— Know what they know.
/
Not Investment Advice

NFLX

NASDAQ · USD
Netflix, Inc.
Communication Services · Entertainment
CEO Theodore A. Sarandos Employees 16,000 R&D / revenue 7.5%
Last price
$70.53−2.86%last session
Market cap
$293.7B
P/E (TTM)
21.8x
From 52w high
−43.5%
From 52w low
+8.4%
1-year return
−40.4%
RSI 14 · vs SMA200
45.5 · −14.9%
IS score
75.3/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

NFLX   SPY   XLC (sector ETF) · weekly closes
6080100120Jan 26Apr 26Jul 26Oct 26SPY 116XLC 97NFLX 60

Score DNA

Each bar is a 0-100 score within the scored universe
96
Profitability
74
Growth
34
Value
82
Momentum
100
Risk (safety)
83
Quality
76
Balance sheet
79
Earnings quality

Flags

Strengths
✓ Congress buying
Warnings
None of the computed warning flags fires for NFLX (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Wide, Efficient ScalePiotroski 7 / 9Altman Z 9.5Beta 1.533 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
23 open-market sales, $93.3M
Form 144 notices (12m): 41, $450.8M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
4
Last disclosed purchase 2026-09-14
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−233
202 new holders, 385 closed
3,377 filers hold 81.7% · 1,495 added, 1,384 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+261
1,722 funds adding shares
1,461 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
26.6%
20-day avg 30.0%, 50-day avg 40.5%
Latest 3.4 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$45.2B
Revenue growth YoY+15.9%
Gross margin48.5%
Operating income$13.3B
Operating margin29.5%
Net income$11.0B
Net margin24.3%
EPS (diluted)$2.53
Cash flow
Operating cash flow$10.1B
Capital expenditure$688.2M
Free cash flow$9.5B
FCF conversion (FCF / OCF)93.2%
Stock-based compensation$368.4M
FCF less SBC$9.1B
Buybacks$9.1B
Dividends$0
Balance sheet & returns
Cash & short-term investments$9.1B
Total debt$14.5B
Net debt$5.4B
Shareholders' equity$26.6B
Goodwill & intangibles$32.8B
Debt / equity0.47
ROE (TTM)48.0%
ROIC (TTM)24.3%
Operating margin by fiscal year
20.9%FY202117.8%FY202220.6%FY202326.7%FY202429.5%FY2025
Revenue $29.7B (FY2021) to $45.2B (FY2025), a 11.1% CAGR.

Valuation

P/E (TTM)21.8x
EV / EBITDA8.5x
Price / sales6.07x
Price / FCF26.7x
FCF yield3.74%
Buyback yield3.11%
SBC / revenue1.0%
Price / book9.80x
Forward P/E FY202619.6x
Forward P/E FY202718.6x
Forward P/E FY202815.5x
Forward multiples divide today's price by Street EPS estimates. Street mean target $89.77 across 13 analysts last quarter is theirs, not ours.

NFLX vs industry median

159 companies in Entertainment
Gross margin 49.1% 38.6% Operating margin 29.7% -6.1% Net margin 28.2% -10.4% ROIC 24.3% 3.8%
NFLX (TTM)Industry median Asset turnover 0.83 vs industry 0.43 · financial leverage 1.94

Earnings delivery

Next report 2026-10-20 · consensus EPS $0.82
83%
beat rate, 10 of 12 quarters
+3.3%
median EPS surprise
6
longest beat streak
+6-5+18+4+6+2+16+1-15+1+61+1
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-18 to 2026-07-16. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
NFLX Netflix, Inc. $293.7B21.8x48.0%28.2%+15.9% −40.4%
DIS The Walt Disney Company $190.9B22.7x7.8%10.4%+4.6% +1.3%
WBD Warner Bros. Discovery, Inc. $77.6Bn/m-9.2%1.7%−6.1% +63.0%
LYV Live Nation Entertainment, I $39.7Bn/m60.9%3.8%+10.8% +12.5%
VZ Verizon Communications Inc. $186.1B11.7x15.6%11.2%+1.4% +11.0%
TMUS T-Mobile US, Inc. $170.7B16.6x18.0%14.2%+9.7% —
T AT&T Inc. $160.6B7.7x19.9%14.7%+2.6% —
DASH DoorDash, Inc. $82.0B97.5x8.9%4.5%+33.6% —
12-month window: SPY +15.9%, sector ETF XLC −3.4%. Past returns describe history only.

