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NETFLIX INC (NFLX) USD

Subscription streaming of series, films, and games across 190+ countries.

At a glance: strengths & risks
✓Revenue growing (+12% y/y, Q3 2026)✓Profit growing (+44% y/y, Q3 2026)✓Margins improving (29%→35%, Q3 2026)✓Low leverage (0.6x EBITDA)✓Cheaper than own history (EV/EBITDA 18.5 vs avg 32.5)

Sector: Communication services

US_NFLX

Price chart

65.85 USDDay -1.79%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
65.85 USD · -1.79%
Market cap
286.0 bn USD

Growth

Δ revenue y/y
11.8%
Δ EBITDA y/y
36.9%

Multiples

P/E (LTM)
19.4x
3y avg: 40.2x
P/B (FY)
10.7x
P/E (ann.)
19.5x
EV/EBITDA (LTM)
18.5x
3y avg: 32.5x
EV/EBITDA (ann.)
16.2x

Cash return

Dividend yield
—
FCF yield (LTM)
4.1%

Value creation

fundamental value/yr, % of market cap
Value created / year
+22.9%
↓ details

Liquidity

Daily turnover (US listing)
2.3 bln USD

Shares: yahoo_fundamentals_timeseries/NFLX

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-09-30Q3 2026 (3M)OK12.9
y/y 11.8%
4.5
y/y 37.3%
0.1
y/y 22.6%
4.6
y/y 36.9%
3.7
y/y 43.9%
3.2-0.358.7
y/y 6.8%
29.3
y/y 12.8%
16.4%9.2Link
2026-06-30Q2 2026 (3M)OK12.6
y/y 13.4%
4.2
y/y 11.1%
0.1
y/y 25.6%
4.3
y/y 11.4%
3.4
y/y 8.8%
1.7-0.258.5
y/y 10.1%
30.2
y/y 20.8%
44.4%7.5SEC EDGAR
2026-03-31Q1 2026 (3M)OK12.2
y/y 16.2%
4.0
y/y 18.2%
0.1
y/y 23.1%
4.1
y/y 18.3%
5.3
y/y 82.8%
5.3-0.861.0
y/y 17.1%
31.1
y/y 29.5%
73.2%4.5Link
2025-12-31Q4 2025 (3M)OK12.1
y/y 17.6%
3.0
y/y 30.1%
0.1
y/y 8.1%
3.0
y/y 29.3%
2.4
y/y 29.4%
2.1-0.355.6
y/y 3.7%
26.6
y/y 7.6%
41.8%7.9Link
2025-09-30Q3 2025 (3M)OK11.5
y/y 17.2%
3.2
y/y 11.6%
0.1
y/y 7.9%
3.3
y/y 11.5%
2.5
y/y 7.8%
2.8-0.254.9
y/y 5.1%
26.0
y/y 14.2%
13.3%7.8Link
2025-06-30Q2 2025 (3M)OK11.1
y/y 15.9%
3.8
y/y 45.0%
0.1
y/y -1.5%
3.9
y/y 43.6%
3.1
y/y 45.6%
2.4-0.253.1
y/y 8.1%
25.0
y/y 12.8%
51.0%8.5Link
2025-03-31Q1 2025 (3M)OK10.5
y/y 12.5%
3.3
y/y 27.1%
0.1
y/y -8.2%
3.4
y/y 26.0%
2.9
y/y 23.9%
2.8-0.152.1
y/y 6.7%
24.0
y/y 12.5%
47.4%9.1Link
2024-12-31Q4 2024 (3M)OK10.2
y/y 16.0%
2.3
y/y 51.9%
0.1
y/y -8.1%
2.4
y/y 48.6%
1.9
y/y 99.2%
1.5-0.253.6
y/y 10.1%
24.7
y/y 20.2%
36.7%8.4Link
2024-09-30Q3 2024 (3M)OK9.8
y/y 15.0%
2.9
y/y 51.8%
0.1
y/y -10.8%
3.0
y/y 49.0%
2.4
y/y 40.9%
2.3-0.152.3
y/y 5.6%
22.7
y/y 2.8%
14.1%9.3Link
2024-06-30Q2 2024 (3M)OK9.6
y/y 16.8%
2.6
y/y 42.5%
0.1
y/y -9.1%
2.7
y/y 40.0%
2.1
y/y 44.3%
1.3-0.149.1
y/y -3.4%
22.1
y/y -3.2%
39.5%9.9Link
2024-03-31Q1 2024 (3M)OK9.4
y/y 14.8%
2.6
y/y 53.6%
0.1
y/y -3.4%
2.7
y/y 50.7%
2.3
y/y 78.7%
2.2-0.148.8
y/y -1.3%
21.4
y/y -2.1%
44.5%9.5Link
2023-12-31Q4 2023 (3M)OK8.8
y/y —
1.5
y/y —
0.1
y/y —
1.6
y/y —
0.9
y/y —
1.7-0.148.7
y/y —
20.6
y/y —
25.3%9.8Link
2023-09-30Q3 2023 (3M)OK8.5
y/y —
1.9
y/y —
0.1
y/y —
2.0
y/y —
1.7
y/y —
2.0-0.149.5
y/y —
22.1
y/y —
10.0%8.9Link
2023-06-30Q2 2023 (3M)OK8.2
y/y —
1.8
y/y —
0.1
y/y —
1.9
y/y —
1.5
y/y —
1.4-0.150.8
y/y —
22.8
y/y —
26.6%8.4Link
2023-03-31Q1 2023 (3M)OK8.2
y/y —
1.7
y/y —
0.1
y/y —
1.8
y/y —
1.3
y/y —
2.2-0.149.5
y/y —
21.8
y/y —
—9.1Link

