Stock Analysis on Net
Stock Analysis on Net

Netflix Inc. (NASDAQ:NFLX)

Analysis of Solvency Ratios
Quarterly Data

Microsoft Excel LibreOffice Calc

Solvency Ratios (Summary)

Netflix Inc., solvency ratios (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016
Debt Ratios
Debt to equity 1.01 1.13 1.21 1.47 1.55 1.69 1.74 1.95 1.81 2.06 1.81 1.98 1.66 1.86 1.63 1.81 1.47 1.55 1.13 1.26 0.94 0.98 1.02
Debt to capital 0.50 0.53 0.55 0.60 0.61 0.63 0.64 0.66 0.64 0.67 0.64 0.66 0.62 0.65 0.62 0.64 0.60 0.61 0.53 0.56 0.48 0.50 0.51
Debt to assets 0.36 0.38 0.39 0.42 0.42 0.42 0.42 0.43 0.40 0.42 0.38 0.40 0.36 0.37 0.32 0.34 0.29 0.29 0.23 0.25 0.19 0.20 0.21
Financial leverage 2.79 2.96 3.11 3.55 3.74 3.98 4.17 4.48 4.51 4.94 4.77 4.96 4.66 5.04 5.01 5.31 5.09 5.31 4.83 5.07 4.88 4.80 4.86
Coverage Ratios
Interest coverage 8.49 7.41 6.71 5.17 4.80 5.21 4.64 4.29 4.52 3.66 3.79 3.92 4.37 4.06 3.06 3.04 3.15 3.25 3.75 2.74

Based on: 10-Q (filing date: 2021-10-21), 10-Q (filing date: 2021-07-22), 10-Q (filing date: 2021-04-22), 10-K (filing date: 2021-01-28), 10-Q (filing date: 2020-10-22), 10-Q (filing date: 2020-07-20), 10-Q (filing date: 2020-04-21), 10-K (filing date: 2020-01-29), 10-Q (filing date: 2019-10-18), 10-Q (filing date: 2019-07-19), 10-Q (filing date: 2019-04-18), 10-K (filing date: 2019-01-29), 10-Q (filing date: 2018-10-18), 10-Q (filing date: 2018-07-18), 10-Q (filing date: 2018-04-18), 10-K (filing date: 2018-01-29), 10-Q (filing date: 2017-10-18), 10-Q (filing date: 2017-07-19), 10-Q (filing date: 2017-04-20), 10-K (filing date: 2017-01-27), 10-Q (filing date: 2016-10-20), 10-Q (filing date: 2016-07-19), 10-Q (filing date: 2016-04-20).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Netflix Inc.’s debt to equity ratio improved from Q1 2021 to Q2 2021 and from Q2 2021 to Q3 2021.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Netflix Inc.’s debt to capital ratio improved from Q1 2021 to Q2 2021 and from Q2 2021 to Q3 2021.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Netflix Inc.’s debt to assets ratio improved from Q1 2021 to Q2 2021 and from Q2 2021 to Q3 2021.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Netflix Inc.’s financial leverage ratio decreased from Q1 2021 to Q2 2021 and from Q2 2021 to Q3 2021.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Netflix Inc.’s interest coverage ratio improved from Q1 2021 to Q2 2021 and from Q2 2021 to Q3 2021.

Debt to Equity

Netflix Inc., debt to equity calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016
Selected Financial Data (US$ in thousands)
Short-term debt 699,473  699,128  698,788  499,878  499,517  499,161  498,809  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Long-term debt 14,793,691  14,926,889  14,860,552  15,809,095  15,547,616  15,294,998  14,170,692  14,759,260  12,425,746  12,594,135  10,305,023  10,360,058  8,336,586  8,342,067  6,542,373  6,499,432  4,888,783  4,836,502  3,365,431  3,364,311  2,373,966  2,373,085  2,372,218 
Total debt 15,493,164  15,626,017  15,559,340  16,308,973  16,047,133  15,794,159  14,669,501  14,759,260  12,425,746  12,594,135  10,305,023  10,360,058  8,336,586  8,342,067  6,542,373  6,499,432  4,888,783  4,836,502  3,365,431  3,364,311  2,373,966  2,373,085  2,372,218 
 