Recent 8-K filings

2026-07-30Officer/Director Change
2026-07-22Other Events; Exhibits
2026-07-16Earnings Release; Exhibits
2026-06-05Shareholder Vote; Other Events
2026-04-23Other Events
2026-04-16Earnings Release; Officer/Director Change; Exhibits

Context

Shares outstanding4,163,940,000
Free float99.3%
Institutional ownership81.7%
Beta1.53
Dividend yield0.00%
Last dividendNone on file
50 / 200-day average$75.16 / $83.00

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Wide).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where NFLX sits among 26 scored companies in Entertainment (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureNFLXIndustry medianIndustry percentileSector median
P/E (TTM) 21.5x 45.2x
25th		 16.6x
PEG (P/E ÷ 3-yr EPS CAGR) 0.43 0.88
17th		 0.47
Price / sales 6.1x 2.3x
92nd		 1.6x
Price / book 9.7x 2.3x
90th		 2.1x
Price / tangible book —
Price / free cash flow 26.7x 18.5x
86th		 10.4x
Price / operating cash flow 24.9x 11.2x
91st		 8.9x
Enterprise value $298.9B $7.6B
100th		 $3.9B
EV / sales 6.2x 2.9x
92nd		 2.2x
EV / EBITDA 8.5x 16.5x
17th		 10.0x
EV / EBIT 17.2x 27.1x
35th		 15.8x
EV / free cash flow 27.2x 20.9x
71st		 17.3x
Earnings yield 4.6% 1.4%
84th		 2.4%
FCF yield 3.7% 4.7%
28th		 6.6%
Operating cash flow yield 4.0% 8.5%
20th		 10.7%
Graham number (per share) $22.58 $25.11
44th		 $31.22

Profitability (TTM)

MeasureNFLXIndustry medianIndustry percentileSector median
Gross margin 49.1% 45.0%
72nd		 51.5%
EBITDA margin 72.4% 17.7%
100th		 18.1%
Operating margin 29.7% 10.0%
100th		 9.7%
EBIT margin 35.8% 9.7%
100th		 9.3%
Net margin 28.2% 4.6%
100th		 5.3%
NOPAT margin 24.6% 7.2%
100th		 7.1%
FCF margin 22.7% 10.9%
72nd		 10.5%
Operating cash flow margin 24.4% 18.2%
72nd		 17.4%
R&D / revenue 7.7% 0.0%
96th		 0.0%
SG&A / revenue 11.8% 17.0%
0th		 26.0%
Stock comp / revenue 1.0% 1.0%
52nd		 1.7%
Effective tax rate 17.2% 21.0%
20th		 21.0%

Returns on capital

MeasureNFLXIndustry medianIndustry percentileSector median
ROE (on average equity) 49.5% 6.0%
90th		 7.6%
ROA 24.5% 1.7%
100th		 3.1%
ROIC 33.6% 5.4%
96th		 7.6%
ROCE 37.4% 6.3%
100th		 7.2%
Return on tangible assets 31.1% 4.3%
100th		 5.5%
Cash ROIC (OCF / invested capital) 33.4% 16.9%
91st		 15.6%
Gross profitability (GP / assets) 40.6% 27.7%
72nd		 26.4%
ROIC, 3-yr average 26.9% 2.7%
100th		 4.1%
ROIC, 5-yr average 24.4% 2.8%
100th		 3.7%
ROE, 5-yr average 32.7% 3.5%
93rd		 5.0%
Incremental ROIC 67.2% 7.3%
74th		 1.0%

