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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 ten years so that today's price is fair? Same DCF formula and same discount rate as the fair-value model, solved for growth.

As of September 6, 2026 · 329 of the largest stocks with positive free cash flow · updated daily

+11.3 %median implied growth p.a.
122stocks require at least 15 % p.a.
50stocks are fair or cheap even with shrinking cash flow
0prices 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 +63.1 % +11.8 %+8.2 % +0.15 %10.9 %
2Samsung Electro-Mechanics 009150Information Technology +58.5 % +6.6 %+8.2 % +0.23 %12.1 %
3Grupo México S.A.B. de C.V GMEXICOBMaterials +58.3 % +10.8 %+3.2 % +0.22 %11.6 %
4SK Square Co Ltd 402340Information Technology +56.8 % +73.8 %+8.2 % +0.25 %12.1 %
5Cloudflare Inc NETInformation Technology +49.0 % +38.1 %+8.2 % +0.33 %10.8 %
6Amazon.com Inc AMZNConsumer Discretionary +48.8 % +13.2 %+2.6 % +0.27 %9.7 %
7Arm Holdings plc American Depositary Shares ARMInformation Technology +48.0 % +19.4 %+8.2 % +0.36 %10.9 %
8Seagate Technology PLC STXInformation Technology +47.0 % -2.8 %+8.2 % +0.44 %11.5 %
9Delta Electronics (Thailand) Public Company Limited DELTAInformation Technology +45.6 % +25.7 %+8.2 % +0.39 %10.3 %
10Glencore PLC ADR GLNCYMaterials +43.4 % +11.8 %+3.2 % +0.40 %8.1 %
11Tesla Inc TSLAConsumer Discretionary +42.7 % +24.6 %+2.6 % +0.47 %10.5 %
12Palantir Technologies Inc. PLTRInformation Technology +41.1 % +32.6 %+8.2 % +0.47 %9.9 %
13Marvell Technology Group Ltd MRVLInformation Technology +39.4 % +22.5 %+8.2 % +0.72 %11.5 %
14Western Digital Corporation WDCInformation Technology +38.5 % -10.7 %+8.2 % +0.77 %11.5 %
15Equinor ASA EQNREnergy +35.3 % +18.3 %+1.5 % +0.61 %9.0 %
16Iberdrola S.A. IBEUtilities +35.1 % +6.6 %+0.7 % +0.90 %9.4 %
17Advanced Micro Devices Inc AMDInformation Technology +34.9 % +28.8 %+8.2 % +0.86 %10.9 %
18AIA Group Ltd 1299Financials +34.5 % -8.5 %+8.1 % +0.63 %8.9 %
19Shandong Zhongji Electrical Equipment Co Ltd 300308Industrials +34.1 % +40.2 %+4.6 % +0.90 %10.9 %
20Carvana Co CVNAConsumer Discretionary +33.8 % +29.5 %+2.6 % +1.06 %11.5 %
21Shopify Inc SHOPInformation Technology +33.0 % +31.6 %+8.2 % +1.06 %11.5 %
22Delta Electronics Inc 2308Information Technology +32.7 % +14.5 %+8.2 % +0.98 %10.9 %
23Johnson Controls International PLC JCIIndustrials +31.7 % +1.1 %+4.6 % +1.02 %10.0 %
24Monolithic Power Systems Inc MPWRInformation Technology +30.5 % +27.0 %+8.2 % +1.13 %10.8 %
25Freeport-McMoran Copper & Gold Inc FCXMaterials +30.5 % +13.2 %+3.2 % +1.06 %10.0 %
26Corning Incorporated GLWInformation Technology +29.3 % +6.7 %+8.2 % +1.06 %9.5 %
27Snowflake Inc. SNOWInformation Technology +29.1 % +51.2 %+8.2 % +0.98 %9.4 %
28Ambev S.A. ABEVConsumer Staples +29.0 % +3.5 %+3.1 % +2.77 %17.2 %
29Robinhood Markets Inc HOODFinancials +29.0 % +36.1 %+8.1 % +1.45 %11.5 %
30Royal Caribbean Cruises Ltd RCLConsumer Discretionary +28.8 % +52.0 %+2.6 % +1.71 %11.0 %
31Williams Companies Inc WMBEnergy +28.6 % +9.1 %+1.5 % +1.11 %8.3 %
32Texas Instruments Incorporated TXNInformation Technology +28.2 % +4.1 %+8.2 % +1.10 %9.4 %
33Blackstone Group Inc BXFinancials +28.2 % +20.7 %+8.1 % +1.64 %10.7 %
34Datadog Inc DDOGInformation Technology +27.5 % +41.5 %+8.2 % +1.29 %10.5 %
