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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 5, 2026 · 353 of the largest stocks with positive free cash flow · updated daily

+13.8 %median implied growth p.a.
155stocks require at least 15 % p.a.
59stocks are fair or cheap even with shrinking cash flow
4prices 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 %+10.4 % +0.14 %10.9 %
2SK Square Co Ltd 402340Information Technology over 80 % +73.8 %+10.4 % +0.23 %12.1 %
3Samsung Electro-Mechanics 009150Information Technology over 80 % +6.6 %+10.4 % +0.20 %12.1 %
4Natera Inc NTRAHealth Care over 80 % +42.6 %+5.2 % +0.19 %10.5 %
5Hygon Information Technology Co. Ltd. A 688041Information Technology +76.6 % +69.7 %+10.4 % +0.18 %8.8 %
6Cloudflare Inc NETInformation Technology +75.2 % +38.1 %+10.4 % +0.26 %10.8 %
7Arm Holdings plc American Depositary Shares ARMInformation Technology +72.6 % +19.4 %+10.4 % +0.30 %10.9 %
8Amazon.com Inc AMZNConsumer Discretionary +69.0 % +13.2 %+4.1 % +0.28 %9.7 %
9Lumentum Holdings Inc LITEInformation Technology +65.6 % +12.0 %+10.4 % +0.37 %10.5 %
10Astera Labs, Inc. ALABInformation Technology +65.2 % +120.2 %+10.4 % +0.44 %11.5 %
11Delta Electronics (Thailand) Public Company Limited DELTAInformation Technology +65.0 % +25.7 %+10.4 % +0.38 %10.4 %
12Palantir Technologies Inc. PLTRInformation Technology +60.5 % +32.6 %+10.4 % +0.43 %10.1 %
13Tesla Inc TSLAConsumer Discretionary +59.9 % +24.6 %+4.1 % +0.47 %10.6 %
14Marvell Technology Group Ltd MRVLInformation Technology +56.9 % +22.5 %+10.4 % +0.59 %10.9 %
15Hewlett Packard Enterprise Co HPEInformation Technology +56.5 % +4.9 %+10.4 % +0.62 %10.3 %
16Teradyne Inc TERInformation Technology +55.4 % +0.4 %+10.4 % +0.64 %11.0 %
17Advanced Micro Devices Inc AMDInformation Technology +54.6 % +28.8 %+10.4 % +0.64 %10.9 %
18United Rentals Inc URIIndustrials +50.2 % +13.6 %+7.4 % +0.96 %11.1 %
19Iberdrola S.A. IBEUtilities +49.2 % +6.6 %+3.5 % +0.87 %9.4 %
20Shandong Zhongji Electrical Equipment Co Ltd 300308Industrials +47.8 % +40.2 %+7.4 % +0.91 %11.2 %
21Shopify Inc SHOPInformation Technology +45.9 % +31.6 %+10.4 % +1.02 %11.5 %
22Monolithic Power Systems Inc MPWRInformation Technology +45.5 % +27.0 %+10.4 % +0.94 %10.8 %
23Johnson Controls International PLC JCIIndustrials +43.6 % +1.1 %+7.4 % +1.01 %9.9 %
24Delta Electronics Inc 2308Information Technology +43.4 % +14.5 %+10.4 % +1.07 %11.0 %
25Wheaton Precious Metals Corp WPMMaterials +43.1 % +16.5 %+9.0 % +0.93 %9.9 %
26Datadog Inc DDOGInformation Technology +43.0 % +41.5 %+10.4 % +0.98 %10.4 %
27Targa Resources Inc TRGPEnergy +42.8 % +15.7 %+11.2 % +0.96 %8.6 %
28Freeport-McMoran Copper & Gold Inc FCXMaterials +42.3 % +13.2 %+9.0 % +1.07 %10.2 %
29Snowflake Inc. SNOWInformation Technology +42.2 % +51.2 %+10.4 % +0.97 %10.0 %
30Corning Incorporated GLWInformation Technology +41.9 % +6.7 %+10.4 % +0.99 %9.6 %
31Lam Research Corp LRCXInformation Technology +41.6 % +9.7 %+10.4 % +1.12 %10.6 %
32Texas Instruments Incorporated TXNInformation Technology +41.5 % +4.1 %+10.4 % +0.96 %9.4 %
33Royal Caribbean Cruises Ltd RCLConsumer Discretionary +39.6 % +52.0 %+4.1 % +1.65 %11.0 %
34Williams Companies Inc WMBEnergy +38.9 % +9.1 %+11.2 % +1.16 %8.4 %
35Advantest Corp DRC ATEYYInformation Technology +38.7 % +30.8 %+10.4 % +1.09 %9.7 %
36Robinhood Markets Inc HOODFinancials +37.4 % +36.1 %+9.3 % +1.58 %11.5 %
37Eli Lilly and Company LLYHealth Care +36.6 % +21.6 %+5.2 % +0.88 %7.6 %