Growth

MeasureNFLXIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 16.0% 12.2%
71st		 7.2%
Revenue growth (QoQ) 2.5% 5.5%
44th		 4.0%
Revenue CAGR, 3 yr 14.6% 8.1%
63rd		 5.0%
Revenue CAGR, 5 yr 11.9% 17.8%
39th		 7.4%
Gross profit CAGR, 3 yr 24.0% 10.4%
68th		 6.4%
Operating income CAGR, 3 yr 36.7% 25.0%
62nd		 13.7%
Net income growth (TTM YoY) 33.2% 3.3%
69th		 12.6%
Net income CAGR, 3 yr 47.6% 10.8%
80th		 20.1%
EPS growth (TTM YoY) 36.3% 4.4%
69th		 15.5%
EPS CAGR, 3 yr 50.5% 16.2%
80th		 26.6%
EPS CAGR, 5 yr 27.1% 19.1%
67th		 14.4%
FCF growth (TTM YoY) 29.3% 30.9%
44th		 20.6%
FCF CAGR, 3 yr 37.2% 19.8%
77th		 16.7%
Operating cash flow CAGR, 3 yr 36.7% 17.5%
73rd		 13.1%
Book value CAGR, 3 yr 11.9% 8.8%
73rd		 3.9%
Dividend CAGR, 3 yr —
Sustainable growth rate 49.5% 7.7%
94th		 7.7%

Margin history & stability

MeasureNFLXIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 47.2% 44.6%
65th		 52.4%
Operating margin, 3-yr average 27.7% 10.6%
100th		 7.5%
Net margin, 3-yr average 24.1% 3.9%
100th		 4.7%
FCF margin, 3-yr average 20.6% 9.8%
95th		 9.7%
Revenue stability (0-1) 0.95 0.84
82nd		 0.83
Earnings stability (0-1) 0.83 0.29
100th		 0.30
Margin stability (0-1) 0.90 0.82
65th		 0.88

Liquidity (latest quarter)

MeasureNFLXIndustry medianIndustry percentileSector median
Cash & short-term investments $9.1B $698.2M
100th		 $479.5M
Net cash (− = net debt) −$5.2B −$1.1B
8th		 −$532.8M
Working capital $1.7B −$24.5M
88th		 $125.0M
Current ratio 1.14 0.96
56th		 1.28
Quick ratio 1.14 0.95
56th		 1.28
Cash ratio (cash + ST investments / current liabilities) 0.75 0.56
68th		 0.70
Defensive interval (days) 432 days 446 days
48th		 395 days

Leverage & solvency (latest quarter)

MeasureNFLXIndustry medianIndustry percentileSector median
Total debt $14.3B $1.4B
96th		 $1.2B
Debt / equity 0.47 0.68
26th		 0.67
Net debt / equity 0.17 0.45
10th		 0.37
Debt / assets 24.5% 31.0%
28th		 30.9%
Debt / capital 32.2% 41.2%
25th		 40.7%
Debt / EBITDA 0.41 3.10
9th		 3.03
Net debt / EBITDA 0.15 1.99
13th		 1.41
Interest coverage (EBIT / interest) 20.5x 2.7x
96th		 3.2x
Cash interest coverage 13.9x 5.7x
80th		 5.5x
Debt payback (years of OCF) 1.2 yrs 2.8 yrs
14th		 2.8 yrs
Liabilities / assets 48.4% 57.2%
32nd		 56.1%
IS credit model rating AAA — —
Implied credit spread (bps) 50 400
0th		 400

