Tearsheet

Netflix (NFLX)

Market Price (11/13/2025): $1159.34 | Market Cap: $492.1 Bil
Sector: Communication Services | Industry: Movies & Entertainment

Netflix (NFLX)

Market Price (11/13/2025): $1159.34
Market Cap: $492.1 Bil
Sector: Communication Services
Industry: Movies & Entertainment

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 15%	Expensive valuation multiples P/SPrice/Sales ratio is 11x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 38x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 51x, P/EPrice/Earnings or Price/(Net Income) is 47x
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 29%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 21%, CFO LTM is 9.6 Bil, FCF LTM is 9.0 Bil
3	Low stock price volatility Vol 12M is 33%
4	Megatrend and thematic drivers Megatrends include Digital Content & Streaming, and Future of Entertainment. Themes include Video Streaming, and Original Content Production.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 15%
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 29%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 21%, CFO LTM is 9.6 Bil, FCF LTM is 9.0 Bil
3	Low stock price volatility Vol 12M is 33%
4	Megatrend and thematic drivers Megatrends include Digital Content & Streaming, and Future of Entertainment. Themes include Video Streaming, and Original Content Production.
5	Expensive valuation multiples P/SPrice/Sales ratio is 11x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 38x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 51x, P/EPrice/Earnings or Price/(Net Income) is 47x

Market Valuation & Key Metrics

	11/13/25	2024	2023	2022	2021
Share Price CYE	$1,159.34	$891.32	$486.88	$294.88	$602.44
Market Cap CYE ($ Bil)	492.1	381.2	212.1	131.3	267.2
Total Debt ($ Bil)	14.5	15.6	14.5	14.4	15.4
Total Cash ($ Bil)	9.3	9.6	7.1	6.1	6.0
Enterprise Value ($ Bil)	497.2	396.8	226.6	145.7	282.6
Valuation Ratios
P/S TTM	11.3	9.8	6.4	4.2	9.0
P/EBIT TTM	38.4	35.8	30.9	22.0	40.4
P/E TTM	47.2	44.0	39.8	29.2	52.2
Sector Ratios
P/S TTM (Sector)	1.0	1.0	1.1	1.2	2.0
P/EBIT TTM (Sector)	1.1	1.1	0.0	1.1	3.3
P/E TTM (Sector)	-0.7	-0.8	-0.6	-0.3	2.2

	11/13/25	2024	2023
Share Price CYE	$1,159.34	$891.32	$486.88
Market Cap CYE ($ Bil)	492.1	381.2	212.1
Total Debt ($ Bil)	14.5	15.6	14.5
Total Cash ($ Bil)	9.3	9.6	7.1
Enterprise Value ($ Bil)	497.2	396.8	226.6
Valuation Ratios
P/S TTM	11.3	9.8	6.4
P/EBIT TTM	38.4	35.8	30.9
P/E TTM	47.2	44.0	39.8
Sector Ratios
P/S TTM (Sector)	1.0	1.0	1.1
P/EBIT TTM (Sector)	1.1	1.1	0.0
P/E TTM (Sector)	-0.7	-0.8	-0.6

	NFLX	S&P 500
REVENUE GROWTH	GOOD
Rev LTM ($ Bil)	43.4
Rev Chg Q	17.2%	7.1%
Rev Chg LTM	15.4%	6.1%
Rev Chg 3Y Avg	11.4%	5.5%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	12.6
CFO LTM ($ Bil)	9.6
Net Inc LTM ($ Bil)	10.4
Op Mgn LTM	29.1%	18.8%
CFO/Rev LTM	22.1%	20.5%
Net Inc Mgn	24.0%	13.1%
VALUATION	VERY HIGH
P/S	11.3	3.2
P/CFO	51.4	15.3
P/FCF	54.9	20.4
P/E	47.2	23.6
STABILITY	VERY GOOD
Debt/Equity	0.03	0.21
Cash/Assets	0.17	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Global Paid Subscribers	301.6 million	8312025	Link
U.S. and Canada (UCAN) Paid Subscribers	89.63 million	10222025	Link
Europe, Middle East, and Africa (EMEA) Paid Subscribers	101.13 million	10222025	Link
Latin America (LATAM) Paid Subscribers	53.33 million	11042025	Link
Asia-Pacific (APAC) Paid Subscribers	57.54 million	11042025	Link
Global Average Revenue Per User (ARPU)	$11.70	12312024	Link
U.S. and Canada (UCAN) Average Revenue Per User (ARPU)	$17.26	12312024	Link
Europe, Middle East, and Africa (EMEA) Average Revenue Per User (ARPU)	$11.11	12312024	Link
Latin America (LATAM) Average Revenue Per User (ARPU)	$8.00	12312024	Link
Asia-Pacific (APAC) Average Revenue Per User (ARPU)	$7.34	12312024	Link
Content Spending	$18 billion	12312025	Link
U.S. SVOD Market Share	21%	11042025	Link
Total Hours Watched (Engagement)	Over 95 billion hours	6302025	Link
Monthly Churn Rate (UCAN)	Between 1-3%	11182024	Link

NFLX Stock

Stock Price
Market Cap

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

I cannot provide specific real-time stock analysis for a future time period (July 31, 2025, to November 13, 2025) as I do not have access to future market data or events. However, I can outline general types of key points that would typically influence a public company's stock movement like Netflix (NFLX) over such a period. A -0.2% movement is a very minor fluctuation and could be attributed to a variety of small factors or general market sentiment.

1. Quarterly Earnings Report and Subscriber Growth

Netflix's stock performance is highly sensitive to its quarterly earnings reports, particularly subscriber growth figures, revenue, and future guidance. Even a slight miss on subscriber projections or a cautious outlook could lead to minor stock adjustments.

2. Content Release Performance and Competition

The performance of major new content releases and overall competitive landscape in the streaming industry are significant factors. If a highly anticipated show underperforms, or a competitor makes a strategic move that impacts Netflix's market share, it could cause minor downward pressure.

3. Analyst Ratings and Price Target Adjustments

Changes in analyst ratings or price targets from major investment firms can influence investor sentiment. A downgrade or a reduced price target, even if minor, could contribute to a small negative stock movement.

4. Macroeconomic Factors and Market Sentiment

Broader macroeconomic trends, such as interest rate changes, inflation concerns, or general market sentiment towards growth stocks, can subtly impact Netflix's stock. A slight shift in investor preference away from high-growth tech companies could lead to a minor dip.

5. News or Speculation Regarding Business Strategy

Minor news or speculation about Netflix's business strategy, such as potential changes in pricing, advertising tiers, or international expansion plans, could cause small fluctuations as investors react to perceived future impacts on profitability or growth.

