Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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).
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Historical Valuation Ratios (Summary)
Netflix Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 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).
The valuation metrics exhibit a consistent cyclical pattern characterized by a prolonged expansion phase from early 2022 through mid-2025, followed by a significant contraction through the first half of 2026. Across all four primary valuation ratios, a synchronized peak occurs in June 2025, suggesting a period of maximum market premium relative to underlying financial fundamentals during that timeframe.
- Price to Earnings (P/E)
- The P/E ratio climbed steadily from 19.36 in March 2022 to a peak of 50.14 in June 2025. This expansion indicates a significant increase in market expectations or a higher valuation multiple applied to net income. However, a sharp reversal followed, with the ratio declining to 21.03 by June 2026, effectively erasing most of the gains made during the expansion period.
- Price to Operating Profit (P/OP)
- A trajectory similar to the P/E ratio is observed in the Price to Operating Profit metric. Starting at 15.62 in March 2022, the ratio reached its zenith at 41.76 in June 2025. The subsequent contraction led to a value of 20.00 by June 2026, mirroring the overall trend of valuation compression observed across other earnings-based metrics.
- Price to Sales (P/S)
- The P/S ratio experienced a dramatic increase, rising from 3.19 in March 2022 to a high of 12.32 in June 2025. This suggests a period where the stock price grew at a rate far exceeding revenue growth. A contraction followed, bringing the ratio down to 5.94 by June 2026, though this remains higher than the levels recorded in early 2022.
- Price to Book Value (P/BV)
- The P/BV ratio showed the most significant percentage volatility. From a starting point of 5.53 in March 2022, it expanded to 20.59 by June 2025. This indicates a period of high premium over the accounting value of the company. The ratio subsequently fell to 9.52 by June 2026, signaling a correction in the asset-based valuation.
Overall, the synchronized movement of these ratios indicates that the valuation shifts were primarily driven by changes in the stock price rather than isolated fluctuations in a single financial metric. The period between December 2024 and June 2025 represents the peak of the valuation cycle, while the period from September 2025 to June 2026 is marked by a consistent downward adjustment across all valuation multiples.
Price to Earnings (P/E)
Netflix Inc., historical P/E calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net income (in thousands) | ||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||
| Alphabet Inc. | ||||||||||||||||||||||||
| Comcast Corp. | ||||||||||||||||||||||||
| Meta Platforms Inc. | ||||||||||||||||||||||||
| Trade Desk Inc. | ||||||||||||||||||||||||
| Walt Disney Co. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
EPS
= (Net incomeQ2 2026
+ Net incomeQ1 2026
+ Net incomeQ4 2025
+ Net incomeQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Netflix Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
An analysis of the valuation metrics reveals a period of significant expansion in the price-to-earnings multiple, followed by a sharp contraction in the final periods of the observation window. While earnings grew consistently over the long term, the share price experienced higher volatility, leading to substantial shifts in the valuation ratio.
- Earnings per Share (EPS) Performance
- A consistent upward trajectory in earnings per share is observed beginning in June 2023. After a brief period of volatility between March 2022 (1.13) and March 2023 (0.94), EPS entered a sustained growth phase, rising steadily to reach 3.28 by June 2026. This represents a robust increase in fundamental profitability over the analyzed timeframe.
- Share Price Volatility
- The share price demonstrated aggressive growth from March 2022 (21.82) to a peak of 120.92 in June 2025. This ascent was characterized by several stages of acceleration, particularly between December 2024 and June 2025. However, a significant reversal occurred after June 2025, with the price declining to 68.95 by June 2026, erasing a substantial portion of the previous gains.
- Price-to-Earnings (P/E) Ratio Dynamics
- The P/E ratio expanded from 19.36 in March 2022 to a peak of 50.14 in June 2025, indicating that the market was willing to pay a higher premium for each dollar of earnings during this period. This expansion was driven by the share price increasing at a rate that significantly outpaced EPS growth. Following the peak, the P/E ratio underwent a rapid compression, falling to 21.03 by June 2026. This contraction was the result of a declining share price occurring simultaneously with continued EPS growth, suggesting a significant valuation correction.
The divergence between the steady growth of fundamental earnings and the volatile movement of the share price resulted in a cyclical valuation pattern. The transition from a high P/E environment (above 50.00) back to levels near the starting point (approximately 21.00) indicates a shift from aggressive growth expectations to a more conservative valuation of the company's earnings power.
Price to Operating Profit (P/OP)
Netflix Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Operating income (in thousands) | ||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||
| Alphabet Inc. | ||||||||||||||||||||||||
| Comcast Corp. | ||||||||||||||||||||||||
| Meta Platforms Inc. | ||||||||||||||||||||||||
| Trade Desk Inc. | ||||||||||||||||||||||||
| Walt Disney Co. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Operating profit per share
= (Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Netflix Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The valuation trajectory of the company between March 2022 and June 2026 is characterized by a period of aggressive multiple expansion followed by a significant correction, occurring alongside a consistent long-term increase in operational efficiency.
- Share Price Dynamics
- The share price exhibited a strong bullish trend for the majority of the analyzed period, rising from 21.82 USD in March 2022 to a peak of 120.92 USD in June 2025. This represents a substantial increase in market valuation. However, a sharp reversal occurred in the latter half of 2025, with the price declining to 86.12 USD by December 2025 and further dropping to 68.95 USD by June 2026.