Efficiency

MeasureNFLXIndustry medianIndustry percentileSector median
Asset turnover 0.87 0.69
76th		 0.52
Fixed asset turnover 20.16 3.81
88th		 3.99
Inventory turnover —
Receivables turnover 27.0 10.2
80th		 8.1
Days sales outstanding 14 days 36 days
20th		 44 days
Days inventory outstanding —
Days payables outstanding 11 days 34 days
17th		 57 days
Cash conversion cycle (days) 3 days 3 days
50th		 1 days
Capex / revenue 1.7% 2.9%
28th		 3.5%
Capex / depreciation 0.05 0.32
8th		 0.60
Operating expense ratio 18.6% 29.7%
4th		 45.3%

Cash flow & earnings quality

MeasureNFLXIndustry medianIndustry percentileSector median
Operating cash flow / net income 0.87 3.00
0th		 2.40
FCF / net income 0.81 2.80
0th		 1.69
FCF / operating cash flow 93.1% 87.0%
68th		 72.9%
Capex / operating cash flow 6.9% 13.0%
32nd		 27.1%
Accruals ratio 3.3% -9.8%
96th		 -8.0%
Sloan accruals ratio -34.1% -5.0%
16th		 -5.6%
Earnings quality score (0-1) 0.75 0.75
6th		 0.75

Dividends & buybacks

MeasureNFLXIndustry medianIndustry percentileSector median
Dividend yield 0.0% 0.0%
0th		 0.0%
Dividend per share (TTM) $0.00 $0.00
0th		 $0.00
Payout ratio (dividends / net income) 0.0% 3.0%
0th		 5.7%
Dividends / FCF 0.0% 0.0%
0th		 0.0%
Dividend growth (YoY) —
Buyback yield 3.4% 0.4%
76th		 1.7%
Shareholder yield (dividends + buybacks) 3.4% 0.4%
72nd		 3.5%
Share count change (YoY) -2.2% -0.0%
26th		 -0.8%
Buybacks, last 5 years $39.9B $60.1M
100th		 $152.3M

Scores & forensic checks

MeasureNFLXIndustry medianIndustry percentileSector median
IS score 75 50
100th		 44
IS profitability 96 29
100th		 36
IS growth 74 55
86th		 56
IS value 34 32
68th		 44
IS momentum 82 67
57th		 66
IS risk (safety) 100 50
96th		 30
IS quality 83 62
100th		 58
IS balance sheet 76 46
84th		 48
IS earnings quality 79 61
84th		 58
IS cash flow 74 59
68th		 56
Piotroski F-score (0-9) 7 6
60th		 5
Altman Z-score 9.5 1.9
100th		 1.7
Beneish M-score −2.09 −2.53
76th		 −2.74
Ohlson O-score −9.86 −6.64
8th		 −7.27
IS credit score 96 46
96th		 49

Per share

MeasureNFLXIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $3.20 $0.73
84th		 $0.86
Book value per share $7.08 $16.10
36th		 $14.63
Tangible book per share −$0.88 −$0.47
44th		 $1.25
Revenue per share $11.35 $26.80
16th		 $17.81
FCF per share $2.58 $3.20
40th		 $1.98
Operating cash flow per share $2.77 $4.58
28th		 $2.77
Cash per share $2.14 $5.86
28th		 $3.75

Size (TTM)

MeasureNFLXIndustry medianIndustry percentileSector median
Market cap $293.7B $6.7B
100th		 $2.7B
Revenue $48.4B $2.9B
96th		 $1.8B
EBITDA $35.0B $507.9M
100th		 $326.9M
Net income $13.6B $53.6M
100th		 $65.3M
Free cash flow $11.0B $613.7M
100th		 $211.5M
Total assets $58.5B $4.5B
96th		 $3.6B
Shareholders' equity $30.2B $882.6M
96th		 $1.1B
Employees 16,000 2,274
84th		 3,872

