NETFLIX INC
NFLX · Nasdaq · CIK 0001065280
SIC 7841
Services-Video Tape Rental
Category
Media
Entity
operating
Incorp.
DE
Fiscal Y/E
1231
Source: SEC EDGAR · All filings on SEC →
Investment Indicators
$85.45
-2.04 (-2.33%)
Open
$86.52
High
$87.34
Low
$85.10
Prev Close
$87.49
Volume
32,799,466
52W High
$134.12
52W Low
$75.01
50-day MA
$94.93
Quote as of: 2026-05-11
Market Cap
$370.09B
P/E
28.35
P/B
12.31
PEG
1.33
EPS
3.10
BPS
6.30
Beta
1.55
ROE
41.26%
ROA
19.75%
D/E Ratio
1.09
Current Ratio
1.19
Gross Margin
5.49%
Operating Margin
29.49%
Net Margin
24.30%
Book Value/Share
$6.30
Intrinsic Value Estimates
Multiple valuation methods, each with its own assumptions — outputs can diverge widely
Median consensus (7 methods)
$116.40B
| Method | Implied market cap | vs current |
|---|---|---|
Graham Number √(22.5 × 순이익 × 자본) | $81.09B | +356% |
Graham Formula 순이익 × (8.5 + 2 × 성장률%) | $642.40B | -42% |
Justified P/E 순이익 × 산업 평균 P/E | $164.72B | +125% |
P/B 배수 자본 × 산업 평균 P/B | $39.92B | +827% |
P/S 배수 매출 × 산업 평균 P/S | $90.37B | +310% |
DCF (Gordon) CF × (1+g) / (r − g) | $334.29B | +11% |
DDM (Gordon) D × (1+g) / (r − g) | $116.40B | +218% |
▶ Detailed analysis — formula walk-through & scenarios
Why this conclusion
Of the 7 valuation methods, 7 were applicable. Their median fair-value lands +217.9% below the current market cap → the stock trades above most formulas' estimates (overvalued). 5 methods flag overvalued, 1 flag undervalued, the rest land within fair range. Read each formula's assumptions below before treating any single number as the answer.
Graham Number
Overvalued +356.4%√(22.5 × 순이익 × 자본)
Current
$370.09B
Implied fair
$81.09B
Gap (current − fair)
+$288.99B(+356.4%)
NetIncome = $10.98B Equity = $26.62B √(22.5 × $10.98B × $26.62B) = $81.09B
- 최대 PER 15배
- 최대 PBR 1.5배
- 안정적 흑자 기업 가정 (금융·고성장 부정확)
Graham Formula
Undervalued -42.4%순이익 × (8.5 + 2 × 성장률%)
Current
$370.09B
Implied fair
$642.40B
Gap (current − fair)
$-272.31B(-42.4%)
NetIncome = $10.98B Growth g = 26.1% → cap 25.0% Multiple = 8.5 + 2 × 25.0 = 58.5× $10.98B × 58.5 = $642.40B
- EPS 성장률 26.1%/년 가정 (직전 1년 기준)
- 무성장 기업 P/E = 8.5
- 현재 적용 배수: 58.5x
Justified P/E
Overvalued +124.7%순이익 × 산업 평균 P/E
Current
$370.09B
Implied fair
$164.72B
Gap (current − fair)
+$205.37B(+124.7%)
NetIncome = $10.98B Industry P/E = 15× $10.98B × 15 = $164.72B
- 산업 평균 PER 15x 가정 (사용자 정의 가능)
- 동종 업종 비교가 핵심 — 산업별 평균 P/E 사용 권장
P/B 배수
Overvalued +827.0%자본 × 산업 평균 P/B
Current
$370.09B
Implied fair
$39.92B
Gap (current − fair)
+$330.16B(+827.0%)
Equity = $26.62B Industry P/B = 1.5× $26.62B × 1.5 = $39.92B
- 산업 평균 PBR 1.5x 가정
- 은행·보험·자산집약적 산업에 특히 유효
P/S 배수
Overvalued +309.5%매출 × 산업 평균 P/S
Current
$370.09B
Implied fair
$90.37B
Gap (current − fair)
+$279.72B(+309.5%)
Revenue = $45.18B Industry P/S = 2× $45.18B × 2 = $90.37B
- 산업 평균 PSR 2x 가정
- 매출 기반 — 적자 기업·신생 기업에 적용 가능
- 이익률 차이 무시
DCF (Gordon)
Fair +10.7%CF × (1+g) / (r − g)
Current
$370.09B
Implied fair
$334.29B
Gap (current − fair)
+$35.80B(+10.7%)
FCF = $9.46B Discount r = 4.0% + 5.0% = 9.0% Growth g = 6.0% $9.46B × (1 + 6.0%) / (9.0% − 6.0%) = $334.29B
- 현금흐름 입력: FCF (잉여현금흐름)
- 할인율 9.0% (무위험 4.0% + 주식위험프리미엄 5.0%)
- 영구 성장률 6.0% (실질 GDP 수준)
DDM (Gordon)
Overvalued +217.9%D × (1+g) / (r − g)
Current
$370.09B
Implied fair
$116.40B
Gap (current − fair)
+$253.69B(+217.9%)
- 배당 입력: 순이익의 30% (이론적 배당 — 무배당주 평가용 가정)
- 할인율 9.0%
- 배당 영구 성장률 6.0%
DCF sensitivity: discount rate × terminal growth
Each cell is the (current vs FCF × (1+g) / (r − g)) discount % under the assumed growth g and discount r.
