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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
16.0K
Website
Financials (LTM)
EV
$418B
Netflix Financials
Netflix reported last 12-month revenue of $47B and EBITDA of $15B.
In the same LTM period, Netflix generated $23B in gross profit, $15B in EBITDA, and $12B in net income.
Revenue (LTM)
Netflix P&L
In the most recent fiscal year, Netflix reported revenue of $45B and EBITDA of $30B.
Netflix expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $47B | XXX | $45B | XXX | XXX | XXX |
| Gross Profit | $23B | XXX | $22B | XXX | XXX | XXX |
| Gross Margin | 49% | XXX | 48% | XXX | XXX | XXX |
| EBITDA | $15B | XXX | $30B | XXX | XXX | XXX |
| EBITDA Margin | 32% | XXX | 67% | XXX | XXX | XXX |
| EBIT Margin | 30% | XXX | 29% | XXX | XXX | XXX |
| Net Profit | $12B | XXX | $11B | XXX | XXX | XXX |
| Net Margin | 25% | XXX | 24% | XXX | XXX | XXX |
| Net Debt | — | — | $5B | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Netflix Stock Performance
Netflix has current market cap of $413B, and enterprise value of $418B.
Market Cap Evolution
Netflix's stock price is $97.70.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $418B | $413B | 0.0% | XXX | XXX | XXX | $2.60 |
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Start Free TrialNetflix Valuation Multiples
Netflix trades at 9.0x EV/Revenue multiple, and 28.3x EV/EBITDA.
EV / Revenue (LTM)
Netflix Financial Valuation Multiples
As of April 1, 2026, Netflix has market cap of $413B and EV of $418B.
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 35.5x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $413B | XXX | $413B | XXX | XXX | XXX |
| EV (current) | $418B | XXX | $418B | XXX | XXX | XXX |
| EV/Revenue | 9.0x | XXX | 9.2x | XXX | XXX | XXX |
| EV/EBITDA | 28.3x | XXX | 13.8x | XXX | XXX | XXX |
| EV/EBIT | 29.7x | XXX | 31.4x | XXX | XXX | XXX |
| EV/Gross Profit | 18.2x | XXX | 19.1x | XXX | XXX | XXX |
| P/E | 35.5x | XXX | 37.6x | XXX | XXX | XXX |
| EV/FCF | 42.0x | XXX | 44.2x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Netflix Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Netflix Margins & Growth Rates
Netflix's revenue in the last 12 month grew by 13%.
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 46% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Netflix's rule of X is 67% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Netflix Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 13% | XXX | 13% | XXX | XXX | XXX |
| EBITDA Margin | 32% | XXX | 67% | XXX | XXX | XXX |
| EBITDA Growth | 20% | XXX | (44%) | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 46% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 67% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $2.8M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.5M | XXX | XXX | XXX |
| S&M Expenses to Revenue | 7% | XXX | 7% | XXX | XXX | XXX |
| G&A Expenses to Revenue | 4% | XXX | 4% | XXX | XXX | XXX |
| R&D Expenses to Revenue | 7% | XXX | 8% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 19% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Netflix Public Comps
See public comps and valuation multiples for other Streaming and Content Production comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Disney | XXX | XXX | XXX | XXX | XXX | XXX |
| Comcast | XXX | XXX | XXX | XXX | XXX | XXX |
| Spotify | XXX | XXX | XXX | XXX | XXX | XXX |
| NetEase | XXX | XXX | XXX | XXX | XXX | XXX |
| Warner Bros. Discovery | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Netflix M&A Activity
Netflix acquired XXX companies to date.
Last acquisition by Netflix was on XXXXXXXX, XXXXX. Netflix acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Netflix
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialNetflix Investment Activity
Netflix invested in XXX companies to date.
Netflix made its latest investment on XXXXXXXX, XXXXX. Netflix invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Netflix
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Netflix
| When was Netflix founded? | Netflix was founded in 1997. |
| Where is Netflix headquartered? | Netflix is headquartered in United States. |
| How many employees does Netflix have? | As of today, Netflix has over 16K employees. |
| Who is the CEO of Netflix? | Netflix's CEO is Ted Sarandos. |
| Is Netflix publicly listed? | Yes, Netflix is a public company listed on Nasdaq. |
| What is the stock symbol of Netflix? | Netflix trades under NFLX ticker. |
| When did Netflix go public? | Netflix went public in 2002. |
| Who are competitors of Netflix? | Netflix main competitors are Disney, Comcast, Spotify, NetEase. |
| What is the current market cap of Netflix? | Netflix's current market cap is $413B. |
| What is the current revenue of Netflix? | Netflix's last 12 months revenue is $47B. |
| What is the current revenue growth of Netflix? | Netflix revenue growth (NTM/LTM) is 13%. |
| What is the current EV/Revenue multiple of Netflix? | Current revenue multiple of Netflix is 9.0x. |
| Is Netflix profitable? | Yes, Netflix is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Netflix? | Netflix's last 12 months EBITDA is $15B. |
| What is Netflix's EBITDA margin? | Netflix's last 12 months EBITDA margin is 32%. |
| What is the current EV/EBITDA multiple of Netflix? | Current EBITDA multiple of Netflix is 28.3x. |
| What is the current FCF of Netflix? | Netflix's last 12 months FCF is $10B. |
| What is Netflix's FCF margin? | Netflix's last 12 months FCF margin is 21%. |
| What is the current EV/FCF multiple of Netflix? | Current FCF multiple of Netflix is 42.0x. |
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