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-01Mertz Elinor
Director
 Award / grant 922$67.85$62,558922
2026-10-01Rice Susan E
Director
 Award / grant 921$67.85$62,490921
2026-10-01Barton Richard N
Director
 Award / grant 921$67.85$62,490921
2026-10-01Mather Ann
Director
 Award / grant 921$67.85$62,490921
2026-10-01Masiyiwa Strive
Director
 Award / grant 921$67.85$62,490921
2026-10-01Kilgore Leslie J
Director
 Award / grant 921$67.85$62,490921
2026-10-01Dopfner Mathias
Director
 Award / grant 921$67.85$62,490921
2026-10-01Karbowski Jeffrey William
Chief Accounting Officer
 Award / grant 1,075$67.85$72,9391,075
2026-10-01Smith Bradford L
Director
 Award / grant 921$67.85$62,490921
2026-10-01Hoag Jay C
Director
 Award / grant 921$67.85$62,490921
2026-09-10Barton Richard N
Director
 Option exercise 720$26.51$19,0853,180
2026-09-10Barton Richard N
Director
 Open-market sale 720$75.27$54,1942,460

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired6552,419$4.1M
GiftDisposed11,209—
Open-market saleDisposed231,079,604$93.3M
Option exerciseDisposed36701,392$4.1M
Option exerciseAcquired35700,902$4.1M
Tax withholdingDisposed30144,051$11.8M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 41 notices · 4,136,980 shares · $450.8M
FiledFilerShares proposedEst. proceeds
2026-09-10Richard Barton720$54,194
2026-09-09Richard Barton720$54,907
2026-09-08Richard Barton720$55,872
2026-09-01Reed Hastings311,300$25.2M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 47 trades (34 purchases) · Senate 8 (3 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-25Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-09-14Cleo FieldsHousePurchase$1,001 - $15,0002026-10-02
2026-09-04Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-08-12Byron DonaldsHousePurchase$1,001 - $15,0002026-09-16
2026-08-11Cory BookerSenateSale$1,001 - $15,0002026-09-09
2026-08-11Cory BookerSenateSale (Full)$1,001 - $15,0002026-09-09
2026-08-11Cory BookerSenateSale (Full)$1,001 - $15,0002026-09-08
2026-02-13Angus KingSenateSale$1,001 - $15,0002026-03-24
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.348,770,600$24.9B8.38%
VANGUARD CAPITAL MANAGEMENT LLC275,026,936$19.6B6.60%
STATE STREET CORP180,129,582$12.9B4.33%
FMR LLC135,937,268$9.7B3.26%
Invesco Ltd.135,419,167$9.7B3.25%
GEODE CAPITAL MANAGEMENT, LLC110,312,736$7.8B2.65%
PRICE T ROWE ASSOCIATES INC /MD/93,578,816$6.7B2.25%
Capital World Investors87,336,163$6.2B2.10%
MORGAN STANLEY84,046,138$6.0B2.02%
VANGUARD PORTFOLIO MANAGEMENT LLC75,056,512$5.4B1.80%
Capital Research Global Investors68,701,246$4.9B1.65%
NORGES BANK57,951,405$4.1B1.39%
JPMORGAN CHASE & CO41,786,256$3.1B1.00%
LOOMIS SAYLES & CO L P40,017,462$2.9B0.96%
GOLDMAN SACHS GROUP INC38,506,961$2.7B0.92%

Institutional ownership by quarter

2023-092026-0681.7%
% of shares held by 13F filers
2023-092026-063,377
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-303,37781.7%2021,4951,384385
2026-03-313,61080.3%3751,8601,077233
2025-12-313,53581.1%4733,02531323
2025-09-303,46380.8%2391,5591,183169
2025-06-303,45783.4%4461,4531,134120
2025-03-313,17584.0%2851,3551,121150
2024-12-313,10184.1%5341,1241,046113
2024-09-302,73685.2%2641,121935114
2024-06-302,61883.6%2841,089886124
2024-03-312,49383.5%34296386491
2023-12-312,28083.5%410741847133
2023-09-302,03283.4%150849732177

