Price to Earnings (P/E)
since 2005
Calculation
Netflix Inc., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Jan 23, 2026 | 33.11 | = | 86.12 | ÷ | 2.60 | 2.60 | = | 10,981,201 | ÷ | 4,222,162,150 | |
| Jan 27, 2025 | 47.72 | = | 97.19 | ÷ | 2.04 | 2.04 | = | 8,711,631 | ÷ | 4,277,571,000 | |
| Jan 26, 2024 | 45.64 | = | 57.04 | ÷ | 1.25 | 1.25 | = | 5,407,990 | ÷ | 4,327,595,840 | |
| Jan 26, 2023 | 36.18 | = | 36.49 | ÷ | 1.01 | 1.01 | = | 4,491,924 | ÷ | 4,453,467,760 | |
| Jan 27, 2022 | 33.56 | = | 38.67 | ÷ | 1.15 | 1.15 | = | 5,116,228 | ÷ | 4,439,631,070 | |
| Jan 28, 2021 | 86.39 | = | 53.86 | ÷ | 0.62 | 0.62 | = | 2,761,395 | ÷ | 4,428,952,610 | |
| Jan 29, 2020 | 80.67 | = | 34.32 | ÷ | 0.43 | 0.43 | = | 1,866,916 | ÷ | 4,388,066,490 | |
| Jan 29, 2019 | 118.55 | = | 32.89 | ÷ | 0.28 | 0.28 | = | 1,211,242 | ÷ | 4,365,985,970 | |
| Jan 29, 2018 | 220.96 | = | 28.46 | ÷ | 0.13 | 0.13 | = | 558,929 | ÷ | 4,339,484,610 | |
| Jan 27, 2017 | 328.55 | = | 14.25 | ÷ | 0.04 | 0.04 | = | 186,678 | ÷ | 4,304,115,930 | |
| Jan 28, 2016 | 329.51 | = | 9.44 | ÷ | 0.03 | 0.03 | = | 122,641 | ÷ | 4,280,812,210 | |
| Jan 29, 2015 | 100.63 | = | 6.34 | ÷ | 0.06 | 0.06 | = | 266,799 | ÷ | 4,234,865,740 | |
| Feb 3, 2014 | 215.28 | = | 5.78 | ÷ | 0.03 | 0.03 | = | 112,403 | ÷ | 4,186,506,520 | |
| Feb 1, 2013 | 537.02 | = | 2.35 | ÷ | 0.00 | 0.00 | = | 17,152 | ÷ | 3,919,543,390 | |
| Feb 10, 2012 | 30.37 | = | 1.77 | ÷ | 0.06 | 0.06 | = | 226,126 | ÷ | 3,879,304,240 | |
| Feb 18, 2011 | 77.34 | = | 3.36 | ÷ | 0.04 | 0.04 | = | 160,853 | ÷ | 3,702,344,660 | |
| Feb 22, 2010 | 30.08 | = | 0.93 | ÷ | 0.03 | 0.03 | = | 115,860 | ÷ | 3,747,328,550 | |
| Feb 25, 2009 | 25.23 | = | 0.51 | ÷ | 0.02 | 0.02 | = | 83,026 | ÷ | 4,107,903,590 | |
| Feb 28, 2008 | 28.79 | = | 0.45 | ÷ | 0.02 | 0.02 | = | 66,952 | ÷ | 4,283,284,040 | |
| Feb 28, 2007 | 31.36 | = | 0.32 | ÷ | 0.01 | 0.01 | = | 49,082 | ÷ | 4,809,516,530 | |
| Mar 16, 2006 | 33.20 | = | 0.36 | ÷ | 0.01 | 0.01 | = | 42,027 | ÷ | 3,876,220,810 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Netflix Inc. Annual Report.
The price-to-earnings (P/E) ratio exhibited significant fluctuations over the observed period. Initially, the ratio demonstrated relative stability, followed by periods of substantial volatility and, ultimately, a return towards more moderate levels in recent years.
- Early Period (2006-2008)
- From 2006 to 2008, the P/E ratio generally decreased, moving from 33.20 to 28.79. This suggests a potential increase in earnings relative to the share price, or a modest decline in investor confidence during this timeframe. The changes were relatively small, indicating a period of moderate valuation.
- Volatility and Growth (2009-2011)
- A period of increased volatility began in 2009. The P/E ratio initially remained around 25.23, then experienced a dramatic increase to 77.34 in 2011. This surge coincided with a substantial increase in share price relative to earnings per share, potentially reflecting growing investor expectations.
- Extreme Valuation (2012-2013)
- The P/E ratio reached an exceptionally high value of 537.02 in 2013. This peak was driven by a significant disparity between share price and earnings per share, with earnings per share briefly falling to zero. This suggests a period of speculative investment or a temporary disruption in earnings. The ratio decreased to 215.28 in 2014, but remained elevated.
- Normalization and Fluctuations (2014-2017)
- From 2014 to 2017, the P/E ratio experienced considerable fluctuation, ranging from 100.63 to 329.51. While still relatively high compared to earlier years, this period showed a trend towards normalization as earnings per share began to increase. The ratio decreased from 329.51 to 220.96.
- Recent Trends (2018-2026)
- The P/E ratio demonstrated a more consistent downward trend from 2018 to 2020, decreasing from 220.96 to 80.67, as earnings per share grew at a faster rate than the share price. A slight increase occurred in 2021, followed by a decrease in 2022. The ratio stabilized in the range of 45.64 to 47.72 between 2022 and 2024, before decreasing to 33.11 in 2026. This suggests a more balanced valuation as of the latest observation.
Overall, the P/E ratio demonstrates a transition from relative stability to significant volatility, followed by a gradual return towards more moderate levels. The period of extreme valuation in 2013 appears to be an outlier, while the more recent trend suggests a more sustainable relationship between share price and earnings per share.