Stockholders’ equity 15,314,617  13,863,871  12,884,080  11,065,240  10,333,323  9,334,753  8,409,294  7,582,157  6,861,505  6,105,548  5,703,058  5,238,765  5,009,653  4,496,600  4,020,730  3,581,956  3,327,361  3,112,500  2,973,683  2,679,800  2,528,966  2,415,834  2,317,233 
Solvency Ratio
Debt to equity1 1.01 1.13 1.21 1.47 1.55 1.69 1.74 1.95 1.81 2.06 1.81 1.98 1.66 1.86 1.63 1.81 1.47 1.55 1.13 1.26 0.94 0.98 1.02
Benchmarks
Debt to Equity, Competitors2
Activision Blizzard Inc. 0.21 0.22 0.24 0.24 0.25 0.20 0.21 0.21 0.22 0.22 0.23 0.24 0.25 0.42 0.45 0.46 0.44 0.45 0.47 0.54 0.72 0.59 0.70
Alphabet Inc. 0.06 0.06 0.06 0.06 0.07 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.04
Charter Communications Inc. 5.19 4.55 4.04 3.48 2.96 2.67 2.69 2.51 2.27 2.08 2.07 2.01 1.95 1.93 1.83 1.80 2.05 1.73 1.58 1.54 1.54 1.55
Comcast Corp. 1.01 1.04 1.12 1.15 1.21 1.25 1.27 1.24 1.29 1.40 1.46 1.56 1.02 0.91 0.96 0.94 1.17 1.16 1.12 1.13 1.13 1.05 1.06
Facebook Inc. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Walt Disney Co. 0.64 0.66 0.69 0.70 0.75 0.61 0.54 0.53 0.64 0.63 0.41 0.43 0.51 0.55 0.60 0.61 0.52 0.49 0.47 0.47 0.46 0.48 0.43

Based on: 10-Q (filing date: 2021-10-21), 10-Q (filing date: 2021-07-22), 10-Q (filing date: 2021-04-22), 10-K (filing date: 2021-01-28), 10-Q (filing date: 2020-10-22), 10-Q (filing date: 2020-07-20), 10-Q (filing date: 2020-04-21), 10-K (filing date: 2020-01-29), 10-Q (filing date: 2019-10-18), 10-Q (filing date: 2019-07-19), 10-Q (filing date: 2019-04-18), 10-K (filing date: 2019-01-29), 10-Q (filing date: 2018-10-18), 10-Q (filing date: 2018-07-18), 10-Q (filing date: 2018-04-18), 10-K (filing date: 2018-01-29), 10-Q (filing date: 2017-10-18), 10-Q (filing date: 2017-07-19), 10-Q (filing date: 2017-04-20), 10-K (filing date: 2017-01-27), 10-Q (filing date: 2016-10-20), 10-Q (filing date: 2016-07-19), 10-Q (filing date: 2016-04-20).

1 Q3 2021 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 15,493,164 ÷ 15,314,617 = 1.01

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Netflix Inc.’s debt to equity ratio improved from Q1 2021 to Q2 2021 and from Q2 2021 to Q3 2021.

