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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 14, 2026 · 351 of the largest stocks with positive free cash flow · updated daily

+14.5 %median implied growth p.a.
161stocks require at least 15 % p.a.
53stocks 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 %+10.6 % +0.15 %10.9 %
2Samsung Electro-Mechanics 009150Information Technology over 80 % +6.6 %+10.6 % +0.24 %12.1 %
3Natera Inc NTRAHealth Care over 80 % +42.6 %+5.5 % +0.19 %10.5 %
4SK Square Co Ltd 402340Information Technology +75.9 % +73.8 %+10.6 % +0.31 %12.1 %
5Cloudflare Inc NETInformation Technology +75.1 % +38.1 %+10.6 % +0.26 %10.8 %
6Amazon.com Inc AMZNConsumer Discretionary +69.6 % +13.2 %+4.4 % +0.27 %9.7 %
7Arm Holdings plc American Depositary Shares ARMInformation Technology +68.0 % +19.4 %+10.6 % +0.36 %10.9 %
8Delta Electronics (Thailand) Public Company Limited DELTAInformation Technology +65.1 % +25.7 %+10.6 % +0.38 %10.4 %
9Astera Labs, Inc. ALABInformation Technology +63.4 % +120.2 %+10.6 % +0.48 %11.5 %
10Lumentum Holdings Inc LITEInformation Technology +63.4 % +12.0 %+10.6 % +0.41 %10.5 %
11Palantir Technologies Inc. PLTRInformation Technology +62.8 % +32.6 %+10.6 % +0.39 %10.1 %
12Tesla Inc TSLAConsumer Discretionary +60.2 % +24.6 %+4.4 % +0.47 %10.6 %
13Marvell Technology Group Ltd MRVLInformation Technology +56.6 % +22.5 %+10.6 % +0.60 %10.9 %
14Hewlett Packard Enterprise Co HPEInformation Technology +56.4 % +4.9 %+10.6 % +0.63 %10.3 %
15Advanced Micro Devices Inc AMDInformation Technology +53.6 % +28.8 %+10.6 % +0.67 %10.9 %
16Teradyne Inc TERInformation Technology +51.6 % +0.4 %+10.6 % +0.75 %11.0 %
17United Rentals Inc URIIndustrials +49.9 % +13.6 %+7.4 % +0.98 %11.1 %
18Iberdrola S.A. IBEUtilities +49.7 % +6.6 %+3.5 % +0.84 %9.4 %
19Shopify Inc SHOPInformation Technology +49.4 % +31.6 %+10.6 % +0.88 %11.5 %
20Shandong Zhongji Electrical Equipment Co Ltd 300308Industrials +45.7 % +40.2 %+7.4 % +1.00 %11.2 %
21Johnson Controls International PLC JCIIndustrials +43.6 % +1.1 %+7.4 % +1.01 %9.9 %
22Monolithic Power Systems Inc MPWRInformation Technology +43.6 % +27.0 %+10.6 % +1.03 %10.8 %
23Datadog Inc DDOGInformation Technology +43.5 % +41.5 %+10.6 % +0.96 %10.4 %
24Targa Resources Inc TRGPEnergy +43.5 % +15.7 %+11.6 % +0.93 %8.6 %
25Snowflake Inc. SNOWInformation Technology +43.2 % +51.2 %+10.6 % +0.93 %10.0 %
26Wheaton Precious Metals Corp WPMMaterials +43.0 % +16.5 %+9.3 % +0.93 %9.9 %
27Freeport-McMoran Copper & Gold Inc FCXMaterials +42.4 % +13.2 %+9.3 % +1.07 %10.2 %
28Delta Electronics Inc 2308Information Technology +42.1 % +14.5 %+10.6 % +1.14 %11.0 %
29Texas Instruments Incorporated TXNInformation Technology +41.1 % +4.1 %+10.6 % +0.98 %9.4 %
30Corning Incorporated GLWInformation Technology +39.9 % +6.7 %+10.6 % +1.09 %9.6 %
31Royal Caribbean Cruises Ltd RCLConsumer Discretionary +39.8 % +52.0 %+4.4 % +1.63 %11.0 %
32Williams Companies Inc WMBEnergy +39.8 % +9.1 %+11.6 % +1.10 %8.4 %
33Advantest Corp DRC ATEYYInformation Technology +38.7 % +30.8 %+10.6 % +1.09 %9.7 %
34Lam Research Corp LRCXInformation Technology +38.5 % +9.7 %+10.6 % +1.29 %10.6 %
35Constellation Energy Corp CEGUtilities +37.0 % +7.7 %+3.5 % +1.23 %9.5 %
36Robinhood Markets Inc HOODFinancials +37.0 % +36.1 %+9.4 % +1.61 %11.5 %
37Eli Lilly and Company LLYHealth Care +37.0 % +21.6 %+5.5 % +0.86 %7.6 %
38Toyota Motor Corporation ADR TMConsumer Discretionary +36.4 % +13.2 %+4.4 % +1.52 %7.6 %