38Applied Materials Inc AMATInformation Technology +36.2 % +10.5 %+10.4 % +1.32 %10.0 %
39Toyota Motor Corporation ADR TMConsumer Discretionary +36.0 % +13.2 %+4.1 % +1.59 %7.6 %
40Synopsys Inc SNPSInformation Technology +35.9 % +13.9 %+10.4 % +1.43 %9.8 %
41Infineon Technologies AG IFXInformation Technology +35.9 % +11.4 %+10.4 % +1.67 %11.1 %
42Seagate Technology PLC STXInformation Technology +35.3 % +2.7 %+10.4 % +1.60 %10.9 %
43Murata Manufacturing Inc MRAAYInformation Technology +34.7 % +3.6 %+10.4 % +1.30 %9.7 %
44Carvana Co CVNAConsumer Discretionary +34.6 % +29.5 %+4.1 % +1.88 %11.5 %
45Intesa Sanpaolo SpA ISPFinancials +34.6 % +7.5 %+9.3 % +5.72 %11.0 %
46Blackstone Group Inc BXFinancials +34.5 % +20.7 %+9.3 % +1.99 %10.5 %
47KLA Corporation KLACInformation Technology +34.5 % +14.4 %+10.4 % +1.38 %9.7 %
48Constellation Energy Corp CEGUtilities +34.3 % +7.7 %+3.5 % +1.41 %9.5 %
49NVIDIA Corporation NVDAInformation Technology +33.8 % +66.9 %+10.4 % +1.69 %10.9 %
50Tokyo Electron Ltd PK TOELYInformation Technology +33.5 % +13.1 %+10.4 % +1.47 %10.0 %
51MediaTek Inc 2454Information Technology +33.5 % +13.1 %+10.4 % +1.81 %11.5 %
52Vertiv Holdings Co VRTIndustrials +33.4 % +18.5 %+7.4 % +1.91 %11.5 %
53Quanta Services Inc PWRIndustrials +32.7 % +20.4 %+7.4 % +1.57 %9.7 %
54Broadcom Inc AVGOInformation Technology +32.6 % +21.7 %+10.4 % +1.55 %9.7 %
55Deere & Company DEIndustrials +32.6 % +5.2 %+7.4 % +1.74 %9.0 %
56SK Hynix Inc 000660Information Technology +32.5 % +25.0 %+10.4 % +1.95 %11.4 %
57Howmet Aerospace Inc HWMIndustrials +32.5 % +9.4 %+7.4 % +1.54 %9.7 %
58Eoptolink Technology Inc Ltd 300502Information Technology +32.3 % +65.6 %+10.4 % +1.65 %10.2 %
59Arista Networks ANETInformation Technology +31.6 % +31.2 %+10.4 % +1.61 %10.1 %
60Nextera Energy Inc NEEUtilities +31.6 % +8.8 %+3.5 % +2.00 %8.4 %
61Bank of Nova Scotia BNSFinancials +31.5 % +18.5 %+9.3 % +4.46 %9.7 %
623M Company MMMIndustrials +31.5 % -5.0 %+7.4 % +1.63 %9.4 %
63Canadian Pacific Kansas City Limited CPIndustrials +31.4 % +14.4 %+7.4 % +1.93 %9.7 %
64CSX Corporation CSXIndustrials +31.3 % +5.9 %+7.4 % +1.94 %9.7 %
65argenx NV ADR ARGXHealth Care +31.1 % +151.5 %+5.2 % +1.39 %9.2 %
66Palo Alto Networks Inc PANWInformation Technology +31.0 % +22.0 %+10.4 % +1.34 %8.5 %
67UniCredit S.p.A. UCGFinancials +30.8 % +6.3 %+9.3 % +6.05 %11.6 %
68Cadence Design Systems Inc CDNSInformation Technology +30.3 % +14.6 %+10.4 % +1.64 %9.6 %
69Intuitive Surgical Inc ISRGHealth Care +30.3 % +18.2 %+5.2 % +1.77 %10.3 %
70Taiwan Semiconductor Manufacturing Co. Ltd. 2330Information Technology +30.3 % +23.3 %+10.4 % +1.68 %9.9 %
71Samsung Electronics Co Ltd 005930Information Technology +30.1 % +7.1 %+10.4 % +1.80 %10.4 %
72Western Digital Corporation WDCInformation Technology +30.1 % -5.3 %+10.4 % +2.25 %11.5 %
73GE Vernova LLC GEVIndustrials +30.0 % +3.6 %+7.4 % +1.39 %8.7 %
74Investor AB ser. B INVE-BIndustrials +29.6 % +20.2 %+7.4 % +1.53 %8.5 %
75Fortinet Inc FTNTInformation Technology +29.2 % +21.3 %+10.4 % +1.66 %9.4 %
76BlackRock Inc BLKFinancials +28.5 % +8.4 %+9.3 % +2.03 %10.2 %
77TC Energy Corp TRPEnergy +28.5 % +3.2 %+11.2 % +3.35 %9.2 %
78Welltower Inc WELLReal Estate +28.3 % +18.4 %+2.2 % +1.71 %8.7 %
79Keysight Technologies Inc KEYSInformation Technology +28.1 % +5.0 %+10.4 % +1.93 %9.7 %
80ASML Holding N.V. ASMLInformation Technology +28.0 % +18.5 %+10.4 % +1.74 %9.3 %
81The Coca-Cola Company KOConsumer Staples +27.9 % +7.8 %+3.3 % +1.43 %7.6 %
82National Australia Bank Ltd NABFinancials +27.8 % +18.0 %+9.3 % +6.00 %8.4 %
