Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Netflix Inc., EBITDA calculation

US$ in thousands

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income	8,711,631)	5,407,990)	4,491,924)	5,116,228)	2,761,395)
Add: Income tax expense	1,254,026)	797,415)	772,005)	723,875)	437,954)
Earnings before tax (EBT)	9,965,657)	6,205,405)	5,263,929)	5,840,103)	3,199,349)
Add: Interest expense	718,733)	699,826)	706,212)	765,620)	767,499)
Earnings before interest and tax (EBIT)	10,684,390)	6,905,231)	5,970,141)	6,605,723)	3,966,848)
Add: Amortization of content assets	15,301,517)	14,197,437)	14,026,132)	12,230,367)	10,806,912)
Add: Depreciation and amortization of property, equipment and intangibles	328,914)	356,947)	336,682)	208,412)	115,710)
Earnings before interest, tax, depreciation and amortization (EBITDA)	26,314,821)	21,459,615)	20,332,955)	19,044,502)	14,889,470)

Based on: 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).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Netflix Inc. EBITDA increased from 2022 to 2023 and from 2023 to 2024.

Netflix Inc., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	521,990,978)
Earnings before interest, tax, depreciation and amortization (EBITDA)	26,314,821)
Valuation Ratio
EV/EBITDA	19.84
Benchmarks
EV/EBITDA, Competitors¹
Alphabet Inc.	15.17
Comcast Corp.	5.93
Meta Platforms Inc.	19.21
Take-Two Interactive Software Inc.	—
Walt Disney Co.	17.56
EV/EBITDA, Sector
Media & Entertainment	15.94
EV/EBITDA, Industry
Communication Services	13.66

Based on: 10-K (reporting date: 2024-12-31).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Netflix Inc., historical EV/EBITDA calculation, comparison to benchmarks

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	421,731,913)	254,260,097)	170,788,302)	181,045,624)	246,646,811)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	26,314,821)	21,459,615)	20,332,955)	19,044,502)	14,889,470)
Valuation Ratio
EV/EBITDA³	16.03	11.85	8.40	9.51	16.57
Benchmarks
EV/EBITDA, Competitors⁴
Alphabet Inc.	16.81	17.01	14.66	18.08	20.84
Comcast Corp.	5.84	7.10	9.60	8.45	10.36
Meta Platforms Inc.	19.48	19.72	12.19	10.85	17.31
Take-Two Interactive Software Inc.	—	38.51	14.86	19.06	19.30
Walt Disney Co.	16.57	17.34	17.80	34.53	60.13
EV/EBITDA, Sector
Media & Entertainment	16.32	15.63	12.92	14.63	18.68
EV/EBITDA, Industry
Communication Services	13.87	12.96	11.75	11.59	14.52

Based on: 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).

¹ See details »

² See details »

³ 2024 Calculation
EV/EBITDA = EV ÷ EBITDA
= 421,731,913 ÷ 26,314,821 = 16.03

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	Netflix Inc. EV/EBITDA ratio increased from 2022 to 2023 and from 2023 to 2024.

Netflix Inc. (NASDAQ:NFLX)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical