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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 6, 2026 · 351 of the largest stocks with positive free cash flow · updated daily

+13.9 %median implied growth p.a.
156stocks require at least 15 % p.a.
58stocks are fair or cheap even with shrinking cash flow
3prices 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 %
4Hygon Information Technology Co. Ltd. A 688041Information Technology +76.6 % +69.7 %+10.4 % +0.18 %8.8 %
5Cloudflare Inc NETInformation Technology +76.0 % +38.1 %+10.4 % +0.25 %10.8 %
6Arm Holdings plc American Depositary Shares ARMInformation Technology +72.2 % +19.4 %+10.4 % +0.30 %10.9 %
7Amazon.com Inc AMZNConsumer Discretionary +68.9 % +13.2 %+4.2 % +0.28 %9.7 %
8Astera Labs, Inc. ALABInformation Technology +66.0 % +120.2 %+10.4 % +0.43 %11.5 %
9Lumentum Holdings Inc LITEInformation Technology +65.7 % +12.0 %+10.4 % +0.37 %10.5 %
10Delta Electronics (Thailand) Public Company Limited DELTAInformation Technology +65.4 % +25.7 %+10.4 % +0.37 %10.4 %
11Palantir Technologies Inc. PLTRInformation Technology +60.5 % +32.6 %+10.4 % +0.43 %10.1 %
12Tesla Inc TSLAConsumer Discretionary +60.4 % +24.6 %+4.2 % +0.46 %10.6 %
13Marvell Technology Group Ltd MRVLInformation Technology +56.8 % +22.5 %+10.4 % +0.59 %10.9 %
14Hewlett Packard Enterprise Co HPEInformation Technology +56.3 % +4.9 %+10.4 % +0.63 %10.3 %
15Teradyne Inc TERInformation Technology +55.1 % +0.4 %+10.4 % +0.64 %11.0 %
16Advanced Micro Devices Inc AMDInformation Technology +54.5 % +28.8 %+10.4 % +0.64 %10.9 %
17United Rentals Inc URIIndustrials +50.1 % +13.6 %+7.4 % +0.97 %11.1 %
18Iberdrola S.A. IBEUtilities +49.3 % +6.6 %+3.5 % +0.86 %9.4 %
19Shandong Zhongji Electrical Equipment Co Ltd 300308Industrials +47.8 % +40.2 %+7.4 % +0.91 %11.2 %
20Shopify Inc SHOPInformation Technology +47.2 % +31.6 %+10.4 % +0.97 %11.5 %
21Monolithic Power Systems Inc MPWRInformation Technology +46.1 % +27.0 %+10.4 % +0.91 %10.8 %
22Delta Electronics Inc 2308Information Technology +44.8 % +14.5 %+10.4 % +1.01 %11.0 %
23Johnson Controls International PLC JCIIndustrials +43.7 % +1.1 %+7.4 % +1.00 %9.9 %
24Targa Resources Inc TRGPEnergy +43.2 % +15.7 %+11.2 % +0.95 %8.6 %
25Wheaton Precious Metals Corp WPMMaterials +43.1 % +16.5 %+9.1 % +0.93 %9.9 %
26Datadog Inc DDOGInformation Technology +43.0 % +41.5 %+10.4 % +0.98 %10.4 %
27Freeport-McMoran Copper & Gold Inc FCXMaterials +42.4 % +13.2 %+9.1 % +1.07 %10.2 %
28Snowflake Inc. SNOWInformation Technology +42.1 % +51.2 %+10.4 % +0.98 %10.0 %
29Texas Instruments Incorporated TXNInformation Technology +41.6 % +4.1 %+10.4 % +0.96 %9.4 %
30Lam Research Corp LRCXInformation Technology +41.5 % +9.7 %+10.4 % +1.12 %10.6 %
31Corning Incorporated GLWInformation Technology +41.3 % +6.7 %+10.4 % +1.02 %9.6 %
32Royal Caribbean Cruises Ltd RCLConsumer Discretionary +39.4 % +52.0 %+4.2 % +1.66 %11.0 %
33Williams Companies Inc WMBEnergy +39.0 % +9.1 %+11.2 % +1.16 %8.4 %
34Advantest Corp DRC ATEYYInformation Technology +38.7 % +30.8 %+10.4 % +1.09 %9.7 %
35Robinhood Markets Inc HOODFinancials +37.6 % +36.1 %+9.3 % +1.56 %11.5 %
36Eli Lilly and Company LLYHealth Care +36.6 % +21.6 %+5.2 % +0.88 %7.6 %
37Applied Materials Inc AMATInformation Technology +36.3 % +10.5 %+10.4 % +1.31 %10.0 %
38Seagate Technology PLC STXInformation Technology +36.2 % +2.7 %+10.4 % +1.53 %10.9 %
39Toyota Motor Corporation ADR TMConsumer Discretionary +36.2 % +13.2 %+4.2 % +1.56 %7.6 %
40Synopsys Inc SNPSInformation Technology +35.9 % +13.9 %+10.4 % +1.44 %9.8 %
41Infineon Technologies AG IFXInformation Technology +35.5 % +11.4 %+10.4 % +1.70 %11.1 %
42Constellation Energy Corp CEGUtilities +35.1 % +7.7 %+3.5 % +1.36 %9.5 %
43Murata Manufacturing Inc MRAAYInformation Technology +35.0 % +3.6 %+10.4 % +1.28 %9.7 %
44Intesa Sanpaolo SpA ISPFinancials +34.7 % +7.5 %+9.3 % +5.63 %11.0 %
45Carvana Co CVNAConsumer Discretionary +34.6 % +29.5 %+4.2 % +1.89 %11.5 %
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 %
48MediaTek Inc 2454Information Technology +34.4 % +13.1 %+10.4 % +1.74 %11.5 %
49NVIDIA Corporation NVDAInformation Technology +34.2 % +66.9 %+10.4 % +1.65 %10.9 %
50Tokyo Electron Ltd PK TOELYInformation Technology +33.6 % +13.1 %+10.4 % +1.47 %10.0 %
51Vertiv Holdings Co VRTIndustrials +33.5 % +18.5 %+7.4 % +1.90 %11.5 %
52Broadcom Inc AVGOInformation Technology +33.0 % +21.7 %+10.4 % +1.52 %9.7 %
53Quanta Services Inc PWRIndustrials +32.9 % +20.4 %+7.4 % +1.56 %9.7 %
54SK Hynix Inc 000660Information Technology +32.5 % +25.0 %+10.4 % +1.95 %11.4 %
55Deere & Company DEIndustrials +32.5 % +5.2 %+7.4 % +1.75 %9.0 %
56Howmet Aerospace Inc HWMIndustrials +32.3 % +9.4 %+7.4 % +1.55 %9.7 %
57Eoptolink Technology Inc Ltd 300502Information Technology +32.3 % +65.6 %+10.4 % +1.65 %10.2 %
583M Company MMMIndustrials +31.6 % -5.0 %+7.4 % +1.62 %9.4 %
59Arista Networks ANETInformation Technology +31.5 % +31.2 %+10.4 % +1.61 %10.1 %
60Nextera Energy Inc NEEUtilities +31.5 % +8.8 %+3.5 % +2.02 %8.4 %
61Bank of Nova Scotia BNSFinancials +31.4 % +18.5 %+9.3 % +4.50 %9.7 %
62Canadian Pacific Kansas City Limited CPIndustrials +31.4 % +14.4 %+7.4 % +1.93 %9.7 %
63Western Digital Corporation WDCInformation Technology +31.3 % -5.3 %+10.4 % +2.11 %11.5 %
64CSX Corporation CSXIndustrials +31.3 % +5.9 %+7.4 % +1.94 %9.7 %
65Palo Alto Networks Inc PANWInformation Technology +31.2 % +22.0 %+10.4 % +1.32 %8.5 %
66Intuitive Surgical Inc ISRGHealth Care +31.0 % +18.2 %+5.2 % +1.71 %10.3 %
67argenx NV ADR ARGXHealth Care +31.0 % +151.5 %+5.2 % +1.40 %9.2 %
68UniCredit S.p.A. UCGFinancials +30.9 % +6.3 %+9.3 % +5.97 %11.6 %
69Taiwan Semiconductor Manufacturing Co. Ltd. 2330Information Technology +30.9 % +23.3 %+10.4 % +1.63 %9.9 %
70Cadence Design Systems Inc CDNSInformation Technology +30.4 % +14.6 %+10.4 % +1.63 %9.6 %
71Samsung Electronics Co Ltd 005930Information Technology +30.1 % +7.1 %+10.4 % +1.80 %10.4 %
72GE Vernova LLC GEVIndustrials +30.0 % +3.6 %+7.4 % +1.39 %8.7 %
73Investor AB ser. B INVE-BIndustrials +29.6 % +20.2 %+7.4 % +1.53 %8.5 %
74Fortinet Inc FTNTInformation Technology +29.5 % +21.3 %+10.4 % +1.63 %9.4 %
75BlackRock Inc BLKFinancials +28.7 % +8.4 %+9.3 % +2.02 %10.2 %
76TC Energy Corp TRPEnergy +28.6 % +3.2 %+11.2 % +3.33 %9.2 %
77ASML Holding N.V. ASMLInformation Technology +28.1 % +18.5 %+10.4 % +1.74 %9.3 %
78The Coca-Cola Company KOConsumer Staples +28.0 % +7.8 %+3.3 % +1.42 %7.6 %
79Keysight Technologies Inc KEYSInformation Technology +28.0 % +5.0 %+10.4 % +1.93 %9.7 %
80Welltower Inc WELLReal Estate +28.0 % +18.4 %+2.2 % +1.74 %8.7 %
81Alphabet Inc Class C GOOGCommunication Services +27.9 % +17.2 %+3.4 % +1.73 %9.2 %
82National Australia Bank Ltd NABFinancials +27.9 % +18.0 %+9.3 % +5.97 %8.4 %
83Microsoft Corporation MSFTInformation Technology +27.5 % +14.6 %+10.4 % +1.71 %9.0 %
84Prosus N.V. PRXCommunication Services +27.0 % +13.5 %+3.4 % +1.72 %8.5 %