Net debt structure (leases included, IFRS 16) 2026-09-30

Short-term debt (incl. ST leases)2 911
Long-term debt (incl. LT leases)14 474
− Cash & equivalents8 194
Net debt9 190

Net debt / LTM EBITDA: 0.6x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

05 00010 00015 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Year-over-year change

0%20%40%60%2024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

01 0002 0003 0004 0005 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Net debt / cash ($ mln)

02 0004 0006 0008 00010 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 0.84x of reported net profit; after capex, 0.80x.
year20212022202320242025
cash flow / profit0.08x0.45x1.34x0.84x0.92x
accruals, % of assets10.6%5.1%-3.8%2.5%1.5%
Last twelve months (to 2026-09-30): 0.83x of profit came back as operating cash flow.
net debt / EBITDA 0.6x · EBIT covers interest 17.2x · capex 1.5x of depreciation · share count +75.7% a year
● In a typical year operating cash flow covered 84% of reported profit (5 profitable years).
● Diluted share count grew 75.7% a year.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +22.9%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-09-30 vs 2025-09-30)
= (4 566 − 3 336) × 3.49
4 299
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (286 043 + 9 162) ÷ 15 957
18.5x
3. Target multiple
(Current EV/EBITDA + 12) ÷ 2
= (18.5 + 12) ÷ 2
15.2x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -1 403 + 0 + 1 271 − 0
-132
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (4 299 × 15.2 + -132) ÷ 286 043
+22.9%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +16% vs +16% the year before — a +0.2 pp move. 3-year CAGR +13%.
revenue growth by year: 2023 +7% · 2024 +16% · 2025 +16%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 18.5x · 3-year 75th pct 38.5x

EV/EBITDA3-year 75th pct

Peer comparison

Group: Communication services. Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
T-Mobile US, Inc.US179.66.6x
AT&T INC.US163.07.6x
VERIZON COMMUNICATIONS INCUS191.07.7x
Walt Disney CoUS204.110.3x
Meta Platforms, Inc.US1641.416.0x
Alphabet Inc.US3928.222.0x
Group median9.0x
Group average11.7x
This companyUS291.318.5x

Group median 9.0x; this company 18.5x — a 106% premium.

Group average 11.7x; against the average this company is at a 58% premium. The average sits 30% above the median: Alphabet Inc. (22.0x) skews the group.

At the adjusted group median the market cap would be -53% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.5x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.7x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-23; the company's own is live.

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of NETFLIX INC (NFLX) — from primary filings.

Frequently asked questions

What is NETFLIX INC (NFLX)'s P/E ratio?
NETFLIX INC (NFLX) trades at a P/E of 19.4x (price to trailing 12-month earnings).
What is NETFLIX INC (NFLX)'s EV/EBITDA?
NETFLIX INC (NFLX) trades at 18.5x EV/EBITDA.
What is NETFLIX INC (NFLX)'s P/B ratio?
NETFLIX INC (NFLX) trades at a P/B of 10.7x.
What is NETFLIX INC (NFLX)'s return on equity (ROE)?
NETFLIX INC (NFLX)'s ROE is 16.4%.
What is NETFLIX INC (NFLX)'s market capitalization?
NETFLIX INC (NFLX)'s market cap is 286.0 bn USD.

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