| g \ r | 7% | 8% | 9% | 10% | 11% |
|---|---|---|---|---|---|
| 1% | +132.4% | +171.1% | +209.8% | +248.6% | +287.3% |
| 2% | +91.7% | +130.1% | +168.4% | +206.8% | +245.1% |
| 3% | +51.9% | +89.9% | +127.9% | +165.8% | +203.8% |
| 4% | +12.8% | +50.4% | +88.1% | +125.7% | +163.3% |
| 5% | -25.5% | +11.8% | +49.0% | +86.3% | +123.5% |
All estimates rest on strong assumptions. Treat the spread, not any single number, as the signal.
Financial Statements
In USD millions (per-share figures shown directly) · Financials as of: 2026-01-23
Income Statement
| FY | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 45,183 | 39,001 | 33,723 | 31,616 | 29,698 |
| Cost of Revenue | 23,275 | 21,038 | 19,715 | 19,168 | 17,333 |
| Operating Income | 13,327 | 10,418 | 6,954 | 5,633 | 6,195 |
| Net Income | 10,981 | 8,712 | 5,408 | 4,492 | 5,116 |
| EPS (Basic) | 2.58 | 20.28 | 12.25 | 10.10 | 11.55 |
| EPS (Diluted) | 2.53 | 19.83 | 12.03 | 9.95 | 11.24 |
Balance Sheet
| FY | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total Assets | 55,597 | 53,630 | 48,732 | 48,595 | 44,585 |
| Current Assets | 13,020 | 13,100 | 9,918 | 9,266 | 8,070 |
| Cash & Equivalents | 9,034 | 7,805 | 7,117 | 5,147 | 6,028 |
| Total Liabilities | 28,982 | 28,887 | 28,144 | 27,817 | 28,735 |
| Current Liabilities | 10,981 | 10,755 | 8,861 | 7,931 | 8,489 |
| Total Equity | 26,615 | 24,744 | 20,588 | 20,777 | 15,849 |
Cash Flow
| FY | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating CF | 10,149 | 7,361 | 7,274 | 2,026 | 393 |
| Investing CF | 1,042 | -2,182 | 542 | -2,076 | -1,340 |
| Financing CF | -10,346 | -4,074 | -5,951 | -664 | -1,150 |
| CapEx | 688 | 440 | 349 | 408 | 525 |
📄 SEC Filings
Current Report
8-K
2026-04-23
Open →
Quarterly Report
10-Q
2026-04-17
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Proxy Statement
DEF 14A
2026-04-16
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Current Report
8-K
2026-04-16
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Current Report
8-K
2026-02-27
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Other filings (95)
Insider Transaction
FORM 4
2026-05-07
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Insider Transaction
FORM 4
2026-05-07
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144
xsl144X01/primary_doc.xml
2026-05-07
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144
xsl144X01/primary_doc.xml
2026-05-07
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Insider Transaction
FORM 4
2026-05-05
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Insider Transaction
FORM 4
2026-05-05
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Insider Transaction
FORM 4
2026-05-05
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Insider Transaction
FORM 4
2026-05-05
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Insider Transaction
FORM 4
2026-05-05
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144
xsl144X01/primary_doc.xml
2026-05-05
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144
xsl144X01/primary_doc.xml
2026-05-05
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Insider Transaction
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
2026-05-04
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Insider Transaction
FORM 4
2026-05-04
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Insider Transaction
FORM 4
2026-05-04
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Insider Transaction
FORM 4
2026-05-04
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Insider Transaction
FORM 4
2026-05-04
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Insider Transaction
FORM 4
2026-05-04
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Insider Transaction
FORM 4
2026-05-04
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Insider Transaction
FORM 4
2026-05-04
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Insider Transaction
FORM 4
2026-05-04
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Insider Transaction
FORM 4
2026-05-04
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Insider Transaction
FORM 4
2026-05-04
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Insider Transaction
FORM 4
2026-05-04
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144
xsl144X01/primary_doc.xml
2026-05-01
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SCHEDULE 13G
xslSCHEDULE_13G_X02/primary_doc.xml
2026-04-30
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ARS
ARS
2026-04-16
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DEFA14A
DEFA14A
2026-04-16
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Insider Transaction
FORM 4
2026-04-03
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Insider Transaction
FORM 4
2026-04-02
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Insider Transaction
FORM 4
2026-04-02
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Insider Transaction
FORM 4
2026-04-02
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Insider Transaction
FORM 4
2026-04-02
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Insider Transaction
FORM 4
2026-04-02
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Insider Transaction
FORM 4
2026-04-02
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Insider Transaction
FORM 4
2026-04-02
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Insider Transaction
FORM 4
2026-04-02