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-06SCHEDULE 13G/AAbigail P. Johnson3.3%137,555,035
2026-04-30SCHEDULE 13GVanguard Capital Management7.5%316,347,733
2026-03-27SCHEDULE 13G/AThe Vanguard Group0.0%0
2025-04-07SCHEDULE 13G/AAbigail P. Johnson5.1%22,275,033
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.40%$9.2B
VSMPX0.40%$9.2B
VTSAX0.40%$9.2B
VTI0.40%$9.2B
VFFSX0.44%$7.6B
VFINX0.44%$7.6B

Share structure

Shares outstanding4,163,940,000
Float4,134,708,819
Free float99.3%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$29.7B$31.6B$33.7B$39.0B$45.2B
Cost of revenue$17.3B$19.2B$19.7B$21.0B$23.3B
Gross profit$12.4B$12.4B$14.0B$18.0B$21.9B
R&D$2.3B$2.7B$2.7B$2.9B$3.4B
SG&A$3.9B$4.1B$4.4B$4.6B$5.2B
Operating income$6.2B$5.6B$7.0B$10.4B$13.3B
EBITDA$19.0B$20.3B$21.5B$26.3B$30.3B
Pretax income$5.8B$5.3B$6.2B$10.0B$12.7B
Income tax$723.9M$772.0M$797.4M$1.3B$1.7B
Net income$5.1B$4.5B$5.4B$8.7B$11.0B
EPS, diluted$1.12$0.99$1.20$1.98$2.53
Diluted shares4.6B4.5B4.5B4.4B4.3B

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$6.0B$6.1B$7.1B$9.6B$9.1B
Receivables$804.3M$1.6B$1.8B$2.0B$2.6B
Inventory$0$0$0$0$0
Total current assets$8.1B$9.3B$9.9B$13.1B$13.0B
PP&E, net$1.3B$1.4B$1.5B$1.6B$2.0B
Goodwill & intangibles$30.9B$32.7B$31.7B$32.5B$32.8B
Total assets$44.6B$48.6B$48.7B$53.6B$55.6B
Accounts payable$837.5M$671.5M$747.4M$899.9M$900.6M
Total current liabilities$8.5B$7.9B$8.9B$10.8B$11.0B
Long-term debt$14.7B$14.4B$14.1B$13.8B$13.5B
Total liabilities$28.7B$27.8B$28.1B$28.9B$29.0B
Shareholders' equity$15.8B$20.8B$20.6B$24.7B$26.6B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$5.1B$4.5B$5.4B$8.7B$11.0B
Depreciation & amortization$12.4B$14.4B$14.6B$15.6B$16.8B
Stock-based compensation$403.2M$575.5M$339.4M$272.6M$368.4M
Change in working capital−$242.0M−$758.1M−$116.1M−$33.1M−$456.2M
Operating cash flow$392.6M$2.0B$7.3B$7.4B$10.1B
Capital expenditure−$524.6M−$407.7M−$348.6M−$439.5M−$688.2M
Free cash flow−$132.0M$1.6B$6.9B$6.9B$9.5B
Investing cash flow−$1.3B−$2.1B$541.8M−$2.2B$1.0B
Net debt issued / repaid−$500.0M−$700.0M$0$1.4B−$1.8B
Buybacks−$600.0M$0−$6.0B−$6.3B−$9.1B
Dividends paid$0$0$0$0$0