39Synopsys Inc SNPSInformation Technology +36.1 % +13.9 %+10.6 % +1.42 %9.8 %
40Intesa Sanpaolo SpA ISPFinancials +34.5 % +7.5 %+9.4 % +5.84 %11.0 %
41Blackstone Group Inc BXFinancials +34.2 % +20.7 %+9.4 % +2.02 %10.5 %
42Tokyo Electron Ltd PK TOELYInformation Technology +33.6 % +13.1 %+10.6 % +1.47 %10.0 %
43Carvana Co CVNAConsumer Discretionary +33.6 % +29.5 %+4.4 % +1.99 %11.5 %
44NVIDIA Corporation NVDAInformation Technology +33.3 % +66.9 %+10.6 % +1.73 %10.9 %
45Applied Materials Inc AMATInformation Technology +33.1 % +10.5 %+10.6 % +1.53 %10.0 %
46Quanta Services Inc PWRIndustrials +33.1 % +20.4 %+7.4 % +1.54 %9.7 %
47Infineon Technologies AG IFXInformation Technology +33.1 % +11.4 %+10.6 % +1.92 %11.1 %
48Broadcom Inc AVGOInformation Technology +32.7 % +21.7 %+10.6 % +1.54 %9.7 %
49Seagate Technology PLC STXInformation Technology +32.7 % +2.7 %+10.6 % +1.81 %10.9 %
50Vertiv Holdings Co VRTIndustrials +32.1 % +18.5 %+7.4 % +2.03 %11.5 %
51KLA Corporation KLACInformation Technology +32.1 % +14.4 %+10.6 % +1.55 %9.7 %
52Murata Manufacturing Inc MRAAYInformation Technology +32.0 % +3.6 %+10.6 % +1.48 %9.7 %
53Intuitive Surgical Inc ISRGHealth Care +31.8 % +18.2 %+5.5 % +1.65 %10.3 %
54Nextera Energy Inc NEEUtilities +31.8 % +8.8 %+3.5 % +1.97 %8.4 %
55Deere & Company DEIndustrials +31.7 % +5.2 %+7.4 % +1.84 %9.0 %
56MediaTek Inc 2454Information Technology +31.6 % +13.1 %+10.6 % +1.98 %11.5 %
573M Company MMMIndustrials +31.6 % -5.0 %+7.4 % +1.63 %9.4 %
58Bank of Nova Scotia BNSFinancials +31.4 % +18.5 %+9.4 % +4.51 %9.7 %
59CSX Corporation CSXIndustrials +31.4 % +5.9 %+7.4 % +1.93 %9.7 %
60Arista Networks ANETInformation Technology +31.3 % +31.2 %+10.6 % +1.63 %10.1 %
61Canadian Pacific Kansas City Limited CPIndustrials +31.3 % +14.4 %+7.4 % +1.94 %9.7 %
62Howmet Aerospace Inc HWMIndustrials +31.2 % +9.4 %+7.4 % +1.64 %9.7 %
63Vale S.A. VALE3Materials +30.8 % -0.3 %+9.3 % +5.40 %11.4 %
64Palo Alto Networks Inc PANWInformation Technology +30.7 % +22.0 %+10.6 % +1.36 %8.5 %
65UniCredit S.p.A. UCGFinancials +30.7 % +6.3 %+9.4 % +6.19 %11.6 %
66GE Vernova LLC GEVIndustrials +30.3 % +3.6 %+7.4 % +1.37 %8.7 %
67Fortinet Inc FTNTInformation Technology +30.2 % +21.3 %+10.6 % +1.57 %9.4 %
68Eoptolink Technology Inc Ltd 300502Information Technology +30.2 % +65.6 %+10.6 % +1.83 %10.2 %
69Taiwan Semiconductor Manufacturing Co. Ltd. 2330Information Technology +30.2 % +23.3 %+10.6 % +1.68 %9.9 %
70Investor AB ser. B INVE-BIndustrials +30.1 % +20.2 %+7.4 % +1.49 %8.5 %
71Cadence Design Systems Inc CDNSInformation Technology +29.3 % +14.6 %+10.6 % +1.73 %9.6 %
72TC Energy Corp TRPEnergy +28.9 % +3.2 %+11.6 % +3.22 %9.2 %
73The Coca-Cola Company KOConsumer Staples +28.8 % +7.8 %+3.3 % +1.36 %7.6 %
74BlackRock Inc BLKFinancials +28.7 % +8.4 %+9.4 % +2.02 %10.2 %
75Welltower Inc WELLReal Estate +28.5 % +18.4 %+2.3 % +1.69 %8.7 %
76Western Digital Corporation WDCInformation Technology +28.3 % -5.3 %+10.6 % +2.45 %11.5 %
77Alphabet Inc Class C GOOGCommunication Services +28.2 % +17.2 %+3.3 % +1.70 %9.2 %
78argenx NV ADR ARGXHealth Care +28.2 % +151.5 %+5.5 % +1.59 %9.2 %
79Microsoft Corporation MSFTInformation Technology +28.1 % +14.6 %+10.6 % +1.65 %9.0 %
80National Australia Bank Ltd NABFinancials +27.9 % +18.0 %+9.4 % +5.99 %8.4 %
81SK Hynix Inc 000660Information Technology +27.6 % +25.0 %+10.6 % +2.49 %11.4 %
82Keysight Technologies Inc KEYSInformation Technology +27.3 % +5.0 %+10.6 % +2.00 %9.7 %
