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World's largest subscription video-streaming service, producing and licensing films, series and games globally.
World's largest subscription video-streaming service, producing and licensing films, series and games globally.
Collects monthly subscription fees, with an ad-supported plan adding advertising revenue, and pays for content up front, so profit comes from spreading each programme's cost across a global subscriber base. It introduced the ad plan in 2022 and began charging for shared passwords in 2023.
Moat: narrow (scale, brand, data). Content spend scale and viewing-data-driven recommendations sustain subscriber retention versus smaller rivals.
Headquarters: Los Gatos, California, US · Founded: 1997 · Employees: 16,000
Size Netflix (NFLX) is a United States Communication Services company (Internet Software/Services) with a market value of $260B, the 38th largest of 3,117 United States companies the cockpit tracks. Shares closed at $63.41 on 6 Nov 2026.
Performance Over six months the shares fell 27.5%, against -2.3% for the median peer and -1.1% for the United States market (cap-weighted) — 5th lowest of 19 in its peer set.
Growth Revenue grew 15.4% over the last twelve months (peer median +13.4%); the operating margin is 31.7% (peer median 18.6%).
Valuation It trades at 17.7× forward earnings against a peer median of 15.4× (9th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is +2 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 20.1 points above its cost of capital (12.5% WACC).
Credit Netflix has 14 bonds outstanding ($16.6B), rated A by the agencies and trading like A+ at a weighted spread of 64 bp.
Short interest Short interest is 2.1% of the free float (15 Oct 2026).
Next results Next results expected around 26 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $50.0B | $45.3B | $38.9B | $33.7B | $31.6B |
| Revenue growth | — | +16% | +15% | +7% | — |
| Gross profit | $25.5B | $22.0B | $17.8B | $14.0B | $12.4B |
| EBITDA | $33.8B | $30.2B | $25.9B | $21.5B | $20.0B |
| Net income | $14.8B | $11.0B | $8.71B | $5.41B | $4.49B |
| Free cash flow | $11.4B | $9.46B | $6.92B | $6.93B | $1.62B |
| Capital expenditure | $933M | $688M | $440M | $349M | $408M |
| Total debt | $17.4B | $17.0B | $18.0B | $17.0B | $16.9B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Netflix NFLX | $260B | -28% | +15% | 32% | 17.7× | 15.0% |
| Walt Disney Company (The) DIS | $202B | +9% | +5% | 15% | 15.4× | 14.2% |
| Amazon AMZN | $2.80T | -5% | +15% | 13% | 26.3× | n/a |
| Warner Bros. Discovery WBD | n/a | +13% | n/a | n/a | n/a | n/a |
| Alphabet Inc. (Class A) GOOGL | $3.47T | -29% | +22% | 33% | 20.5× | 18.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NFLX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.4% | -2.9% | 5th lowest of 19 |
| 6-month return | -27.5% | -2.3% | 5th lowest of 19 |
| Distance from 52-week high | -45.7% | -28.5% | 7th lowest of 19 |
| Revenue growth (TTM) | +15.4% | +13.4% | 7th highest of 19 |
| Operating margin | 31.7% | 18.6% | 3rd highest of 19 |
| Forward P/E | 17.7× | 15.4× | 9th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 15.0% | 7.9% | 8th most demanding of 17 |
| Growth delivered (Del g) | +12.6% | +14.7% | 8th lowest of 17 |
| Hurdle (Req g minus delivered) | +2.4 pp | -6.9 pp | 3rd most demanding of 17 |
| ROIC minus cost of capital | +20.1 pp | +10.3 pp | 7th highest of 17 |
| EV / EBITDA | 8.0× | 14.4× | 4th cheapest of 17 |
| Net debt / EBITDA | 0.3× | -1.2× | 5th most indebted of 18 |
| Bond spread | 64 bp | 134 bp | 2nd tightest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Netflix NFLX | United States | $260B | -28% | +15% | 32% | 17.7× | 15.0% | +12.6% |
| Recruit 6098.T | Japan | $149B | +133% | +9% | 20% | 30.3× | 22.0% | +10.3% |
| Spotify Technology SPOT | United States | $124B | +44% | +17% | 15% | 37.4× | 29.4% | +16.6% |
| Meta Platforms META | United States | $1.56T | 0% | +28% | 33% | 19.0× | 16.6% | +18.5% |
| Liberty Media FWONA | United States | $27.3B | +18% | +12% | 12% | 51.0× | 29.0% | +31.4% |
| Bidu-sw 9888.HK | Hong Kong | $26.4B | -43% | -1% | 7% | 14.5× | n/a | n/a |
| Alphabet Inc. (Class A) GOOGL | United States | $3.47T | -29% | +22% | 33% | 20.5× | 18.5% | +17.2% |
| Reddit RDDT | United States | $18.4B | -39% | +62% | 29% | 15.0× | 18.0% | +57.3% |
| Tencent Music Entertainment 1698.HK | Hong Kong | $13.9B | -2% | +16% | 29% | 11.0× | 0.6% | +1.7% |
| Nexon 3659.T | Japan | $13.8B | +10% | +15% | 26% | 22.4× | -9.1% | +10.1% |
| Pinterest PINS | United States | $10.9B | -11% | +15% | 6% | 8.8× | 16.2% | +20.1% |
| Match MTCH | United States | $8.88B | +6% | 0% | 30% | 13.6× | 1.8% | +7.8% |
| Cyber Agent 4751.T | Japan | $4.13B | +3% | +14% | 10% | 15.4× | -11.3% | +12.8% |
| CarGurus CARG | United States | $3.01B | -3% | +6% | 26% | 12.1× | 2.7% | +10.5% |
| China Ruyi 0136.HK | Hong Kong | $2.82B | -5% | -40% | -17% | 12.6× | 13.1% | +69.6% |
| Autohome 2518.HK | Hong Kong | $2.70B | +21% | -22% | 0% | 22.7× | -15.3% | -6.4% |
| NetEase Cloud Music 9899.HK | Hong Kong | $2.52B | -21% | +6% | 17% | 10.1× | -18.7% | +8.9% |
| RUM RUM | United States | $2.44B | -41% | +13% | -101% | n/a | n/a | n/a |
| Grindr GRND | United States | $2.35B | -10% | +32% | 31% | 19.7× | -6.0% | +31.1% |
Netflix has 14 bonds outstanding with $16.6B face value. The agencies rate it A; its bonds trade like A+. Weighted yield 4.66%, a spread of 64 bp over government bonds.