Enterprise Value (EV)
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- 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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Current Enterprise Value (EV)
Netflix Inc., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in thousands | |
| Common equity (market value)1 | |
| Add: Preferred stock, $0.001 par value; no shares issued and outstanding (per books) | |
| Total equity | |
| Add: Short-term debt (per books) | |
| Add: Long-term debt (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Less: Short-term investments | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2025-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Netflix Inc., EV calculation
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).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Netflix Inc. Annual Report.
3 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
The information presents a five-year trend of several financial metrics, including common equity market value, total equity, total equity and debt, and enterprise value. Enterprise value demonstrates a fluctuating pattern over the period, while the relationship between equity and debt remains relatively consistent.
- Enterprise Value Trend
- Enterprise value decreased from US$181.05 billion in 2021 to US$170.80 billion in 2022, representing a decline of approximately 5.6%. A subsequent increase was observed in 2023, reaching US$254.25 billion. This upward momentum continued into 2024, with enterprise value rising to US$421.74 billion. However, in 2025, enterprise value experienced a decrease, settling at US$369.01 billion. This suggests a period of significant growth followed by a recent contraction.
- Equity and Debt Composition
- Total equity and debt generally mirrored the trend in enterprise value, increasing from US$187.07 billion in 2021 to US$431.32 billion in 2024, before decreasing to US$378.08 billion in 2025. Total equity and common equity (market value) were identical in each year, indicating no distinction between these two measures within the presented information. This suggests that changes in total equity and debt are the primary drivers of changes in enterprise value.
- Relationship between Equity and Enterprise Value
- The enterprise value consistently exceeded the total equity throughout the observed period. The difference between these two values represents the net debt, which is the total debt less cash and cash equivalents. The fluctuations in enterprise value, while correlated with total equity and debt, are not solely determined by changes in equity, indicating the influence of debt financing and potentially other components of enterprise value not explicitly shown.
The most notable change is the substantial increase in enterprise value between 2022 and 2024, followed by a decrease in 2025. This pattern warrants further investigation to understand the underlying factors driving these shifts, such as changes in debt levels, market conditions, or company performance.