Show less

Stock Movement Drivers

Fundamental Drivers

The -3.9% change in NFLX stock from 8/13/2025 to 11/12/2025 was primarily driven by a -5.8% change in the company's P/E Multiple.

	8132025	11122025	Change
Stock Price ($)	1204.44	1157.50	-3.90%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	41693.18	43378.79	4.04%
Net Income Margin (%)	24.58%	24.05%	-2.17%
P/E Multiple	49.98	47.10	-5.75%
Shares Outstanding (Mil)	425.21	424.45	0.18%
Cumulative Contribution			-3.90%

LTM = Last Twelve Months as of date shown

Market Drivers

8/13/2025 to 11/12/2025

	Return	Correlation
NFLX	-3.9%
Market (SPY)	6.0%	23.0%
Sector (XLC)	2.2%	30.3%

Fundamental Drivers

The 0.6% change in NFLX stock from 5/14/2025 to 11/12/2025 was primarily driven by a 8.0% change in the company's Total Revenues ($ Mil).

	5142025	11122025	Change
Stock Price ($)	1150.99	1157.50	0.57%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	40173.33	43378.79	7.98%
Net Income Margin (%)	23.07%	24.05%	4.21%
P/E Multiple	53.05	47.10	-11.22%
Shares Outstanding (Mil)	427.27	424.45	0.66%
Cumulative Contribution			0.56%

LTM = Last Twelve Months as of date shown

Market Drivers

5/14/2025 to 11/12/2025

	Return	Correlation
NFLX	0.6%
Market (SPY)	16.6%	25.9%
Sector (XLC)	13.0%	35.5%

Fundamental Drivers

The 41.2% change in NFLX stock from 11/12/2024 to 11/12/2025 was primarily driven by a 16.2% change in the company's Net Income Margin (%).

	11122024	11122025	Change
Stock Price ($)	819.50	1157.50	41.24%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	37587.28	43378.79	15.41%
Net Income Margin (%)	20.70%	24.05%	16.16%
P/E Multiple	45.10	47.10	4.43%
Shares Outstanding (Mil)	428.24	424.45	0.88%
Cumulative Contribution			41.23%

LTM = Last Twelve Months as of date shown

Market Drivers

11/12/2024 to 11/12/2025

	Return	Correlation
NFLX	41.2%
Market (SPY)	15.6%	51.8%
Sector (XLC)	17.8%	57.5%

Fundamental Drivers

The 299.0% change in NFLX stock from 11/13/2022 to 11/12/2025 was primarily driven by a 84.1% change in the company's P/E Multiple.

	11132022	11122025	Change
Stock Price ($)	290.13	1157.50	298.96%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	31472.81	43378.79	37.83%
Net Income Margin (%)	16.03%	24.05%	50.04%
P/E Multiple	25.59	47.10	84.06%
Shares Outstanding (Mil)	444.88	424.45	4.59%
Cumulative Contribution			298.12%

LTM = Last Twelve Months as of date shown

Market Drivers

11/13/2023 to 11/12/2025

	Return	Correlation
NFLX	160.3%
Market (SPY)	58.8%	49.6%
Sector (XLC)	69.3%	52.2%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
NFLX Return	67%	11%	-51%	65%	83%	30%	258%
Peers Return	49%	231%	-54%	20%	-10%	39%	237%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
NFLX Win Rate	75%	42%	42%	58%	83%	60%
Peers Win Rate	48%	48%	28%	57%	45%	46%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
NFLX Max Drawdown	-8%	-10%	-72%	-1%	-4%	-7%
Peers Max Drawdown	-40%	-19%	-56%	-33%	-36%	-21%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: AAPL, AMZN, AMC, FUBO, RDI. See NFLX Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/12/2025 (YTD)

How Low Can It Go

Unique Key	Event	NFLX	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-75.9%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	315.8%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	832 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-22.9%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	29.8%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	28 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-44.2%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	79.1%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	478 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-55.9%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	126.9%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	141 days	1480 days

Compare to AAPL, AMZN, AMC, FUBO, RDI

In The Past

Netflix's stock fell -75.9% during the 2022 Inflation Shock from a high on 11/17/2021. A -75.9% loss requires a 315.8% gain to breakeven.

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Asset Allocation

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About Netflix (NFLX)

Netflix, Inc. provides entertainment services. It offers TV series, documentaries, feature films, and mobile games across various genres and languages. The company provides members the ability to receive streaming content through a host of internet-connected devices, including TVs, digital video players, television set-top boxes, and mobile devices. It also provides DVDs-by-mail membership services in the United States. The company has approximately 222 million paid members in 190 countries. Netflix, Inc. was incorporated in 1997 and is headquartered in Los Gatos, California.

AI Generated Analysis | Feedback

Here are 1-3 brief analogies for Netflix:

The Spotify for movies and TV shows.
A global, internet-first HBO.
A digital Disney, focused solely on streaming entertainment.

AI Generated Analysis | Feedback

Streaming Service: Provides on-demand access to a vast library of movies, TV shows, documentaries, and specials, categorized as a Subscription Video On Demand (SVOD) service.
Netflix Games: Offers a growing collection of mobile games accessible through the Netflix app, included as part of the streaming subscription and categorized as a Subscription Gaming Service.

AI Generated Analysis | Feedback

Netflix (symbol: NFLX) primarily sells its streaming services directly to individual consumers rather than to other companies. Therefore, its major customers are its global subscriber base.

Netflix categorizes its individual customers in several ways for operational and strategic purposes. Two key categories are:

Geographic Regions: Netflix segments its subscriber base and reports its financial performance by distinct geographic regions. These regions reflect differing market dynamics, content preferences, and regulatory environments. The primary segments include:
- U.S. and Canada (UCAN)
- Europe, Middle East, and Africa (EMEA)
- Latin America (LATAM)
- Asia-Pacific (APAC)
Subscription Tiers: Customers are categorized by the specific plan they subscribe to, which offers varying features, content quality, number of concurrent streams, and price points. These tiers are designed to cater to different consumer needs and budgets. Common tiers include:
- Ad-Supported Plans (offering a lower price with advertisements)
- Standard Plans (offering ad-free streaming at a mid-tier price)
- Premium Plans (offering higher quality streaming, more concurrent streams, and potentially more features at a higher price)

AI Generated Analysis | Feedback

Amazon.com, Inc. (Symbol: AMZN)

AI Generated Analysis | Feedback

Reed Hastings, Founder and Chairman
Reed Hastings co-founded Netflix in 1997. Prior to Netflix, he founded Pure Software in 1991, which he took public and sold in 1997. Pure Software merged with Atria Software in 1996 and was then acquired by Rational Software in 1997. He also previously served on the boards of Microsoft and Facebook.