83Alphabet Inc Class C GOOGCommunication Services +27.7 % +17.2 %+3.4 % +1.75 %9.2 %
84Microsoft Corporation MSFTInformation Technology +27.2 % +14.6 %+10.4 % +1.74 %9.0 %
85Southern Copper Corporation SCCOMaterials +26.7 % +10.9 %+9.0 % +2.01 %9.6 %
86Prosus N.V. PRXCommunication Services +26.6 % +13.5 %+3.4 % +1.75 %8.5 %
87Analog Devices Inc ADIInformation Technology +26.5 % +14.5 %+10.4 % +2.09 %9.7 %
88Amphenol Corporation APHInformation Technology +26.4 % +21.9 %+10.4 % +1.95 %9.3 %
89United Microelectronics Corporation 2303Information Technology +26.2 % +6.1 %+10.4 % +2.57 %11.5 %
90Dell Technologies Inc DELLInformation Technology +25.6 % +5.6 %+10.4 % +2.22 %9.6 %
91Crowdstrike Holdings Inc CRWDInformation Technology +25.5 % +40.6 %+10.4 % +1.88 %9.3 %
92Münchener Rück AG MUV2Financials +25.4 % +3.4 %+9.3 % +1.72 %7.9 %
93Starbucks Corporation SBUXConsumer Discretionary +25.0 % +9.6 %+4.1 % +2.25 %9.2 %
94DoorDash, Inc. Class A Common Stock DASHConsumer Discretionary +24.9 % +36.6 %+4.1 % +2.62 %11.1 %
95GE Aerospace GEIndustrials +24.6 % -9.6 %+7.4 % +2.24 %9.5 %
96Transdigm Group Incorporated TDGIndustrials +24.6 % +11.6 %+7.4 % +2.88 %9.0 %
97Apple Inc AAPLInformation Technology +24.6 % +8.7 %+10.4 % +2.01 %8.9 %
98WW Grainger Inc GWWIndustrials +24.5 % +8.8 %+7.4 % +2.20 %9.3 %
99Caterpillar Inc CATIndustrials +24.1 % +10.1 %+7.4 % +2.63 %10.0 %
100Walmart Inc. WMTConsumer Staples +23.7 % +5.0 %+3.3 % +1.78 %7.9 %
101Enel SpA ENELUtilities +23.6 % +1.0 %+3.5 % +4.87 %11.2 %
102Keyence KYCCFInformation Technology +23.5 % +16.9 %+10.4 % +2.04 %9.2 %
103Marriott International Inc MARConsumer Discretionary +23.4 % +19.9 %+4.1 % +2.70 %9.5 %
104Norfolk Southern Corporation NSCIndustrials +23.2 % +4.5 %+7.4 % +3.02 %9.9 %
105Costco Wholesale Corp COSTConsumer Staples +23.1 % +10.5 %+3.3 % +1.92 %8.4 %
106Air Liquide SA AIMaterials +23.0 % +5.6 %+9.0 % +2.32 %8.9 %
107Hon Hai Precision Industry Co Ltd 2317Information Technology +23.0 % +8.6 %+10.4 % +2.13 %9.5 %
108Ecolab Inc ECLMaterials +22.5 % +6.4 %+9.0 % +2.46 %9.0 %
109Saudi Arabian Mining Company 1211Materials +22.5 % +15.7 %+9.0 % +2.28 %8.6 %
110Hilton Worldwide Holdings Inc HLTConsumer Discretionary +22.3 % +22.8 %+4.1 % +2.77 %9.4 %
111Eaton Corporation PLC ETNIndustrials +22.3 % +9.0 %+7.4 % +2.63 %9.6 %
112Warner Bros Discovery Inc WBDCommunication Services +22.3 % +28.4 %+3.4 % +3.88 %10.6 %
113Schneider Electric S.E. SUIndustrials +22.2 % +9.8 %+7.4 % +2.93 %10.1 %
114Emerson Electric Company EMRIndustrials +21.9 % +1.4 %+7.4 % +2.94 %9.8 %
115Enbridge Inc ENBEnergy +21.9 % +10.8 %+11.2 % +4.50 %8.8 %
116Cintas Corporation CTASIndustrials +21.8 % +9.6 %+7.4 % +2.40 %9.0 %
117O’Reilly Automotive Inc ORLYConsumer Discretionary +21.6 % +8.9 %+4.1 % +2.26 %8.1 %
118Phillips 66 PSXEnergy +21.6 % +15.7 %+11.2 % +2.56 %8.6 %
119Trane Technologies plc TTIndustrials +21.4 % +11.4 %+7.4 % +2.72 %9.7 %
120Meta Platforms Inc. METACommunication Services +21.3 % +18.5 %+3.4 % +2.47 %9.3 %
121Fast Retailing Co DRC 6288Consumer Discretionary +21.1 % +11.1 %+4.1 % +2.08 %8.6 %
122Linde plc Ordinary Shares LINMaterials +21.1 % +4.5 %+9.0 % +2.28 %8.1 %
123ABB Ltd ABBNIndustrials +20.7 % +4.9 %+7.4 % +2.49 %9.0 %
124Reliance Industries Limited RELIANCEEnergy +20.7 % +17.8 %+11.2 % +3.28 %10.4 %
125Brookfield Asset Management Ltd. BAMFinancials +20.6 % +18.0 %+9.3 % +2.89 %9.8 %
126Thermo Fisher Scientific Inc TMOHealth Care +20.0 % +6.7 %+5.2 % +2.59 %8.4 %