83Prosus N.V. PRXCommunication Services +27.3 % +13.5 %+3.3 % +1.69 %8.5 %
84Southern Copper Corporation SCCOMaterials +26.9 % +10.9 %+9.3 % +1.99 %9.6 %
85Samsung Electronics Co Ltd 005930Information Technology +26.4 % +7.1 %+10.6 % +2.14 %10.4 %
86Analog Devices Inc ADIInformation Technology +26.4 % +14.5 %+10.6 % +2.10 %9.7 %
87ASML Holding N.V. ASMLInformation Technology +26.2 % +18.5 %+10.6 % +1.90 %9.3 %
88Amphenol Corporation APHInformation Technology +26.1 % +21.9 %+10.6 % +1.98 %9.3 %
89Münchener Rück AG MUV2Financials +26.1 % +3.4 %+9.4 % +1.65 %7.9 %
90Dell Technologies Inc DELLInformation Technology +25.9 % +5.6 %+10.6 % +2.18 %9.6 %
91DoorDash, Inc. Class A Common Stock DASHConsumer Discretionary +25.3 % +36.6 %+4.4 % +2.56 %11.1 %
92WW Grainger Inc GWWIndustrials +25.1 % +8.8 %+7.4 % +2.12 %9.3 %
93Walmart Inc. WMTConsumer Staples +25.0 % +5.0 %+3.3 % +1.66 %7.9 %
94Apple Inc AAPLInformation Technology +25.0 % +8.7 %+10.6 % +1.96 %8.9 %
95Crowdstrike Holdings Inc CRWDInformation Technology +24.9 % +40.6 %+10.6 % +1.94 %9.3 %
96Transdigm Group Incorporated TDGIndustrials +24.8 % +11.6 %+7.4 % +2.82 %9.0 %
97Starbucks Corporation SBUXConsumer Discretionary +24.5 % +9.6 %+4.4 % +2.32 %9.2 %
98GE Aerospace GEIndustrials +24.5 % -9.6 %+7.4 % +2.25 %9.5 %
99Enel SpA ENELUtilities +24.3 % +1.0 %+3.5 % +4.37 %11.2 %
100Marriott International Inc MARConsumer Discretionary +23.9 % +19.9 %+4.4 % +2.61 %9.5 %
101Costco Wholesale Corp COSTConsumer Staples +23.8 % +10.5 %+3.3 % +1.85 %8.4 %
102United Microelectronics Corporation 2303Information Technology +23.5 % +6.1 %+10.6 % +2.94 %11.5 %
103Norfolk Southern Corporation NSCIndustrials +23.4 % +4.5 %+7.4 % +2.98 %9.9 %
104Phillips 66 PSXEnergy +23.2 % +15.7 %+11.6 % +2.32 %8.6 %
105Ecolab Inc ECLMaterials +23.2 % +6.4 %+9.3 % +2.36 %9.0 %
106Cintas Corporation CTASIndustrials +23.1 % +9.6 %+7.4 % +2.24 %9.0 %
107Keyence KYCCFInformation Technology +23.0 % +16.9 %+10.6 % +2.09 %9.2 %
108Air Liquide SA AIMaterials +22.9 % +5.6 %+9.3 % +2.33 %8.9 %
109Hilton Worldwide Holdings Inc HLTConsumer Discretionary +22.9 % +22.8 %+4.4 % +2.69 %9.4 %
110Saudi Arabian Mining Company 1211Materials +22.6 % +15.7 %+9.3 % +2.26 %8.6 %
111Caterpillar Inc CATIndustrials +22.5 % +10.1 %+7.4 % +2.87 %10.0 %
112Enbridge Inc ENBEnergy +22.2 % +10.8 %+11.6 % +4.36 %8.8 %
113Meta Platforms Inc. METACommunication Services +22.2 % +18.5 %+3.3 % +2.36 %9.3 %
114Emerson Electric Company EMRIndustrials +22.1 % +1.4 %+7.4 % +2.91 %9.8 %
115Hon Hai Precision Industry Co Ltd 2317Information Technology +22.0 % +8.6 %+10.6 % +2.22 %9.5 %
116Eaton Corporation PLC ETNIndustrials +22.0 % +9.0 %+7.4 % +2.68 %9.6 %
117Trane Technologies plc TTIndustrials +22.0 % +11.4 %+7.4 % +2.64 %9.7 %
118O’Reilly Automotive Inc ORLYConsumer Discretionary +21.8 % +8.9 %+4.4 % +2.23 %8.1 %
119Linde plc Ordinary Shares LINMaterials +21.5 % +4.5 %+9.3 % +2.23 %8.1 %
120Fast Retailing Co DRC 6288Consumer Discretionary +21.4 % +11.1 %+4.4 % +2.05 %8.6 %
121Brookfield Asset Management Ltd. BAMFinancials +20.8 % +18.0 %+9.4 % +2.87 %9.8 %
122Reliance Industries Limited RELIANCEEnergy +20.7 % +17.8 %+11.6 % +3.28 %10.4 %
123Grupo México S.A.B. de C.V GMEXICOBMaterials +20.5 % +10.8 %+9.3 % +3.65 %11.7 %
124Spotify Technology SA SPOTCommunication Services +20.4 % +16.9 %+3.3 % +2.92 %10.6 %
125Thermo Fisher Scientific Inc TMOHealth Care +20.3 % +6.7 %+5.5 % +2.56 %8.4 %
126ABB Ltd ABBNIndustrials +20.2 % +4.9 %+7.4 % +2.56 %9.0 %
