Netflix - Public Comps and Valuation Multiples

Netflix Overview

About Netflix

Netflix’s relatively simple business model involves only one business, its streaming service. It has the biggest television entertainment subscriber base in both the United States and the collective international market, with more than 300 million subscribers globally. Netflix has exposure to nearly the entire global population outside of China. The firm has traditionally avoided a regular slate of live programming or sports content, instead focusing on on-demand access to episodic television, movies, and documentaries. The firm introduced ad-supported subscription plans in 2022, giving the firm exposure to the advertising market in addition to the subscription fees that have historically accounted for nearly all its revenue.

Founded

1997

HQ

Employees

14K+

Website

netflix.com

Sectors

Streaming
Content Production
Consumer SaaS

Financials

LTM Revenue $43.3B

LTM EBITDA $13.3B

EV

$516B

Valuation Multiples

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Netflix Financials

As of August 2025, Netflix reported last 12-month revenue of $43.3B and EBITDA of $13.3B.

In the same period, Netflix generated $20.9B in LTM gross profit and $10.6B in net income.

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Netflix P&L

In the most recent fiscal year, Netflix reported revenue of $39.0B and EBITDA of $26.3B.

Netflix expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$43.3B	XXX	$39.0B	XXX	XXX	XXX
Gross Profit	$20.9B	XXX	$18.0B	XXX	XXX	XXX
Gross Margin	48%	XXX	46%	XXX	XXX	XXX
EBITDA	$13.3B	XXX	$26.3B	XXX	XXX	XXX
EBITDA Margin	31%	XXX	67%	XXX	XXX	XXX
EBIT	$12.7B	XXX	$10.4B	XXX	XXX	XXX
EBIT Margin	29%	XXX	27%	XXX	XXX	XXX
Net Profit	$10.6B	XXX	$8.7B	XXX	XXX	XXX
Net Margin	25%	XXX	22%	XXX	XXX	XXX
Net Debt	XXX	XXX	$7.8B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Netflix including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $43.3B. EBITDA for the last twelve months was $13.3B. In the most recent fiscal year, Netflix achieved $39.0B in revenue and $26.3B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$43.3B	Analyst estimates available to subscribers	$39.0B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$20.9B	Analyst estimates available to subscribers	$18.0B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	48.3% gross margin	Analyst estimates available to subscribers	46.1% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$13.3B	Analyst estimates available to subscribers	$26.3B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	30.6% EBITDA margin	Analyst estimates available to subscribers	67.5% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$12.7B	Analyst estimates available to subscribers	$10.4B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	29.3% EBIT margin	Analyst estimates available to subscribers	26.7% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$10.6B	Analyst estimates available to subscribers	$8.7B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	24.5% net profit margin	Analyst estimates available to subscribers	22.3% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$7.8B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Netflix

This financial data table provides comprehensive performance metrics for Netflix, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Netflix generated $43.3B in revenue over the last twelve months.
The company achieved $13.3B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $20.9B.
Net income over the last twelve months reached $10.6B.

Fiscal Year Performance

In the most recent fiscal year, Netflix reported $39.0B in total revenue.
Fiscal year EBITDA was $26.3B.
The company maintained a gross profit margin of 46.1% in the most recent fiscal year.
EBITDA margin for the fiscal year was 67.5%.
Net profit margin reached 22.3% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Netflix. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Netflix Stock Performance

Netflix has current market cap of $510B, and EV of $516B.

Market Cap Evolution

Netflix Stock Data

As of September 18, 2025, Netflix's stock price is $1201.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$516B	$510B	XXX	XXX	XXX	XXX	$24.45

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Netflix Valuation Multiples

Netflix's trades at 13.2x EV/Revenue multiple, and 19.6x EV/EBITDA.

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Netflix Financial Valuation Multiples

As of September 18, 2025, Netflix has market cap of $510B and EV of $516B.

Equity research analysts estimate Netflix's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Netflix has a P/E ratio of 48.0x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$510B	XXX	$510B	XXX	XXX	XXX
EV (current)	$516B	XXX	$516B	XXX	XXX	XXX
EV/Revenue	11.9x	XXX	13.2x	XXX	XXX	XXX
EV/EBITDA	38.9x	XXX	19.6x	XXX	XXX	XXX
EV/EBIT	40.6x	XXX	49.5x	XXX	XXX	XXX
EV/Gross Profit	24.6x	XXX	n/a	XXX	XXX	XXX
P/E	48.0x	XXX	58.6x	XXX	XXX	XXX
EV/FCF	62.2x	XXX	74.6x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Netflix Margins & Growth Rates

Netflix's last 12 month revenue growth is 14%

Netflix's revenue per employee in the last FY averaged $2.8M, while opex per employee averaged $0.5M for the same period.

Netflix's rule of 40 is 77% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Netflix's rule of X is 65% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Netflix Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	14%	XXX	14%	XXX	XXX	XXX
EBITDA Margin	31%	XXX	67%	XXX	XXX	XXX
EBITDA Growth	23%	XXX	-19%	XXX	XXX	XXX
Rule of 40	77%	XXX	81%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	65%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$2.8M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.5M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	7%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	8%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	19%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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