35Lam Research Corp LRCXInformation Technology +27.3 % +12.9 %+8.2 % +1.36 %10.5 %
36Eli Lilly and Company LLYHealth Care +26.7 % +21.6 %+4.4 % +0.87 %7.7 %
37Vertiv Holdings Co VRTIndustrials +26.4 % +18.5 %+4.6 % +1.73 %11.5 %
38Toyota Motor Corporation TMConsumer Discretionary +26.3 % +13.2 %+2.6 % +1.54 %7.6 %
39Tokyo Electron Ltd PK TOELYInformation Technology +26.0 % +13.1 %+8.2 % +1.38 %10.2 %
40UniCredit S.p.A. UCGFinancials +26.0 % +6.3 %+8.1 % +5.77 %11.7 %
41Constellation Energy Corp CEGUtilities +25.9 % +7.7 %+0.7 % +1.37 %9.6 %
42Intesa Sanpaolo SpA ISPFinancials +25.8 % +7.5 %+8.1 % +5.62 %11.0 %
43Howmet Aerospace Inc HWMIndustrials +25.8 % +9.4 %+4.6 % +1.36 %9.7 %
44NVIDIA Corporation NVDAInformation Technology +24.9 % +66.9 %+8.2 % +1.71 %10.9 %
45Infineon Technologies AG IFXInformation Technology +24.6 % +11.4 %+8.2 % +1.91 %11.0 %
46MediaTek Inc 2454Information Technology +24.3 % +13.1 %+8.2 % +2.03 %12.0 %
47Applied Materials Inc AMATInformation Technology +24.2 % +10.5 %+8.2 % +1.55 %10.0 %
48Broadcom Inc AVGOInformation Technology +24.2 % +21.7 %+8.2 % +1.55 %9.7 %
493M Company MMMIndustrials +24.1 % -5.0 %+4.6 % +1.54 %9.4 %
50Nextera Energy Inc NEEUtilities +24.1 % +8.8 %+0.7 % +1.84 %8.5 %
51Deere & Company DEIndustrials +24.1 % +5.2 %+4.6 % +1.71 %9.0 %
52Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München MURGFFinancials +24.0 % +3.4 %+8.1 % +1.19 %8.1 %
53CSX Corporation CSXIndustrials +23.9 % +5.9 %+4.6 % +1.86 %9.8 %
54Bank of Nova Scotia BNSFinancials +23.5 % +18.5 %+8.1 % +4.33 %9.7 %
55Quanta Services Inc PWRIndustrials +23.2 % +20.4 %+4.6 % +1.71 %9.7 %
56Arista Networks ANETInformation Technology +22.8 % +31.2 %+8.2 % +1.72 %10.2 %
57SK Hynix Inc 000660Information Technology +22.7 % +25.0 %+8.2 % +2.18 %11.4 %
58BlackRock Inc BLKFinancials +22.3 % +8.4 %+8.1 % +1.91 %10.3 %
59Eoptolink Technology Inc Ltd 300502Information Technology +22.2 % +65.6 %+8.2 % +1.66 %9.5 %
60Taiwan Semiconductor Manufacturing Co. Ltd. 2330Information Technology +22.0 % +23.3 %+8.2 % +1.74 %9.9 %
61Investor AB ser. B INVE-BIndustrials +22.0 % +20.2 %+4.6 % +1.52 %8.5 %
62Muenchener Rueckver Ges MURGYFinancials +21.9 % +2.6 %+8.1 % +1.34 %8.1 %
63Palo Alto Networks Inc PANWInformation Technology +21.7 % +22.0 %+8.2 % +1.47 %8.6 %
64Intuitive Surgical Inc ISRGHealth Care +21.7 % +18.2 %+4.4 % +1.87 %10.3 %
65Synopsys Inc SNPSInformation Technology +21.7 % +13.9 %+8.2 % +2.12 %9.8 %
66GE Vernova LLC GEVUtilities +21.6 % +3.6 %+0.7 % +1.43 %8.6 %
67TC Energy Corp TRPEnergy +21.6 % +3.2 %+1.5 % +3.16 %9.2 %
68The Coca-Cola Company KOConsumer Staples +20.9 % +7.8 %+3.1 % +1.39 %7.6 %
69National Australia Bank Ltd NABFinancials +20.8 % +18.0 %+8.1 % +5.78 %8.4 %
70Welltower Inc WELLReal Estate +20.5 % +18.4 %+1.5 % +1.77 %8.7 %
71DoorDash, Inc. Class A Common Stock DASHConsumer Discretionary +20.5 % +36.6 %+2.6 % +2.34 %11.0 %
72Alphabet Inc Class C GOOGCommunication Services +20.5 % +17.2 %+1.6 % +1.79 %9.3 %
73Samsung Electronics Co Ltd 005930Information Technology +20.2 % +7.1 %+8.2 % +1.94 %9.9 %
74Starbucks Corporation SBUXConsumer Discretionary +20.2 % +9.6 %+2.6 % +2.05 %9.3 %
75Canadian Pacific Kansas City Limited CPIndustrials +20.0 % +14.4 %+4.6 % +2.58 %9.7 %
76Cadence Design Systems Inc CDNSInformation Technology +20.0 % +14.6 %+8.2 % +1.98 %9.6 %
77Fortinet Inc FTNTInformation Technology +19.9 % +21.3 %+8.2 % +1.90 %9.4 %
78GE Aerospace GEIndustrials +19.9 % -9.6 %+4.6 % +2.02 %9.5 %
79Münchener Rück AG MUV2Financials +19.6 % +3.4 %+8.1 % +1.61 %7.9 %
80Southern Copper Corporation SCCOMaterials +19.5 % +10.9 %+3.2 % +2.06 %9.5 %
81ASML Holding N.V. ASMLInformation Technology +19.4 % +18.5 %+8.2 % +1.94 %9.3 %
82Prosus N.V. PRXCommunication Services +19.2 % +13.5 %+1.6 % +1.83 %8.5 %
83Transdigm Group Incorporated TDGIndustrials +19.1 % +11.6 %+4.6 % +2.69 %9.0 %
84Microsoft Corporation MSFTInformation Technology +18.8 % +14.5 %+8.2 % +1.92 %9.0 %
85Enel SpA ENELUtilities +18.3 % +1.0 %+0.7 % +4.72 %11.2 %
86Dell Technologies Inc DELLInformation Technology +18.1 % +5.6 %+8.2 % +2.39 %9.6 %
87Apple Inc AAPLInformation Technology +18.1 % +8.7 %+8.2 % +2.06 %8.9 %
88Analog Devices Inc ADIInformation Technology +18.1 % +14.5 %+8.2 % +2.38 %9.7 %
89Walmart Inc. WMTConsumer Staples +18.1 % +5.0 %+3.1 % +1.74 %7.9 %
90Norfolk Southern Corporation NSCIndustrials +18.0 % +4.5 %+4.6 % +2.91 %9.9 %
91Caterpillar Inc CATIndustrials +17.8 % +10.1 %+4.6 % +2.69 %10.0 %
92Spotify Technology SA SPOTCommunication Services +17.7 % +16.9 %+1.6 % +2.52 %10.5 %
93Hon Hai Precision Industry Co Ltd 2317Information Technology +17.6 % +8.6 %+8.2 % +2.09 %9.5 %
94Brookfield Asset Management Ltd. BAMFinancials +17.5 % +18.0 %+8.1 % +2.52 %9.8 %
95Reliance Industries Limited RELIANCEEnergy +17.5 % +17.8 %+1.5 % +2.90 %10.4 %
96Ecolab Inc ECLMaterials +17.4 % +6.4 %+3.2 % +2.39 %9.0 %
97Costco Wholesale Corp COSTConsumer Staples +17.4 % +10.5 %+3.1 % +1.92 %8.4 %
98Cintas Corporation CTASIndustrials +17.3 % +9.6 %+4.6 % +2.31 %9.1 %
99Enbridge Inc ENBEnergy +17.1 % +10.8 %+1.5 % +4.13 %8.8 %
100O’Reilly Automotive Inc ORLYConsumer Discretionary +17.1 % +8.9 %+2.6 % +2.12 %8.1 %
101Hilton Worldwide Holdings Inc HLTConsumer Discretionary +17.0 % +22.8 %+2.6 % +2.74 %9.4 %
102Marriott International Inc MARConsumer Discretionary +16.9 % +19.9 %+2.6 % +2.88 %9.5 %
103L'Air Liquide S.A AIQUFMaterials +16.7 % +5.6 %+3.2 % +2.21 %8.4 %
104Parker-Hannifin Corporation PHIndustrials +16.7 % +7.7 %+4.6 % +2.67 %9.5 %
105Moodys Corporation MCOFinancials +16.5 % +7.5 %+8.1 % +2.90 %10.0 %
106Schneider Electric S.E. SUIndustrials +16.3 % +9.8 %+4.6 % +3.08 %10.2 %
107Eaton Corporation PLC ETNIndustrials +16.2 % +9.0 %+4.6 % +2.79 %9.7 %
108Emerson Electric Company EMRIndustrials +16.2 % +1.4 %+4.6 % +3.08 %9.8 %
109Air Liquide SA AIMaterials +16.2 % +5.6 %+3.2 % +2.55 %8.9 %
110Netflix Inc NFLXCommunication Services +16.1 % +12.6 %+1.6 % +2.80 %9.9 %
111Linde plc Ordinary Shares LINMaterials +16.0 % +4.5 %+3.2 % +2.27 %8.2 %
112Applovin Corp APPInformation Technology +15.9 % +30.5 %+8.2 % +3.60 %11.5 %
113Phillips 66 PSXEnergy +15.9 % +15.7 %+1.5 % +2.62 %8.5 %
114Crowdstrike Holdings Inc CRWDInformation Technology +15.9 % +40.6 %+8.2 % +2.38 %9.4 %
115Trane Technologies plc TTIndustrials +15.9 % +11.4 %+4.6 % +2.81 %9.7 %
116Siemens Energy AG ENRIndustrials +15.8 % +7.3 %+4.6 % +3.16 %11.0 %
117Thermo Fisher Scientific Inc TMOHealth Care +15.8 % +6.7 %+4.4 % +2.72 %8.9 %
118Airbus Group NV EADSYIndustrials +15.8 % +7.2 %+4.6 % +2.32 %9.0 %