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin41.6%39.4%41.5%46.1%48.5%
Operating margin20.9%17.8%20.6%26.7%29.5%
Net margin17.2%14.2%16.0%22.3%24.3%
FCF margin-0.4%5.1%20.5%17.7%20.9%
ROE38.0%24.5%26.1%38.4%42.8%
ROIC19.4%15.2%19.9%27.5%35.9%
ROA12.2%9.6%11.1%17.0%20.1%
Debt / equity1.140.810.820.730.54
Interest coverage8.1x8.5x9.1x14.5x17.4x
Current ratio0.951.171.121.221.19
Revenue growth+18.8%+6.5%+6.7%+15.7%+15.8%
EPS growth+85.1%−11.4%+21.0%+65.4%+27.8%
P/E at year end53.7x29.7x40.5x44.8x36.9x
EV / EBITDA at year end15.0x7.1x10.6x15.1x13.6x
FCF yield at year end-0.05%1.22%3.16%1.77%2.34%
Dividend payout0.0%0.0%0.0%0.0%0.0%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Streaming$29.5B$31.5B$33.6B$39.0B$45.2B
Streaming revenues$29.5B$31.5B$33.6B$39.0B$45.2B
Domestic Dvd$200.0M$100.0M$82.8M——
DVD revenues$182.3M$145.7M$82.8M——

Revenue by region · FY2025

United States And Canada$20.0B · 44%
EMEA$14.5B · 32%
Latin America$5.4B · 12%
Asia Pacific$5.4B · 12%

Street estimates by fiscal year

Next report 2026-10-20 · consensus EPS $0.82 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$51.2B$51.1B – $51.5B$3.60$3.56 – $3.693219.6x
2027$56.9B$56.0B – $58.1B$3.80$3.58 – $4.073418.6x
2028$62.7B$59.7B – $64.9B$4.54$3.81 – $5.103215.5x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-16$0.79$0.80+1.3%$12.6B$12.6B−0.2%
2026-04-16$0.76$1.23+61.2%$12.2B$12.2B+0.6%
2026-01-20$0.55$0.56+1.4%$12.0B$12.1B+0.7%
2025-10-21$0.70$0.59−15.2%$11.5B$11.5B+0.0%
2025-07-17$0.71$0.72+1.4%$11.1B$11.1B+0.2%
2025-04-17$0.57$0.66+15.8%$10.5B$10.5B+0.3%
2025-01-21$0.42$0.43+2.4%$10.1B$10.2B+1.4%
2024-10-17$0.51$0.54+5.9%$10.1B$9.8B−2.9%
2024-07-18$0.47$0.49+4.3%$9.5B$9.6B+0.3%
2024-04-18$0.45$0.53+17.8%$8.7B$9.4B+7.4%
2024-01-23$0.22$0.21−4.5%$8.7B$8.8B+1.3%
2023-10-18$0.35$0.37+5.7%$8.5B$8.5B+0.0%
2023-07-19$0.28$0.33+17.9%$8.3B$8.2B−1.3%
2023-04-18$0.28$0.29+3.6%$8.2B$8.2B−0.2%
2023-01-19$0.05$0.01−80.0%$7.9B$7.9B−0.1%
2022-10-18$0.21$0.31+47.6%$7.8B$7.9B+1.1%
2022-07-19$0.29$0.32+10.3%$8.0B$8.0B−0.7%
2022-04-19$0.29$0.35+20.7%$7.9B$7.9B−0.8%
2022-01-20$0.08$0.13+62.5%—$7.7B—
2021-10-19$0.26$0.32+23.1%—$7.5B—
2021-07-20$0.32$0.30−6.3%—$7.3B—
2021-04-20$0.30$0.38+26.7%—$7.2B—
2021-01-19$0.14$0.12−14.3%—$6.6B—
2020-10-20$0.21$0.17−19.0%—$6.4B—

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
2.906-153.906-223.006-292.907-064.807-133.407-203.107-272.108-032.008-102.008-171.908-241.808-31
Week ofNotionalSharesTrades
2026-08-31$1.8B22,553,599282,540
2026-08-24$1.9B23,084,137290,770
2026-08-17$2.0B25,122,450310,378
2026-08-10$2.0B25,782,254294,755
2026-08-03$2.1B28,573,446322,541
2026-07-27$3.1B43,155,142401,682

