Netflix, Inc. (NFLX) Key Metrics
NFLX valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $293.68B
- Enterprise value
- $302.32B
- P/E (TTM)
- 22.2 10-yr median 66.0
- Forward P/E
- 18.7
- PEG ratio
- 1.22
- Price / sales
- 6.1 10-yr median 7.5
- Price / book
- 9.9 10-yr median 18.3
- EV / EBITDA
- 8.6 10-yr median 13.3
- Dividend yield
- —
- Beta
- 1.61
NFLX key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsNFLX valuation Price multiples at each fiscal year-end price.
NFLX returns How much profit the business earns on the capital it uses.
NFLX per-share figures Results divided by the shares outstanding at year-end.
NFLX financial health Debt, liquidity and how easily interest is covered.
NFLX efficiency & capital use Working capital cycle and where the cash goes.
NFLX valuation history
NFLX returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
NFLX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
NFLX cash returned to shareholders
NFLX price vs earnings per share
NFLX key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $407.28B | $391.52B | $218.85B | $133.08B | $274.33B | $245.60B | $146.18B | $120.78B | $85.77B | $54.31B |
| Enterprise value | $412.68B | $397.52B | $228.69B | $141.37B | $283.70B | $253.71B | $156.76B | $127.82B | $89.76B | $56.13B |
| P/E ratio | 37.1 | 44.9 | 40.5 | 29.6 | 53.6 | 88.9 | 78.3 | 99.7 | 153.5 | 290.9 |
| Price / sales | 9.0 | 10.0 | 6.5 | 4.2 | 9.2 | 9.8 | 7.3 | 7.6 | 7.3 | 6.1 |
| Price / book | 15.3 | 15.8 | 10.6 | 6.4 | 17.3 | 22.2 | 19.3 | 23.1 | 23.9 | 20.3 |
| Price / free cash flow | 43.0 | 56.6 | 31.6 | 82.2 | — | 127.3 | — | — | — | — |
| Price / operating cash flow | 40.1 | 53.2 | 30.1 | 65.7 | 698.7 | 101.2 | — | — | — | — |
| EV / sales | 9.1 | 10.2 | 6.8 | 4.5 | 9.6 | 10.1 | 7.8 | 8.1 | 7.7 | 6.4 |
| EV / EBITDA | 13.6 | 16.0 | 10.6 | 7.0 | 14.9 | 16.4 | 13.1 | 13.8 | 12.6 | 10.5 |
| EV / free cash flow | 43.6 | 57.4 | 33.0 | 87.3 | — | 131.5 | — | — | — | — |
| Earnings yield | 2.7% | 2.2% | 2.5% | 3.4% | 1.9% | 1.1% | 1.3% | 1.0% | 0.7% | 0.3% |
| Free cash flow yield | 2.3% | 1.8% | 3.2% | 1.2% | −0.0% | 0.8% | −2.1% | −2.4% | −2.3% | −3.1% |
| Dividend yield | — | — | — | — | — | — | — | — | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | 2.2% | 1.6% | 2.8% | 0.0% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Share price at fiscal year-end | $93.76 | $89.13 | $48.69 | $29.49 | $60.24 | $54.07 | $32.36 | $26.77 | $19.20 | $12.38 |
| Per share | ||||||||||
| Revenue per share | $10.40 | $8.88 | $7.50 | $7.01 | $6.52 | $5.50 | $4.46 | $3.50 | $2.62 | $2.01 |
| Earnings per share | $2.53 | $1.98 | $1.20 | $1.00 | $1.12 | $0.61 | $0.41 | $0.27 | $0.13 | $0.04 |
| Operating cash flow per share | $2.34 | $1.68 | $1.62 | $0.45 | $0.09 | $0.53 | −$0.64 | −$0.59 | −$0.40 | −$0.34 |
| Free cash flow per share | $2.18 | $1.58 | $1.54 | $0.36 | −$0.03 | $0.42 | −$0.70 | −$0.64 | −$0.45 | −$0.38 |
| Cash per share | $2.09 | $2.18 | $1.59 | $1.34 | $1.32 | $1.81 | $1.11 | $0.84 | $0.63 | $0.40 |
| Book value per share | $6.13 | $5.63 | $4.58 | $4.60 | $3.48 | $2.44 | $1.68 | $1.16 | $0.80 | $0.61 |
| Tangible book value per share | −$1.42 | −$1.75 | −$2.46 | −$2.65 | −$3.31 | −$3.15 | −$3.75 | −$2.15 | −$1.52 | −$1.05 |
| Dividends per share | — | — | — | — | — | — | — | — | $0.00 | $0.00 |
| Capex per share | $0.16 | $0.10 | $0.08 | $0.09 | $0.12 | $0.11 | $0.06 | $0.05 | $0.05 | $0.04 |