Debt to Capital

Netflix Inc., debt to capital calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016
Selected Financial Data (US$ in thousands)
Short-term debt 699,473  699,128  698,788  499,878  499,517  499,161  498,809  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Long-term debt 14,793,691  14,926,889  14,860,552  15,809,095  15,547,616  15,294,998  14,170,692  14,759,260  12,425,746  12,594,135  10,305,023  10,360,058  8,336,586  8,342,067  6,542,373  6,499,432  4,888,783  4,836,502  3,365,431  3,364,311  2,373,966  2,373,085  2,372,218 
Total debt 15,493,164  15,626,017  15,559,340  16,308,973  16,047,133  15,794,159  14,669,501  14,759,260  12,425,746  12,594,135  10,305,023  10,360,058  8,336,586  8,342,067  6,542,373  6,499,432  4,888,783  4,836,502  3,365,431  3,364,311  2,373,966  2,373,085  2,372,218 
Stockholders’ equity 15,314,617  13,863,871  12,884,080  11,065,240  10,333,323  9,334,753  8,409,294  7,582,157  6,861,505  6,105,548  5,703,058  5,238,765  5,009,653  4,496,600  4,020,730  3,581,956  3,327,361  3,112,500  2,973,683  2,679,800  2,528,966  2,415,834  2,317,233 
Total capital 30,807,781  29,489,888  28,443,420  27,374,213  26,380,456  25,128,912  23,078,795  22,341,417  19,287,251  18,699,683  16,008,081  15,598,823  13,346,239  12,838,667  10,563,103  10,081,388  8,216,144  7,949,002  6,339,114  6,044,111  4,902,932  4,788,919  4,689,451 
Solvency Ratio
Debt to capital1 0.50 0.53 0.55 0.60 0.61 0.63 0.64 0.66 0.64 0.67 0.64 0.66 0.62 0.65 0.62 0.64 0.60 0.61 0.53 0.56 0.48 0.50 0.51
Benchmarks
Debt to Capital, Competitors2
Activision Blizzard Inc. 0.18 0.18 0.19 0.19 0.20 0.16 0.17 0.17 0.18 0.18 0.19 0.19 0.20 0.30 0.31 0.32 0.31 0.31 0.32 0.35 0.42 0.37 0.41
Alphabet Inc. 0.06 0.06 0.06 0.06 0.06 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.03 0.03 0.02 0.03 0.03 0.03 0.03 0.03 0.04
Charter Communications Inc. 0.84 0.82 0.80 0.78 0.75 0.73 0.73 0.72 0.69 0.68 0.67 0.67 0.66 0.66 0.65 0.64 0.67 0.63 0.61 0.61 0.61 0.61 1.01
Comcast Corp. 0.50 0.51 0.53 0.53 0.55 0.56 0.56 0.55 0.56 0.58 0.59 0.61 0.50 0.48 0.49 0.48 0.54 0.54 0.53 0.53 0.53 0.51 0.51
Facebook Inc. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Walt Disney Co. 0.39 0.40 0.41 0.41 0.43 0.38 0.35 0.35 0.39 0.39 0.29 0.30 0.34 0.35 0.38 0.38 0.34 0.33 0.32 0.32 0.32 0.32 0.30

Based on: 10-Q (filing date: 2021-10-21), 10-Q (filing date: 2021-07-22), 10-Q (filing date: 2021-04-22), 10-K (filing date: 2021-01-28), 10-Q (filing date: 2020-10-22), 10-Q (filing date: 2020-07-20), 10-Q (filing date: 2020-04-21), 10-K (filing date: 2020-01-29), 10-Q (filing date: 2019-10-18), 10-Q (filing date: 2019-07-19), 10-Q (filing date: 2019-04-18), 10-K (filing date: 2019-01-29), 10-Q (filing date: 2018-10-18), 10-Q (filing date: 2018-07-18), 10-Q (filing date: 2018-04-18), 10-K (filing date: 2018-01-29), 10-Q (filing date: 2017-10-18), 10-Q (filing date: 2017-07-19), 10-Q (filing date: 2017-04-20), 10-K (filing date: 2017-01-27), 10-Q (filing date: 2016-10-20), 10-Q (filing date: 2016-07-19), 10-Q (filing date: 2016-04-20).

1 Q3 2021 Calculation
Debt to capital = Total debt ÷ Total capital
= 15,493,164 ÷ 30,807,781 = 0.50

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Netflix Inc.’s debt to capital ratio improved from Q1 2021 to Q2 2021 and from Q2 2021 to Q3 2021.