127Moodys Corporation MCOFinancials +20.2 % +7.5 %+9.4 % +3.15 %10.0 %
128Schneider Electric S.E. SUIndustrials +19.8 % +9.8 %+7.4 % +3.36 %10.1 %
129Atlas Copco AB Series A ATCO-AIndustrials +19.4 % +11.0 %+7.4 % +2.75 %9.2 %
130Siemens Energy AG ENRIndustrials +19.3 % +7.3 %+7.4 % +3.33 %11.0 %
131Netflix Inc NFLXCommunication Services +19.0 % +12.6 %+3.3 % +3.15 %9.9 %
132Union Pacific Corporation UNPIndustrials +18.9 % +4.6 %+7.4 % +3.28 %9.2 %
133Sherwin-Williams Co SHWMaterials +18.8 % +5.1 %+9.3 % +3.31 %9.4 %
134Cummins Inc CMIIndustrials +18.7 % +11.2 %+7.4 % +3.25 %9.8 %
135Monster Beverage Corp MNSTConsumer Staples +18.6 % +12.5 %+3.3 % +2.30 %8.1 %
136Parker-Hannifin Corporation PHIndustrials +18.5 % +8.4 %+7.4 % +3.20 %9.5 %
137Recruit Holdings Co Ltd ADR RCRUYIndustrials +18.4 % +11.6 %+7.4 % +2.76 %9.1 %
138Cisco Systems Inc CSCOInformation Technology +18.1 % +4.9 %+10.6 % +2.78 %8.7 %
139Digital Realty Trust Inc DLRReal Estate +17.9 % +9.4 %+2.3 % +3.75 %9.3 %
140Novo Nordisk A/S NOVO-BHealth Care +17.9 % +19.5 %+5.5 % +2.55 %7.9 %
141Airbus Group SE AIRIndustrials +17.8 % +8.0 %+7.4 % +3.00 %9.5 %
142Arthur J Gallagher & Co AJGFinancials +17.6 % +14.8 %+9.4 % +2.96 %8.1 %
143Applovin Corp APPInformation Technology +17.2 % +30.5 %+10.6 % +4.29 %11.5 %
144Elevance Health Inc ELVHealth Care +17.2 % +10.3 %+5.5 % +3.43 %8.5 %
145WuXi AppTec Co Ltd 603259Health Care +17.0 % +21.3 %+5.5 % +2.63 %8.7 %
146Waste Management Inc WMIndustrials +16.7 % +10.6 %+7.4 % +3.30 %8.1 %
147Illinois Tool Works Inc ITWIndustrials +16.5 % +5.0 %+7.4 % +3.54 %9.2 %
148Enterprise Products Partners LP EPDEnergy +16.3 % +14.1 %+11.6 % +3.77 %8.1 %
149Motorola Solutions Inc MSIInformation Technology +16.3 % +9.5 %+10.6 % +3.43 %9.0 %
150Vertex Pharmaceuticals Inc VRTXHealth Care +16.1 % +14.2 %+5.5 % +2.57 %8.1 %
151Safran SA SAFIndustrials +16.0 % +13.2 %+7.4 % +3.45 %9.7 %
152American Tower Corp AMTReal Estate +16.0 % +5.8 %+2.3 % +4.52 %9.0 %
153Danaher Corporation DHRHealth Care +16.0 % +2.0 %+5.5 % +3.34 %8.8 %
154Energy Transfer LP ETEnergy +16.0 % +16.2 %+11.6 % +5.42 %8.2 %
155Rio Tinto ADR RIOMaterials +15.9 % +5.3 %+9.3 % +3.16 %8.5 %
156Hermes International SCA RMSConsumer Discretionary +15.8 % +20.2 %+4.4 % +3.27 %9.8 %
157Visa Inc. Class A VFinancials +15.8 % +12.9 %+9.4 % +2.82 %8.2 %
158ServiceNow Inc NOWInformation Technology +15.8 % +24.1 %+10.6 % +3.18 %9.2 %
159Ross Stores Inc ROSTConsumer Discretionary +15.8 % +12.7 %+4.4 % +3.03 %8.9 %
160Marathon Petroleum Corp MPCEnergy +15.4 % +13.7 %+11.6 % +3.43 %8.1 %
161Bajaj Finance Limited BAJFINANCEFinancials +15.3 % +26.4 %+9.4 % +5.71 %10.4 %
162China Shenhua Energy Co 601088Energy +15.3 % +4.8 %+11.6 % +2.71 %8.7 %
163Simon Property Group Inc SPGReal Estate +15.1 % +6.7 %+2.3 % +5.48 %10.0 %
164Japan Tobacco ADR JAPAYConsumer Staples +15.1 % +11.7 %+3.3 % +3.00 %8.1 %
165AB Volvo (publ) VOLV-BIndustrials +14.9 % +7.2 %+7.4 % +4.25 %8.9 %
166Industria de Diseno Textil SA ITXConsumer Discretionary +14.6 % +14.3 %+4.4 % +3.86 %10.3 %
167Target Corporation TGTConsumer Staples +14.6 % +2.3 %+3.3 % +4.09 %9.2 %
168Canadian National Railway Company CNIIndustrials +14.5 % +4.6 %+7.4 % +4.57 %9.2 %
169LOréal S.A. ORConsumer Staples +14.5 % +9.5 %+3.3 % +3.45 %9.0 %
170Berkshire Hathaway Inc BRK-BFinancials +14.3 % +8.6 %+9.4 % +2.23 %7.9 %
171Kinder Morgan Inc KMIEnergy +14.3 % +7.7 %+11.6 % +4.33 %8.2 %
172Nokia NOKIA-SEKInformation Technology +14.3 % -1.9 %+10.6 % +3.00 %8.5 %
