NETFLIX INC (NFLX) - Stock Research

Segment	2021	2022	2023	2024	2025	% of Total
Streaming	$12.97B	$14.08B	$33.64B	$39.00B	$45.18B	100%
DVD	$200M	$100M	—	—	—	—

	1-Yr	4-Yr
Sales	17.4%	12.4%
Cash Flow	39.8%	128.2%
Earnings	27.8%	22.5%
Dividends	N/A	N/A
Book Value	9.0%	15.2%

	1-Yr	4-Yr
ROIC	36.7%	26.1%
Gross Margin	48.5%	43.9%
FCF Yield	2.3%	2.1%
Buyback Yield	2.2%	2.2%

	Q1	Q2	Q3	Q4
2021	0.38	0.30	0.32	0.13
2022	0.35	0.32	0.31	0.01
2023	0.29	0.33	0.37	0.21
2024	0.53	0.49	0.54	0.43
2025	0.66	0.72	0.59	0.56

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Financial data for NFLX from SEC EDGAR
Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
Earnings Power
Revenue	5.5B	6.8B	8.8B	11.7B	15.8B	20.2B	25.0B	29.7B	31.6B	33.7B	39.0B	45.2B	45.2B
Net Income	267M	123M	187M	559M	1.2B	1.9B	2.8B	5.1B	4.5B	5.4B	8.7B	11.0B	11.0B
Owner Earnings	-153M	-936M	-1.7B	-2.0B	-3.1B	-3.4B	1.9B	-219M	1.1B	6.6B	6.8B	9.4B	9.4B
Non-Recurring	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0
Gross Margin	31.8%	32.3%	31.7%	31.3%	36.9%	38.3%	38.9%	41.6%	39.4%	41.5%	46.1%	48.5%	0.0%
Op. Margin	7.3%	4.5%	4.3%	7.2%	10.2%	12.9%	18.3%	20.9%	17.8%	20.6%	26.7%	29.5%	29.5%
Net Margin	4.8%	1.8%	2.1%	4.8%	7.7%	9.3%	11.0%	17.2%	14.2%	16.0%	22.3%	24.3%	24.3%
Returns on Capital
ROE	14.4%	5.5%	7.0%	15.6%	23.1%	24.6%	25.0%	32.3%	21.6%	26.3%	35.2%	42.8%	41.3%
ROA	3.8%	1.2%	1.4%	2.9%	4.7%	5.5%	7.0%	11.5%	9.2%	11.1%	16.2%	20.1%	19.8%
ROIC	27.1%	11.6%	6.3%	13.3%	13.4%	13.6%	20.6%	21.5%	16.5%	21.6%	29.6%	36.7%	35.9%
Cash Flow
Free Cash Flow	-53M	-841M	-1.6B	-2.0B	-2.9B	-3.1B	1.9B	-132M	1.6B	6.9B	6.9B	9.5B	9.5B
CapEx	70M	91M	108M	173M	174M	253M	498M	525M	408M	349M	440M	688M	688M
Maint. CapEx	54M	62M	58M	72M	83M	104M	116M	208M	337M	357M	329M	333M	333M
Growth CapEx	16M	29M	50M	101M	91M	149M	382M	316M	71M	0	111M	355M	355M
CapEx/OCF	423.0%	N/A	N/A	N/A	N/A	N/A	20.5%	133.6%	20.1%	4.8%	6.0%	6.8%	6.8%
D&A	54M	62M	58M	72M	83M	104M	116M	208M	337M	357M	329M	333M	333M
Capital Allocation
Op. Cash Flow	16M	-749M	-1.5B	-1.8B	-2.7B	-2.9B	2.4B	393M	2.0B	7.3B	7.4B	10.1B	10.1B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	0	600M	0	6.0B	6.3B	9.1B	9.1B
Buyback Yield	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0.2%	N/A	2.7%	1.6%	2.2%	2.6%
Debt Repayment	0	18M	11M	32M	36M	36M	0	500M	700M	0	400M	1.8B	1.8B
