3 %+9.3 % +20.86 %7.9 %
330Capital One Financial Corporation COFFinancials -18.9 % +17.0 %+9.3 % +20.88 %9.3 %
331BNP Paribas SA BNPFinancials -21.9 % +6.4 %+9.3 % +12.86 %10.0 %
332Manulife Financial Corp MFCFinancials -25.1 % -7.2 %+9.3 % +30.71 %8.7 %
333U.S. Bancorp USBFinancials -26.9 % +11.2 %+9.3 % +8.67 %9.2 %
334Morgan Stanley MSFinancials -28.8 % +18.3 %+9.3 % +16.04 %9.2 %
335Interactive Brokers Group Inc IBKRFinancials -31.9 % +33.4 %+9.3 % +42.19 %10.1 %
336Taiwan Semiconductor Manufacturing TSMInformation Technology over 80 % +23.5 %+10.7 % +49.79 %9.3 %
337Industrial and Commercial Bank of China Ltd 601398Financials over 80 % +20.8 %+9.3 % +4.80 %8.2 %
338Bank of America Corp BACFinancials over 80 % +20.9 %+9.3 % +3.41 %9.2 %
339Bank of China Limited 601988Financials over 80 % +3.1 %+9.3 % +32.88 %8.2 %
340Mitsubishi UFJ Financial Group Inc ADR MUFGFinancials over 80 % +21.7 %+9.3 % +20.94 %7.6 %
341Banco Santander S.A. SANFinancials over 80 % +14.7 %+9.3 % +45.12 %10.4 %
342Sumitomo Mitsui Financial Group Inc SMFGFinancials over 80 % +24.8 %+9.3 % +29.98 %8.1 %
343Banco Bilbao Viscaya Argentaria SA ADR BBVAFinancials over 80 % +4.2 %+9.3 % +10.04 %9.0 %
344Mizuho Financial Group Inc. MFGFinancials over 80 % +26.9 %+9.3 % +2.53 %8.1 %
345Pinduoduo Inc. P1DD34Consumer Discretionary over 80 % +48.7 %+4.3 % +34.93 %12.2 %
346The Bank of New York Mellon Corporation BNYFinancials over 80 % +19.5 %+9.3 % +5.14 %9.3 %
347Postal Savings Bank of China Co Ltd 601658Financials over 80 % +8.5 %+9.3 % +13.39 %8.7 %
348Apollo Global Management LLC Class A APOFinancials over 80 % +66.7 %+9.3 % +10.98 %10.4 %
349Credit Agricole SA ACAFinancials over 80 % +22.0 %+9.3 % +38.81 %9.3 %
350MetLife Inc METFinancials over 80 % +2.6 %+9.3 % +27.29 %8.7 %
351CITIC Securities Co Ltd 600030Financials over 80 % +2.3 %+9.3 % +19.14 %9.1 %

How to read the table

If implied growth sits well above achieved growth, the price demands an acceleration; that is not a sell signal, but an expectation the company still has to earn. If it sits below achieved growth or even below zero, a weaker business already justifies the price. The discount rate follows size, beta and country risk, as in all 26 Fair Value Calculator models.

Valuation multiples by sector and industry → · Undervalued stocks → · Methodology →

Cite: Fair Value Calculator (2026): Implied growth (reverse DCF), as of October 21, 2026. https://www.fairvalue-calculator.com/implied-growth · CC BY 4.0

Not financial advice. Inputs: last fiscal year free cash flow, share count, debt and cash from audited filings, previous close. Companies with negative free cash flow are excluded because a cash-flow model cannot price anything there.