Netflix Inc., current enterprise value calculation

Current share price (P)	$555.12
No. shares of common stock outstanding	430,964,991
US$ in thousands
Common equity (market value)¹	239,237,286)
Add: Preferred stock, $0.001 par value; no shares issued and outstanding (per books)	—)
Total equity	239,237,286)
Add: Short-term debt (per books)	399,844)
Add: Long-term debt (per books)	14,143,417)
Total equity and debt	253,780,547)
Less: Cash and cash equivalents	7,116,913)
Less: Short-term investments	20,973)
Enterprise value (EV)	246,642,661)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 555.12 × 430,964,991

Netflix Inc., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$570.42	$364.87	$386.70	$538.60	$343.16
No. shares of common stock outstanding¹	432,759,584	445,346,776	443,963,107	442,895,261	438,806,649
US$ in thousands
Common equity (market value)³	246,854,722)	162,493,678)	171,680,533)	238,543,388)	150,580,890)
Add: Preferred stock, $0.001 par value; no shares issued and outstanding (book value)	—)	—)	—)	—)	—)
Total equity	246,854,722)	162,493,678)	171,680,533)	238,543,388)	150,580,890)
Add: Short-term debt (book value)	399,844)	—)	699,823)	499,878)	—)
Add: Long-term debt (book value)	14,143,417)	14,353,076)	14,693,072)	15,809,095)	14,759,260)
Total equity and debt	261,397,983)	176,846,754)	187,073,428)	254,852,361)	165,340,150)
Less: Cash and cash equivalents	7,116,913)	5,147,176)	6,027,804)	8,205,550)	5,018,437)
Less: Short-term investments	20,973)	911,276)	—)	—)	—)
Enterprise value (EV)	254,260,097)	170,788,302)	181,045,624)	246,646,811)	160,321,713)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Netflix Inc. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 570.42 × 432,759,584

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Netflix Inc. EV decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Netflix Inc. (NASDAQ:NFLX)

Enterprise Value (EV)