85Southern Copper Corporation SCCOMaterials +26.7 % +10.9 %+9.1 % +2.01 %9.6 %
86Analog Devices Inc ADIInformation Technology +26.6 % +14.5 %+10.4 % +2.08 %9.7 %
87Amphenol Corporation APHInformation Technology +26.4 % +21.9 %+10.4 % +1.95 %9.3 %
88Crowdstrike Holdings Inc CRWDInformation Technology +25.8 % +40.6 %+10.4 % +1.86 %9.3 %
89Münchener Rück AG MUV2Financials +25.4 % +3.4 %+9.3 % +1.71 %7.9 %
90Dell Technologies Inc DELLInformation Technology +25.3 % +5.6 %+10.4 % +2.26 %9.6 %
91DoorDash, Inc. Class A Common Stock DASHConsumer Discretionary +25.1 % +36.6 %+4.2 % +2.58 %11.1 %
92United Microelectronics Corporation 2303Information Technology +25.0 % +6.1 %+10.4 % +2.73 %11.5 %
93Starbucks Corporation SBUXConsumer Discretionary +25.0 % +9.6 %+4.2 % +2.26 %9.2 %
94Transdigm Group Incorporated TDGIndustrials +24.6 % +11.6 %+7.4 % +2.87 %9.0 %
95Apple Inc AAPLInformation Technology +24.5 % +8.7 %+10.4 % +2.01 %8.9 %
96GE Aerospace GEIndustrials +24.4 % -9.6 %+7.4 % +2.26 %9.5 %
97Caterpillar Inc CATIndustrials +24.2 % +10.1 %+7.4 % +2.62 %10.0 %
98Walmart Inc. WMTConsumer Staples +23.8 % +5.0 %+3.3 % +1.77 %7.9 %
99Keyence KYCCFInformation Technology +23.6 % +16.9 %+10.4 % +2.03 %9.2 %
100Enel SpA ENELUtilities +23.5 % +1.0 %+3.5 % +4.89 %11.2 %
101Hon Hai Precision Industry Co Ltd 2317Information Technology +23.3 % +8.6 %+10.4 % +2.10 %9.5 %
102Marriott International Inc MARConsumer Discretionary +23.2 % +19.9 %+4.2 % +2.72 %9.5 %
103Costco Wholesale Corp COSTConsumer Staples +23.2 % +10.5 %+3.3 % +1.91 %8.4 %
104Saudi Arabian Mining Company 1211Materials +23.2 % +15.7 %+9.1 % +2.19 %8.6 %
105Norfolk Southern Corporation NSCIndustrials +23.1 % +4.5 %+7.4 % +3.03 %9.9 %
106Air Liquide SA AIMaterials +23.1 % +5.6 %+9.1 % +2.31 %8.9 %
107Ecolab Inc ECLMaterials +22.7 % +6.4 %+9.1 % +2.43 %9.0 %
108Warner Bros Discovery Inc WBDCommunication Services +22.3 % +28.4 %+3.4 % +3.87 %10.6 %
109Eaton Corporation PLC ETNIndustrials +22.2 % +9.0 %+7.4 % +2.65 %9.6 %
110Hilton Worldwide Holdings Inc HLTConsumer Discretionary +22.2 % +22.8 %+4.2 % +2.80 %9.4 %
111Fast Retailing Co DRC 6288Consumer Discretionary +22.1 % +11.1 %+4.2 % +1.98 %8.6 %
112Cintas Corporation CTASIndustrials +22.1 % +9.6 %+7.4 % +2.37 %9.0 %
113Emerson Electric Company EMRIndustrials +22.0 % +1.4 %+7.4 % +2.93 %9.8 %
114Enbridge Inc ENBEnergy +21.9 % +10.8 %+11.2 % +4.49 %8.8 %
115Phillips 66 PSXEnergy +21.9 % +15.7 %+11.2 % +2.51 %8.6 %
116Trane Technologies plc TTIndustrials +21.7 % +11.4 %+7.4 % +2.68 %9.7 %
117Meta Platforms Inc. METACommunication Services +21.6 % +18.5 %+3.4 % +2.42 %9.3 %
118O’Reilly Automotive Inc ORLYConsumer Discretionary +21.4 % +8.9 %+4.2 % +2.29 %8.1 %
119Linde plc Ordinary Shares LINMaterials +21.2 % +4.5 %+9.1 % +2.27 %8.1 %
120Reliance Industries Limited RELIANCEEnergy +21.0 % +17.8 %+11.2 % +3.23 %10.4 %
121ABB Ltd ABBNIndustrials +20.7 % +4.9 %+7.4 % +2.50 %9.0 %
122Thermo Fisher Scientific Inc TMOHealth Care +20.6 % +6.7 %+5.2 % +2.51 %8.4 %
123Brookfield Asset Management Ltd. BAMFinancials +20.6 % +18.0 %+9.3 % +2.90 %9.8 %
124Schneider Electric S.E. SUIndustrials +20.3 % +9.8 %+7.4 % +3.26 %10.1 %
125Grupo México S.A.B. de C.V GMEXICOBMaterials +19.9 % +10.8 %+9.1 % +3.78 %11.7 %
126Siemens Energy AG ENRIndustrials +19.7 % +7.3 %+7.4 % +3.28 %11.0 %
127Moodys Corporation MCOFinancials +19.5 % +7.5 %+9.3 % +3.27 %10.0 %
128Atlas Copco AB Series A ATCO-AIndustrials +19.2 % +11.0 %+7.4 % +2.77 %9.2 %
