Communication Services · Movies & Entertainment · US stock · price as of 16 Oct 2026
Key indicators
Price
$70.53
52-week range
$65.08 – $124.86
Market cap
$300.5B
P/E (trailing)
17.2×
EV / EBITDA
20.8×
Free-cash-flow yield
3.7%
Dividend yield
–
Revenue (last 12 months)
$48.4B
Revenue growth (3y a year)
12.6%
Operating margin
29.7%
Return on invested capital
31.5%
Net debt / EBITDA
0.5×
Fair value
Blended fair value$81.50 range $76 – $88
Versus priceFair+16% to fair value
Peer multiples
$65.68
Fundamentals-adjusted multiple
$79.37
10-year DCF (market-scaled)
$99.44
Earnings power value (floor, not blended)
$24.49
Model uncertainty
Medium
X-Ray Score
58/ 100 · High confidence · ahead of 72% of sector peers
Valuation47
Growth64
Profitability57
Financial health68
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Netflix is a streaming entertainment service that offers films, series, documentaries and games to members around the world. It produces original content and licenses titles from other studios. The company earns money mainly from monthly subscription fees, and it has added lower priced plans that include advertising. Spending on content is a major cost, and growth in members and pricing are key drivers.
Revenue for the last twelve months was $48.4 billion, and it grew by 12.6% a year over three years. The operating margin is 29.7%, and return on invested capital reached 32%. Net debt to EBITDA is 0.5 times. It does not pay a dividend.
StocksXray gives Netflix Inc an X-Ray Score of 58 out of 100 (high confidence), ahead of 72% of the S&P 500 stocks in its sector. Its strongest lens is financial health (68) and its weakest is valuation (47).
Our fair value blend is $81.50 (range $76.28 to $87.91). At $70.53 the stock trades 13% below that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Netflix Inc (NFLX)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$60.24
$29.49
$48.69
$89.13
$93.76
$70.53
Market cap
$27.4B
$13.3B
$218.9B
$391.5B
$407.3B
$300.5B
P/E
5.4×
3.0×
40.6×
45.0×
37.1×
17.2×
EV / revenue
1.2×
0.7×
6.7×
10.2×
9.1×
6.3×
EV / EBITDA
5.7×
3.6×
30.9×
37.0×
30.2×
20.8×
Price / free cash flow
–
8.2×
31.6×
56.6×
43.0×
27.0×
Free-cash-flow yield
−0.5%
12.2%
3.2%
1.8%
2.3%
3.7%
Price / book
1.7×
0.6×
10.6×
15.8×
15.3×
10.0×
Dividend yield
–
–
–
–
–
–
Fundamentals checklist ● 7 Good · ● 7 Average · ● 2 Bad · each check graded against the sector
Cash quality
Earnings backed by cash2.9%Bad
Free-cash-flow yield3.7%Average
Risk models
Altman Z score5.8×Good
Piotroski F-Score7 of 9Good
Growth
EPS growth (3y)−36.6%Bad
Free-cash-flow growth (3y)80.1%Good
Revenue growth (3y)12.6%Good
Growth consistency100%Good
Balance sheet
Current ratio1.1×Average
Net debt / EBITDA0.5×Average
Interest cover16.9×Average
Valuation
Fair value vs price1.2×Average
EBIT / EV yield4.7%Average
Profitability
Return on invested capital31.5%Good
Operating margin29.7%Good
Gross profitability40.6%Average
XStocksXray
Netflix Inc (NFLX)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
29,698
31,616
33,723
39,001
45,183
48,371
Gross profit
12,365
12,447
14,008
17,963
21,908
23,759
Operating income
6,195
5,633
6,954
10,418
13,327
14,355
Net income
5,116
4,492
5,408
8,712
10,981
13,649
Diluted EPS ($)
11.24
9.95
1.20
1.98
2.53
4.09
Free cash flow
-132
1,619
6,926
6,922
9,461
11,152
Gross margin
41.6%
39.4%
41.5%
46.1%
48.5%
49.1%
Operating margin
20.9%
17.8%
20.6%
26.7%
29.5%
29.7%
Net margin
17.2%
14.2%
16.0%
22.3%
24.3%
28.2%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
44,585
48,595
48,732
53,630
55,597
58,450
Cash
6,028
5,147
7,117
7,805
9,034
9,099
Total debt
15,393
14,353
14,543
15,583
14,463
14,309
Equity
15,849
20,777
20,588
24,744
26,615
30,152
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.