- Operating Profit per Share Progression
- Operational performance showed a different trajectory than the market price. Following a slight contraction from 1.40 USD in March 2022 to a low of 1.21 USD in March 2023, the operating profit per share entered a phase of uninterrupted growth. This steady upward trend continued through the end of the period, reaching 3.45 USD by June 2026, indicating a strengthening of core business profitability regardless of share price volatility.
- Price to Operating Profit (P/OP) Analysis
- The P/OP ratio reflects a significant expansion in valuation multiples during the 2022-2025 window. The ratio climbed from 15.62 in March 2022 to a peak of 41.76 in March 2025, suggesting that the market was pricing in growth expectations far exceeding the immediate growth in operating profits. A marked compression of this multiple occurred starting in late 2025, with the ratio falling to 20.00 by June 2026. This decline in the P/OP ratio was driven primarily by the collapse in share price, which occurred even as the underlying operating profit per share continued to improve.
In summary, the data reveals a divergence between market valuation and operational performance. While the company successfully grew its operating profit per share consistently from 2023 onwards, the stock price experienced an unsustainable surge that inflated the P/OP ratio, followed by a correction that returned the valuation multiple toward historical levels.
Price to Sales (P/S)
Netflix Inc., historical P/S calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Revenues (in thousands) | ||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||
| Alphabet Inc. | ||||||||||||||||||||||||
| Comcast Corp. | ||||||||||||||||||||||||
| Meta Platforms Inc. | ||||||||||||||||||||||||
| Trade Desk Inc. | ||||||||||||||||||||||||
| Walt Disney Co. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Sales per share
= (RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Netflix Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The financial trajectory between March 2022 and June 2026 is characterized by a significant expansion in valuation multiples followed by a sharp contraction, despite a consistent and linear increase in fundamental revenue per share.
- Sales per Share Growth
- A consistent upward trend is observed in sales per share, which rose from 6.84 US$ in March 2022 to 11.62 US$ by June 2026. This represents a steady growth in top-line efficiency per share throughout the entire period, indicating stable organic growth in revenue generation.
- Share Price Volatility
- The share price exhibited substantial volatility, beginning at 21.82 US$ in March 2022 and reaching a peak of 120.92 US$ in June 2025. Following this peak, a significant downward correction occurred, with the price declining to 68.95 US$ by June 2026.
- Price-to-Sales (P/S) Ratio Dynamics
- The P/S ratio mirrored the volatility of the share price rather than the steady growth of sales. The ratio increased from 3.19 in March 2022 to a peak of 12.32 in June 2025. This expansion suggests a period of aggressive market re-rating where the share price grew at a pace far exceeding the growth in sales.
- Valuation Correction
- Starting in the second half of 2025, a marked contraction in the P/S ratio is evident. Despite sales per share continuing to climb from 10.24 US$ in June 2025 to 11.62 US$ in June 2026, the P/S ratio fell from 10.91 to 5.94. This divergence indicates that the valuation correction was driven entirely by a decline in market price rather than a deterioration in revenue performance.
Price to Book Value (P/BV)
Netflix Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Stockholders’ equity (in thousands) | ||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||
| Alphabet Inc. | ||||||||||||||||||||||||
| Comcast Corp. | ||||||||||||||||||||||||
| Meta Platforms Inc. | ||||||||||||||||||||||||
| Trade Desk Inc. | ||||||||||||||||||||||||
| Walt Disney Co. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Netflix Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The valuation metrics from March 31, 2022, to June 30, 2026, reveal a period of significant volatility in market valuation relative to the accounting book value. The Price to Book Value (P/BV) ratio experienced a prolonged expansion phase, peaking in mid-2025 before undergoing a sharp correction.
- Share Price Trajectory
- The share price exhibited a strong bullish trend for the majority of the period, rising from 21.82 US$ in March 2022 to a peak of 120.92 US$ in June 2025. This represents a substantial increase in market capitalization. However, a notable reversal occurred after the June 2025 peak, with the price declining to 68.95 US$ by June 30, 2026.
- Book Value Per Share (BVPS) Progression
- In contrast to the volatility of the share price, the book value per share demonstrated a consistent and steady upward trend. BVPS increased from 3.95 US$ in March 2022 to 7.39 US$ in March 2026. This steady growth indicates a continuous accumulation of net assets and a strengthening of the company's fundamental accounting base over the observed timeframe.
- P/BV Ratio Analysis
- The P/BV ratio serves as a primary indicator of market sentiment and perceived intangible value. Between March 2022 and December 2022, the ratio remained relatively stable, ranging between 5.22 and 7.82. Starting in 2023, a period of rapid valuation expansion occurred, with the ratio climbing to 11.99 by December 2023 and reaching a maximum of 20.59 in June 2025. This suggests that the market placed an increasingly high premium on the company's future growth prospects and intangible assets relative to its tangible equity.
- Valuation Correction
- Following the peak in June 2025, a significant contraction in the P/BV ratio is observed. The ratio fell from 20.59 to 9.52 by June 30, 2026. Because the BVPS remained relatively stable during this decline, the contraction in the P/BV ratio was driven almost exclusively by the decrease in share price, indicating a market reassessment of the company's valuation multiples.