129Parker-Hannifin Corporation PHIndustrials +18.9 % +8.4 %+7.4 % +3.13 %9.5 %
130Monster Beverage Corp MNSTConsumer Staples +18.7 % +12.5 %+3.3 % +2.29 %8.1 %
131Union Pacific Corporation UNPIndustrials +18.6 % +4.6 %+7.4 % +3.34 %9.2 %
132Sherwin-Williams Co SHWMaterials +18.5 % +5.1 %+9.1 % +3.37 %9.4 %
133Spotify Technology SA SPOTCommunication Services +18.5 % +16.9 %+3.4 % +3.19 %10.6 %
134Cummins Inc CMIIndustrials +18.5 % +11.2 %+7.4 % +3.29 %9.8 %
135WuXi AppTec Co Ltd 603259Health Care +18.3 % +21.3 %+5.2 % +2.47 %8.7 %
136Netflix Inc NFLXCommunication Services +18.2 % +12.6 %+3.4 % +3.29 %9.9 %
137Digital Realty Trust Inc DLRReal Estate +18.1 % +9.4 %+2.2 % +3.71 %9.3 %
138Airbus Group SE AIRIndustrials +18.1 % +8.0 %+7.4 % +2.96 %9.5 %
139Applovin Corp APPInformation Technology +17.9 % +30.5 %+10.4 % +4.14 %11.5 %
140Cisco Systems Inc CSCOInformation Technology +17.7 % +4.9 %+10.4 % +2.84 %8.7 %
141Novo Nordisk A/S NOVO-BHealth Care +17.3 % +19.5 %+5.2 % +2.65 %7.9 %
142Arthur J Gallagher & Co AJGFinancials +17.3 % +14.8 %+9.3 % +3.04 %8.1 %
143Safran SA SAFIndustrials +17.0 % +13.2 %+7.4 % +3.27 %9.7 %
144Recruit Holdings Co Ltd ADR RCRUYIndustrials +16.9 % +11.6 %+7.4 % +2.98 %9.1 %
145Vertex Pharmaceuticals Inc VRTXHealth Care +16.8 % +14.2 %+5.2 % +2.48 %8.1 %
146Enterprise Products Partners LP EPDEnergy +16.6 % +14.1 %+11.2 % +3.69 %8.1 %
147Motorola Solutions Inc MSIInformation Technology +16.5 % +9.5 %+10.4 % +3.38 %9.0 %
148Waste Management Inc WMIndustrials +16.4 % +10.6 %+7.4 % +3.38 %8.1 %
149Illinois Tool Works Inc ITWIndustrials +16.3 % +5.0 %+7.4 % +3.57 %9.2 %
150Rio Tinto ADR RIOMaterials +16.3 % +5.3 %+9.1 % +3.07 %8.5 %
151Energy Transfer LP ETEnergy +16.1 % +16.2 %+11.2 % +5.36 %8.2 %
152Elevance Health Inc ELVHealth Care +16.1 % +10.3 %+5.2 % +3.69 %8.5 %
153Danaher Corporation DHRHealth Care +15.9 % +2.0 %+5.2 % +3.36 %8.8 %
154Hermes International SCA RMSConsumer Discretionary +15.8 % +20.2 %+4.2 % +3.27 %9.8 %
155Ross Stores Inc ROSTConsumer Discretionary +15.8 % +12.7 %+4.2 % +3.02 %8.9 %
156ServiceNow Inc NOWInformation Technology +15.4 % +24.1 %+10.4 % +3.24 %9.2 %
157Nokia NOKIA-SEKInformation Technology +15.3 % -1.9 %+10.4 % +2.85 %8.5 %
158Simon Property Group Inc SPGReal Estate +15.2 % +6.7 %+2.2 % +5.46 %10.0 %
159Bajaj Finance Limited BAJFINANCEFinancials +15.2 % +26.4 %+9.3 % +5.78 %10.4 %
160AB Volvo (publ) VOLV-BIndustrials +14.7 % +7.2 %+7.4 % +4.29 %8.9 %
161American Tower Corp AMTReal Estate +14.7 % +5.8 %+2.2 % +5.00 %9.0 %
162Target Corporation TGTConsumer Staples +14.6 % +2.3 %+3.3 % +4.07 %9.2 %
163Canadian National Railway Company CNIIndustrials +14.6 % +4.6 %+7.4 % +4.55 %9.2 %
164Visa Inc. Class A VFinancials +14.5 % +12.9 %+9.3 % +3.02 %8.2 %
165China Shenhua Energy Co 601088Energy +14.5 % +4.8 %+11.2 % +2.81 %8.7 %
166Industria de Diseno Textil SA ITXConsumer Discretionary +14.2 % +14.3 %+4.2 % +3.95 %10.3 %
167Shin-Etsu Chemical Co Ltd ADR SHECYMaterials +14.1 % +12.8 %+9.1 % +3.26 %9.4 %
168Japan Tobacco ADR JAPAYConsumer Staples +14.1 % +11.7 %+3.3 % +3.16 %8.1 %
169Marathon Petroleum Corp MPCEnergy +13.9 % +13.7 %+11.2 % +3.78 %8.1 %
170Siemens Aktiengesellschaft SIEIndustrials +13.9 % +7.4 %+7.4 % +4.23 %9.1 %
171LOréal S.A. ORConsumer Staples +13.8 % +9.5 %+3.3 % +3.58 %9.0 %
172RTX Corporation RTXIndustrials +13.8 % +9.4 %+7.4 % +3.16 %7.6 %
173Republic Services Inc RSGIndustrials +13.8 % +10.3 %+7.4 % +3.68 %8.1 %
