Stock Analysis on Net
Stock Analysis on Net

Netflix Inc. (NASDAQ:NFLX)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Microsoft Excel

Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).

Historical Valuation Ratios (Summary)

Netflix Inc., historical price multiples (quarterly data)

Microsoft Excel
Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Price to earnings (P/E) 37.14 45.65 38.78 44.61 34.72 36.17 23.66 19.54 19.36 33.56 57.28 51.57 60.01 86.39 76.39 82.63 85.48 80.66 — — —
Price to operating profit (P/OP) 30.36 35.50 29.21 33.68 27.12 28.85 20.88 16.77 15.62 27.71 44.39 37.28 40.38 52.02 52.42 59.01 61.48 57.82 — — —
Price to sales (P/S) 6.84 7.32 5.36 5.90 4.57 5.14 3.79 3.21 3.19 5.78 10.10 8.21 8.55 9.54 9.00 9.79 8.91 7.47 — — —
Price to book value (P/BV) 11.19 11.99 7.94 8.30 6.68 7.82 5.81 5.22 5.53 10.83 18.89 16.34 17.51 21.56 20.75 23.74 22.69 19.86 17.58 22.60 27.62

Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Netflix Inc. P/E ratio increased from Q3 2023 to Q4 2023 but then decreased significantly from Q4 2023 to Q1 2024.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Netflix Inc. P/OP ratio increased from Q3 2023 to Q4 2023 but then slightly decreased from Q4 2023 to Q1 2024 not reaching Q3 2023 level.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Netflix Inc. P/S ratio increased from Q3 2023 to Q4 2023 but then slightly decreased from Q4 2023 to Q1 2024.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. Netflix Inc. P/BV ratio increased from Q3 2023 to Q4 2023 but then slightly decreased from Q4 2023 to Q1 2024.

Price to Earnings (P/E)

Netflix Inc., historical P/E calculation (quarterly data)

Microsoft Excel
Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 430,964,991 432,759,584 437,679,669 443,146,751 444,536,878 445,346,776 445,020,494 444,705,591 444,273,850 443,963,107 442,952,194 442,595,888 443,383,732 442,895,261 441,795,008 441,015,443 439,780,618 438,806,649 438,251,289 437,834,882 437,191,891
Selected Financial Data (US$)
Net income (in thousands) 2,332,209 937,838 1,677,422 1,487,610 1,305,120 55,284 1,398,242 1,440,951 1,597,447 607,429 1,449,071 1,353,013 1,706,715 542,156 789,976 720,196 709,067 586,970 665,244 270,650 344,052
Earnings per share (EPS)2 14.93 12.50 10.34 9.58 9.45 10.09 11.33 11.46 11.27 11.52 11.40 9.92 8.48 6.23 6.35 6.08 5.08 4.25 0.00 0.00 0.00
Share price1, 3 554.60 570.42 400.96 427.50 327.98 364.87 268.16 223.88 218.22 386.70 653.16 511.77 508.78 538.60 485.23 502.41 433.83 343.16 275.30 315.10 360.35
Valuation Ratio
P/E ratio4 37.14 45.65 38.78 44.61 34.72 36.17 23.66 19.54 19.36 33.56 57.28 51.57 60.01 86.39 76.39 82.63 85.48 80.66 — — —
Benchmarks
P/E Ratio, Competitors5
Alphabet Inc. — 23.89 23.76 26.82 22.64 22.47 18.32 20.58 20.32 25.74 27.53 28.90 31.05 34.65 30.70 31.99 26.52 28.96 — — —
Comcast Corp. — 12.01 10.40 28.75 29.69 31.38 25.58 12.39 13.00 16.01 16.37 21.39 22.12 22.37 19.10 17.33 14.74 15.39 — — —
Meta Platforms Inc. — 30.97 24.92 35.58 28.51 21.10 9.01 12.84 14.91 16.44 21.80 25.93 27.69 25.89 29.65 30.73 27.83 32.31 — — —
Walt Disney Co. 60.90 73.44 71.09 44.85 61.51 54.90 65.23 72.29 86.97 137.89 289.34 — — — — 33.92 25.19 23.96 20.74 18.03 15.32

Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q1 2024 Calculation
EPS = (Net incomeQ1 2024 + Net incomeQ4 2023 + Net incomeQ3 2023 + Net incomeQ2 2023) ÷ No. shares of common stock outstanding
= (2,332,209,000 + 937,838,000 + 1,677,422,000 + 1,487,610,000) ÷ 430,964,991 = 14.93

3 Closing price as at the filing date of Netflix Inc. Quarterly or Annual Report.

4 Q1 2024 Calculation
P/E ratio = Share price ÷ EPS
= 554.60 ÷ 14.93 = 37.14

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Netflix Inc. P/E ratio increased from Q3 2023 to Q4 2023 but then decreased significantly from Q4 2023 to Q1 2024.