127Siemens Energy AG ENRIndustrials +19.7 % +7.3 %+7.4 % +3.28 %11.0 %
128Grupo México S.A.B. de C.V GMEXICOBMaterials +19.6 % +10.8 %+9.0 % +3.82 %11.7 %
129Atlas Copco AB Series A ATCO-AIndustrials +19.3 % +11.0 %+7.4 % +2.76 %9.2 %
130Moodys Corporation MCOFinancials +19.2 % +7.5 %+9.3 % +3.32 %10.0 %
131Parker-Hannifin Corporation PHIndustrials +18.9 % +8.4 %+7.4 % +3.14 %9.5 %
132Union Pacific Corporation UNPIndustrials +18.7 % +4.6 %+7.4 % +3.33 %9.2 %
133Cummins Inc CMIIndustrials +18.6 % +11.2 %+7.4 % +3.26 %9.8 %
134Sherwin-Williams Co SHWMaterials +18.6 % +5.1 %+9.0 % +3.36 %9.4 %
135Monster Beverage Corp MNSTConsumer Staples +18.5 % +12.5 %+3.3 % +2.32 %8.1 %
136WuXi AppTec Co Ltd 603259Health Care +18.3 % +21.3 %+5.2 % +2.47 %8.7 %
137Spotify Technology SA SPOTCommunication Services +18.1 % +16.9 %+3.4 % +3.25 %10.6 %
138Airbus Group SE AIRIndustrials +18.1 % +8.0 %+7.4 % +2.96 %9.5 %
139Netflix Inc NFLXCommunication Services +18.1 % +12.6 %+3.4 % +3.31 %9.9 %
140Digital Realty Trust Inc DLRReal Estate +18.0 % +9.4 %+2.2 % +3.74 %9.3 %
141Cisco Systems Inc CSCOInformation Technology +17.6 % +4.9 %+10.4 % +2.85 %8.7 %
142Novo Nordisk A/S NOVO-BHealth Care +17.4 % +19.5 %+5.2 % +2.63 %7.9 %
143Arthur J Gallagher & Co AJGFinancials +17.2 % +14.8 %+9.3 % +3.05 %8.1 %
144Safran SA SAFIndustrials +17.1 % +13.2 %+7.4 % +3.27 %9.7 %
145Recruit Holdings Co Ltd ADR RCRUYIndustrials +17.1 % +11.6 %+7.4 % +2.95 %9.1 %
146Applovin Corp APPInformation Technology +16.9 % +30.5 %+10.4 % +4.35 %11.5 %
147Vertex Pharmaceuticals Inc VRTXHealth Care +16.9 % +14.2 %+5.2 % +2.47 %8.1 %
148Enterprise Products Partners LP EPDEnergy +16.4 % +14.1 %+11.2 % +3.75 %8.1 %
149Illinois Tool Works Inc ITWIndustrials +16.3 % +5.0 %+7.4 % +3.59 %9.2 %
150Motorola Solutions Inc MSIInformation Technology +16.3 % +9.5 %+10.4 % +3.44 %9.0 %
151Waste Management Inc WMIndustrials +16.2 % +10.6 %+7.4 % +3.42 %8.1 %
152Rio Tinto ADR RIOMaterials +16.1 % +5.3 %+9.0 % +3.12 %8.5 %
153Hermes International SCA RMSConsumer Discretionary +16.1 % +20.2 %+4.1 % +3.24 %9.8 %
154Ross Stores Inc ROSTConsumer Discretionary +16.0 % +12.7 %+4.1 % +2.99 %8.9 %
155Energy Transfer LP ETEnergy +16.0 % +16.2 %+11.2 % +5.43 %8.2 %
156Elevance Health Inc ELVHealth Care +15.8 % +10.3 %+5.2 % +3.77 %8.5 %
157Danaher Corporation DHRHealth Care +15.3 % +2.0 %+5.2 % +3.47 %8.8 %
158ServiceNow Inc NOWInformation Technology +15.2 % +24.1 %+10.4 % +3.28 %9.2 %
159Simon Property Group Inc SPGReal Estate +15.1 % +6.7 %+2.2 % +5.48 %10.0 %
160Target Corporation TGTConsumer Staples +14.9 % +2.3 %+3.3 % +3.99 %9.2 %
161Bajaj Finance Limited BAJFINANCEFinancials +14.9 % +26.4 %+9.3 % +5.91 %10.4 %
162AB Volvo (publ) VOLV-BIndustrials +14.8 % +7.2 %+7.4 % +4.26 %8.9 %
163American Tower Corp AMTReal Estate +14.7 % +5.8 %+2.2 % +5.00 %9.0 %
164Canadian National Railway Company CNIIndustrials +14.6 % +4.6 %+7.4 % +4.54 %9.2 %
165China Shenhua Energy Co 601088Energy +14.5 % +4.8 %+11.2 % +2.81 %8.7 %
166Industria de Diseno Textil SA ITXConsumer Discretionary +14.3 % +14.3 %+4.1 % +3.93 %10.3 %
167Visa Inc. Class A VFinancials +14.1 % +12.9 %+9.3 % +3.10 %8.2 %
168Siemens Aktiengesellschaft SIEIndustrials +14.0 % +7.4 %+7.4 % +4.22 %9.1 %
169Japan Tobacco ADR JAPAYConsumer Staples +13.9 % +11.7 %+3.3 % +3.20 %8.1 %
170RTX Corporation RTXIndustrials +13.9 % +9.4 %+7.4 % +3.15 %7.6 %
171LOréal S.A. ORConsumer Staples +13.8 % +9.5 %+3.3 % +3.59 %9.0 %
172Saudi National Bank 1180Financials +13.8 % +16.0 %+9.3 % +2.46 %8.6 %