174Berkshire Hathaway Inc BRK-BFinancials +13.6 % +8.6 %+9.3 % +2.30 %7.9 %
175Kinder Morgan Inc KMIEnergy +13.6 % +7.7 %+11.2 % +4.61 %8.2 %
176Saudi National Bank 1180Financials +13.4 % +16.0 %+9.3 % +2.50 %8.6 %
177Stryker Corporation SYKHealth Care +13.2 % +11.8 %+5.2 % +3.89 %8.7 %
178Merck KGaA MRKHealth Care +13.0 % +3.8 %+5.2 % +3.97 %8.6 %
179The TJX Companies Inc TJXConsumer Discretionary +13.0 % +13.4 %+4.2 % +3.25 %8.3 %
180Bharti Airtel Limited BHARTIARTLCommunication Services +12.9 % +16.0 %+3.4 % +5.86 %11.9 %
181Compagnie Financière Richemont SA CFRConsumer Discretionary +12.9 % +11.3 %+4.2 % +3.54 %9.2 %
182Tokio Marine Holdings Inc TKOMYFinancials +12.7 % +8.4 %+9.3 % +3.81 %9.2 %
183Mastercard Inc MAFinancials +12.5 % +16.5 %+9.3 % +3.39 %8.2 %
184Johnson & Johnson JNJHealth Care +12.4 % +2.7 %+5.2 % +3.19 %7.6 %
185Amgen Inc AMGNHealth Care +12.3 % +7.6 %+5.2 % +3.69 %7.6 %
186Walt Disney Company DISCommunication Services +12.1 % +7.6 %+3.4 % +5.58 %10.2 %
187Philip Morris International Inc PMConsumer Staples +11.9 % +7.2 %+3.3 % +3.60 %7.6 %
188Mondelez International Inc MDLZConsumer Staples +11.8 % +7.7 %+3.3 % +4.28 %8.1 %
189The Home Depot Inc HDConsumer Discretionary +11.7 % +4.5 %+4.2 % +4.51 %8.6 %
190Northrop Grumman Corporation NOCIndustrials +11.7 % +2.7 %+7.4 % +4.88 %9.2 %
191McDonald’s Corporation MCDConsumer Discretionary +11.6 % +7.0 %+4.2 % +4.32 %8.1 %
192S&P Global Inc SPGIFinancials +11.5 % +15.6 %+9.3 % +4.72 %9.4 %
193Merck & Company Inc MRKHealth Care +11.2 % +9.4 %+5.2 % +3.58 %7.6 %
194Eni S.p.A. ENIEnergy +11.1 % +13.3 %+11.2 % +5.60 %10.0 %
195Chugai Pharmaceutical Co Ltd ADR CHGCYHealth Care +11.1 % +10.9 %+5.2 % +3.27 %8.2 %
196Intercontinental Exchange Inc ICEFinancials +11.1 % +8.9 %+9.3 % +4.98 %9.1 %
197Mitsubishi Electric Corp ADR MIELYIndustrials +11.0 % +8.3 %+7.4 % +3.66 %8.7 %
198Exxon Mobil Corp XOMEnergy +11.0 % +12.7 %+11.2 % +3.45 %7.6 %
199Bank of Montreal BMOFinancials +11.0 % +17.9 %+9.3 % +7.16 %9.6 %
200AbbVie Inc ABBVHealth Care +10.8 % +6.0 %+5.2 % +3.79 %7.6 %
201PepsiCo Inc PEPConsumer Staples +10.7 % +5.9 %+3.3 % +4.46 %8.1 %
202TE Connectivity Ltd TELInformation Technology +10.5 % +7.0 %+10.4 % +4.99 %9.6 %
203Kweichow Moutai Co Ltd 600519Consumer Staples +10.1 % +15.4 %+3.3 % +3.70 %8.2 %
204Valero Energy Corporation VLOEnergy +10.0 % +13.6 %+11.2 % +4.08 %8.2 %
205CSL Ltd CSLHealth Care +9.6 % +10.4 %+5.2 % +4.20 %7.9 %
206Xiaomi Corp 1810Information Technology +9.4 % +13.2 %+10.4 % +3.92 %9.0 %
207British American Tobacco p.l.c. BTIConsumer Staples +9.3 % -0.1 %+3.3 % +4.98 %8.1 %
208PNC Financial Services Group Inc PNCFinancials +9.2 % +11.4 %+9.3 % +4.93 %9.0 %
209Sandisk Corp SNDKInformation Technology +9.2 % +20.0 %+10.4 % +4.35 %8.7 %
210SAP SE SAPInformation Technology +9.1 % +6.1 %+10.4 % +3.86 %8.0 %
211Medtronic PLC MDTHealth Care +9.0 % +3.8 %+5.2 % +4.79 %8.3 %
212Abbott Laboratories ABTHealth Care +9.0 % +5.1 %+5.2 % +4.24 %8.3 %
213United Parcel Service Inc UPSIndustrials +8.9 % +1.0 %+7.4 % +6.01 %9.3 %
214Airbnb Inc ABNBConsumer Discretionary +8.9 % +29.4 %+4.2 % +4.74 %9.6 %
215Zijin Mining Group Co Ltd Class A 601899Materials +8.8 % +15.2 %+9.1 % +5.77 %9.9 %
216Bank of Communications Co 601328Financials +8.8 % +7.3 %+9.3 % +14.19 %8.7 %
217KDDI Corp PK KDDIYCommunication Services +8.7 % +3.9 %+3.4 % +5.81 %9.2 %
218Chevron Corp CVXEnergy +8.7 % +14.3 %+11.2 % +4.07 %7.6 %