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1526.6%
DateShort shareShort volumeTotal volume
2026-10-1526.6%3,916,80914,703,712
2026-10-1428.1%3,712,71713,206,796
2026-10-1324.5%2,154,4968,788,416
2026-10-1224.5%2,451,5259,994,590
2026-10-0931.9%3,653,47411,444,267
2026-10-0834.8%5,744,41216,499,234
2026-10-0730.8%3,674,49511,945,099
2026-10-0631.7%4,793,26215,102,436
2026-10-0528.4%4,126,60014,529,427
2026-10-0227.5%4,623,54616,813,522
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+15.0Jan+3.3Feb+2.1Mar+0.1Apr+4.2May+0.6Jun-1.1Jul+4.1Aug-0.5Sep+6.0Oct+2.3Nov+1.3Dec
MonthAvg returnUp yearsYears
Jan+15.0%75%20
Feb+3.3%60%20
Mar+2.1%52%21
Apr+0.1%50%20
May+4.2%60%20
Jun+0.6%60%20
Jul−1.1%35%20
Aug+4.1%65%20
Sep−0.5%60%20
Oct+6.0%65%20
Nov+2.3%55%20
Dec+1.3%50%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1445.5
MFI42.1
ADX20.9
Stochastic %K / %D75.5 / 75.0
Williams %R-38.9
CCI18
TSI / signal-13.7 / -17.7
Chaikin money flow-0.12
ATR$1.89
Bollinger width9.2%
Volume vs 20-day avg1.25x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$70.32 (+0.3%)
SMA 50$75.09 (−6.1%)
SMA 200$82.88 (−14.9%)
EMA 21$71.39 (−1.2%)
EMA 50$73.58 (−4.1%)
EMA 200$83.06 (−15.1%)
Bollinger upper$73.57 (−4.1%)
Bollinger lower$67.06 (+5.2%)
Parabolic SAR$67.80 (+4.0%)
Open the live chart, 110+ indicators

About Netflix, Inc.

Netflix, Inc. serves as a worldwide entertainment provider. Its comprehensive library features television series, motion pictures, documentaries, and mobile games, spanning numerous genres and languages. Members can effortlessly stream this content through a variety of internet-connected devices, including smart TVs, digital media players, cable boxes, and mobile phones. Furthermore, the company continues to offer a DVD-by-mail subscription service to its customers in the United States. With roughly 222 million paying subscribers distributed across 190 countries, Netflix was founded in 1997 and is headquartered in Los Gatos, California.

https://www.netflix.com

Key executives

NameTitlePayBorn
Gregory K. PetersCo-CEO, President & Director$11.8M1971
Theodore A. SarandosCo-CEO, President & Director$11.8M1965
Spencer Adam NeumannChief Financial Officer$6.8M1970
David HymanChief Legal Officer & Secretary$6.7M1966
Dani DudeckChief Communications Officer$5.7M—
Clete WillemsChief Global Affairs Officer$5.5M1980
Jeffrey William KarbowskiChief Accounting Officer—1979
Natalie GutteridgeVP of Corporate Legal & Operations——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
TED SARANDOS co-Chief Executive Officer and President2025$3.0M$41.4M$7.1M$53.9M
GREG PETERS co-Chief Executive Officer and President2025$3.0M$41.4M$7.1M$53.2M
SPENCER NEUMANN Chief Financial Officer2025$2.0M$14.0M$4.7M$20.8M
DAVID HYMAN Chief Legal Officer2025$2.0M$8.7M$4.7M$15.4M
CLETE WILLEMS Chief Global Affairs Officer2025$761,539$8.9M$1.9M$14.3M
REED HASTINGS Former Executive Chairman of the Board2025$33,846$936,421$0$1.2M

Employees

7k20189k20199k202011k202113k202213k202314k202416k2025

Dividends

Ex-dateAmountPaid
None on file.

Moat model

Wide · Efficient Scale · 2026-06-30
Cost advantage87
Intangibles77
Switching costs65
Network effect70
Efficient scale95
Our component scores (0-100) and overall 77.7; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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