119Warner Bros Discovery Inc WBDCommunication Services +15.8 % +28.4 %+1.6 % +4.32 %10.5 %
120Prologis Inc PLDReal Estate +15.2 % +14.6 %+1.5 % +3.81 %10.0 %
121Cummins Inc CMIIndustrials +15.2 % +11.2 %+4.6 % +3.07 %9.8 %
122Sherwin-Williams Co SHWMaterials +15.0 % +5.1 %+3.2 % +3.20 %9.5 %
123Union Pacific Corporation UNPIndustrials +14.7 % +4.6 %+4.6 % +3.20 %9.2 %
124NXP Semiconductors NV NXPIInformation Technology +14.7 % +7.3 %+8.2 % +4.18 %11.1 %
125Novo Nordisk A/S NOVO-BHealth Care +14.3 % +19.5 %+4.4 % +2.18 %7.4 %
126Atlas Copco AB Series A ATCO-AIndustrials +14.2 % +11.0 %+4.6 % +2.88 %9.2 %
127Digital Realty Trust Inc DLRReal Estate +14.1 % +9.4 %+1.5 % +3.64 %9.3 %
128Vertex Pharmaceuticals Inc VRTXHealth Care +14.1 % +14.2 %+4.4 % +2.27 %8.1 %
129Meta Platforms Inc. METACommunication Services +13.8 % +18.5 %+1.6 % +2.90 %9.2 %
130Safran SA SAFIndustrials +13.3 % +13.2 %+4.6 % +3.22 %9.7 %
131Nokia Corp ADR NOKInformation Technology +13.3 % -1.9 %+8.2 % +2.65 %8.7 %
132Rio Tinto ADR RIOMaterials +13.3 % +5.3 %+3.2 % +2.85 %8.4 %
133Enterprise Products Partners LP EPDEnergy +13.2 % +14.1 %+1.5 % +3.48 %8.1 %
134Illinois Tool Works Inc ITWIndustrials +13.2 % +5.0 %+4.6 % +3.43 %9.3 %
135Motorola Solutions Inc MSIInformation Technology +13.1 % +9.5 %+8.2 % +3.27 %9.0 %
136Waste Management Inc WMIndustrials +13.1 % +10.6 %+4.6 % +3.18 %8.1 %
137Hermes International SCA RMSConsumer Discretionary +13.1 % +20.2 %+2.6 % +2.89 %9.3 %
138Elevance Health Inc ELVHealth Care +12.7 % +10.3 %+4.4 % +3.51 %8.5 %
139Bajaj Finance Limited BAJFINANCEFinancials +12.7 % +26.4 %+8.1 % +5.29 %10.4 %
140ABB Ltd ABBNIndustrials +12.7 % +4.9 %+4.6 % +3.15 %9.0 %
141Ross Stores Inc ROSTConsumer Discretionary +12.6 % +12.7 %+2.6 % +2.96 %9.0 %
142AB Volvo (publ) VOLV-BIndustrials +12.5 % +7.2 %+4.6 % +3.85 %8.9 %
143ServiceNow Inc NOWInformation Technology +12.5 % +24.1 %+8.2 % +3.09 %9.1 %
144Xiaomi Corp 1810Information Technology +12.5 % +13.2 %+8.2 % +2.82 %9.0 %
145Simon Property Group Inc SPGReal Estate +12.4 % +6.7 %+1.5 % +5.22 %10.0 %
146Industria de Diseno Textil SA ITXConsumer Discretionary +12.4 % +14.3 %+2.6 % +3.64 %10.3 %
147Cisco Systems Inc CSCOInformation Technology +12.2 % +2.8 %+8.2 % +3.04 %8.5 %
148American Tower Corp AMTReal Estate +12.2 % +5.8 %+1.5 % +4.59 %9.0 %
149Visa Inc. Class A VFinancials +11.7 % +12.9 %+8.1 % +2.91 %8.2 %
150Canadian National Railway Company CNIIndustrials +11.7 % +4.6 %+4.6 % +4.40 %9.2 %
151RTX Corporation RTXIndustrials +11.6 % +9.4 %+4.6 % +2.92 %7.6 %
152Danaher Corporation DHRHealth Care +11.6 % +2.0 %+4.4 % +3.56 %8.8 %
153Amgen Inc AMGNHealth Care +11.5 % +7.6 %+4.4 % +3.42 %8.1 %
154CRH PLC ADR CRHMaterials +11.5 % +10.7 %+3.2 % +4.56 %9.7 %
155Nokia Oyj NOKIAInformation Technology +11.4 % -1.9 %+8.2 % +3.08 %8.8 %
156Honeywell International Inc HONIndustrials +11.4 % +2.8 %+4.6 % +4.00 %9.1 %
157China Shenhua Energy Co Ltd H 1088Energy +11.3 % +4.8 %+1.5 % +2.93 %8.6 %
158Republic Services Inc RSGIndustrials +11.3 % +10.3 %+4.6 % +3.47 %8.1 %
159China Shenhua Energy Co 601088Energy +11.2 % +4.8 %+1.5 % +2.82 %8.7 %
160LOréal S.A. ORConsumer Staples +11.2 % +9.5 %+3.1 % +3.48 %9.0 %
161S&P Global Inc SPGIFinancials +11.1 % +15.6 %+8.1 % +4.03 %9.4 %