Ted Sarandos, Co-CEO
Ted Sarandos joined Netflix in 2000 and has been instrumental in its evolution from a DVD rental service to a global streaming platform. His career in entertainment began in the video rental business, where he worked at a video store and later as a content buyer for Hollywood Video. He spearheaded Netflix's move into original programming, overseeing the creation of critically acclaimed series.

Greg Peters, Co-CEO
Greg Peters was named Co-CEO of Netflix in January 2023, after serving as Chief Operating Officer and Chief Product Officer. He joined Netflix in 2008. Before his time at Netflix, Peters held leadership roles including Senior Vice President of consumer electronics products for Macrovision Solutions Corp (later Rovi Corporation), and held positions at Mediabolic Inc., Red Hat Network, and Wine.com.

Spencer Neumann, Chief Financial Officer
Spencer Neumann joined Netflix as Chief Financial Officer in January 2019. Before Netflix, he served as CFO of Activision Blizzard from 2017 to 2018. Neumann also held numerous senior financial and strategic roles at The Walt Disney Company for over a decade, including CFO and Executive Vice President of Global Guest Experience of Walt Disney Parks and Resorts, Executive Vice President of the ABC Television Network, and CFO of the Walt Disney Internet Group. He also worked as a principal at the private equity firms Providence Equity Partners (2008-2011) and Summit Partners (2005-2007).

Bela Bajaria, Chief Content Officer
Bela Bajaria has served as Chief Content Officer since January 2023, overseeing Netflix's entire global slate of series across various regions.

AI Generated Analysis | Feedback

The rapid growth and increasing sophistication of Free Ad-Supported Streaming TV (FAST) services. These platforms offer a completely free alternative to paid subscriptions, competing directly for viewer attention and potentially impacting subscriber acquisition and retention as consumers seek to reduce entertainment costs amid "subscription fatigue" and an oversaturated streaming market.

AI Generated Analysis | Feedback

Netflix's main products and services operate within several significant addressable markets:

Streaming (Subscription Video on Demand - SVOD): The global total addressable market for households with either fixed broadband access or Pay TV (excluding China) is estimated to be between 800 million and 900 million households. The global video streaming market was valued at approximately USD 674.25 billion in 2024 and is projected to grow to about USD 2,660.88 billion by 2032. Specifically, the U.S. video streaming market is anticipated to reach an estimated value of USD 610.59 billion by 2032.
Advertising: Netflix's advertising business currently reaches over 190 million Monthly Active Viewers (MAVs) globally. This ad-supported service is considered a strategy to expand Netflix's overall addressable market.
Gaming: The global gaming market size is valued at USD 269.06 billion in 2025 and is projected to reach USD 435.44 billion by 2030. The mobile gaming industry alone is predicted to be worth USD 272 billion by 2030.

AI Generated Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for Netflix (NFLX) over the next 2-3 years:

1. Expansion of the Ad-Supported Plan

Netflix's ad-supported subscription tier is proving to be a significant growth engine. The company has seen strong adoption, with this tier accounting for over 50% of sign-ups in countries where it's available in Q3 2024, and its membership base growing by 35% quarter-over-quarter. Netflix anticipates doubling its ad revenue in 2025, albeit from a smaller base, and expects to reach critical scale with its ad-supported member base in all ads countries in 2025. The company is also enhancing its ad technology and offering more sophisticated targeting options, which are expected to improve advertiser experience and sales.

2. Continued Monetization from Paid Sharing Initiatives

The crackdown on password sharing has successfully converted former freeloaders into paying subscribers, contributing to significant profit and revenue surges. This initiative led to a substantial influx of new subscribers, with 9.3 million additions in Q1 of the current year, bringing the global subscriber count to nearly 270 million. Analysts anticipate continued subscriber gains from this strategy for several more quarters.

3. Strategic Price Increases and Average Revenue Per Membership (ARM) Growth

Netflix has demonstrated pricing power, implementing price increases in various markets, such as a $2 increase for its most expensive streaming service and its lowest-priced ad-free plan in the U.S. in 2023. Analysts expect price hikes to continue in regions like the U.S. and Canada, contributing to an increase in Average Revenue Per Membership (ARM). The company's 2025 revenue guidance also factors in higher subscription pricing.

4. Diversification into Live Events and Gaming

Netflix is strategically investing in diverse entertainment offerings beyond traditional streaming, including live events and an expanded gaming strategy. The company's venture into live sports, such as NFL game streams and WWE programming, is expected to attract a broader audience, enhance subscriber retention, and drive engagement. While the direct revenue impact of gaming is still evolving, the strategy aims to boost engagement and retention by leveraging popular intellectual property, potentially contributing to subscriber acquisition and long-term revenue growth.

AI Generated Analysis | Feedback

Share Repurchases

Netflix authorized an additional $15 billion for its stock repurchase program in January 2025, raising the total available for buybacks to approximately $17.1 billion as of December 31, 2024.
In 2024, the company repurchased 9.9 million shares for $6.2 billion.
Netflix's ongoing capital allocation policy prioritizes returning excess cash to shareholders through share repurchases.

Share Issuance

Netflix has focused on limiting share dilution and has experienced only modest dilution since its IPO.
Net common equity issued/repurchased for the twelve months ending September 30, 2025, was -$19.742 billion, indicating net repurchases.
A 10-for-1 stock split was approved in October 2025, effective November 17, 2025, to make shares more accessible to employees.

Outbound Investments

Netflix has made 13 acquisitions, with peak activity in 2021 (3 acquisitions) and 2022 (5 acquisitions), primarily in mobile gaming, PC & console gaming, and content/VFX studios.
Recent acquisitions include Thinkin (March 2024), Spryfox (October 2022), Animal Logic (July 2022), and Next Games ($72.7 million, March 2022).
The company's strategy involves investing in new growth initiatives such as gaming.

Capital Expenditures

Netflix's capital expenditures for physical assets averaged $443.7 million annually from 2020 to 2024, with the latest twelve months (as of September 2025) at $607.6 million.
The company treats original content as capital expenditure, with an expected content spend of $18 billion in 2025, focusing on major original series, live content, and global-local productions.
Netflix committed over €1.14 billion (approximately $1.25 billion USD) towards content production and infrastructure in Spain through 2028.