219Ferrari NV RACEConsumer Discretionary +8.6 % +15.6 %+4.2 % +4.41 %8.3 %
220General Dynamics Corporation GDIndustrials +8.5 % +6.7 %+7.4 % +4.36 %8.1 %
221China Petroleum & Chemical Corp Class A 600028Energy +8.2 % +3.9 %+11.2 % +6.57 %9.2 %
222UnitedHealth Group Incorporated UNHHealth Care +8.1 % +11.7 %+5.2 % +4.69 %7.9 %
223China Yangtze Power Co Ltd 600900Utilities +8.1 % +8.7 %+3.5 % +6.03 %8.7 %
224Automatic Data Processing Inc ADPIndustrials +8.0 % +7.9 %+7.4 % +5.05 %8.8 %
225CME Group Inc CMEFinancials +7.7 % +6.0 %+9.3 % +4.29 %8.1 %
226Procter & Gamble Company PGConsumer Staples +7.6 % +2.7 %+3.3 % +4.28 %7.6 %
227HCA Healthcare, Inc. HCAHealth Care +7.5 % +8.0 %+5.2 % +7.94 %9.5 %
228Pfizer Inc PFEHealth Care +7.3 % +8.5 %+5.2 % +5.81 %8.1 %
229China Petroleum & Chemical Corp Class H 0386Energy +7.3 % +3.0 %+11.2 % +7.45 %9.0 %
230Agnico Eagle Mines Limited AEMMaterials +7.1 % +30.6 %+9.1 % +4.62 %8.5 %
231Itochu Corp ADR ITOCYIndustrials +7.0 % +8.7 %+7.4 % +5.46 %8.2 %
232International Business Machines IBMInformation Technology +7.0 % -1.7 %+10.4 % +5.48 %8.1 %
233KKR & Co. Inc. KKRFinancials +6.8 % +35.4 %+9.3 % +11.19 %11.1 %
234TotalEnergies SE TTEEnergy +6.8 % +8.8 %+11.2 % +5.64 %8.6 %
235Equinor ASA EQNREnergy +6.8 % +18.3 %+11.2 % +5.68 %9.0 %
236CVS Health Corp CVSHealth Care +6.6 % +8.4 %+5.2 % +6.99 %8.3 %
237EssilorLuxottica S. A. ELHealth Care +6.5 % +14.6 %+5.2 % +5.61 %8.7 %
238AIA Group Ltd 1299Financials +6.5 % -8.5 %+9.3 % +5.54 %8.9 %
239FedEx Corporation FDXIndustrials +6.2 % +2.5 %+7.4 % +7.40 %10.1 %
240Anheuser Busch Inbev SA NV ABIConsumer Staples +6.2 % +4.8 %+3.3 % +8.00 %9.3 %
241Takeda Pharmaceutical Co Ltd ADR TAKHealth Care +6.1 % +8.4 %+5.2 % +6.94 %8.1 %
242General Motors Company GMConsumer Discretionary +6.0 % +8.6 %+4.2 % +15.01 %10.0 %
243Qualcomm Incorporated QCOMInformation Technology +5.9 % +13.5 %+10.4 % +6.63 %10.2 %
244Colgate-Palmolive Company CLConsumer Staples +5.9 % +4.4 %+3.3 % +5.23 %8.1 %
245Lowe's Companies Inc LOWConsumer Discretionary +5.6 % -0.8 %+4.2 % +7.61 %8.9 %
246EOG Resources Inc EOGEnergy +5.6 % +18.0 %+11.2 % +5.15 %8.1 %
247Gilead Sciences Inc GILDHealth Care +5.5 % +3.6 %+5.2 % +5.26 %8.1 %
248Marsh & McLennan Companies, Inc. MRSHFinancials +5.5 % +9.4 %+9.3 % +6.06 %8.3 %
249McKesson Corporation MCKHealth Care +5.3 % +11.1 %+5.2 % +5.03 %8.1 %
250Boston Scientific Corp BSXHealth Care +5.3 % +15.2 %+5.2 % +5.81 %8.2 %
251Nu Holdings Ltd NUFinancials +5.2 % +84.8 %+9.3 % +4.69 %9.1 %
252Salesforce.com Inc CRMInformation Technology +5.0 % +14.3 %+10.4 % +6.56 %9.7 %
253Tata Consultancy Services Limited TCSInformation Technology +4.9 % +10.2 %+10.4 % +6.60 %10.4 %
254Saudi Aramco 2222Energy +4.8 % +14.2 %+11.2 % +5.12 %8.1 %
255Lockheed Martin Corporation LMTIndustrials +4.6 % +2.8 %+7.4 % +5.90 %8.1 %
256Roche Holding AG ROHealth Care +4.5 % +1.1 %+5.2 % +4.86 %7.4 %
257Schlumberger NV SLBEnergy +4.4 % +8.6 %+11.2 % +6.29 %8.7 %
258Honeywell International Inc HONIndustrials +4.4 % +2.8 %+7.4 % +7.89 %9.0 %
259Nestle S.A. NESNConsumer Staples +4.3 % +1.1 %+3.3 % +5.94 %7.4 %
260Tencent Holdings Ltd 0700Communication Services +4.0 % +9.3 %+3.4 % +5.75 %8.7 %
261Barrick Gold Corp ABXMaterials +4.0 % +6.4 %+9.1 % +6.29 %9.3 %
262Mitsubishi Corporation MTSUYIndustrials +4.0 % +8.0 %+7.4 % +6.54 %8.1 %
263Uber Technologies Inc UBERIndustrials +3.9 % +36.1 %+7.4 % +6.85 %9.6 %
264Hitachi Ltd ADR HTHIYInformation Technology +3.5 % +5.2 %+10.4 % +5.47 %8.2 %