162Stryker Corporation SYKHealth Care +11.0 % +11.8 %+4.4 % +3.70 %8.7 %
163Siemens Aktiengesellschaft SIEIndustrials +11.0 % +7.4 %+4.6 % +4.19 %9.1 %
164Amphenol Corporation APHInformation Technology +10.9 % +21.9 %+8.2 % +4.14 %9.8 %
165The Home Depot Inc HDConsumer Discretionary +10.7 % +4.5 %+2.6 % +3.95 %8.6 %
166Berkshire Hathaway Inc BRK-BFinancials +10.6 % +8.6 %+8.1 % +2.29 %7.9 %
167Johnson & Johnson JNJHealth Care +10.6 % +2.7 %+4.4 % +2.95 %7.6 %
168Kinder Morgan Inc KMIEnergy +10.4 % +7.7 %+1.5 % +4.61 %8.2 %
169Merck KGaA MRKHealth Care +10.2 % +3.8 %+4.4 % +3.98 %8.6 %
170Northrop Grumman Corporation NOCIndustrials +10.2 % +2.7 %+4.6 % +4.47 %9.2 %
171Mastercard Inc MAFinancials +10.2 % +16.5 %+8.1 % +3.25 %8.1 %
172Walt Disney Company DISCommunication Services +10.1 % +7.6 %+1.6 % +5.28 %10.1 %
173Marathon Petroleum Corp MPCEnergy +10.1 % +13.7 %+1.5 % +4.02 %8.1 %
174McDonald’s Corporation MCDConsumer Discretionary +10.1 % +7.0 %+2.6 % +3.92 %8.1 %
175Zijin Mining Group Co Ltd-H 2899Materials +10.0 % +15.3 %+3.2 % +4.57 %9.9 %
176The TJX Companies Inc TJXConsumer Discretionary +10.0 % +13.4 %+2.6 % +3.31 %8.4 %
177Shin-Etsu Chemical Co Ltd ADR SHECYMaterials +10.0 % +12.8 %+3.2 % +3.48 %9.4 %
178Compagnie Financière Richemont SA CFRConsumer Discretionary +9.9 % +11.3 %+2.6 % +3.58 %9.1 %
179Merck & Company Inc MRKHealth Care +9.8 % +9.4 %+4.4 % +3.28 %7.6 %
180Mondelez International Inc MDLZConsumer Staples +9.8 % +7.7 %+3.1 % +4.07 %8.1 %
181Wesfarmers Ltd WESConsumer Discretionary +9.5 % +8.2 %+2.6 % +3.88 %8.6 %
182PepsiCo Inc PEPConsumer Staples +9.5 % +5.9 %+3.1 % +4.06 %8.1 %
183Intercontinental Exchange Inc ICEFinancials +9.5 % +8.9 %+8.1 % +4.66 %9.1 %
184Bank of Montreal BMOFinancials +9.3 % +17.9 %+8.1 % +6.71 %9.6 %
185Airbnb Inc ABNBConsumer Discretionary +9.3 % +29.4 %+2.6 % +4.10 %9.6 %
186AstraZeneca PLC AZNHealth Care +9.3 % +17.2 %+4.4 % +3.41 %7.6 %
187Philip Morris International Inc PMConsumer Staples +8.8 % +7.2 %+3.1 % +3.75 %7.6 %
188Kweichow Moutai Co Ltd 600519Consumer Staples +8.8 % +15.4 %+3.1 % +3.51 %8.2 %
189Zijin Mining Group Co Ltd Class A 601899Materials +8.8 % +15.2 %+3.2 % +5.15 %10.0 %
190Exxon Mobil Corp XOMEnergy +8.7 % +12.7 %+1.5 % +3.44 %7.6 %
191PNC Financial Services Group Inc PNCFinancials +8.6 % +11.4 %+8.1 % +4.53 %9.0 %
192Aon PLC AONFinancials +8.6 % +9.2 %+8.1 % +4.60 %8.6 %
193SAP SE SAPInformation Technology +8.4 % +6.1 %+8.2 % +3.79 %8.4 %
194Automatic Data Processing Inc ADPIndustrials +8.4 % +7.1 %+4.6 % +4.20 %8.9 %
195Abbott Laboratories ABTHealth Care +8.3 % +5.1 %+4.4 % +3.91 %8.3 %
196United Parcel Service Inc UPSIndustrials +8.2 % +1.0 %+4.6 % +5.48 %9.3 %
197Bharti Airtel Limited BHARTIARTLCommunication Services +8.1 % +16.0 %+1.6 % +5.67 %10.4 %
198AbbVie Inc ABBVHealth Care +8.1 % +6.0 %+4.4 % +3.92 %7.6 %
199Eni S.p.A. ENIEnergy +8.0 % +13.3 %+1.5 % +6.01 %10.0 %
200Medtronic PLC MDTHealth Care +8.0 % +3.8 %+4.4 % +4.47 %8.3 %
201British American Tobacco p.l.c. BTIConsumer Staples +7.9 % -0.1 %+3.1 % +4.76 %8.1 %
202General Dynamics Corporation GDIndustrials +7.8 % +6.7 %+4.6 % +4.02 %8.1 %
203KKR & Co. Inc. KKRFinancials +7.7 % +35.4 %+8.1 % +9.25 %11.2 %
204Procter & Gamble Company PGConsumer Staples +7.3 % +3.5 %+3.1 % +3.91 %7.6 %
