Price to Earnings (P/E)
since 2005
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Netflix Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Current Ratio since 2005
- Analysis of Debt
- Aggregate Accruals
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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 | = | ÷ | = | ÷ | |||||||
| Jan 27, 2025 | = | ÷ | = | ÷ | |||||||
| Jan 26, 2024 | = | ÷ | = | ÷ | |||||||
| Jan 26, 2023 | = | ÷ | = | ÷ | |||||||
| Jan 27, 2022 | = | ÷ | = | ÷ | |||||||
| Jan 28, 2021 | = | ÷ | = | ÷ | |||||||
| Jan 29, 2020 | = | ÷ | = | ÷ | |||||||
| Jan 29, 2019 | = | ÷ | = | ÷ | |||||||
| Jan 29, 2018 | = | ÷ | = | ÷ | |||||||
| Jan 27, 2017 | = | ÷ | = | ÷ | |||||||
| Jan 28, 2016 | = | ÷ | = | ÷ | |||||||
| Jan 29, 2015 | = | ÷ | = | ÷ | |||||||
| Feb 3, 2014 | = | ÷ | = | ÷ | |||||||
| Feb 1, 2013 | = | ÷ | = | ÷ | |||||||
| Feb 10, 2012 | = | ÷ | = | ÷ | |||||||
| Feb 18, 2011 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2010 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2009 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2008 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2007 | = | ÷ | = | ÷ | |||||||
| Mar 16, 2006 | = | ÷ | = | ÷ |
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.
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 | ||||||
| Jan 27, 2025 | ||||||
| Jan 26, 2024 | ||||||
| Jan 26, 2023 | ||||||
| Jan 27, 2022 | ||||||
| Jan 28, 2021 | ||||||
| Jan 29, 2020 | ||||||
| Jan 29, 2019 | ||||||
| Jan 29, 2018 | ||||||
| Jan 27, 2017 | ||||||
| Jan 28, 2016 | ||||||
| Jan 29, 2015 | ||||||
| Feb 3, 2014 | ||||||
| Feb 1, 2013 | ||||||
| Feb 10, 2012 | ||||||
| Feb 18, 2011 | ||||||
| Feb 22, 2010 | ||||||
| Feb 25, 2009 | ||||||
| Feb 28, 2008 | ||||||
| Feb 28, 2007 | ||||||
| Mar 16, 2006 |
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 | ||
| Jan 27, 2025 | ||
| Jan 26, 2024 | ||
| Jan 26, 2023 | ||
| Jan 27, 2022 | ||
| Jan 28, 2021 | ||
| Jan 29, 2020 | ||
| Jan 29, 2019 | ||
| Jan 29, 2018 | ||
| Jan 27, 2017 | ||
| Jan 28, 2016 | ||
| Jan 29, 2015 | ||
| Feb 3, 2014 | ||
| Feb 1, 2013 | ||
| Feb 10, 2012 | ||
| Feb 18, 2011 | ||
| Feb 22, 2010 | ||
| Feb 25, 2009 | ||
| Feb 28, 2008 | ||
| Feb 28, 2007 | ||
| Mar 16, 2006 |
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 | ||
| Jan 27, 2025 | ||
| Jan 26, 2024 | ||
| Jan 26, 2023 | ||
| Jan 27, 2022 | ||
| Jan 28, 2021 | ||
| Jan 29, 2020 | ||
| Jan 29, 2019 | ||
| Jan 29, 2018 | ||
| Jan 27, 2017 | ||
| Jan 28, 2016 | ||
| Jan 29, 2015 | ||
| Feb 3, 2014 | ||
| Feb 1, 2013 | ||
| Feb 10, 2012 | ||
| Feb 18, 2011 | ||
| Feb 22, 2010 | ||
| Feb 25, 2009 | ||
| Feb 28, 2008 | ||
| Feb 28, 2007 | ||
| Mar 16, 2006 |
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).