| Debt per share | $3.33 | $3.55 | $3.78 | $3.18 | $3.38 | $3.59 | $3.45 | $2.40 | $1.53 | $0.81 |
| Shares outstanding | 4.34B | 4.39B | 4.49B | 4.51B | 4.55B | 4.54B | 4.52B | 4.51B | 4.47B | 4.39B |
| Change in shares outstanding | −1.1% | −2.3% | −0.4% | −0.9% | +0.3% | +0.5% | +0.1% | +1.0% | +1.9% | +0.5% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 42.8% | 38.4% | 26.1% | 24.5% | 38.0% | 29.6% | 29.1% | 27.5% | 17.9% | 7.6% |
| Return on invested capital (ROIC) | 36.7% | 29.8% | 23.4% | 17.7% | 24.5% | 21.2% | 15.5% | 16.0% | 13.9% | 7.9% |
| Return on assets (ROA) | 20.1% | 17.0% | 11.1% | 9.6% | 12.2% | 7.5% | 6.2% | 5.4% | 3.4% | 1.6% |
| Return on tangible assets | 48.1% | 41.1% | 31.7% | 28.3% | 37.4% | 19.9% | 19.7% | 11.0% | 6.5% | 3.0% |
| Free cash flow margin | 20.9% | 17.7% | 20.5% | 5.1% | −0.4% | 7.7% | −15.6% | −18.3% | −17.2% | −18.8% |
| Income quality (OCF / net income) | 0.92 | 0.85 | 1.35 | 0.45 | 0.08 | 0.88 | −1.55 | −2.21 | −3.20 | −7.90 |
| Financial health | ||||||||||
| Total debt | $14.46B | $15.58B | $16.97B | $14.35B | $15.39B | $16.31B | $15.60B | $10.84B | $6.81B | $3.56B |
| Cash & short-term investments | $9.06B | $9.58B | $7.14B | $6.06B | $6.03B | $8.21B | $5.02B | $3.79B | $2.82B | $1.73B |
| Net debt | $5.40B | $6.00B | $9.84B | $8.29B | $9.37B | $8.10B | $10.58B | $7.04B | $3.99B | $1.83B |
| Debt / equity | 0.54 | 0.63 | 0.82 | 0.69 | 0.97 | 1.47 | 2.06 | 2.07 | 1.90 | 1.33 |
| Debt / assets | 0.26 | 0.29 | 0.35 | 0.30 | 0.35 | 0.42 | 0.46 | 0.42 | 0.36 | 0.26 |
| Net debt / EBITDA | 0.18 | 0.24 | 0.46 | 0.41 | 0.49 | 0.52 | 0.88 | 0.76 | 0.56 | 0.34 |
| Current ratio | 1.19 | 1.22 | 1.12 | 1.17 | 0.95 | 1.25 | 0.90 | 1.49 | 1.40 | 1.25 |
| Quick ratio | 1.19 | 1.22 | 1.07 | 1.12 | 0.91 | 1.22 | 0.87 | 1.47 | 1.40 | 1.25 |
| Interest coverage | 17.2 | 14.5 | 9.9 | 8.0 | 8.1 | 3.3 | 4.2 | 3.8 | 2.4 | 2.5 |
| Working capital | $2.04B | $2.34B | $1.06B | $1.34B | −$419.1M | $1.96B | −$677.2M | $3.21B | $2.20B | $1.13B |
| Invested capital | $32.02B | $30.74B | $30.42B | $29.07B | $25.21B | $19.17B | $18.17B | $12.28B | $7.57B | $4.51B |
| Tangible asset value | −$6.16B | −$7.71B | −$11.07B | −$11.96B | −$15.07B | −$14.32B | −$16.92B | −$9.72B | −$6.79B | −$4.59B |
| Net current asset value | −$15.96B | −$15.79B | −$18.23B | −$18.55B | −$20.67B | −$18.45B | −$20.22B | −$11.04B | −$7.76B | −$5.19B |
| Graham number | $18.67 | $15.85 | $11.14 | $10.15 | $9.38 | $5.77 | $3.95 | $2.65 | $1.50 | $0.76 |
| Graham net-net per share | −$4.14 | −$4.05 | −$4.32 | −$4.51 | −$4.82 | −$4.28 | −$4.55 | −$2.82 | −$2.10 | −$1.45 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | $0 | $0 |
| Share buybacks (net) | $9.13B | $6.26B | $6.05B | $0 | $600.0M | $0 | $0 | $0 | $0 | $0 |
| Dividend payout ratio | — | — | — | — | — | — | — | — | 0.0% | 0.0% |
| Dividends + buybacks / free cash flow | 96.5% | 90.5% | 87.3% | 0.0% | — | 0.0% | — | — | — | — |
| Capex / revenue | 1.5% | 1.1% | 1.0% | 1.3% | 1.8% | 2.0% | 1.3% | 1.3% | 1.9% | 2.1% |
| Capex / operating cash flow | 6.8% | 6.0% | 4.8% | 20.1% | 133.6% | 20.5% | — | — | — | — |
| Capex / depreciation | 0.04 | 0.03 | 0.02 | 0.03 | 0.04 | 0.05 | 0.03 | 0.03 | 0.04 | 0.04 |
| Stock-based compensation / revenue | 0.8% | 0.7% | 1.0% | 1.8% | 1.4% | 1.7% | 2.0% | 2.0% | 1.6% | 2.0% |
| R&D / revenue | 7.5% | 7.5% | 7.9% | 8.6% | 7.7% | 7.3% | 7.7% | 7.7% | 9.0% | 9.6% |
| SG&A / revenue | 11.5% | 11.8% | 13.0% | 13.0% | 13.1% | 13.2% | 17.7% | 19.0% | 18.3% | 17.8% |