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Insider Transaction
FORM 4
2026-04-02
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Insider Transaction
FORM 4
2026-04-02
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Insider Transaction
FORM 4
2026-04-02
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144
xsl144X01/primary_doc.xml
2026-04-02
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Insider Transaction
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
2026-04-02
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144
xsl144X01/primary_doc.xml
2026-04-01
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SCHEDULE 13G/A
xslSCHEDULE_13G_X02/primary_doc.xml
2026-03-27
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Insider Transaction
FORM 4
2026-03-03
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Insider Transaction
FORM 4
2026-03-03
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Insider Transaction
FORM 4
2026-03-03
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Insider Transaction
FORM 4
2026-03-03
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Insider Transaction
FORM 4
2026-03-03
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Insider Transaction
FORM 4
2026-03-03
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Insider Transaction
FORM 4
2026-03-03
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Insider Transaction
FORM 4
2026-03-03
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Insider Transaction
FORM 4
2026-03-03
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Insider Transaction
FORM 4
2026-03-03
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Insider Transaction
FORM 4
2026-03-03
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Insider Transaction
FORM 4
2026-03-03
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Insider Transaction
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
2026-03-03
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Insider Transaction
FORM 4
2026-03-02
Open →
144
xsl144X01/primary_doc.xml
2026-03-02
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144
xsl144X01/primary_doc.xml
2026-03-02
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144
xsl144X01/primary_doc.xml
2026-02-27
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DFAN14A
DFAN14A
2026-02-23
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DFAN14A
DFAN14A
2026-02-23
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DFAN14A
DFAN14A
2026-02-23
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DFAN14A
DFAN14A
2026-02-19
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DFAN14A
DFAN14A
2026-02-18
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DFAN14A
DFAN14A
2026-02-18
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DFAN14A
DFAN14A
2026-02-17
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Insider Transaction
FORM 4
2026-02-11
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Insider Transaction
FORM 4
2026-02-11
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Insider Transaction
FORM 4
2026-02-11
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DFAN14A
DFAN14A
2026-02-11
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144
xsl144X01/primary_doc.xml
2026-02-10
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144
xsl144X01/primary_doc.xml
2026-02-10
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DFAN14A
DFAN14A
2026-02-10
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Insider Transaction
FORM 4
2026-02-09
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144
xsl144X01/primary_doc.xml
2026-02-09
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Insider Transaction
FORM 4
2026-02-06
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DFAN14A
DFAN14A
2026-02-06
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144
xsl144X01/primary_doc.xml
2026-02-06
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Insider Transaction
FORM 4
2026-02-04
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Insider Transaction
FORM 4
2026-02-04
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Insider Transaction
FORM 4
2026-02-04
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Insider Transaction
FORM 4
2026-02-04
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Insider Transaction
FORM 4
2026-02-04
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Insider Transaction
FORM 4
2026-02-03
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Insider Transaction
FORM 4
2026-02-03
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Insider Transaction
FORM 4
2026-02-03
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Insider Transaction
FORM 4
2026-02-03
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Insider Transaction
FORM 4
2026-02-03
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Insider Transaction
FORM 4
2026-02-03
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Insider Transaction
FORM 4
2026-02-03
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Insider Transaction
FORM 4
2026-02-03
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Insider Transaction
FORM 4
2026-02-03
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Insider Transaction
FORM 4
2026-02-03
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Insider Transaction
FORM 4
2026-02-03
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