205Contemporary Amperex Technology Co., Limite 3750Industrials +7.3 % +53.1 %+4.6 % +3.54 %8.1 %
206UnitedHealth Group Incorporated UNHHealth Care +7.2 % +11.7 %+4.4 % +4.45 %7.9 %
207Newmont Corporation NEMMaterials +7.2 % +15.3 %+3.2 % +3.82 %7.9 %
208Essilor International SA ESLOYHealth Care +7.0 % +14.6 %+4.4 % +4.48 %8.2 %
209China Petroleum & Chemical Corp Class A 600028Energy +7.0 % +3.9 %+1.5 % +6.33 %9.2 %
210Agnico Eagle Mines Limited AEMMaterials +6.9 % +30.6 %+3.2 % +4.14 %8.3 %
211Bank of Communications Co 601328Financials +6.9 % +7.3 %+8.1 % +14.82 %8.7 %
212Valero Energy Corporation VLOEnergy +6.9 % +13.6 %+1.5 % +4.39 %8.2 %
213CME Group Inc CMEFinancials +6.7 % +6.0 %+8.1 % +4.14 %8.1 %
214China Yangtze Power Co Ltd 600900Utilities +6.5 % +8.7 %+0.7 % +6.05 %8.7 %
215Tencent Holdings Ltd 0700Communication Services +6.4 % +9.3 %+1.6 % +4.65 %8.7 %
216CVS Health Corp CVSHealth Care +6.4 % +8.4 %+4.4 % +6.35 %8.3 %
217Chevron Corp CVXEnergy +6.3 % +14.3 %+1.5 % +4.29 %7.6 %
218Pfizer Inc PFEHealth Care +6.3 % +8.5 %+4.4 % +5.61 %8.1 %
219International Business Machines IBMInformation Technology +6.1 % -1.7 %+8.2 % +5.19 %8.0 %
220Lowe's Companies Inc LOWConsumer Discretionary +6.1 % -0.8 %+2.6 % +6.68 %8.9 %
221HCA Healthcare, Inc. HCAHealth Care +6.0 % +8.0 %+4.4 % +8.23 %9.5 %
222EssilorLuxottica S. A. ELHealth Care +5.9 % +14.6 %+4.4 % +5.41 %8.7 %
223General Motors Company GMConsumer Discretionary +5.8 % +8.6 %+2.6 % +12.97 %9.9 %
224Marsh & McLennan Companies, Inc. MRSHFinancials +5.8 % +9.4 %+8.1 % +5.49 %8.3 %
225Salesforce.com Inc CRMInformation Technology +5.8 % +14.3 %+8.2 % +5.81 %9.6 %
226FedEx Corporation FDXIndustrials +5.6 % +2.5 %+4.6 % +6.64 %10.0 %
227Tata Consultancy Services Limited TCSInformation Technology +5.5 % +10.2 %+8.2 % +6.06 %10.4 %
228Booking Holdings Inc BKNGConsumer Discretionary +5.4 % +31.7 %+2.6 % +5.76 %9.5 %
229Colgate-Palmolive Company CLConsumer Staples +5.3 % +4.4 %+3.1 % +5.05 %8.1 %
230Gilead Sciences Inc GILDHealth Care +5.3 % +3.6 %+4.4 % +4.99 %8.1 %
231Schlumberger NV SLBEnergy +4.9 % +8.6 %+1.5 % +5.60 %8.6 %
232Monster Beverage Corp MNSTConsumer Staples +4.9 % +12.5 %+3.1 % +4.56 %8.1 %
233Uber Technologies Inc UBERIndustrials +4.9 % +36.1 %+4.6 % +6.08 %9.5 %
234EOG Resources Inc EOGEnergy +4.8 % +18.0 %+1.5 % +5.12 %8.1 %
235Qualcomm Incorporated QCOMInformation Technology +4.8 % +13.5 %+8.2 % +6.88 %10.4 %
236Regeneron Pharmaceuticals Inc REGNHealth Care +4.6 % +11.0 %+4.4 % +4.54 %8.1 %
237Anheuser Busch Inbev SA NV ABIConsumer Staples +4.6 % +4.8 %+3.1 % +8.53 %9.3 %
238Lockheed Martin Corporation LMTIndustrials +4.4 % +2.8 %+4.6 % +5.67 %8.1 %
239McKesson Corporation MCKHealth Care +4.4 % +11.1 %+4.4 % +5.08 %8.1 %
240Saudi Aramco 2222Energy +4.3 % +14.2 %+1.5 % +5.05 %8.1 %
241Nestle S.A. NESNConsumer Staples +4.2 % +1.1 %+3.1 % +5.64 %7.4 %
242TotalEnergies SE TTEEnergy +4.1 % +8.8 %+1.5 % +6.42 %8.6 %
243Roche Holding AG ROHealth Care +4.0 % +1.1 %+4.4 % +4.82 %7.4 %
244Newmont Goldcorp Corp NEMMaterials +3.7 % +14.1 %+3.2 % +5.14 %8.1 %
245Intuit Inc INTUInformation Technology +3.7 % +19.7 %+8.2 % +6.46 %9.3 %
246Medline Inc. Class A Common Stock MDLNHealth Care +3.6 % +9.9 %+4.4 % +5.87 %9.2 %
247China Mobile Ltd 0941Communication Services +3.6 % +5.9 %+1.6 % +4.38 %8.1 %