Interactive Breakdown

Netflix Interactive Breakdown Analysis

Better Bets than Netflix (NFLX)

	NFLX	Better Performance than NFLX
Metric	Value	Industry (Movies & Entertainment)
Rev Chg LTM	15.4%	ROKU (16.6%), CNVS (77.1%), MPU (126.6%)
Rev Chg 3Y Avg	11.4%	LYV (18.6%), FWONA (16.5%), ROKU (13.4%), SPHR (16.5%), RSVR (12.0%)
Op Mgn LTM	29.1%	TKO (42.6%)
CFO/Rev LTM	22.1%	TKO (40.4%), SIRI (22.2%), IMAX (28.9%), RSVR (29.3%), ZNB (27.9%)
FCF/Rev LTM	20.7%	TKO (37.0%), ZNB (23.7%)
Total Yield	2.1%	DIS (5.9%), LYV (2.8%), FWONA (9.0%), TKO (5.0%), SIRI (18.6%)

	NFLX	Better Performance than NFLX
Metric	Value	Sector (Communication Services)
Rev Chg LTM	15.4%	META (21.3%), RBLX (32.7%), RDDT (69.7%), NBIS (542.6%), TTD (20.8%)
Rev Chg 3Y Avg	11.4%	META (17.3%), SPOT (14.6%), RBLX (26.5%), WBD (17.2%), TTWO (13.3%)
Op Mgn LTM	29.1%	GOOGL (32.2%), META (43.2%), TKO (42.6%), UNIT (52.4%), WIMI (51.7%)
CFO/Rev LTM	22.1%	GOOGL (39.3%), META (56.8%), TMUS (31.3%), T (32.8%), VZ (28.0%)
FCF/Rev LTM	20.7%	META (23.7%), RBLX (26.1%), EA (22.7%), RDDT (26.8%), TTD (24.3%)
Total Yield	2.1%	GOOGL (3.9%), META (4.2%), TMUS (6.6%), DIS (5.9%), T (12.1%)

	NFLX	Better Performance than NFLX
Metric	Value	All Other Sectors
Rev Chg LTM	15.4%	NVDA (71.6%), MSFT (15.6%), AVGO (28.0%), LLY (36.8%), PLTR (47.2%)
Rev Chg 3Y Avg	11.4%	NVDA (92.0%), MSFT (13.2%), AVGO (24.0%), BRK-B (19.8%), LLY (23.4%)
Op Mgn LTM	29.1%	NVDA (58.1%), AAPL (31.9%), MSFT (46.3%), AVGO (39.0%), LLY (43.0%)
CFO/Rev LTM	22.1%	NVDA (46.6%), AAPL (26.6%), MSFT (50.0%), AVGO (42.4%), ORCL (36.5%)
FCF/Rev LTM	20.7%	NVDA (43.6%), AAPL (23.5%), MSFT (26.6%), AVGO (41.6%), MA (52.5%)
Total Yield	2.1%	AAPL (2.8%), MSFT (3.4%), AMZN (2.7%), BRK-B (6.2%), JPM (6.6%)

		Best Bets In Communication Services Sector
	NFLX	IRDM	META	TTD	MTCH	PINS	NXST	YELP	T	UPWK	FWONA
What You Pay
P/E	47.1	14.2	26.2	48.7	14.1	9.3	11.0	12.5	8.3	9.1	11.1
P/EBIT	38.3	7.7	18.0	40.5	9.5	66.1	5.2	9.9	5.3	19.6	66.1
What You Get
Rev Chg Q	17.2%	6.7%	26.2%	17.7%	2.1%	16.8%	-12.3%	4.4%	1.6%	4.1%	19.1%
Rev Chg LTM	15.4%	7.3%	21.3%	20.8%	-0.5%	16.8%	-1.4%	5.3%	2.0%	2.5%	8.7%
Rev Chg 3Y Avg	11.4%	8.6%	17.3%	23.5%	2.7%	13.6%	1.2%	8.3%	1.1%	9.7%	16.5%
FCF/Rev 3Y Avg	19.0%	33.7%	29.0%	26.6%	25.8%	22.9%	17.6%	19.4%	16.3%	15.4%	14.7%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 12%, alpha of 0.5%, and sharpe of 0.56

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Netflix Earnings Notes
2	What Could Send Netflix Stock Soaring
3	Wait For A Dip To Buy Netflix Stock	Buy or Fear
4	With Netflix Stock Surging, Have You Considered The Downside?	Return
5	How Netflix Stock Gained 70% in 12 Months
6	Netflix vs Microsoft: Which Is A Better Investment?	Counter-Intuitive Comparisons
7	Netflix vs Meta Platforms: Which Is A Better Investment?	Counter-Intuitive Comparisons
8	Day 5 of Gains Streak for Netflix Stock with 6.7% Return (vs. 37% YTD) [8/12/2025]	Notification
9	Better Bet Than NFLX Stock: Pay Less Than Netflix To Get More From LLY, MU
10	NFLX Dip Buy Analysis
11	ARTICLES
12	What Could Light a Fire Under Netflix Stock		November 12th, 2025
13	Is Netflix’s 10-For-1 Split A Trigger For Another Surge?		November 6th, 2025
14	Netflix Stock To $771?		October 29th, 2025
15	Netflix Stock To Fall 50%?		October 28th, 2025
16	With Netflix Stock Down 12% In A Week, How Confident Are You?		October 28th, 2025

	Title
0	DASHBOARDS
1	Netflix Earnings Notes
2	What Could Send Netflix Stock Soaring
3	Wait For A Dip To Buy Netflix Stock
4	With Netflix Stock Surging, Have You Considered The Downside?
5	How Netflix Stock Gained 70% in 12 Months
6	Netflix vs Microsoft: Which Is A Better Investment?
7	Netflix vs Meta Platforms: Which Is A Better Investment?
8	Day 5 of Gains Streak for Netflix Stock with 6.7% Return (vs. 37% YTD) [8/12/2025]
9	Better Bet Than NFLX Stock: Pay Less Than Netflix To Get More From LLY, MU
10	NFLX Dip Buy Analysis
11	ARTICLES
12	What Could Light a Fire Under Netflix Stock
13	Is Netflix’s 10-For-1 Split A Trigger For Another Surge?
14	Netflix Stock To $771?
15	Netflix Stock To Fall 50%?
16	With Netflix Stock Down 12% In A Week, How Confident Are You?