173Republic Services Inc RSGIndustrials +14.3 % +10.3 %+7.4 % +3.56 %8.1 %
174The TJX Companies Inc TJXConsumer Discretionary +13.9 % +13.4 %+4.4 % +3.09 %8.3 %
175Siemens Aktiengesellschaft SIEIndustrials +13.9 % +7.4 %+7.4 % +4.24 %9.1 %
176RTX Corporation RTXIndustrials +13.7 % +9.4 %+7.4 % +3.18 %7.6 %
177Mastercard Inc MAFinancials +13.7 % +16.5 %+9.4 % +3.17 %8.2 %
178Shin-Etsu Chemical Co Ltd ADR SHECYMaterials +13.6 % +12.8 %+9.3 % +3.34 %9.4 %
179Merck KGaA MRKHealth Care +13.2 % +3.8 %+5.5 % +3.92 %8.6 %
180Bharti Airtel Limited BHARTIARTLCommunication Services +13.2 % +16.0 %+3.3 % +5.77 %11.9 %
181Stryker Corporation SYKHealth Care +13.0 % +11.8 %+5.5 % +3.93 %8.7 %
182Walt Disney Company DISCommunication Services +12.8 % +7.6 %+3.3 % +5.32 %10.2 %
183Saudi National Bank 1180Financials +12.8 % +16.0 %+9.4 % +2.56 %8.6 %
184Philip Morris International Inc PMConsumer Staples +12.7 % +7.2 %+3.3 % +3.42 %7.6 %
185Amgen Inc AMGNHealth Care +12.7 % +7.6 %+5.5 % +3.61 %7.6 %
186Mondelez International Inc MDLZConsumer Staples +12.5 % +7.7 %+3.3 % +4.07 %8.1 %
187Compagnie Financière Richemont SA CFRConsumer Discretionary +12.5 % +11.3 %+4.4 % +3.62 %9.2 %
188The Home Depot Inc HDConsumer Discretionary +12.4 % +4.5 %+4.4 % +4.32 %8.6 %
189S&P Global Inc SPGIFinancials +12.3 % +15.6 %+9.4 % +4.50 %9.4 %
190Johnson & Johnson JNJHealth Care +12.1 % +2.7 %+5.5 % +3.25 %7.6 %
191Exxon Mobil Corp XOMEnergy +12.0 % +12.7 %+11.6 % +3.25 %7.6 %
192Eni S.p.A. ENIEnergy +11.9 % +13.3 %+11.6 % +5.32 %10.0 %
193Northrop Grumman Corporation NOCIndustrials +11.8 % +2.7 %+7.4 % +4.82 %9.2 %
194McDonald’s Corporation MCDConsumer Discretionary +11.7 % +7.0 %+4.4 % +4.27 %8.1 %
195Merck & Company Inc MRKHealth Care +11.5 % +9.4 %+5.5 % +3.52 %7.6 %
196Intercontinental Exchange Inc ICEFinancials +11.5 % +8.9 %+9.4 % +4.84 %9.1 %
197Valero Energy Corporation VLOEnergy +11.4 % +13.6 %+11.6 % +3.75 %8.2 %
198AbbVie Inc ABBVHealth Care +11.3 % +6.0 %+5.5 % +3.67 %7.6 %
199Chugai Pharmaceutical Co Ltd ADR CHGCYHealth Care +11.1 % +10.9 %+5.5 % +3.28 %8.2 %
200Bank of Montreal BMOFinancials +11.0 % +17.9 %+9.4 % +7.12 %9.6 %
201PepsiCo Inc PEPConsumer Staples +10.9 % +5.9 %+3.3 % +4.40 %8.1 %
202Kweichow Moutai Co Ltd 600519Consumer Staples +10.4 % +15.4 %+3.3 % +3.66 %8.2 %
203Mitsubishi Electric Corp ADR MIELYIndustrials +10.4 % +8.3 %+7.4 % +3.78 %8.7 %
204SAP SE SAPInformation Technology +10.3 % +6.1 %+10.6 % +3.62 %8.0 %
205Xiaomi Corp 1810Information Technology +10.3 % +13.2 %+10.6 % +3.75 %9.0 %
206TE Connectivity Ltd TELInformation Technology +10.3 % +7.0 %+10.6 % +5.06 %9.6 %
207British American Tobacco p.l.c. BTIConsumer Staples +10.0 % -0.1 %+3.3 % +4.73 %8.1 %
208Medtronic PLC MDTHealth Care +9.9 % +3.8 %+5.5 % +4.53 %8.3 %
209Chevron Corp CVXEnergy +9.5 % +14.3 %+11.6 % +3.86 %7.6 %
210Abbott Laboratories ABTHealth Care +9.4 % +5.1 %+5.5 % +4.13 %8.3 %
211United Parcel Service Inc UPSIndustrials +9.2 % +1.0 %+7.4 % +5.91 %9.3 %
212PNC Financial Services Group Inc PNCFinancials +9.2 % +11.4 %+9.4 % +4.94 %9.0 %
213Zijin Mining Group Co Ltd Class A 601899Materials +9.2 % +15.2 %+9.3 % +5.65 %9.9 %
214Airbnb Inc ABNBConsumer Discretionary +9.0 % +29.4 %+4.4 % +4.70 %9.6 %
215Automatic Data Processing Inc ADPIndustrials +9.0 % +7.9 %+7.4 % +4.76 %8.8 %
216Bank of Communications Co 601328Financials +9.0 % +7.3 %+9.4 % +13.78 %8.7 %
217Ferrari NV RACEConsumer Discretionary +9.0 % +15.6 %+4.4 % +4.31 %8.3 %