Price to Operating Profit (P/OP)

Netflix Inc., historical P/OP calculation (quarterly data)

Microsoft Excel
Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 430,964,991 432,759,584 437,679,669 443,146,751 444,536,878 445,346,776 445,020,494 444,705,591 444,273,850 443,963,107 442,952,194 442,595,888 443,383,732 442,895,261 441,795,008 441,015,443 439,780,618 438,806,649 438,251,289 437,834,882 437,191,891
Selected Financial Data (US$)
Operating income (in thousands) 2,632,534 1,496,109 1,916,394 1,827,183 1,714,317 549,904 1,533,018 1,578,283 1,971,626 631,770 1,755,253 1,847,630 1,959,856 954,242 1,314,863 1,357,928 958,256 458,512 980,239 706,419 459,084
Operating profit per share2 18.27 16.07 13.73 12.69 12.09 12.65 12.84 13.35 13.97 13.95 14.71 13.73 12.60 10.35 9.26 8.51 7.06 5.93 0.00 0.00 0.00
Share price1, 3 554.60 570.42 400.96 427.50 327.98 364.87 268.16 223.88 218.22 386.70 653.16 511.77 508.78 538.60 485.23 502.41 433.83 343.16 275.30 315.10 360.35
Valuation Ratio
P/OP ratio4 30.36 35.50 29.21 33.68 27.12 28.85 20.88 16.77 15.62 27.71 44.39 37.28 40.38 52.02 52.42 59.01 61.48 57.82 — — —
Benchmarks
P/OP Ratio, Competitors5
Alphabet Inc. — 20.92 20.13 21.93 18.38 18.01 15.62 17.97 18.39 24.86 26.82 29.02 32.10 33.85 31.47 30.75 25.72 29.05 — — —
Comcast Corp. — 7.93 6.75 12.94 11.89 12.00 9.64 7.83 8.75 10.89 11.91 14.39 14.66 13.47 10.47 9.93 8.26 9.51 — — —
Meta Platforms Inc. — 25.90 20.16 27.97 22.11 16.91 7.39 10.83 12.68 13.84 18.71 22.67 24.49 23.10 26.06 25.90 21.96 24.90 — — —
Walt Disney Co. 29.75 33.90 34.95 26.48 32.61 26.43 31.54 35.31 53.03 91.54 197.21 — — — 242.78 21.67 26.30 24.82 21.70 18.48 11.63

Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q1 2024 Calculation
Operating profit per share = (Operating incomeQ1 2024 + Operating incomeQ4 2023 + Operating incomeQ3 2023 + Operating incomeQ2 2023) ÷ No. shares of common stock outstanding
= (2,632,534,000 + 1,496,109,000 + 1,916,394,000 + 1,827,183,000) ÷ 430,964,991 = 18.27

3 Closing price as at the filing date of Netflix Inc. Quarterly or Annual Report.

4 Q1 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 554.60 ÷ 18.27 = 30.36

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Netflix Inc. P/OP ratio increased from Q3 2023 to Q4 2023 but then slightly decreased from Q4 2023 to Q1 2024 not reaching Q3 2023 level.

Price to Sales (P/S)

Netflix Inc., historical P/S calculation (quarterly data)

Microsoft Excel
Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 430,964,991 432,759,584 437,679,669 443,146,751 444,536,878 445,346,776 445,020,494 444,705,591 444,273,850 443,963,107 442,952,194 442,595,888 443,383,732 442,895,261 441,795,008 441,015,443 439,780,618 438,806,649 438,251,289 437,834,882 437,191,891
Selected Financial Data (US$)
Revenues (in thousands) 9,370,440 8,832,825 8,541,668 8,187,301 8,161,503 7,852,053 7,925,589 7,970,141 7,867,767 7,709,318 7,483,467 7,341,777 7,163,282 6,644,442 6,435,637 6,148,286 5,767,691 5,467,434 5,244,905 4,923,116 4,520,992
Sales per share2 81.06 77.93 74.81 72.50 71.78 70.99 70.72 69.78 68.43 66.89 64.64 62.33 59.52 56.44 53.91 51.31 48.67 45.93 0.00 0.00 0.00
Share price1, 3 554.60 570.42 400.96 427.50 327.98 364.87 268.16 223.88 218.22 386.70 653.16 511.77 508.78 538.60 485.23 502.41 433.83 343.16 275.30 315.10 360.35
Valuation Ratio
P/S ratio4 6.84 7.32 5.36 5.90 4.57 5.14 3.79 3.21 3.19 5.78 10.10 8.21 8.55 9.54 9.00 9.79 8.91 7.47 — — —
Benchmarks
P/S Ratio, Competitors5
Alphabet Inc. — 5.74 5.34 5.65 4.66 4.76 4.35 5.33 5.60 7.60 8.13 8.26 8.11 7.65 6.39 6.08 5.49 6.14 — — —
Comcast Corp. — 1.52 1.30 1.55 1.40 1.39 1.14 1.43 1.55 1.95 2.08 2.45 2.49 2.28 1.89 1.89 1.58 1.84 — — —
Meta Platforms Inc. — 8.98 5.84 6.65 5.21 4.20 2.20 3.62 4.65 5.49 7.82 9.64 9.90 8.78 9.49 9.62 7.95 8.45 — — —
Walt Disney Co. 2.04 1.94 1.82 2.12 2.42 2.09 2.53 2.50 3.67 4.08 5.12 5.55 5.70 4.13 3.04 2.33 3.48 3.81 3.95 4.07 2.83

Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q1 2024 Calculation
Sales per share = (RevenuesQ1 2024 + RevenuesQ4 2023 + RevenuesQ3 2023 + RevenuesQ2 2023) ÷ No. shares of common stock outstanding
= (9,370,440,000 + 8,832,825,000 + 8,541,668,000 + 8,187,301,000) ÷ 430,964,991 = 81.06

3 Closing price as at the filing date of Netflix Inc. Quarterly or Annual Report.

4 Q1 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= 554.60 ÷ 81.06 = 6.84

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Netflix Inc. P/S ratio increased from Q3 2023 to Q4 2023 but then slightly decreased from Q4 2023 to Q1 2024.

Price to Book Value (P/BV)

Netflix Inc., historical P/BV calculation (quarterly data)

Microsoft Excel
Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 430,964,991 432,759,584 437,679,669 443,146,751 444,536,878 445,346,776 445,020,494 444,705,591 444,273,850 443,963,107 442,952,194 442,595,888 443,383,732 442,895,261 441,795,008 441,015,443 439,780,618 438,806,649 438,251,289 437,834,882 437,191,891
Selected Financial Data (US$)
Stockholders’ equity (in thousands) 21,365,410 20,588,313 22,107,627 22,832,215 21,828,196 20,777,401 20,528,141 19,075,974 17,544,039 15,849,248 15,314,617 13,863,871 12,884,080 11,065,240 10,333,323 9,334,753 8,409,294 7,582,157 6,861,505 6,105,548 5,703,058
Book value per share (BVPS)2 49.58 47.57 50.51 51.52 49.10 46.65 46.13 42.90 39.49 35.70 34.57 31.32 29.06 24.98 23.39 21.17 19.12 17.28 15.66 13.94 13.04
Share price1, 3 554.60 570.42 400.96 427.50 327.98 364.87 268.16 223.88 218.22 386.70 653.16 511.77 508.78 538.60 485.23 502.41 433.83 343.16 275.30 315.10 360.35
Valuation Ratio
P/BV ratio4 11.19 11.99 7.94 8.30 6.68 7.82 5.81 5.22 5.53 10.83 18.89 16.34 17.51 21.56 20.75 23.74 22.69 19.86 17.58 22.60 27.62
Benchmarks
P/BV Ratio, Competitors5
Alphabet Inc. — 6.22 5.80 6.12 5.08 5.26 4.84 5.80 5.96 7.78 7.95 7.66 6.93 6.27 5.15 4.87 4.50 4.94 4.47 4.51 4.50
Comcast Corp. — 2.24 1.91 2.22 2.04 2.08 1.72 1.90 1.97 2.36 2.48 2.81 2.80 2.61 2.29 2.39 2.11 2.43 2.61 2.64 2.60
Meta Platforms Inc. — 7.91 5.19 5.98 4.90 3.89 2.09 3.43 4.52 5.18 6.59 7.31 6.99 5.88 6.37 6.54 5.54 5.91 5.81 6.45 6.38
Walt Disney Co. 1.81 1.74 1.64 1.89 2.12 1.82 2.22 2.11 2.98 3.11 3.76 3.79 4.12 3.23 2.47 2.02 2.91 2.98 2.82 2.70 3.34

Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q1 2024 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 21,365,410,000 ÷ 430,964,991 = 49.58

3 Closing price as at the filing date of Netflix Inc. Quarterly or Annual Report.

4 Q1 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= 554.60 ÷ 49.58 = 11.19

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. Netflix Inc. P/BV ratio increased from Q3 2023 to Q4 2023 but then slightly decreased from Q4 2023 to Q1 2024.