173Shin-Etsu Chemical Co Ltd ADR SHECYMaterials +13.7 % +12.8 %+9.0 % +3.32 %9.4 %
174Marathon Petroleum Corp MPCEnergy +13.6 % +13.7 %+11.2 % +3.88 %8.1 %
175Republic Services Inc RSGIndustrials +13.6 % +10.3 %+7.4 % +3.74 %8.1 %
176Berkshire Hathaway Inc BRK-BFinancials +13.5 % +8.6 %+9.3 % +2.31 %7.9 %
177Kinder Morgan Inc KMIEnergy +13.4 % +7.7 %+11.2 % +4.66 %8.2 %
178Merck KGaA MRKHealth Care +13.1 % +3.8 %+5.2 % +3.94 %8.6 %
179Tokio Marine Holdings Inc TKOMYFinancials +12.8 % +8.4 %+9.3 % +3.80 %9.2 %
180Compagnie Financière Richemont SA CFRConsumer Discretionary +12.7 % +11.3 %+4.1 % +3.58 %9.2 %
181The TJX Companies Inc TJXConsumer Discretionary +12.7 % +13.4 %+4.1 % +3.29 %8.3 %
182Stryker Corporation SYKHealth Care +12.6 % +11.8 %+5.2 % +4.03 %8.7 %
183Johnson & Johnson JNJHealth Care +12.6 % +2.7 %+5.2 % +3.15 %7.6 %
184Bharti Airtel Limited BHARTIARTLCommunication Services +12.5 % +16.0 %+3.4 % +5.99 %11.9 %
185Amgen Inc AMGNHealth Care +12.3 % +7.6 %+5.2 % +3.69 %7.6 %
186Mastercard Inc MAFinancials +12.1 % +16.5 %+9.3 % +3.47 %8.2 %
187Walt Disney Company DISCommunication Services +11.9 % +7.6 %+3.4 % +5.66 %10.2 %
188The Home Depot Inc HDConsumer Discretionary +11.8 % +4.5 %+4.1 % +4.48 %8.6 %
189Merck & Company Inc MRKHealth Care +11.8 % +9.4 %+5.2 % +3.47 %7.6 %
190Philip Morris International Inc PMConsumer Staples +11.7 % +7.2 %+3.3 % +3.64 %7.6 %
191Northrop Grumman Corporation NOCIndustrials +11.7 % +2.7 %+7.4 % +4.86 %9.2 %
192Mondelez International Inc MDLZConsumer Staples +11.7 % +7.7 %+3.3 % +4.30 %8.1 %
193McDonald’s Corporation MCDConsumer Discretionary +11.5 % +7.0 %+4.1 % +4.34 %8.1 %
194S&P Global Inc SPGIFinancials +11.3 % +15.6 %+9.3 % +4.78 %9.4 %
195Bank of Montreal BMOFinancials +11.1 % +17.9 %+9.3 % +7.10 %9.6 %
196Exxon Mobil Corp XOMEnergy +11.0 % +12.7 %+11.2 % +3.45 %7.6 %
197Mitsubishi Electric Corp ADR MIELYIndustrials +11.0 % +8.3 %+7.4 % +3.66 %8.7 %
198Eni S.p.A. ENIEnergy +11.0 % +13.3 %+11.2 % +5.65 %10.0 %
199Chugai Pharmaceutical Co Ltd ADR CHGCYHealth Care +10.9 % +10.9 %+5.2 % +3.32 %8.2 %
200Intercontinental Exchange Inc ICEFinancials +10.8 % +8.9 %+9.3 % +5.05 %9.1 %
201PepsiCo Inc PEPConsumer Staples +10.8 % +5.9 %+3.3 % +4.45 %8.1 %
202TE Connectivity Ltd TELInformation Technology +10.6 % +7.0 %+10.4 % +4.96 %9.6 %
203AbbVie Inc ABBVHealth Care +10.6 % +6.0 %+5.2 % +3.83 %7.6 %
204Kweichow Moutai Co Ltd 600519Consumer Staples +10.1 % +15.4 %+3.3 % +3.70 %8.2 %
205Xiaomi Corp 1810Information Technology +9.7 % +13.2 %+10.4 % +3.87 %9.0 %
206Valero Energy Corporation VLOEnergy +9.4 % +13.6 %+11.2 % +4.21 %8.2 %
207Sandisk Corp SNDKInformation Technology +9.4 % +20.0 %+10.4 % +4.31 %8.7 %
208PNC Financial Services Group Inc PNCFinancials +9.3 % +11.4 %+9.3 % +4.91 %9.0 %
209CSL Ltd CSLHealth Care +9.2 % +10.4 %+5.2 % +4.30 %7.9 %
210British American Tobacco p.l.c. BTIConsumer Staples +9.2 % -0.1 %+3.3 % +5.00 %8.1 %
211SAP SE SAPInformation Technology +9.0 % +6.1 %+10.4 % +3.88 %8.0 %
212United Parcel Service Inc UPSIndustrials +8.9 % +1.0 %+7.4 % +6.02 %9.3 %
213Ferrari NV RACEConsumer Discretionary +8.9 % +15.6 %+4.1 % +4.33 %8.3 %
214Zijin Mining Group Co Ltd Class A 601899Materials +8.8 % +15.2 %+9.0 % +5.77 %9.9 %
215Bank of Communications Co 601328Financials +8.8 % +7.3 %+9.3 % +14.19 %8.7 %
216Medtronic PLC MDTHealth Care +8.7 % +3.8 %+5.2 % +4.88 %8.3 %
217KDDI Corp PK KDDIYCommunication Services +8.7 % +3.9 %+3.4 % +5.81 %9.2 %
218Chevron Corp CVXEnergy +8.7 % +14.3 %+11.2 % +4.06 %7.6 %