Trade Ideas

Select past ideas related to NFLX. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
TTD_10032025_Dip_Buyer_High_CFO_Margins_ExInd_DE	10032025	TTD	Trade Desk	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-14.3%	-14.3%	-16.6%
CABO_10032025_Short_Squeeze	10032025	CABO	Cable One	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	-33.5%	-33.5%	-33.5%
DV_9122025_Dip_Buyer_FCFYield	09122025	DV	DoubleVerify	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-16.5%	-16.5%	-27.9%
CMCSA_7312025_Monopoly_xInd_xCD_Getting_Cheaper	07312025	CMCSA	Comcast	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-16.5%	-16.5%	-17.9%
PINS_5312025_Monopoly_xInd_xCD_Getting_Cheaper	05312025	PINS	Pinterest	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-12.1%	-12.1%	-17.2%
NFLX_4302024_Quality_Momentum_RoomToRun_10%	04302024	NFLX	Netflix	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	37.9%	105.5%	0.0%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
TTD_10032025_Dip_Buyer_High_CFO_Margins_ExInd_DE	10032025	TTD	Trade Desk	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-14.3%	-14.3%	-16.6%
CABO_10032025_Short_Squeeze	10032025	CABO	Cable One	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	-33.5%	-33.5%	-33.5%
DV_9122025_Dip_Buyer_FCFYield	09122025	DV	DoubleVerify	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-16.5%	-16.5%	-27.9%
CMCSA_7312025_Monopoly_xInd_xCD_Getting_Cheaper	07312025	CMCSA	Comcast	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-16.5%	-16.5%	-17.9%
PINS_5312025_Monopoly_xInd_xCD_Getting_Cheaper	05312025	PINS	Pinterest	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-12.1%	-12.1%	-17.2%
NFLX_4302024_Quality_Momentum_RoomToRun_10%	04302024	NFLX	Netflix	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	37.9%	105.5%	0.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MH	McGraw Hill	2.7	23.9%
BBAI	BigBear.ai	2.3	18.3%	61.1%
KALV	KalVista Pharmaceuticals	0.7	16.3%	57.5%
ORLA	Orla Mining	3.9	13.8%	117.3%
WOLF	Wolfspeed	3.0	12.4%
ERAS	Erasca	0.8	12.3%	5.6%
BILL	BILL	5.4	11.5%	-38.7%
OPEN	Opendoor Technologies	6.8	10.5%	485.6%
NEXA	Nexa Resources	0.8	9.6%	-30.1%
AMD	Advanced Micro Devices	420.2	9.0%	114.3%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
NRGV	Energy Vault	0.5	-19.8%	50.9%
AESI	Atlas Energy Solutions	1.1	-16.2%	-59.5%
TE	T1 Energy	0.6	-12.7%
WYFI	Whitefiber	0.8	-11.9%
EVH	Evolent Health	0.5	-11.7%	-60.4%
SOC	Sable Offshore	0.6	-11.5%	-72.1%
HIVE	HIVE Digital Technologies	0.7	-11.3%	43.9%
CCOI	Cogent Communications	0.9	-10.3%	-74.4%
ACDC	ProFrac	0.6	-10.2%	-50.8%
MVST	Microvast	1.3	-10.2%	94.4%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LXP	LXP Industrial Trust	13.3	369.8%	17.4%
COGT	Cogent Biosciences	4.0	144.5%	352.1%
ORGO	Organogenesis	0.8	63.2%	102.5%
APPN	Appian	3.4	55.6%	38.4%
FSLY	Fastly	1.7	47.5%	26.1%
SKYT	SkyWater Technology	1.0	45.4%	55.0%
HAE	Haemonetics	3.5	44.2%	-6.4%
INNV	InnovAge	0.8	42.6%	44.8%
KODK	Eastman Kodak	0.7	42.2%	27.7%
IOVA	Iovance Biotherapeutics	0.8	40.3%	-65.7%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
ASPN	Aspen Aerogels	0.3	-53.7%	-71.1%
CCOI	Cogent Communications	0.9	-51.7%	-74.4%
BLZE	Backblaze	0.3	-41.8%	-9.6%
BTDR	Bitdeer Technologies	2.7	-36.9%	-35.7%
AIRS	AirSculpt Technologies	0.4	-36.5%	17.5%
PRCH	Porch	1.0	-36.3%	106.7%
FOXF	Fox Factory	0.6	-35.3%	-51.0%
ELF	e.l.f. Beauty	4.4	-34.0%	-38.1%
JBI	Janus International	0.9	-32.8%	-15.1%
ACVA	ACV Auctions	0.9	-32.6%	-74.6%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
PRAX	Praxis Precision Medicines	3.9	249.6%	138.6%
VTYX	Ventyx Biosciences	0.7	160.5%	334.2%
TERN	Terns Pharmaceuticals	1.9	151.2%	266.4%
COGT	Cogent Biosciences	4.0	128.5%	352.1%
SNDK	SanDisk	41.0	122.4%
INBX	Inhibrx Biosciences	1.1	110.6%	376.1%
REPL	Replimune	0.8	107.8%	-25.4%
PUMP	ProPetro	1.1	103.7%	11.8%
CELC	Celcuity	3.7	84.3%	550.5%
MBX	MBX Biosciences	0.8	82.0%	33.5%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
NKLR	Terra Innovatum Global	0.3	-67.8%
SOC	Sable Offshore	0.6	-63.8%	-72.1%
TMQ	Trilogy Metals	0.7	-62.0%	247.4%
NTLA	Intellia Therapeutics	1.0	-60.3%	-18.6%
CCOI	Cogent Communications	0.9	-58.0%	-74.4%
ASPN	Aspen Aerogels	0.3	-57.6%	-71.1%
UAMY	United States Antimony	0.9	-56.4%	330.5%
METC	Ramaco Resources	1.3	-55.4%	140.7%
LRN	Stride	2.8	-55.2%	-36.9%
USAR	USA Rare Earth	1.6	-54.9%	56678.5%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MH	McGraw Hill	2.7	23.9%
BBAI	BigBear.ai	2.3	18.3%	61.1%
KALV	KalVista Pharmaceuticals	0.7	16.3%	57.5%
ORLA	Orla Mining	3.9	13.8%	117.3%
WOLF	Wolfspeed	3.0	12.4%
ERAS	Erasca	0.8	12.3%	5.6%
BILL	BILL	5.4	11.5%	-38.7%
OPEN	Opendoor Technologies	6.8	10.5%	485.6%
NEXA	Nexa Resources	0.8	9.6%	-30.1%
AMD	Advanced Micro Devices	420.2	9.0%	114.3%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
NRGV	Energy Vault	0.5	-19.8%	50.9%
AESI	Atlas Energy Solutions	1.1	-16.2%	-59.5%
TE	T1 Energy	0.6	-12.7%
WYFI	Whitefiber	0.8	-11.9%
EVH	Evolent Health	0.5	-11.7%	-60.4%
SOC	Sable Offshore	0.6	-11.5%	-72.1%
HIVE	HIVE Digital Technologies	0.7	-11.3%	43.9%
CCOI	Cogent Communications	0.9	-10.3%	-74.4%
ACDC	ProFrac	0.6	-10.2%	-50.8%
MVST	Microvast	1.3	-10.2%	94.4%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LXP	LXP Industrial Trust	13.3	369.8%	17.4%
COGT	Cogent Biosciences	4.0	144.5%	352.1%
ORGO	Organogenesis	0.8	63.2%	102.5%
APPN	Appian	3.4	55.6%	38.4%
FSLY	Fastly	1.7	47.5%	26.1%
SKYT	SkyWater Technology	1.0	45.4%	55.0%
HAE	Haemonetics	3.5	44.2%	-6.4%
INNV	InnovAge	0.8	42.6%	44.8%
KODK	Eastman Kodak	0.7	42.2%	27.7%
IOVA	Iovance Biotherapeutics	0.8	40.3%	-65.7%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
ASPN	Aspen Aerogels	0.3	-53.7%	-71.1%
CCOI	Cogent Communications	0.9	-51.7%	-74.4%
BLZE	Backblaze	0.3	-41.8%	-9.6%
BTDR	Bitdeer Technologies	2.7	-36.9%	-35.7%
AIRS	AirSculpt Technologies	0.4	-36.5%	17.5%
PRCH	Porch	1.0	-36.3%	106.7%
FOXF	Fox Factory	0.6	-35.3%	-51.0%
ELF	e.l.f. Beauty	4.4	-34.0%	-38.1%
JBI	Janus International	0.9	-32.8%	-15.1%
ACVA	ACV Auctions	0.9	-32.6%	-74.6%

