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, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income	5,407,990)	4,491,924)	5,116,228)	2,761,395)	1,866,916)
Add: Income tax expense	797,415)	772,005)	723,875)	437,954)	195,315)
Earnings before tax (EBT)	6,205,405)	5,263,929)	5,840,103)	3,199,349)	2,062,231)
Add: Interest expense	699,826)	706,212)	765,620)	767,499)	626,023)
Earnings before interest and tax (EBIT)	6,905,231)	5,970,141)	6,605,723)	3,966,848)	2,688,254)
Add: Amortization of content assets	14,197,437)	14,026,132)	12,230,367)	10,806,912)	9,216,247)
Add: Depreciation and amortization of property, equipment and intangibles	356,947)	336,682)	208,412)	115,710)	103,579)
Earnings before interest, tax, depreciation and amortization (EBITDA)	21,459,615)	20,332,955)	19,044,502)	14,889,470)	12,008,080)

Based on: 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).

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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 2021 to 2022 and from 2022 to 2023.

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

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	276,941,034)
Earnings before interest, tax, depreciation and amortization (EBITDA)	21,459,615)
Valuation Ratio
EV/EBITDA	12.91
Benchmarks
EV/EBITDA, Competitors¹
Alphabet Inc.	19.22
Charter Communications Inc.	6.68
Comcast Corp.	6.37
Meta Platforms Inc.	21.32
Walt Disney Co.	20.34
EV/EBITDA, Sector
Media & Entertainment	16.19
EV/EBITDA, Industry
Communication Services	13.48

Based on: 10-K (reporting date: 2023-12-31).

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, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	254,260,097)	170,788,302)	181,045,624)	246,646,811)	160,321,713)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	21,459,615)	20,332,955)	19,044,502)	14,889,470)	12,008,080)
Valuation Ratio
EV/EBITDA³	11.85	8.40	9.51	16.57	13.35
Benchmarks
EV/EBITDA, Competitors⁴
Alphabet Inc.	17.01	14.66	18.08	20.84	17.39
Charter Communications Inc.	7.09	7.68	9.97	11.53	11.86
Comcast Corp.	7.10	9.60	8.45	10.36	8.66
Meta Platforms Inc.	19.72	12.19	10.85	17.31	17.76
Walt Disney Co.	17.34	17.80	34.53	60.13	16.10
EV/EBITDA, Sector
Media & Entertainment	14.86	12.37	14.24	17.93	14.61
EV/EBITDA, Industry
Communication Services	12.58	11.45	11.49	14.32	11.53

Based on: 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).

¹ See details »

² See details »

³ 2023 Calculation
EV/EBITDA = EV ÷ EBITDA
= 254,260,097 ÷ 21,459,615 = 11.85

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 decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

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