265PetroChina Co Ltd Class A 601857Energy +3.1 % +8.2 %+11.2 % +5.84 %8.4 %
266Regeneron Pharmaceuticals Inc REGNHealth Care +2.7 % +11.0 %+5.2 % +5.26 %8.1 %
267China Citic Bank Corp Ltd Class A 601998Financials +2.5 % +0.8 %+9.3 % +0.88 %9.9 %
268Newmont Goldcorp Corp NEMMaterials +2.1 % +14.1 %+9.1 % +5.91 %8.2 %
269American Electric Power Co Inc AEPUtilities +2.0 % +7.9 %+3.5 % +10.34 %8.1 %
270Booking Holdings Inc BKNGConsumer Discretionary +1.6 % +31.7 %+4.2 % +7.45 %9.4 %
271Verizon Communications Inc VZCommunication Services +1.6 % +1.5 %+3.4 % +10.52 %8.1 %
272Sea Ltd SEConsumer Discretionary +1.2 % +39.3 %+4.2 % +7.12 %10.4 %
273Canadian Natural Resources Ltd CNQEnergy +1.0 % +20.4 %+11.2 % +8.34 %9.0 %
274Westpac Banking Corporation WBCFinancials +0.5 % +26.5 %+9.3 % +10.88 %8.4 %
275Imperial Oil Ltd IMOEnergy +0.5 % +16.1 %+11.2 % +7.56 %8.8 %
276AMERICA MOVIL SAB DE CV AMXBCommunication Services +0.5 % -1.5 %+3.4 % +11.69 %10.0 %
277American Express Company AXPFinancials +0.2 % +16.0 %+9.3 % +7.76 %8.8 %
278Altria Group MOConsumer Staples -0.1 % -5.1 %+3.3 % +8.00 %8.1 %
279AT&T Inc. TCommunication Services -0.3 % -6.1 %+3.4 % +11.55 %8.1 %
280LVMH Moët Hennessy - Louis Vuitton MCConsumer Discretionary -0.3 % +12.6 %+4.2 % +7.98 %8.9 %
281OVERSEA-CHINESE BANKING CORP O39Financials -0.3 % +7.6 %+9.3 % +5.69 %7.9 %
282Sony Group Corp SONYConsumer Discretionary -0.3 % +8.0 %+4.2 % +7.09 %8.7 %
283Deutsche Post AG DHLIndustrials -0.4 % +4.4 %+7.4 % +8.94 %9.3 %
284T-Mobile US Inc TMUSCommunication Services -0.7 % +5.2 %+3.4 % +10.10 %8.1 %
285DBS Group Holdings Ltd D05Financials -0.7 % +9.4 %+9.3 % +4.75 %7.9 %
286Novartis AG NOVNHealth Care -1.0 % +2.7 %+5.2 % +6.87 %7.4 %
287Suncor Energy Inc SUEnergy -1.9 % +14.7 %+11.2 % +8.25 %8.2 %
288Royal Bank of Canada RYFinancials -2.1 % +17.6 %+9.3 % +19.30 %8.6 %
289Kioxia Holdings Corporation ADR KXIAYTechnology -2.4 % +47.4 %+16.8 % +10.74 %9.2 %
290ICICI Bank Limited ICICIBANKFinancials -2.6 % +14.2 %+9.3 % +10.29 %10.4 %
291Adobe Systems Incorporated ADBEInformation Technology -2.6 % +13.1 %+10.4 % +10.45 %10.2 %
292Accenture plc ACNInformation Technology -2.8 % +9.5 %+10.4 % +9.06 %9.4 %
293Petroleo Brasileiro Petrobras SA ADR PBREnergy -3.5 % +11.1 %+11.2 % +10.76 %9.2 %
294Bristol-Myers Squibb Company BMYHealth Care -3.7 % +2.5 %+5.2 % +10.66 %8.1 %
295HDFC Bank Limited HDFCBANKFinancials -4.2 % +51.7 %+9.3 % +15.06 %10.4 %
296Charles Schwab Corp SCHWFinancials -4.4 % +18.0 %+9.3 % +5.14 %8.7 %
297MercadoLibre Inc. MELIConsumer Discretionary -4.4 % +48.7 %+4.2 % +11.42 %10.0 %
298Comcast Holdings Corp CCZCommunication Services -4.4 % +3.6 %+3.4 % +9.75 %9.2 %
299Contemporary Amperex Technology Co Ltd Class A 300750Industrials -4.5 % +53.1 %+7.4 % +6.88 %8.2 %
300Midea Group Co Ltd 000333Consumer Discretionary -4.5 % +10.0 %+4.2 % +6.94 %8.7 %
301Christian Dior SE CDIConsumer Discretionary -4.7 % +12.6 %+4.2 % +19.11 %9.4 %
302Cigna Corp CIHealth Care -4.7 % +11.4 %+5.2 % +11.71 %8.1 %
303ANZ Group Holdings Ltd ANZFinancials -4.9 % +17.6 %+9.3 % +21.78 %8.0 %
304Petróleo Brasileiro S.A. - Petrobras PBR-AEnergy -4.9 % +11.1 %+11.2 % +11.74 %9.2 %
305Vinci S.A. DGIndustrials -5.3 % +11.3 %+7.4 % +13.44 %9.1 %
306State Bank of India SBINFinancials -5.5 % +13.5 %+9.3 % +17.71 %10.4 %
307GlaxoSmithKline PLC ADR GSKHealth Care -6.0 % +6.1 %+5.2 % +12.16 %8.1 %
308Intuit Inc INTUInformation Technology -6.0 % +17.4 %+10.4 % +11.13 %9.2 %