| Efficiency | ||||||||||
| Days sales outstanding | 18.5 | 17.9 | 18.6 | 13.8 | 8.7 | 11.6 | 58.8 | 113.5 | 125.4 | 137.1 |
| Days of inventory on hand | — | — | 7.4 | 6.8 | 5.5 | 4.6 | 5.3 | 6.5 | — | — |
| Days payables outstanding | 14.1 | 14.3 | 13.1 | 14.4 | 15.7 | 15.9 | 18.2 | 16.9 | 16.0 | 17.1 |
| Cash conversion cycle (days) | 4.3 | 3.6 | 12.8 | 6.3 | -1.5 | 0.3 | 45.9 | 103.2 | 109.4 | 119.9 |
| Receivables turnover | 19.77 | 20.36 | 19.67 | 26.44 | 41.97 | 31.44 | 6.21 | 3.22 | 2.91 | 2.66 |
| Payables turnover | 25.85 | 25.54 | 27.79 | 25.41 | 23.21 | 22.96 | 20.11 | 21.61 | 22.78 | 21.29 |
| Inventory turnover | — | — | 49.19 | 53.50 | 65.80 | 79.56 | 69.14 | 55.74 | — | — |
| Asset turnover | 0.83 | 0.76 | 0.69 | 0.68 | 0.71 | 0.68 | 0.67 | 0.70 | 0.72 | 0.74 |
| Average receivables | $2.29B | $1.92B | $1.71B | $1.20B | $707.6M | $794.9M | $3.25B | $4.91B | $4.02B | $3.32B |
| Average payables | $900.3M | $823.7M | $709.5M | $754.5M | $746.8M | $665.3M | $618.7M | $461.3M | $336.2M | $283.2M |
| Average inventory | — | — | $400.8M | $358.3M | $263.4M | $192.0M | $179.9M | $178.8M | — | — |
| Intangibles / total assets | 59.0% | 60.5% | 65.0% | 67.4% | 69.4% | 64.6% | 72.1% | 57.6% | 54.5% | 53.5% |
Computed from NFLX's annual financial statements (latest annual report filed January 23, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
NFLX valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Netflix traded at 37.1 times earnings, against a 10-year median of 66.0. Based on the latest twelve months, the trailing P/E is 22.2 and the forward P/E is 18.7. Netflix earned a return on equity of 42.8% and a return on invested capital of 36.7% in fiscal 2025. It ended the year with $14.5 billion of debt and $9.1 billion in cash and short-term investments, net debt of $5.4 billion. It returned $9.1 billion to shareholders: $0 in dividends and $9.1 billion in share buybacks, 96% of free cash flow.
See the NFLX income statement, the NFLX chart for price history, or the NFLX stock overview for the latest quote and news.
NFLX key metrics FAQ
What is Netflix's P/E ratio?
Netflix's trailing P/E ratio is 22.2 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 18.7. At the end of fiscal 2025 it was 37.1, compared with a 10-year median of 66.0.
What is Netflix's EV/EBITDA?
Netflix's enterprise value was 13.6 times EBITDA at the end of fiscal 2025 (enterprise value $412.7 billion, EBITDA $30.3 billion); the current EV/EBITDA is 8.6.
What is Netflix's return on equity?
Netflix's return on equity (ROE) was 42.8% in fiscal 2025: net income of $11.0 billion on average shareholders' equity of $25.7 billion.
What is Netflix's ROIC?
Netflix's return on invested capital was 36.7% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Netflix have?
Netflix had total debt of $14.5 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.54 and $5.4 billion of net debt (0.18 times EBITDA).
Does Netflix buy back its shares?
Yes. Netflix spent $9.1 billion on net share repurchases in fiscal 2025 Shares outstanding changed −1.1% over the year, to 4.34B..
What is Netflix's free cash flow yield?
Netflix generated $9.5 billion of free cash flow in fiscal 2025, a free cash flow yield of 2.3% on its market value at year-end ($407.3 billion).
What is Netflix's current ratio?
Netflix's current ratio was 1.19 at the end of fiscal 2025: current assets were 1.19 times current liabilities.