Peer Comparisons for Netflix

Financials

	NFLX	AAPL	AMZN	AMC	FUBO	RDI	Median
Name	Netflix	Apple	Amazon.c.	AMC Ente.	FuboTV	Reading .
Mkt Price	1,157.50	273.47	244.20	2.46	3.93	1.31	124.06
Mkt Cap	491.3	4,075.5	2,597.6	1.3	1.3	0.0	246.3
Rev LTM	43,379	408,625	670,038	4,867	1,617	219	24,123
Op Inc LTM	12,643	130,214	76,190	-26	-86	-3	6,320
FCF LTM	8,967	96,184	13,481	-295	126	3	4,546
FCF 3Y Avg	7,256	100,503	21,677	-419	-69	-10	3,623
CFO LTM	9,575	108,565	121,137	-43	140	3	4,857
CFO 3Y Avg	7,706	111,559	96,977	-182	-53	-10	3,848

Growth & Margins

	NFLX	AAPL	AMZN	AMC	FUBO	RDI	Median
Name	Netflix	Apple	Amazon.c.	AMC Ente.	FuboTV	Reading .
Rev Chg LTM	15.4%	6.0%	10.9%	9.7%	1.7%	7.6%	8.7%
Rev Chg 3Y Avg	11.4%	1.8%	11.3%	6.3%	21.6%	5.7%	8.8%
Rev Chg Q	17.2%	9.6%	13.3%	-3.6%	-2.3%	29.0%	11.5%
QoQ Delta Rev Chg LTM	4.0%	2.1%	3.0%	-1.0%	-0.6%	6.6%	2.5%
Op Mgn LTM	29.1%	31.9%	11.4%	-0.5%	-5.3%	-1.3%	5.4%
Op Mgn 3Y Avg	24.4%	30.8%	7.9%	-1.0%	-14.7%	-7.3%	3.4%
QoQ Delta Op Mgn LTM	-0.4%	0.1%	0.3%	-2.8%	2.3%	5.2%	0.2%
CFO/Rev LTM	22.1%	26.6%	18.1%	-0.9%	8.7%	1.4%	13.4%
CFO/Rev 3Y Avg	20.2%	28.4%	15.8%	-4.0%	-4.4%	-4.6%	5.9%
FCF/Rev LTM	20.7%	23.5%	2.0%	-6.1%	7.8%	1.4%	4.9%
FCF/Rev 3Y Avg	19.0%	25.6%	3.5%	-9.1%	-5.5%	-4.6%	-0.5%

Valuation

	NFLX	AAPL	AMZN	AMC	FUBO	RDI	Median
Name	Netflix	Apple	Amazon.c.	AMC Ente.	FuboTV	Reading .
Mkt Cap	491.3	4,075.5	2,597.6	1.3	1.3	0.0	246.3
P/S	11.3	10.0	3.9	0.3	0.8	0.1	2.4
P/EBIT	38.3	31.3	30.5	-10.2	9.5	7.5	20.0
P/E	47.1	41.1	36.8	-2.0	10.9	-1.8	23.9
P/CFO	51.3	37.5	21.4	-29.4	9.6	9.4	15.5
Total Yield	2.1%	2.8%	2.7%	-50.8%	9.1%	-56.1%	2.4%
Dividend Yield	0.0%	0.4%	0.0%	0.0%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	2.5%	3.1%	1.1%	-28.2%	-14.6%	-21.2%	-6.7%
D/E	0.0	0.0	0.1	6.5	0.3	12.1	0.2
Net D/E	0.0	0.0	0.0	6.2	0.1	11.8	0.0

Returns

	NFLX	AAPL	AMZN	AMC	FUBO	RDI	Median
Name	Netflix	Apple	Amazon.c.	AMC Ente.	FuboTV	Reading .
1M Rtn	-5.0%	10.5%	11.0%	-14.3%	2.9%	-5.8%	-1.1%
3M Rtn	-3.9%	17.3%	8.7%	-19.9%	4.5%	-5.7%	0.3%
6M Rtn	0.6%	29.1%	16.1%	-10.2%	32.8%	-4.4%	8.4%
12M Rtn	41.2%	22.5%	16.9%	-46.1%	158.6%	-7.7%	19.7%
3Y Rtn	299.0%	85.4%	142.3%	-96.1%	9.5%	-62.2%	47.5%
1M Excs Rtn	-7.9%	7.4%	9.7%	-16.2%	-0.5%	-8.9%	-4.2%
3M Excs Rtn	-11.8%	11.7%	-0.2%	-25.0%	0.3%	-14.9%	-6.0%
6M Excs Rtn	-15.7%	12.8%	-0.1%	-26.5%	16.5%	-20.6%	-7.9%
12M Excs Rtn	31.3%	6.8%	3.0%	-56.7%	162.5%	-23.9%	4.9%
3Y Excs Rtn	267.6%	19.9%	89.8%	-174.7%	-68.0%	-141.1%	-24.1%