248Verizon Communications Inc VZCommunication Services +2.5 % +1.5 %+1.6 % +9.49 %8.1 %
249PetroChina Co Ltd Class A 601857Energy +2.5 % +8.2 %+1.5 % +5.86 %8.3 %
250American Electric Power Co Inc AEPUtilities +2.1 % +7.9 %+0.7 % +10.52 %8.2 %
251LVMH Moët Hennessy - Louis Vuitton MCConsumer Discretionary +1.9 % +12.6 %+2.6 % +7.04 %8.9 %
252American Express Company AXPFinancials +1.8 % +16.0 %+8.1 % +7.05 %8.8 %
253Canadian Natural Resources Ltd CNQEnergy +1.8 % +20.4 %+1.5 % +7.99 %9.0 %
254Mitsubishi Heavy Industries Ltd. MHVYFIndustrials +1.7 % +6.2 %+4.6 % +6.00 %8.1 %
255T-Mobile US Inc TMUSCommunication Services +1.3 % +5.2 %+1.6 % +8.76 %8.1 %
256Westpac Banking Corporation WBCFinancials +1.2 % +26.5 %+8.1 % +10.51 %8.4 %
257Adobe Systems Incorporated ADBEInformation Technology +1.1 % +13.1 %+8.2 % +8.66 %10.2 %
258AT&T Inc. TCommunication Services +1.0 % -6.1 %+1.6 % +10.55 %8.1 %
259Bank Central Asia Tbk BBCAFinancials +0.6 % +10.2 %+8.1 % +9.09 %11.5 %
260Altria Group MOConsumer Staples +0.6 % -5.1 %+3.1 % +7.86 %8.1 %
261OVERSEA-CHINESE BANKING CORP O39Financials +0.5 % +7.6 %+8.1 % +5.62 %7.9 %
262Deutsche Post AG DHLIndustrials +0.3 % +4.4 %+4.6 % +8.87 %9.3 %
263Charles Schwab Corp SCHWFinancials +0.2 % +18.0 %+8.1 % +4.51 %8.7 %
264Contemporary Amperex Technology Co Ltd Class A 300750Industrials +0.2 % +53.1 %+4.6 % +5.70 %8.2 %
265DBS Group Holdings Ltd D05Financials +0.2 % +9.4 %+8.1 % +4.70 %7.9 %
266ICICI Bank Limited ICICIBANKFinancials -0.6 % +14.2 %+8.1 % +9.63 %10.4 %
267Royal Bank of Canada RYFinancials -0.7 % +17.6 %+8.1 % +17.85 %8.6 %
268Novartis AG NOVNHealth Care -0.9 % +2.7 %+4.4 % +7.28 %7.4 %
269Bristol-Myers Squibb Company BMYHealth Care -1.1 % +2.5 %+4.4 % +9.42 %8.1 %
270Kioxia Holdings Corporation ADR KXIAYTechnology -1.1 % +47.4 %+4.5 % +10.51 %9.2 %
271Midea Group Co Ltd 000333Consumer Discretionary -1.1 % +10.0 %+2.6 % +6.34 %8.8 %
272Suncor Energy Inc SUEnergy -1.2 % +14.7 %+1.5 % +8.42 %8.2 %
273MercadoLibre Inc. MELIConsumer Discretionary -1.8 % +48.7 %+2.6 % +10.74 %10.2 %
274Accenture plc ACNInformation Technology -1.9 % +9.5 %+8.2 % +9.21 %9.5 %
275HDFC Bank Limited HDFCBANKFinancials -2.1 % +51.7 %+8.1 % +14.90 %10.4 %
276Cigna Corp CIHealth Care -2.6 % +11.4 %+4.4 % +11.17 %8.1 %
277Sanofi ADR SNYHealth Care -2.7 % +4.6 %+4.4 % +9.39 %8.1 %
278Vinci S.A. DGIndustrials -2.7 % +11.3 %+4.6 % +12.40 %9.2 %
279Volvo AB ADR VLVLYIndustrials -3.3 % +7.2 %+4.6 % +34.61 %9.2 %
280ANZ Group Holdings Ltd ANZFinancials -3.3 % +17.6 %+8.1 % +21.64 %8.0 %
281State Bank of India SBINFinancials -3.3 % +13.5 %+8.1 % +16.70 %10.4 %
282CNOOC Ltd 0883Energy -3.4 % +20.0 %+1.5 % +8.14 %8.6 %
283GlaxoSmithKline PLC ADR GSKHealth Care -3.4 % +6.1 %+4.4 % +11.34 %8.1 %
284Christian Dior SE CDIConsumer Discretionary -3.6 % +12.6 %+2.6 % +20.15 %9.4 %
285ConocoPhillips COPEnergy -3.6 % +25.6 %+1.5 % +9.97 %8.1 %
286UBS Group AG UBSFinancials -4.1 % +13.0 %+8.1 % +8.44 %8.8 %
287Investor AB (publ) IVSXFFinancials -4.2 % +20.2 %+8.1 % +14.68 %8.7 %
288Petroleo Brasileiro Petrobras SA ADR PBREnergy -4.6 % +11.1 %+1.5 % +12.90 %9.2 %
289China Telecom Corp Ltd 601728Communication Services -5.1 % +5.9 %+1.6 % +9.22 %8.7 %
290Petroleo Brasileiro S.A. XPBRAEnergy -5.3 % +1.5 %+1.5 % +16.58 %10.6 %