Stock-Based Comp	115M	125M	174M	182M	321M	405M	415M	403M	575M	339M	273M	368M	368M
Balance Sheet
Total Assets	7.0B	10.2B	13.6B	19.0B	26.0B	34.0B	39.3B	44.6B	48.6B	48.7B	53.6B	55.6B	55.6B
Intangibles	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	5.2B	8.0B	10.9B	15.4B	20.7B	26.4B	28.2B	28.7B	27.8B	28.1B	28.9B	29.0B	29.0B
Equity	1.9B	2.2B	2.7B	3.6B	5.2B	7.6B	11.1B	15.8B	20.8B	20.6B	24.7B	26.6B	26.6B
Net Debt	-723M	61M	1.6B	3.7B	6.6B	9.7B	8.1B	9.4B	8.3B	7.4B	6.0B	5.4B	5.4B
Long-Term Debt	886M	2.4B	3.4B	6.5B	10.4B	14.8B	15.8B	14.7B	14.4B	14.1B	13.8B	13.5B	N/A
Debt/Equity	0.48	1.07	1.26	1.81	1.98	1.95	1.47	0.97	0.69	0.71	0.63	0.54	0.54
Interest Coverage	8.0	2.3	2.5	3.5	3.8	4.2	6.0	8.1	8.0	9.9	14.5	17.2	17.2
Working Capital	1.3B	1.9B	1.1B	2.2B	3.2B	-677M	2.0B	-419M	1.3B	1.1B	2.3B	2.0B	2.0B
Current Assets	3.9B	5.4B	5.7B	7.7B	9.7B	6.2B	9.8B	8.1B	9.3B	9.9B	13.1B	13.0B	13.0B
Current Liabilities	2.7B	3.5B	4.6B	5.5B	6.5B	6.9B	7.8B	8.5B	7.9B	8.9B	10.8B	11.0B	11.0B
Retained Earnings	819M	942M	1.1B	1.7B	2.9B	4.8B	7.6B	12.7B	17.2B	22.6B	31.3B	42.3B	42.3B
Per Share Data
Avg. Price	5.76	9.11	10.20	16.48	31.85	32.84	44.48	55.72	28.97	38.86	66.90	109.74	82.20
EPS	0.06	0.03	0.04	0.13	0.27	0.41	0.61	1.12	1.00	1.20	1.98	2.53	2.53
Owner EPS	-0.04	-0.21	-0.39	-0.46	-0.68	-0.75	0.42	-0.05	0.25	1.46	1.54	2.18	2.24
Book Value	0.43	0.51	0.62	0.80	1.16	1.68	2.44	3.48	4.60	4.58	5.62	6.13	6.30
Cash Flow/Share	0.00	-0.17	-0.34	-0.40	-0.59	-0.64	0.53	0.09	0.45	1.62	1.67	2.34	2.68
Dividends/Share	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0.00
Shares Out.	4.3B	4.4B	4.3B	4.5B	4.5B	4.5B	4.5B	4.6B	4.5B	4.5B	4.4B	4.3B	4.2B
Valuation
P/E Ratio	78.4	418.3	292.8	154.2	95.6	79.7	85.4	54.3	27.8	40.8	45.8	37.3	32.5
Price/Book	11.3	23.1	20.4	24.1	22.1	19.6	21.3	17.5	6.0	10.7	16.1	15.4	13.0
Price/Sales	4.5	5.9	5.0	6.3	9.1	7.4	8.1	8.5	4.1	5.2	7.5	10.5	7.7
EV/EBIT	50.1	167.9	148.2	107.1	76.2	60.9	53.2	46.4	23.7	32.8	38.9	31.2	26.4
FCF Yield	-0.3%	-1.6%	-2.9%	-2.3%	-2.5%	-2.1%	0.8%	-0.0%	1.3%	3.1%	1.7%	2.3%	2.7%
Market Cap	20.9B	51.3B	54.7B	86.2B	115.7B	148.8B	235.8B	278.0B	125.0B	220.5B	399.3B	410.0B	347.1B
Year-End Price	4.86	11.71	12.59	19.27	25.61	32.91	51.91	61.07	27.69	49.05	90.75	94.47	82.20

NETFLIX INC

Business Description

Revenue by Segment

Quality Checklist