219Airbnb Inc ABNBConsumer Discretionary +8.7 % +29.4 %+4.1 % +4.79 %9.6 %
220Abbott Laboratories ABTHealth Care +8.5 % +5.1 %+5.2 % +4.35 %8.3 %
221General Dynamics Corporation GDIndustrials +8.5 % +6.7 %+7.4 % +4.38 %8.1 %
222China Petroleum & Chemical Corp Class A 600028Energy +8.2 % +3.9 %+11.2 % +6.57 %9.2 %
223China Yangtze Power Co Ltd 600900Utilities +8.1 % +8.7 %+3.5 % +6.03 %8.7 %
224Automatic Data Processing Inc ADPIndustrials +7.8 % +7.9 %+7.4 % +5.10 %8.8 %
225UnitedHealth Group Incorporated UNHHealth Care +7.8 % +11.7 %+5.2 % +4.77 %7.9 %
226Pfizer Inc PFEHealth Care +7.5 % +8.5 %+5.2 % +5.73 %8.1 %
227Procter & Gamble Company PGConsumer Staples +7.4 % +2.7 %+3.3 % +4.31 %7.6 %
228HCA Healthcare, Inc. HCAHealth Care +7.3 % +8.0 %+5.2 % +8.09 %9.5 %
229CME Group Inc CMEFinancials +7.2 % +6.0 %+9.3 % +4.40 %8.1 %
230Agnico Eagle Mines Limited AEMMaterials +7.1 % +30.6 %+9.0 % +4.61 %8.5 %
231International Business Machines IBMInformation Technology +7.1 % -1.7 %+10.4 % +5.46 %8.1 %
232Itochu Corp ADR ITOCYIndustrials +7.0 % +8.7 %+7.4 % +5.48 %8.2 %
233KKR & Co. Inc. KKRFinancials +6.9 % +35.4 %+9.3 % +11.15 %11.1 %
234Equinor ASA EQNREnergy +6.6 % +18.3 %+11.2 % +5.74 %9.0 %
235AIA Group Ltd 1299Financials +6.6 % -8.5 %+9.3 % +5.52 %8.9 %
236TotalEnergies SE TTEEnergy +6.6 % +8.8 %+11.2 % +5.72 %8.6 %
237CVS Health Corp CVSHealth Care +6.6 % +8.4 %+5.2 % +7.04 %8.3 %
238EssilorLuxottica S. A. ELHealth Care +6.4 % +14.6 %+5.2 % +5.68 %8.7 %
239Qualcomm Incorporated QCOMInformation Technology +6.3 % +13.5 %+10.4 % +6.49 %10.2 %
240FedEx Corporation FDXIndustrials +6.3 % +2.5 %+7.4 % +7.37 %10.1 %
241Takeda Pharmaceutical Co Ltd ADR TAKHealth Care +6.1 % +8.4 %+5.2 % +6.94 %8.1 %
242Anheuser Busch Inbev SA NV ABIConsumer Staples +6.0 % +4.8 %+3.3 % +8.10 %9.3 %
243General Motors Company GMConsumer Discretionary +5.8 % +8.6 %+4.1 % +15.39 %10.0 %
244Lowe's Companies Inc LOWConsumer Discretionary +5.7 % -0.8 %+4.1 % +7.56 %8.9 %
245Gilead Sciences Inc GILDHealth Care +5.5 % +3.6 %+5.2 % +5.26 %8.1 %
246Colgate-Palmolive Company CLConsumer Staples +5.5 % +4.4 %+3.3 % +5.35 %8.1 %
247Marsh & McLennan Companies, Inc. MRSHFinancials +5.4 % +9.4 %+9.3 % +6.08 %8.3 %
248Boston Scientific Corp BSXHealth Care +5.4 % +15.2 %+5.2 % +5.78 %8.2 %
249Salesforce.com Inc CRMInformation Technology +5.3 % +14.3 %+10.4 % +6.42 %9.7 %
250EOG Resources Inc EOGEnergy +5.3 % +18.0 %+11.2 % +5.25 %8.1 %
251Cencora Inc. CORHealth Care +5.3 % +11.1 %+5.2 % +5.35 %8.3 %
252McKesson Corporation MCKHealth Care +5.1 % +11.1 %+5.2 % +5.11 %8.1 %
253MPLX LP MPLXEnergy +4.8 % +7.1 %+11.2 % +7.17 %8.1 %
254Saudi Aramco 2222Energy +4.6 % +14.2 %+11.2 % +5.18 %8.1 %
255Lockheed Martin Corporation LMTIndustrials +4.6 % +2.8 %+7.4 % +5.91 %8.1 %
256Tata Consultancy Services Limited TCSInformation Technology +4.5 % +10.2 %+10.4 % +6.73 %10.4 %
257Roche Holding AG ROHealth Care +4.4 % +1.1 %+5.2 % +4.89 %7.4 %
258Honeywell International Inc HONIndustrials +4.4 % +2.8 %+7.4 % +7.90 %9.0 %
259Nestle S.A. NESNConsumer Staples +4.3 % +1.1 %+3.3 % +5.91 %7.4 %
260Barrick Gold Corp ABXMaterials +4.1 % +6.4 %+9.0 % +6.25 %9.3 %
261Tencent Holdings Ltd 0700Communication Services +4.0 % +9.3 %+3.4 % +5.78 %8.7 %
262Mitsubishi Corporation MTSUYIndustrials +4.0 % +8.0 %+7.4 % +6.55 %8.1 %
263Schlumberger NV SLBEnergy +3.9 % +8.6 %+11.2 % +6.49 %8.7 %
264Uber Technologies Inc UBERIndustrials +3.6 % +36.1 %+7.4 % +6.99 %9.6 %
265Hitachi Ltd ADR HTHIYInformation Technology +3.3 % +5.2 %+10.4 % +5.54 %8.2 %