Debt to Assets

Netflix Inc., debt to assets calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016
Selected Financial Data (US$ in thousands)
Short-term debt 699,473  699,128  698,788  499,878  499,517  499,161  498,809  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Long-term debt 14,793,691  14,926,889  14,860,552  15,809,095  15,547,616  15,294,998  14,170,692  14,759,260  12,425,746  12,594,135  10,305,023  10,360,058  8,336,586  8,342,067  6,542,373  6,499,432  4,888,783  4,836,502  3,365,431  3,364,311  2,373,966  2,373,085  2,372,218 
Total debt 15,493,164  15,626,017  15,559,340  16,308,973  16,047,133  15,794,159  14,669,501  14,759,260  12,425,746  12,594,135  10,305,023  10,360,058  8,336,586  8,342,067  6,542,373  6,499,432  4,888,783  4,836,502  3,365,431  3,364,311  2,373,966  2,373,085  2,372,218 
 
Total assets 42,739,857  40,970,969  40,123,014  39,280,359  38,622,543  37,175,281  35,059,910  33,975,712  30,941,711  30,171,339  27,218,632  25,974,400  23,366,229  22,663,537  20,152,797  19,012,742  16,951,540  16,517,223  14,359,096  13,586,610  12,347,338  11,593,507  11,262,274 
Solvency Ratio
Debt to assets1 0.36 0.38 0.39 0.42 0.42 0.42 0.42 0.43 0.40 0.42 0.38 0.40 0.36 0.37 0.32 0.34 0.29 0.29 0.23 0.25 0.19 0.20 0.21
Benchmarks
Debt to Assets, Competitors2
Activision Blizzard Inc. 0.15 0.15 0.15 0.16 0.17 0.13 0.14 0.13 0.15 0.15 0.15 0.15 0.16 0.24 0.24 0.24 0.25 0.26 0.26 0.28 0.35 0.30 0.34
Alphabet Inc. 0.04 0.04 0.04 0.04 0.05 0.01 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.03 0.02 0.02 0.02 0.02 0.02 0.02 0.03 0.03
Charter Communications Inc. 0.62 0.61 0.59 0.57 0.55 0.54 0.54 0.53 0.52 0.50 0.50 0.50 0.50 0.49 0.49 0.48 0.46 0.43 0.42 0.41 0.42 0.42 0.92
Comcast Corp. 0.35 0.36 0.37 0.38 0.39 0.39 0.39 0.39 0.39 0.42 0.43 0.44 0.36 0.34 0.35 0.35 0.35 0.35 0.34 0.34 0.34 0.32 0.33
Facebook Inc. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Walt Disney Co. 0.28 0.28 0.29 0.29 0.31 0.27 0.24 0.24 0.28 0.27 0.21 0.21 0.24 0.25 0.27 0.26 0.24 0.24 0.22 0.22 0.22 0.23 0.21

Based on: 10-Q (filing date: 2021-10-21), 10-Q (filing date: 2021-07-22), 10-Q (filing date: 2021-04-22), 10-K (filing date: 2021-01-28), 10-Q (filing date: 2020-10-22), 10-Q (filing date: 2020-07-20), 10-Q (filing date: 2020-04-21), 10-K (filing date: 2020-01-29), 10-Q (filing date: 2019-10-18), 10-Q (filing date: 2019-07-19), 10-Q (filing date: 2019-04-18), 10-K (filing date: 2019-01-29), 10-Q (filing date: 2018-10-18), 10-Q (filing date: 2018-07-18), 10-Q (filing date: 2018-04-18), 10-K (filing date: 2018-01-29), 10-Q (filing date: 2017-10-18), 10-Q (filing date: 2017-07-19), 10-Q (filing date: 2017-04-20), 10-K (filing date: 2017-01-27), 10-Q (filing date: 2016-10-20), 10-Q (filing date: 2016-07-19), 10-Q (filing date: 2016-04-20).