Comparison Analyses

	Title
0	Netflix vs. Amazon.com: With Return Forecast Of 24%, Amazon.com Is A Better Bet
1	Netflix vs. Apple: Both Seem Similar Bets
2	Netflix vs. AMC Entertainment: With Return Forecast Of 33%, AMC Entertainment Is A Better Bet
3	Netflix vs. FuboTV: With Return Forecast Of 45%, FuboTV Is A Better Bet
4	Netflix vs. Philip Morris International: Both Seem Similar Bets
5	Netflix vs. Home Depot: With Return Forecast Of 21%, Netflix Is A Better Bet
6	Netflix vs. Johnson & Johnson: With Return Forecast Of 21%, Netflix Is A Better Bet
7	Netflix vs. Procter & Gamble: With Return Forecast Of 21%, Netflix Is A Better Bet
8	Netflix vs. International Business Machines: With Return Forecast Of 15%, Netflix Is A Better Bet
9	Netflix vs. Cisco Systems: With Return Forecast Of 15%, Netflix Is A Better Bet

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/22/2025	1/27/2025	1/26/2024	1/26/2023	1/27/2022	1/28/2021	1/29/2020
Key Financials
Total Revenue	43,379	39,001	33,723	31,616	29,698	24,996	20,156
EBITDA	28,970	26,315	21,508	20,333	19,045	15,508	12,008
Operating Income	12,643	10,418	6,954	5,633	6,195	4,585	2,604
Net Income	10,431	8,712	5,408	4,492	5,116	2,761	1,867
EPS	24.48	20.28	12.25	10.10	11.55	6.26	4.26
Growth Rates
Total Revenue Growth	15.4%	15.6%	6.7%	6.5%	18.8%	24.0%	27.6%
EBITDA Growth	16.0%	22.3%	5.8%	6.8%	22.8%	29.1%	29.6%
Operating Income Growth	31.1%	49.8%	23.5%	-9.1%	35.1%	76.1%	62.2%
Net Income Growth	34.1%	61.1%	20.4%	-12.2%	85.3%	47.9%	54.1%
Margins
EBITDA Margin	66.8%	67.5%	63.8%	64.3%	64.1%	62.0%	59.6%
Operating Income Margin	29.1%	26.7%	20.6%	17.8%	20.9%	18.3%	12.9%
Net Income Margin	24.0%	22.3%	16.0%	14.2%	17.2%	11.0%	9.3%
Cash & Debt
Total Cash	9,324	9,584	7,138	6,058	6,028	8,206	5,018
Total Debt	14,463	15,583	14,543	14,353	15,393	16,309	14,759
Net Debt / (Cash)	5,139	5,999	7,405	8,295	9,365	8,103	9,741
Cash Flows
Net Cash from Operations	9,575	7,361	7,274	2,026	393	2,427	-2,887
Free Cash from Operations	8,967	6,922	6,926	1,619	-132	1,929	-3,140
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	8,011	6,264	6,045	-0	600	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/22/2025	7/18/2025	4/18/2025	1/27/2025	10/18/2024	7/19/2024	4/22/2024	1/26/2024	10/20/2023	7/21/2023	4/21/2023	1/26/2023
Key Financials Quarterly
Total Revenue	11,510	11,079	10,543	10,247	9,825	9,559	9,370	8,833	8,542	8,187	8,162	7,852
Ebitda	7,375	7,726	7,301	6,568	6,690	6,533	6,546	5,213	5,749	5,354	5,265	4,248
Operating Income	3,248	3,775	3,347	2,273	2,909	2,603	2,633	1,496	1,916	1,827	1,714	550
Net Income	2,547	3,125	2,890	1,869	2,364	2,147	2,332	938	1,677	1,488	1,305	55
EPS	6.00	7.35	6.76	4.37	5.52	4.99	5.40	2.15	3.80	3.35	2.93	0.12
Key Financials TTM
Total Revenue TTM	43,379	41,693	40,173	39,001	37,587	36,304	34,932	33,723	32,743	32,126	31,909	31,616
Ebitda TTM	28,970	28,285	27,092	26,337	24,981	24,040	22,861	21,580	20,615	20,400	20,189	20,333
Operating Income TTM	12,643	12,304	11,132	10,418	9,641	8,648	7,872	6,954	6,008	5,624	5,376	5,633
Net Income TTM	10,431	10,248	9,270	8,712	7,781	7,095	6,435	5,408	4,525	4,246	4,200	4,492
Growth Rates Quarterly
Total Revenue Growth	17.2%	15.9%	12.5%	16.0%	15.0%	16.8%	14.8%	12.5%	7.8%	2.7%	3.7%	1.9%
EBITDA Growth	10.2%	18.3%	11.5%	26.0%	16.4%	22.0%	24.3%	22.7%	3.9%	4.1%	-2.7%	-6.5%
Operating Income Growth	11.6%	45.0%	27.1%	51.9%	51.8%	42.5%	53.6%	172.1%	25.0%	15.8%	-13.1%	-13.0%
Net Income Growth	7.8%	45.6%	23.9%	99.2%	40.9%	44.3%	78.7%	1596.4%	20.0%	3.2%	-18.3%	-90.9%
Margins Quarterly
EBITDA Margin	64.1%	69.7%	69.3%	64.1%	68.1%	68.3%	69.9%	59.0%	67.3%	65.4%	64.5%	54.1%
Operating Income Margin	28.2%	34.1%	31.7%	22.2%	29.6%	27.2%	28.1%	16.9%	22.4%	22.3%	21.0%	7.0%
Net Income Margin	22.1%	28.2%	27.4%	18.2%	24.1%	22.5%	24.9%	10.6%	19.6%	18.2%	16.0%	0.7%
Cash & Debt
Total Cash	9,324	8,391	8,371	9,584	9,224	6,656	7,046	7,138	7,867	8,577	7,828	6,058
Total Debt	14,463	14,453	15,017	15,583	15,981	13,980	14,016	14,543	14,300	16,994	14,437	14,353
Net Debt / (Cash)	5,139	6,063	6,646	5,999	6,757	7,324	6,970	7,405	6,433	8,417	6,610	8,295
Cash Flows Quarterly
FCF from Operations	2,825	2,423	2,789	1,537	2,321	1,291	2,213	1,663	1,992	1,440	2,179	444
Cash Flows TTM
FCF from Operations TTM	9,575	9,070	7,938	7,361	7,487	7,159	7,308	7,274	6,055	4,620	3,282	2,026
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	1,857	1,654	3,536	964	1,700	1,600	2,000	2,500	2,500	645	400	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	207.1%	214.3%	181.2%	132.7%	150.6%	121.4%	134.8%	66.0%	104.7%	68.9%	69.9%	19.9%
Return on Invested Capital (ROIC) TTM
ROIC TTM	212.3%	178.0%	147.0%	151.8%	123.6%	102.3%	98.9%	81.8%	82.9%	52.8%	54.5%	43.4%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Streaming revenues	33,640	31,470	29,515	24,757	19,859
DVD revenues	83	146	182	239	297
Total	33,723	31,616	29,698	24,996	20,156