266PetroChina Co Ltd Class A 601857Energy +3.1 % +8.2 %+11.2 % +5.84 %8.4 %
267Regeneron Pharmaceuticals Inc REGNHealth Care +2.9 % +11.0 %+5.2 % +5.20 %8.1 %
268China Citic Bank Corp Ltd Class A 601998Financials +2.5 % +0.8 %+9.3 % +0.88 %9.9 %
269Nu Holdings Ltd NUFinancials +2.5 % +84.8 %+9.3 % +5.30 %9.1 %
270Newmont Goldcorp Corp NEMMaterials +2.1 % +14.1 %+9.0 % +5.92 %8.2 %
271American Electric Power Co Inc AEPUtilities +2.0 % +7.9 %+3.5 % +10.35 %8.1 %
272Booking Holdings Inc BKNGConsumer Discretionary +1.7 % +31.7 %+4.1 % +7.42 %9.4 %
273Verizon Communications Inc VZCommunication Services +1.6 % +1.5 %+3.4 % +10.51 %8.1 %
274Canadian Natural Resources Ltd CNQEnergy +1.1 % +20.4 %+11.2 % +8.32 %9.0 %
275Sea Ltd SEConsumer Discretionary +0.8 % +39.3 %+4.1 % +7.25 %10.4 %
276Imperial Oil Ltd IMOEnergy +0.8 % +16.1 %+11.2 % +7.42 %8.8 %
277Westpac Banking Corporation WBCFinancials +0.4 % +26.5 %+9.3 % +10.99 %8.4 %
278American Express Company AXPFinancials +0.1 % +16.0 %+9.3 % +7.80 %8.8 %
279AMERICA MOVIL SAB DE CV AMXBCommunication Services 0.0 % -1.5 %+3.4 % +12.13 %10.0 %
280Sony Group Corp SONYConsumer Discretionary -0.2 % +8.0 %+4.1 % +7.03 %8.7 %
281Deutsche Post AG DHLIndustrials -0.2 % +4.4 %+7.4 % +8.81 %9.3 %
282AT&T Inc. TCommunication Services -0.2 % -6.1 %+3.4 % +11.52 %8.1 %
283Altria Group MOConsumer Staples -0.2 % -5.1 %+3.3 % +8.06 %8.1 %
284LVMH Moët Hennessy - Louis Vuitton MCConsumer Discretionary -0.4 % +12.6 %+4.1 % +8.03 %8.9 %
285OVERSEA-CHINESE BANKING CORP O39Financials -0.4 % +7.6 %+9.3 % +5.73 %7.9 %
286T-Mobile US Inc TMUSCommunication Services -0.7 % +5.2 %+3.4 % +10.16 %8.1 %
287DBS Group Holdings Ltd D05Financials -0.9 % +9.4 %+9.3 % +4.79 %7.9 %
288Novartis AG NOVNHealth Care -1.0 % +2.7 %+5.2 % +6.88 %7.4 %
289Suncor Energy Inc SUEnergy -1.7 % +14.7 %+11.2 % +8.15 %8.2 %
290Royal Bank of Canada RYFinancials -2.1 % +17.6 %+9.3 % +19.21 %8.6 %
291Kioxia Holdings Corporation ADR KXIAYTechnology -2.4 % +47.4 %+17.5 % +10.74 %9.2 %
292Accenture plc ACNInformation Technology -2.5 % +9.5 %+10.4 % +8.88 %9.4 %
293Adobe Systems Incorporated ADBEInformation Technology -2.7 % +13.1 %+10.4 % +10.49 %10.2 %
294ICICI Bank Limited ICICIBANKFinancials -2.9 % +14.2 %+9.3 % +10.46 %10.4 %
295Bristol-Myers Squibb Company BMYHealth Care -3.2 % +2.5 %+5.2 % +10.26 %8.1 %
296HDFC Bank Limited HDFCBANKFinancials -3.9 % +51.7 %+9.3 % +14.71 %10.4 %
297Comcast Holdings Corp CCZCommunication Services -4.4 % +3.6 %+3.4 % +9.75 %9.2 %
298Contemporary Amperex Technology Co Ltd Class A 300750Industrials -4.5 % +53.1 %+7.4 % +6.88 %8.2 %
299Midea Group Co Ltd 000333Consumer Discretionary -4.5 % +10.0 %+4.1 % +6.94 %8.7 %
300Cigna Corp CIHealth Care -4.7 % +11.4 %+5.2 % +11.75 %8.1 %
301Christian Dior SE CDIConsumer Discretionary -4.8 % +12.6 %+4.1 % +19.26 %9.4 %
302Charles Schwab Corp SCHWFinancials -4.8 % +18.0 %+9.3 % +5.21 %8.7 %
303ANZ Group Holdings Ltd ANZFinancials -5.0 % +17.6 %+9.3 % +22.06 %8.0 %
304Vinci S.A. DGIndustrials -5.2 % +11.3 %+7.4 % +13.36 %9.1 %
305Petroleo Brasileiro Petrobras SA ADR PBREnergy -5.3 % +11.1 %+11.2 % +12.00 %9.2 %
306State Bank of India SBINFinancials -5.5 % +13.5 %+9.3 % +17.78 %10.4 %
307GlaxoSmithKline PLC ADR GSKHealth Care -5.9 % +6.1 %+5.2 % +12.03 %8.1 %
308MercadoLibre Inc. MELIConsumer Discretionary -6.0 % +48.7 %+4.1 % +12.53 %10.0 %
309Sanofi ADR SNYHealth Care -6.1 % +4.6 %+5.2 % +10.62 %8.1 %
310Intuit Inc INTUInformation Technology -6.3 % +17.4 %+10.4 % +11.27 %9.2 %