1 Q3 2021 Calculation
Debt to assets = Total debt ÷ Total assets
= 15,493,164 ÷ 42,739,857 = 0.36

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Netflix Inc.’s debt to assets ratio improved from Q1 2021 to Q2 2021 and from Q2 2021 to Q3 2021.

Financial Leverage

Netflix Inc., financial leverage calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016
Selected Financial Data (US$ in thousands)
Total assets 42,739,857  40,970,969  40,123,014  39,280,359  38,622,543  37,175,281  35,059,910  33,975,712  30,941,711  30,171,339  27,218,632  25,974,400  23,366,229  22,663,537  20,152,797  19,012,742  16,951,540  16,517,223  14,359,096  13,586,610  12,347,338  11,593,507  11,262,274 
Stockholders’ equity 15,314,617  13,863,871  12,884,080  11,065,240  10,333,323  9,334,753  8,409,294  7,582,157  6,861,505  6,105,548  5,703,058  5,238,765  5,009,653  4,496,600  4,020,730  3,581,956  3,327,361  3,112,500  2,973,683  2,679,800  2,528,966  2,415,834  2,317,233 
Solvency Ratio
Financial leverage1 2.79 2.96 3.11 3.55 3.74 3.98 4.17 4.48 4.51 4.94 4.77 4.96 4.66 5.04 5.01 5.31 5.09 5.31 4.83 5.07 4.88 4.80 4.86
Benchmarks
Financial Leverage, Competitors2
Activision Blizzard Inc. 1.41 1.45 1.53 1.54 1.50 1.48 1.51 1.55 1.46 1.46 1.55 1.57 1.57 1.74 1.87 1.97 1.78 1.73 1.79 1.91 2.08 1.94 2.07
Alphabet Inc. 1.42 1.41 1.42 1.44 1.41 1.34 1.34 1.37 1.35 1.34 1.34 1.31 1.30 1.31 1.29 1.29 1.21 1.20 1.19 1.20 1.19 1.21 1.21
Charter Communications Inc. 8.37 7.45 6.83 6.06 5.36 4.94 4.95 4.71 4.41 4.14 4.12 4.03 3.94 3.91 3.77 3.75 4.46 4.01 3.76 3.71 3.70 3.71
Comcast Corp. 2.89 2.92 3.01 3.03 3.12 3.18 3.22 3.18 3.28 3.34 3.42 3.51 2.81 2.71 2.75 2.72 3.34 3.33 3.31 3.35 3.33 3.24 3.24
Facebook Inc. 1.27 1.23 1.22 1.24 1.24 1.26 1.31 1.32 1.32 1.32 1.27 1.16 1.15 1.14 1.15 1.14 1.11 1.11 1.10 1.10 1.10 1.11 1.10
Walt Disney Co. 2.33 2.34 2.40 2.41 2.42 2.28 2.24 2.18 2.32 2.38 1.99 2.02 2.14 2.17 2.26 2.32 2.18 2.10 2.12 2.13 2.06 2.05 2.05

Based on: 10-Q (filing date: 2021-10-21), 10-Q (filing date: 2021-07-22), 10-Q (filing date: 2021-04-22), 10-K (filing date: 2021-01-28), 10-Q (filing date: 2020-10-22), 10-Q (filing date: 2020-07-20), 10-Q (filing date: 2020-04-21), 10-K (filing date: 2020-01-29), 10-Q (filing date: 2019-10-18), 10-Q (filing date: 2019-07-19), 10-Q (filing date: 2019-04-18), 10-K (filing date: 2019-01-29), 10-Q (filing date: 2018-10-18), 10-Q (filing date: 2018-07-18), 10-Q (filing date: 2018-04-18), 10-K (filing date: 2018-01-29), 10-Q (filing date: 2017-10-18), 10-Q (filing date: 2017-07-19), 10-Q (filing date: 2017-04-20), 10-K (filing date: 2017-01-27), 10-Q (filing date: 2016-10-20), 10-Q (filing date: 2016-07-19), 10-Q (filing date: 2016-04-20).