218China Petroleum & Chemical Corp Class A 600028Energy +8.7 % +3.9 %+11.6 % +6.36 %9.2 %
219KDDI Corp PK KDDIYCommunication Services +8.6 % +3.9 %+3.3 % +5.84 %9.2 %
220General Dynamics Corporation GDIndustrials +8.6 % +6.7 %+7.4 % +4.35 %8.1 %
221China Yangtze Power Co Ltd 600900Utilities +8.4 % +8.7 %+3.5 % +5.90 %8.7 %
222Procter & Gamble Company PGConsumer Staples +8.3 % +2.7 %+3.3 % +4.09 %7.6 %
223HCA Healthcare, Inc. HCAHealth Care +8.3 % +8.0 %+5.5 % +7.49 %9.5 %
224CME Group Inc CMEFinancials +8.2 % +6.0 %+9.4 % +4.16 %8.1 %
225UnitedHealth Group Incorporated UNHHealth Care +8.0 % +11.7 %+5.5 % +4.70 %7.9 %
226Equinor ASA EQNREnergy +7.9 % +18.3 %+11.6 % +5.32 %9.0 %
227Pfizer Inc PFEHealth Care +7.8 % +8.5 %+5.5 % +5.61 %8.1 %
228China Petroleum & Chemical Corp Class H 0386Energy +7.6 % +3.0 %+11.6 % +7.23 %9.0 %
229TotalEnergies SE TTEEnergy +7.6 % +8.8 %+11.6 % +5.35 %8.6 %
230International Business Machines IBMInformation Technology +7.6 % -1.7 %+10.6 % +5.26 %8.1 %
231AIA Group Ltd 1299Financials +7.5 % -8.5 %+9.4 % +5.23 %8.9 %
232CSL Ltd CSLHealth Care +7.5 % +9.2 %+5.5 % +4.73 %7.9 %
233Agnico Eagle Mines Limited AEMMaterials +7.3 % +30.6 %+9.3 % +4.57 %8.5 %
234Itochu Corp ADR ITOCYIndustrials +7.1 % +8.7 %+7.4 % +5.44 %8.2 %
235Anheuser Busch Inbev SA NV ABIConsumer Staples +7.1 % +4.8 %+3.3 % +7.46 %9.3 %
236EssilorLuxottica S. A. ELHealth Care +6.7 % +14.6 %+5.5 % +5.54 %8.7 %
237CVS Health Corp CVSHealth Care +6.7 % +8.4 %+5.5 % +6.95 %8.3 %
238Sandisk Corp SNDKInformation Technology +6.7 % +20.0 %+10.6 % +5.00 %8.7 %
239EOG Resources Inc EOGEnergy +6.6 % +18.0 %+11.6 % +4.85 %8.1 %
240Takeda Pharmaceutical Co Ltd ADR TAKHealth Care +6.6 % +8.4 %+5.5 % +6.67 %8.1 %
241Colgate-Palmolive Company CLConsumer Staples +6.6 % +4.4 %+3.3 % +5.01 %8.1 %
242KKR & Co. Inc. KKRFinancials +6.5 % +35.4 %+9.4 % +11.55 %11.1 %
243Cencora Inc. CORHealth Care +6.4 % +11.1 %+5.5 % +5.01 %8.3 %
244General Motors Company GMConsumer Discretionary +6.4 % +8.6 %+4.4 % +14.34 %10.0 %
245FedEx Corporation FDXIndustrials +6.3 % +2.5 %+7.4 % +7.37 %10.1 %
246Lowe's Companies Inc LOWConsumer Discretionary +6.3 % -0.8 %+4.4 % +7.24 %8.9 %
247Tata Consultancy Services Limited TCSInformation Technology +6.3 % +10.2 %+10.6 % +6.15 %10.4 %
248McKesson Corporation MCKHealth Care +6.2 % +11.1 %+5.5 % +4.79 %8.1 %
249Marsh & McLennan Companies, Inc. MRSHFinancials +6.0 % +9.4 %+9.4 % +5.84 %8.3 %
250Gilead Sciences Inc GILDHealth Care +5.9 % +3.6 %+5.5 % +5.14 %8.1 %
251Nu Holdings Ltd NUFinancials +5.8 % +84.8 %+9.4 % +4.57 %9.1 %
252Boston Scientific Corp BSXHealth Care +5.6 % +15.2 %+5.5 % +5.69 %8.2 %
253Salesforce.com Inc CRMInformation Technology +5.6 % +14.3 %+10.6 % +6.33 %9.7 %
254Qualcomm Incorporated QCOMInformation Technology +5.5 % +13.5 %+10.6 % +6.78 %10.2 %
255Roche Holding AG ROHealth Care +5.0 % +1.1 %+5.5 % +4.72 %7.4 %
256Saudi Aramco 2222Energy +4.9 % +14.2 %+11.6 % +5.08 %8.1 %
257MPLX LP MPLXEnergy +4.9 % +7.1 %+11.6 % +7.10 %8.1 %
258Nestle S.A. NESNConsumer Staples +4.8 % +1.1 %+3.3 % +5.72 %7.4 %
259PetroChina Co Ltd Class A 601857Energy +4.6 % +8.2 %+11.6 % +5.34 %8.4 %
260Lockheed Martin Corporation LMTIndustrials +4.5 % +2.8 %+7.4 % +5.93 %8.1 %
261Uber Technologies Inc UBERIndustrials +4.4 % +36.1 %+7.4 % +6.68 %9.6 %
262SoftBank Corp SOBKYCommunication Services +4.3 % +7.5 %+3.3 % +7.49 %8.1 %
263Barrick Gold Corp ABXMaterials +4.3 % +6.4 %+9.3 % +6.20 %9.3 %
264China Citic Bank Corp Ltd Class A 601998Financials +4.2 % +0.8 %+9.4 % +0.87 %9.9 %
