Microsoft Excel LibreOffice Calc

Netflix Inc. (NFLX)

Enterprise Value (EV)

Intermediate level

Current Enterprise Value (EV)

Netflix Inc., current enterprise value calculation

Microsoft Excel LibreOffice Calc
Current share price (P) $379.24
No. shares of common stock outstanding 438,806,649
US$ in thousands
Common equity (market value)1 166,413,034 
Add: Preferred stock, $0.001 par value; no shares issued and outstanding (per books) — 
Total equity 166,413,034 
Add: Long-term debt (per books) 14,759,260 
Total equity and debt 181,172,294 
Less: Cash and cash equivalents 5,018,437 
Less: Short-term investments — 
Enterprise value (EV) 176,153,857 

Based on: 10-K (filing date: 2020-01-29).

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 379.24 × 438,806,649

Historical Enterprise Value (EV)

Netflix Inc., EV calculation

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Share price1, 2 $343.16 $328.90 $284.59 $142.45 $94.41
No. shares of common stock outstanding1 438,806,649 436,598,597 433,948,461 430,411,593 428,081,221
US$ in thousands
Common equity (market value)3 150,580,890  143,597,279  123,497,393  61,312,131  40,415,148 
Add: Preferred stock, $0.001 par value; no shares issued and outstanding (book value) —  —  —  —  — 
Total equity 150,580,890  143,597,279  123,497,393  61,312,131  40,415,148 
Add: Long-term debt (book value) 14,759,260  10,360,058  6,499,432  3,364,311  2,371,362 
Total equity and debt 165,340,150  153,957,337  129,996,825  64,676,442  42,786,510 
Less: Cash and cash equivalents 5,018,437  3,794,483  2,822,795  1,467,576  1,809,330 
Less: Short-term investments —  —  —  266,206  501,385 
Enterprise value (EV) 160,321,713  150,162,854  127,174,030  62,942,660  40,475,795 

Based on: 10-K (filing date: 2020-01-29), 10-K (filing date: 2019-01-29), 10-K (filing date: 2018-01-29), 10-K (filing date: 2017-01-27), 10-K (filing date: 2016-01-28).

1 Data adjusted for splits and stock dividends.

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

3 2019 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 343.16 × 438,806,649

1 Data adjusted for splits and stock dividends.
2

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.’s EV increased from 2017 to 2018 and from 2018 to 2019.