1 Q3 2021 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 42,739,857 ÷ 15,314,617 = 2.79

2 Click competitor name to see calculations.

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Netflix Inc.’s financial leverage ratio decreased from Q1 2021 to Q2 2021 and from Q2 2021 to Q3 2021.

Interest Coverage

Netflix Inc., interest coverage calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016
Selected Financial Data (US$ in thousands)
Net income 1,449,071  1,353,013  1,706,715  542,156  789,976  720,196  709,067  586,970  665,244  270,650  344,052  133,934  402,835  384,349  290,124  185,517  129,590  65,600  178,222  66,748  51,517  40,755  27,658 
Add: Income tax expense 211,888  240,776  327,787  (35,739) 71,484  315,406  86,803  (437,637) 347,079  230,266  55,607  (14,538) (24,025) 44,287  9,492  (54,187) (13,353) (51,638) 45,570  23,521  27,610  10,477  12,221 
Add: Interest expense 190,429  191,322  194,440  197,186  197,079  189,151  184,083  177,801  160,660  152,033  135,529  128,807  108,862  101,605  81,219  75,292  60,688  55,482  46,742  43,586  35,536  35,455  35,537 
Earnings before interest and tax (EBIT) 1,851,388  1,785,111  2,228,942  703,603  1,058,539  1,224,753  979,953  327,134  1,172,983  652,949  535,188  248,203  487,672  530,241  380,835  206,622  176,925  69,444  270,534  133,855  114,663  86,687  75,416 
Solvency Ratio
Interest coverage1 8.49 7.41 6.71 5.17 4.80 5.21 4.64 4.29 4.52 3.66 3.79 3.92 4.37 4.06 3.06 3.04 3.15 3.25 3.75 2.74
Benchmarks
Interest Coverage, Competitors2
Charter Communications Inc. 2.51 2.37 2.28 2.12 1.93 1.79 1.65 1.64 1.50 1.53 1.52 1.48 1.51 1.35 1.32 1.33 1.46 1.52 1.44 1.33
Comcast Corp. 5.67 4.94 4.54 4.07 3.94 4.26 4.29 4.72 4.49 4.73 5.08 5.30 5.84 6.01 5.96 5.97 6.15 6.05 5.92 5.88

Based on: 10-Q (filing date: 2021-10-21), 10-Q (filing date: 2021-07-22), 10-Q (filing date: 2021-04-22), 10-K (filing date: 2021-01-28), 10-Q (filing date: 2020-10-22), 10-Q (filing date: 2020-07-20), 10-Q (filing date: 2020-04-21), 10-K (filing date: 2020-01-29), 10-Q (filing date: 2019-10-18), 10-Q (filing date: 2019-07-19), 10-Q (filing date: 2019-04-18), 10-K (filing date: 2019-01-29), 10-Q (filing date: 2018-10-18), 10-Q (filing date: 2018-07-18), 10-Q (filing date: 2018-04-18), 10-K (filing date: 2018-01-29), 10-Q (filing date: 2017-10-18), 10-Q (filing date: 2017-07-19), 10-Q (filing date: 2017-04-20), 10-K (filing date: 2017-01-27), 10-Q (filing date: 2016-10-20), 10-Q (filing date: 2016-07-19), 10-Q (filing date: 2016-04-20).

1 Q3 2021 Calculation
Interest coverage = (EBITQ3 2021 + EBITQ2 2021 + EBITQ1 2021 + EBITQ4 2020) ÷ (Interest expenseQ3 2021 + Interest expenseQ2 2021 + Interest expenseQ1 2021 + Interest expenseQ4 2020)
= (1,851,388 + 1,785,111 + 2,228,942 + 703,603) ÷ (190,429 + 191,322 + 194,440 + 197,186) = 8.49

2 Click competitor name to see calculations.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Netflix Inc.’s interest coverage ratio improved from Q1 2021 to Q2 2021 and from Q2 2021 to Q3 2021.