Price Behavior

Price Behavior

Market Price	$1,157.50
Market Cap ($ Bil)	491.3
First Trading Date	05/23/2002
Distance from 52W High	-13.6%
	50 Days	200 Days
DMA Price	$1,178.64	$1,127.53
DMA Trend	up	down
Distance from DMA	-1.8%	2.7%
	3M	1YR
Volatility	29.7%	33.0%
Downside Capture	121.95	88.45
Upside Capture	64.02	110.44
Correlation (SPY)	22.4%	51.7%

NFLX Betas & Captures as of 10/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.79	0.65	0.69	0.47	0.86	1.10
Up Beta	0.43	0.22	0.29	0.17	0.78	0.97
Down Beta	0.30	0.46	0.52	0.23	0.85	0.97
Up Capture	53%	33%	60%	47%	114%	311%
Bmk +ve Days	14	27	37	74	145	425
Stock +ve Days	9	20	32	63	137	394
Down Capture	189%	146%	123%	103%	89%	103%
Bmk -ve Days	9	17	28	53	106	327
Stock -ve Days	14	24	33	63	113	357

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of NFLX With Other Asset Classes (Last 1Y)
	NFLX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	45.3%	18.4%	15.8%	54.6%	0.8%	-1.3%	36.2%
Annualized Volatility	32.8%	19.0%	19.4%	19.8%	16.1%	17.8%	36.5%
Sharpe Ratio	1.17	0.76	0.63	2.09	-0.13	-0.22	0.68
Correlation With Other Assets		57.5%	51.5%	9.0%	10.3%	20.3%	24.8%

ETFs used for asset classes: Sector ETF = XLC, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of NFLX With Other Asset Classes (Last 5Y)
	NFLX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	18.4%	13.6%	16.3%	16.6%	13.2%	6.3%	48.9%
Annualized Volatility	43.3%	21.0%	17.1%	15.7%	18.9%	19.1%	49.3%
Sharpe Ratio	0.54	0.56	0.78	0.85	0.58	0.25	0.76
Correlation With Other Assets		60.2%	50.1%	11.0%	7.0%	24.4%	24.7%

Based On 10-Year Data

		Comparison of NFLX With Other Asset Classes (Last 10Y)
	NFLX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	26.1%	12.8%	14.4%	13.8%	5.2%	5.2%	73.8%
Annualized Volatility	42.1%	22.7%	18.0%	14.8%	17.7%	20.9%	56.1%
Sharpe Ratio	0.70	0.52	0.69	0.77	0.22	0.22	0.93
Correlation With Other Assets		61.2%	48.9%	5.8%	11.9%	24.0%	15.6%

Short Interest

Short Interest: As Of Date	10312025
Short Interest: Shares Quantity	6,743,885
Short Interest: % Change Since 10152025	11.5%
Average Daily Volume	5,547,108
Days-to-Cover Short Interest	1.22
Basic Shares Quantity	424,455,000
Short % of Basic Shares	1.6%

Returns Analyses

	Title
0	With Netflix Stock Surging, Have You Considered The Downside?
1	NFLX YTD Stock Return Of 33% Outperforms AAPL by 55% and Underperforms FUBO by -126%
2	Netflix During 2008 Recession vs. 2022 Inflation Shock: NFLX Stock Is Now 64% Higher Than Its Pre-Shock High
3	NFLX YTD Stock Return Of 56% Outperforms PARA by 60% and Outperforms PARA by 60%
4	Netflix (NFLX) Stock Has 56% Chance Of Rise In The Next One Month
5	Netflix (NFLX) Stock Movement Probability: AI Predicts NFLX Stock Price To Move Up 0.5% In A Week
6	Netflix Stock Return Comparison
7	Netflix Total Shareholder Return (TSR): 65.1% in 2023 and -3.4% 3-yr returns (below peer average)

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/21/2025	-10.1%	-11.2%
7/17/2025	-5.1%	-7.3%	-2.8%
4/17/2025	1.5%	13.2%	22.5%
10/17/2024	11.1%	9.7%	19.8%
7/18/2024	-1.5%	-1.4%	4.8%
4/18/2024	-9.1%	-7.5%	1.7%
1/23/2024	10.7%	14.4%	19.6%
10/18/2023	16.1%	18.8%	34.9%
...
SUMMARY STATS
# Positive	8	10	14
# Negative	15	13	9
Median Positive	10.9%	12.6%	12.2%
Median Negative	-6.5%	-7.5%	-9.9%
Max Positive	16.9%	20.8%	34.9%
Max Negative	-35.1%	-43.1%	-49.2%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	10222025	10-Q 9/30/2025
6302025	7182025	10-Q 6/30/2025
3312025	4182025	10-Q 3/31/2025
12312024	1272025	10-K 12/31/2024
9302024	10182024	10-Q 9/30/2024
6302024	7192024	10-Q 6/30/2024
3312024	4222024	10-Q 3/31/2024
12312023	1262024	10-K 12/31/2023
9302023	10202023	10-Q 9/30/2023
6302023	7212023	10-Q 6/30/2023
3312023	4212023	10-Q 3/31/2023
12312022	1262023	10-K 12/31/2022
9302022	10202022	10-Q 9/30/2022
6302022	7212022	10-Q 6/30/2022
3312022	4212022	10-Q 3/31/2022
12312021	1272022	10-K 12/31/2021

Insider Activity

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External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Netflix (NFLX)

Market Price (11/13/2025): $1159.34 | Market Cap: $492.1 BilSector: Communication Services | Industry: Movies & Entertainment

Netflix (NFLX)

Market Price (11/13/2025): $1159.34Market Cap: $492.1 BilSector: Communication ServicesIndustry: Movies & Entertainment

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NFLX Stock

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In The Past

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Asset Allocation

About Netflix (NFLX)

1. Expansion of the Ad-Supported Plan

2. Continued Monetization from Paid Sharing Initiatives

3. Strategic Price Increases and Average Revenue Per Membership (ARM) Growth

4. Diversification into Live Events and Gaming

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Market Price (11/13/2025): $1159.34 | Market Cap: $492.1 Bil
Sector: Communication Services | Industry: Movies & Entertainment

Market Price (11/13/2025): $1159.34
Market Cap: $492.1 Bil
Sector: Communication Services
Industry: Movies & Entertainment