311CNOOC Ltd 0883Energy -6.3 % +20.0 %+11.2 % +8.67 %8.6 %
312ConocoPhillips COPEnergy -6.7 % +25.6 %+11.2 % +10.90 %8.1 %
313Petróleo Brasileiro S.A. - Petrobras PBR-AEnergy -6.8 % +11.1 %+11.2 % +13.25 %9.2 %
314China Telecom Corp Ltd 601728Communication Services -7.4 % +5.9 %+3.4 % +9.37 %8.8 %
315Hong Kong Exchange and Clearing Ltd 0388Financials -8.2 % +11.6 %+9.3 % +4.40 %9.6 %
316UBS Group AG UBSFinancials -9.9 % +13.0 %+9.3 % +10.12 %8.8 %
317Comcast Corp CMCSACommunication Services -10.7 % +3.6 %+3.4 % +28.43 %8.5 %
318Deutsche Telekom AG DTECommunication Services -11.3 % +3.4 %+3.4 % +22.14 %7.9 %
319Chubb Ltd CBFinancials -12.5 % +10.6 %+9.3 % +11.18 %8.1 %
320Itaú Unibanco Holding S.A ITUB4Financials -13.6 % +8.0 %+9.3 % +26.08 %10.7 %
321AXA SA CSFinancials -14.1 % +0.6 %+9.3 % +23.94 %8.8 %
322Progressive Corp PGRFinancials -14.4 % +15.5 %+9.3 % +14.00 %8.1 %
323Assicurazioni Generali S.p.A. GFinancials -14.4 % -10.4 %+9.3 % +30.85 %10.5 %
324JPMorgan Chase & Co JPMFinancials -15.1 % +16.6 %+9.3 % +10.86 %8.7 %
325The Travelers Companies Inc TRVFinancials -16.5 % +8.8 %+9.3 % +13.78 %8.1 %
326China Merchants Bank Co Ltd 600036Financials -17.0 % +8.4 %+9.3 % +38.94 %8.7 %
327Allianz SE VNA O.N. ALVFinancials -17.7 % +3.0 %+9.3 % +19.81 %8.3 %
328Itau Unibanco Banco Holding SA ITUBFinancials -18.9 % +17.3 %+9.3 % +25.65 %8.1 %
329BNP Paribas SA BNPFinancials -19.0 % +6.4 %+9.3 % +11.92 %9.9 %
330Capital One Financial Corporation COFFinancials -19.7 % +17.0 %+9.3 % +21.61 %9.3 %
331Zurich Insurance Group AG ZURNFinancials -20.2 % +9.3 %+9.3 % +22.73 %7.9 %
332Caixabank SA CABKFinancials -24.9 % +18.8 %+9.3 % +49.58 %9.2 %
333Ping An Insurance Group Co of China Ltd 601318Financials -25.4 % -4.3 %+9.3 % +48.64 %8.8 %
334Manulife Financial Corp MFCFinancials -25.5 % -7.2 %+9.3 % +31.31 %8.7 %
335Morgan Stanley MSFinancials -26.4 % +18.3 %+9.3 % +15.21 %9.2 %
336U.S. Bancorp USBFinancials -29.1 % +11.2 %+9.3 % +8.91 %9.2 %
337Interactive Brokers Group Inc IBKRFinancials -30.5 % +33.4 %+9.3 % +39.61 %10.0 %
338Taiwan Semiconductor Manufacturing TSMInformation Technology over 80 % +23.5 %+10.4 % +44.76 %9.3 %
339Industrial and Commercial Bank of China Ltd 601398Financials over 80 % +20.8 %+9.3 % +4.98 %8.2 %
340Bank of America Corp BACFinancials over 80 % +20.9 %+9.3 % +3.22 %9.1 %
341Bank of China Limited 601988Financials over 80 % +3.1 %+9.3 % +35.08 %8.2 %
342Mitsubishi UFJ Financial Group Inc ADR MUFGFinancials over 80 % +21.7 %+9.3 % +19.75 %7.6 %
343Banco Santander S.A. SANFinancials over 80 % +14.7 %+9.3 % +44.82 %9.9 %
344Sumitomo Mitsui Financial Group Inc SMFGFinancials over 80 % +24.8 %+9.3 % +28.62 %8.1 %
345Banco Bilbao Viscaya Argentaria SA ADR BBVAFinancials over 80 % +4.2 %+9.3 % +9.12 %9.0 %
346Mizuho Financial Group Inc. MFGFinancials over 80 % +26.9 %+9.3 % +2.29 %8.1 %
347Pinduoduo Inc. P1DD34Consumer Discretionary over 80 % +48.7 %+4.1 % +37.99 %12.2 %
348The Bank of New York Mellon Corporation BNYFinancials over 80 % +19.5 %+9.3 % +5.10 %9.3 %
349Postal Savings Bank of China Co Ltd 601658Financials over 80 % +8.5 %+9.3 % +13.85 %8.7 %
350Apollo Global Management LLC Class A APOFinancials over 80 % +66.7 %+9.3 % +10.71 %10.4 %
351Credit Agricole SA ACAFinancials over 80 % +22.0 %+9.3 % +35.04 %9.3 %
352MetLife Inc METFinancials over 80 % +2.6 %+9.3 % +29.24 %8.7 %
353CITIC Securities Co Ltd 600030Financials over 80 % +2.3 %+9.3 % +18.95 %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 5, 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.