265Tencent Holdings Ltd 0700Communication Services +4.1 % +9.3 %+3.3 % +5.73 %8.7 %
266Honeywell International Inc HONIndustrials +4.0 % +2.8 %+7.4 % +8.16 %9.0 %
267Schlumberger NV SLBEnergy +3.9 % +8.6 %+11.6 % +6.49 %8.7 %
268Mitsubishi Corporation MTSUYIndustrials +3.9 % +8.0 %+7.4 % +6.60 %8.1 %
269Hitachi Ltd ADR HTHIYInformation Technology +3.8 % +5.2 %+10.6 % +5.39 %8.2 %
270Regeneron Pharmaceuticals Inc REGNHealth Care +3.3 % +11.0 %+5.5 % +5.07 %8.1 %
271American Electric Power Co Inc AEPUtilities +2.5 % +7.9 %+3.5 % +9.85 %8.1 %
272Canadian Natural Resources Ltd CNQEnergy +2.2 % +20.4 %+11.6 % +7.73 %9.0 %
273Booking Holdings Inc BKNGConsumer Discretionary +1.5 % +31.7 %+4.4 % +7.49 %9.4 %
274Newmont Corporation NEMCLMaterials +1.3 % +14.5 %+9.3 % +6.18 %8.2 %
275Imperial Oil Ltd IMOEnergy +1.2 % +16.1 %+11.6 % +7.24 %8.8 %
276Verizon Communications Inc VZCommunication Services +1.1 % +1.5 %+3.3 % +11.08 %8.1 %
277Sea Ltd SEConsumer Discretionary +1.0 % +39.3 %+4.4 % +7.19 %10.4 %
278Altria Group MOConsumer Staples +0.7 % -5.1 %+3.3 % +7.58 %8.1 %
279Westpac Banking Corporation WBCFinancials +0.5 % +26.5 %+9.4 % +10.87 %8.4 %
280American Express Company AXPFinancials +0.5 % +16.0 %+9.4 % +7.62 %8.8 %
281AMERICA MOVIL SAB DE CV AMXBCommunication Services +0.3 % -1.5 %+3.3 % +11.81 %10.0 %
282Sony Group Corp SONYConsumer Discretionary +0.3 % +8.0 %+4.4 % +6.86 %8.7 %
283LVMH Moët Hennessy - Louis Vuitton MCConsumer Discretionary -0.1 % +12.6 %+4.4 % +7.91 %8.9 %
284Deutsche Post AG DHLIndustrials -0.3 % +4.4 %+7.4 % +8.86 %9.3 %
285Suncor Energy Inc SUEnergy -0.5 % +14.7 %+11.6 % +7.54 %8.2 %
286Novartis AG NOVNHealth Care -0.6 % +2.7 %+5.5 % +6.72 %7.4 %
287AT&T Inc. TCommunication Services -0.9 % -6.1 %+3.3 % +12.25 %8.1 %
288Accenture plc ACNInformation Technology -1.1 % +9.5 %+10.6 % +8.27 %9.4 %
289T-Mobile US Inc TMUSCommunication Services -1.5 % +5.2 %+3.3 % +10.81 %8.1 %
290DBS Group Holdings Ltd D05Financials -1.8 % +9.4 %+9.4 % +4.97 %7.9 %
291OVERSEA-CHINESE BANKING CORP O39Financials -2.0 % +7.6 %+9.4 % +6.21 %7.9 %
292Royal Bank of Canada RYFinancials -2.1 % +17.6 %+9.4 % +19.30 %8.6 %
293ICICI Bank Limited ICICIBANKFinancials -2.2 % +14.2 %+9.4 % +10.08 %10.4 %
294Petroleo Brasileiro Petrobras SA ADR PBREnergy -2.7 % +11.1 %+11.6 % +10.19 %9.2 %
295Adobe Systems Incorporated ADBEInformation Technology -2.8 % +13.1 %+10.6 % +10.56 %10.2 %
296Midea Group Co Ltd 000333Consumer Discretionary -3.7 % +10.0 %+4.4 % +6.71 %8.7 %
297Comcast Holdings Corp CCZCommunication Services -3.9 % +3.6 %+3.3 % +9.46 %9.2 %
298HDFC Bank Limited HDFCBANKFinancials -4.0 % +51.7 %+9.4 % +14.86 %10.4 %
299Cigna Corp CIHealth Care -4.2 % +11.4 %+5.5 % +11.25 %8.1 %
300Bristol-Myers Squibb Company BMYHealth Care -4.2 % +2.5 %+5.5 % +11.07 %8.1 %
301MercadoLibre Inc. MELIConsumer Discretionary -4.3 % +48.7 %+4.4 % +11.33 %10.0 %
302Petróleo Brasileiro S.A. - Petrobras PBR-AEnergy -4.6 % +11.1 %+11.6 % +11.49 %9.2 %
303Contemporary Amperex Technology Co Ltd Class A 300750Industrials -4.6 % +53.1 %+7.4 % +6.92 %8.2 %
304Christian Dior SE CDIConsumer Discretionary -4.6 % +12.6 %+4.4 % +18.94 %9.4 %
305ANZ Group Holdings Ltd ANZFinancials -4.8 % +17.6 %+9.4 % +21.53 %8.0 %
306Intuit Inc INTUInformation Technology -5.0 % +17.4 %+10.6 % +10.51 %9.2 %
307Charles Schwab Corp SCHWFinancials -5.1 % +18.0 %+9.4 % +5.25 %8.7 %
308ConocoPhillips COPEnergy -5.1 % +25.6 %+11.6 % +9.80 %8.1 %