291Bank of Communications Co Ltd 3328Financials -6.4 % +22.0 %+8.1 % +12.31 %8.6 %
292Comcast Corp CMCSACommunication Services -6.4 % +3.6 %+1.6 % +22.73 %8.4 %
293KLA Corporation KLACInformation Technology -6.5 % +15.9 %+8.2 % +15.07 %9.8 %
294Overseas Chinese Banking Corp Ltd ADR OVCHYFinancials -6.9 % +32.2 %+8.1 % +9.69 %8.1 %
295Deutsche Telekom AG DTECommunication Services -7.8 % +3.4 %+1.6 % +20.47 %7.9 %
296Chubb Ltd CBFinancials -8.6 % +10.6 %+8.1 % +10.73 %8.1 %
297JPMorgan Chase & Co JPMFinancials -9.9 % +16.6 %+8.1 % +10.07 %8.7 %
298AXA SA CSFinancials -10.2 % +0.6 %+8.1 % +22.56 %8.8 %
299Progressive Corp PGRFinancials -10.2 % +15.5 %+8.1 % +13.36 %8.1 %
300Assicurazioni Generali S.p.A. GFinancials -10.5 % -10.4 %+8.1 % +28.51 %10.5 %
301The Travelers Companies Inc TRVFinancials -11.1 % +8.8 %+8.1 % +12.62 %8.1 %
302BNP Paribas SA BNPFinancials -11.3 % +6.4 %+8.1 % +10.50 %9.9 %
303Itaú Unibanco Holding S.A ITUB4Financials -11.5 % +8.0 %+8.1 % +27.89 %10.7 %
304Allianz SE VNA O.N. ALVFinancials -12.9 % +3.0 %+8.1 % +18.57 %8.3 %
305China Merchants Bank Co Ltd 600036Financials -13.1 % +8.4 %+8.1 % +38.54 %8.8 %
306Atlas Copco AB ATLPFIndustrials -16.0 % +11.0 %+4.6 % +27.39 %9.4 %
307Capital One Financial Corporation COFFinancials -16.0 % +17.0 %+8.1 % +21.99 %9.3 %
308Morgan Stanley MSFinancials -17.1 % +18.3 %+8.1 % +13.29 %9.2 %
309Atlas Copco ADR ATLCYIndustrials -17.1 % +9.7 %+4.6 % +29.81 %9.4 %
310U.S. Bancorp USBFinancials -17.9 % +11.2 %+8.1 % +8.08 %9.2 %
311Zurich Insurance Group AG ZURNFinancials -18.2 % +9.3 %+8.1 % +26.81 %7.9 %
312Caixabank SA CABKFinancials -19.3 % +18.8 %+8.1 % +44.15 %9.2 %
313Ping An Insurance Group Co of China Ltd 601318Financials -19.6 % -4.3 %+8.1 % +44.51 %9.0 %
314Manulife Financial Corp MFCFinancials -26.5 % -7.2 %+8.1 % +42.36 %8.7 %
315Banco Santander S.A. SANFinancials -39.1 % +14.7 %+8.1 % +40.60 %9.9 %
316Taiwan Semiconductor Manufacturing TSMInformation Technology over 80 % +23.5 %+8.2 % +49.34 %9.3 %
317Bank of America Corp BACFinancials over 80 % +20.9 %+8.1 % +2.67 %9.2 %
318Industrial and Commercial Bank of China Ltd 601398Financials over 80 % +20.8 %+8.1 % +5.07 %8.2 %
319Industrial and Commercial Bank of China 1398Financials over 80 % +20.5 %+8.1 % +14.94 %8.1 %
320Bank of China Limited 601988Financials over 80 % +3.1 %+8.1 % +35.94 %8.2 %
321Bank of China Ltd H 3988Financials over 80 % +22.0 %+8.1 % +38.19 %8.1 %
322Banco Bilbao Viscaya Argentaria SA ADR BBVAFinancials over 80 % +4.2 %+8.1 % +7.47 %9.0 %
323China Merchants Bank Co Ltd Class H 3968Financials over 80 % +15.7 %+8.1 % +30.12 %8.7 %
324Pinduoduo Inc. P1DD34Consumer Discretionary over 80 % +48.7 %+2.6 % +44.80 %12.2 %
325The Bank of New York Mellon Corporation BNYFinancials over 80 % +19.5 %+8.1 % +4.46 %9.4 %
326Postal Savings Bank of China Co Ltd 601658Financials over 80 % +8.5 %+8.1 % +13.95 %8.7 %
327Postal Savings Bank of China 1658Financials over 80 % +7.9 %+8.1 % +13.44 %8.6 %
328Apollo Global Management LLC Class A APOFinancials over 80 % +66.7 %+8.1 % +9.17 %10.4 %
329Natwest Group PLC NWGFinancials over 80 % +17.6 %+8.1 % +15.05 %8.8 %

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 September 6, 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.