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Comparison to Competitors
Netflix Inc., P/E, long-term trends, comparison to competitors
| Netflix Inc. | Alphabet Inc. | Comcast Corp. | Meta Platforms Inc. | Trade Desk Inc. | Walt Disney Co. | |
|---|---|---|---|---|---|---|
| Jan 23, 2026 | 33.11 | 30.33 | 5.35 | 30.89 | 25.58 | 15.49 |
| Jan 27, 2025 | 47.72 | 23.54 | 7.86 | 27.91 | 90.94 | 39.74 |
| Jan 26, 2024 | 45.64 | 23.89 | 12.01 | 30.97 | 206.87 | 73.44 |
| Jan 26, 2023 | 36.18 | 22.47 | 31.38 | 21.10 | 609.53 | 54.90 |
| Jan 27, 2022 | 33.56 | 25.74 | 16.01 | 16.44 | 284.75 | 137.89 |
| Jan 28, 2021 | 86.39 | 34.65 | 22.37 | 25.89 | 176.64 | — |
| Jan 29, 2020 | 80.67 | 28.96 | 15.39 | 32.31 | 120.88 | 23.96 |
| Jan 29, 2019 | 118.55 | 25.92 | 14.11 | 21.51 | 98.86 | 13.36 |
| Jan 29, 2018 | 220.96 | 59.34 | 8.70 | 35.20 | 46.38 | 17.28 |
| Jan 27, 2017 | 328.55 | 28.45 | 20.56 | 37.05 | — | 16.65 |
| Jan 28, 2016 | 329.51 | 29.71 | 17.78 | 84.21 | — | 23.41 |
| Jan 29, 2015 | 100.63 | 24.87 | 18.01 | 74.26 | — | 20.31 |
| Feb 3, 2014 | 215.28 | 30.87 | 21.12 | 106.36 | — | 19.83 |
| Feb 1, 2013 | 537.02 | 23.14 | 17.05 | 1,336.24 | — | 15.18 |
| Feb 10, 2012 | 30.37 | 18.97 | 19.40 | — | — | 12.48 |
| Feb 18, 2011 | 77.34 | 23.60 | 19.29 | — | — | 17.62 |
| Feb 22, 2010 | 30.08 | 26.00 | 12.59 | — | — | 17.36 |
| Feb 25, 2009 | 25.23 | 26.67 | 14.52 | — | — | 7.83 |
| Feb 28, 2008 | 28.79 | 39.48 | 23.46 | — | — | 12.79 |
| Feb 28, 2007 | 31.36 | 45.31 | 32.61 | — | — | 20.22 |
| Mar 16, 2006 | 33.20 | 68.72 | 61.12 | — | — | 19.49 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Media & Entertainment)
Netflix Inc., P/E, long-term trends, comparison to sector (media & entertainment)
| Netflix Inc. | Media & Entertainment | |
|---|---|---|
| Jan 23, 2026 | 33.11 | 27.70 |
| Jan 27, 2025 | 47.72 | 25.28 |
| Jan 26, 2024 | 45.64 | 26.54 |
| Jan 26, 2023 | 36.18 | 24.66 |
| Jan 27, 2022 | 33.56 | 24.24 |
| Jan 28, 2021 | 86.39 | 36.67 |
| Jan 29, 2020 | 80.67 | 28.15 |
| Jan 29, 2019 | 118.55 | 22.41 |
| Jan 29, 2018 | 220.96 | 29.41 |
| Jan 27, 2017 | 328.55 | 27.75 |
| Jan 28, 2016 | 329.51 | 32.13 |
| Jan 29, 2015 | 100.63 | 27.07 |
| Feb 3, 2014 | 215.28 | 30.86 |
| Feb 1, 2013 | 537.02 | 22.94 |
| Feb 10, 2012 | 30.37 | 17.55 |
| Feb 18, 2011 | 77.34 | 21.71 |
| Feb 22, 2010 | 30.08 | 20.34 |
| Feb 25, 2009 | 25.23 | 16.53 |
| Feb 28, 2008 | 28.79 | 24.99 |
| Feb 28, 2007 | 31.36 | 32.30 |
| Mar 16, 2006 | 33.20 | 41.90 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Communication Services)
Netflix Inc., P/E, long-term trends, comparison to industry (communication services)
| Netflix Inc. | Communication Services | |
|---|---|---|
| Jan 23, 2026 | 33.11 | 25.05 |
| Jan 27, 2025 | 47.72 | 23.64 |
| Jan 26, 2024 | 45.64 | 24.04 |
| Jan 26, 2023 | 36.18 | 25.67 |
| Jan 27, 2022 | 33.56 | 21.27 |
| Jan 28, 2021 | 86.39 | 36.86 |
| Jan 29, 2020 | 80.67 | 24.32 |
| Jan 29, 2019 | 118.55 | 19.52 |
| Jan 29, 2018 | 220.96 | 18.12 |
| Jan 27, 2017 | 328.55 | 24.36 |
| Jan 28, 2016 | 329.51 | 23.89 |
| Jan 29, 2015 | 100.63 | 26.45 |
| Feb 3, 2014 | 215.28 | 21.66 |
| Feb 1, 2013 | 537.02 | 27.51 |
| Feb 10, 2012 | 30.37 | 24.54 |
| Feb 18, 2011 | 77.34 | 16.12 |
| Feb 22, 2010 | 30.08 | 16.95 |
| Feb 25, 2009 | 25.23 | 13.32 |
| Feb 28, 2008 | 28.79 | 20.95 |
| Feb 28, 2007 | 31.36 | 28.07 |
| Mar 16, 2006 | 33.20 | 24.36 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).