309Vinci S.A. DGIndustrials -5.3 % +11.3 %+7.4 % +13.38 %9.1 %
310State Bank of India SBINFinancials -5.5 % +13.5 %+9.4 % +17.73 %10.4 %
311CNOOC Ltd 0883Energy -5.6 % +20.0 %+11.6 % +8.40 %8.6 %
312GlaxoSmithKline PLC ADR GSKHealth Care -6.1 % +6.1 %+5.5 % +12.23 %8.1 %
313China Telecom Corp Ltd 601728Communication Services -6.3 % +5.9 %+3.3 % +8.88 %8.8 %
314Sanofi ADR SNYHealth Care -6.4 % +4.6 %+5.5 % +10.83 %8.1 %
315Hong Kong Exchange and Clearing Ltd 0388Financials -7.7 % +11.6 %+9.4 % +4.36 %9.6 %
316UBS Group AG UBSFinancials -9.8 % +13.0 %+9.4 % +10.09 %8.8 %
317Comcast Corp CMCSACommunication Services -10.9 % +3.6 %+3.3 % +29.37 %8.5 %
318Chubb Ltd CBFinancials -11.5 % +10.6 %+9.4 % +10.69 %8.1 %
319Deutsche Telekom AG DTECommunication Services -11.9 % +3.4 %+3.3 % +23.42 %7.9 %
320Itaú Unibanco Holding S.A ITUB4Financials -12.1 % +8.0 %+9.4 % +23.53 %10.7 %
321Progressive Corp PGRFinancials -13.3 % +15.5 %+9.4 % +13.21 %8.1 %
322Assicurazioni Generali S.p.A. GFinancials -14.3 % -10.4 %+9.4 % +30.33 %10.5 %
323AXA SA CSFinancials -14.5 % +0.6 %+9.4 % +24.60 %8.8 %
324JPMorgan Chase & Co JPMFinancials -15.2 % +16.6 %+9.4 % +10.89 %8.7 %
325The Travelers Companies Inc TRVFinancials -15.7 % +8.8 %+9.4 % +13.30 %8.1 %
326China Merchants Bank Co Ltd 600036Financials -16.7 % +8.4 %+9.4 % +37.54 %8.7 %
327Allianz SE VNA O.N. ALVFinancials -17.4 % +3.0 %+9.4 % +19.47 %8.3 %
328Itau Unibanco Banco Holding SA ITUBFinancials -17.6 % +17.3 %+9.4 % +23.34 %8.1 %
329Capital One Financial Corporation COFFinancials -19.3 % +17.0 %+9.4 % +21.25 %9.3 %
330Zurich Insurance Group AG ZURNFinancials -19.7 % +9.3 %+9.4 % +22.12 %7.9 %
331BNP Paribas SA BNPFinancials -19.7 % +6.4 %+9.4 % +12.16 %9.9 %
332Manulife Financial Corp MFCFinancials -25.5 % -7.2 %+9.4 % +31.26 %8.7 %
333Morgan Stanley MSFinancials -27.2 % +18.3 %+9.4 % +15.51 %9.2 %
334U.S. Bancorp USBFinancials -30.0 % +11.2 %+9.4 % +9.01 %9.2 %
335Interactive Brokers Group Inc IBKRFinancials -30.7 % +33.4 %+9.4 % +39.98 %10.0 %
336Taiwan Semiconductor Manufacturing TSMInformation Technology over 80 % +23.5 %+10.6 % +47.54 %9.3 %
337Industrial and Commercial Bank of China Ltd 601398Financials over 80 % +20.8 %+9.4 % +4.85 %8.2 %
338Bank of America Corp BACFinancials over 80 % +20.9 %+9.4 % +3.20 %9.1 %
339Bank of China Limited 601988Financials over 80 % +3.1 %+9.4 % +33.40 %8.2 %
340Mitsubishi UFJ Financial Group Inc ADR MUFGFinancials over 80 % +21.7 %+9.4 % +20.05 %7.6 %
341Banco Santander S.A. SANFinancials over 80 % +14.7 %+9.4 % +43.46 %9.9 %
342Sumitomo Mitsui Financial Group Inc SMFGFinancials over 80 % +24.8 %+9.4 % +28.73 %8.1 %
343Banco Bilbao Viscaya Argentaria SA ADR BBVAFinancials over 80 % +4.2 %+9.4 % +9.35 %9.0 %
344Mizuho Financial Group Inc. MFGFinancials over 80 % +26.9 %+9.4 % +2.34 %8.1 %
345Pinduoduo Inc. P1DD34Consumer Discretionary over 80 % +48.7 %+4.4 % +34.05 %12.2 %
346The Bank of New York Mellon Corporation BNYFinancials over 80 % +19.5 %+9.4 % +5.26 %9.3 %
347Postal Savings Bank of China Co Ltd 601658Financials over 80 % +8.5 %+9.4 % +13.63 %8.7 %
348Apollo Global Management LLC Class A APOFinancials over 80 % +66.7 %+9.4 % +10.51 %10.4 %
349Credit Agricole SA ACAFinancials over 80 % +22.0 %+9.4 % +37.17 %9.3 %
350MetLife Inc METFinancials over 80 % +2.6 %+9.4 % +27.43 %8.7 %
351CITIC Securities Co Ltd 600030Financials over 80 % +2.3 %+9.4 % +18.85 %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 14, 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.