309Sanofi ADR SNYHealth Care -6.2 % +4.6 %+5.2 % +10.73 %8.1 %
310CNOOC Ltd 0883Energy -6.4 % +20.0 %+11.2 % +8.71 %8.6 %
311ConocoPhillips COPEnergy -6.5 % +25.6 %+11.2 % +10.76 %8.1 %
312China Telecom Corp Ltd 601728Communication Services -7.4 % +5.9 %+3.4 % +9.37 %8.8 %
313Hong Kong Exchange and Clearing Ltd 0388Financials -7.9 % +11.6 %+9.3 % +4.37 %9.6 %
314UBS Group AG UBSFinancials -9.7 % +13.0 %+9.3 % +10.02 %8.8 %
315Comcast Corp CMCSACommunication Services -10.7 % +3.6 %+3.4 % +28.43 %8.5 %
316Deutsche Telekom AG DTECommunication Services -11.3 % +3.4 %+3.4 % +21.92 %7.9 %
317Itaú Unibanco Holding S.A ITUB4Financials -12.2 % +8.0 %+9.3 % +23.62 %10.7 %
318Chubb Ltd CBFinancials -12.5 % +10.6 %+9.3 % +11.19 %8.1 %
319AXA SA CSFinancials -14.1 % +0.6 %+9.3 % +23.90 %8.8 %
320Progressive Corp PGRFinancials -14.2 % +15.5 %+9.3 % +13.84 %8.1 %
321Assicurazioni Generali S.p.A. GFinancials -14.3 % -10.4 %+9.3 % +30.50 %10.5 %
322JPMorgan Chase & Co JPMFinancials -15.1 % +16.6 %+9.3 % +10.86 %8.7 %
323The Travelers Companies Inc TRVFinancials -16.4 % +8.8 %+9.3 % +13.77 %8.1 %
324Itau Unibanco Banco Holding SA ITUBFinancials -16.9 % +17.3 %+9.3 % +22.21 %8.1 %
325China Merchants Bank Co Ltd 600036Financials -17.0 % +8.4 %+9.3 % +38.94 %8.7 %
326Allianz SE VNA O.N. ALVFinancials -17.6 % +3.0 %+9.3 % +19.67 %8.3 %
327BNP Paribas SA BNPFinancials -18.7 % +6.4 %+9.3 % +11.83 %9.9 %
328Capital One Financial Corporation COFFinancials -19.6 % +17.0 %+9.3 % +21.57 %9.3 %
329Zurich Insurance Group AG ZURNFinancials -20.1 % +9.3 %+9.3 % +22.68 %7.9 %
330Caixabank SA CABKFinancials -24.7 % +18.8 %+9.3 % +48.83 %9.2 %
331Ping An Insurance Group Co of China Ltd 601318Financials -25.4 % -4.3 %+9.3 % +48.64 %8.8 %
332Manulife Financial Corp MFCFinancials -25.5 % -7.2 %+9.3 % +31.37 %8.7 %
333Morgan Stanley MSFinancials -26.4 % +18.3 %+9.3 % +15.22 %9.2 %
334U.S. Bancorp USBFinancials -29.4 % +11.2 %+9.3 % +8.95 %9.2 %
335Interactive Brokers Group Inc IBKRFinancials -30.3 % +33.4 %+9.3 % +39.28 %10.0 %
336Taiwan Semiconductor Manufacturing TSMInformation Technology over 80 % +23.5 %+10.4 % +43.56 %9.3 %
337Industrial and Commercial Bank of China Ltd 601398Financials over 80 % +20.8 %+9.3 % +4.98 %8.2 %
338Bank of America Corp BACFinancials over 80 % +20.9 %+9.3 % +3.20 %9.1 %
339Bank of China Limited 601988Financials over 80 % +3.1 %+9.3 % +35.08 %8.2 %
340Mitsubishi UFJ Financial Group Inc ADR MUFGFinancials over 80 % +21.7 %+9.3 % +19.57 %7.6 %
341Banco Santander S.A. SANFinancials over 80 % +14.7 %+9.3 % +42.88 %9.9 %
342Sumitomo Mitsui Financial Group Inc SMFGFinancials over 80 % +24.8 %+9.3 % +28.28 %8.1 %
343Banco Bilbao Viscaya Argentaria SA ADR BBVAFinancials over 80 % +4.2 %+9.3 % +9.18 %9.0 %
344Mizuho Financial Group Inc. MFGFinancials over 80 % +26.9 %+9.3 % +2.25 %8.1 %
345Pinduoduo Inc. P1DD34Consumer Discretionary over 80 % +48.7 %+4.2 % +36.73 %12.2 %
346The Bank of New York Mellon Corporation BNYFinancials over 80 % +19.5 %+9.3 % +5.16 %9.3 %
347Postal Savings Bank of China Co Ltd 601658Financials over 80 % +8.5 %+9.3 % +13.85 %8.7 %
348Apollo Global Management LLC Class A APOFinancials over 80 % +66.7 %+9.3 % +10.59 %10.4 %
349Credit Agricole SA ACAFinancials over 80 % +22.0 %+9.3 % +34.95 %9.3 %
350MetLife Inc METFinancials over 80 % +2.6 %+9.3 % +28.50 %8.7 %
351CITIC 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 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.