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).
Historical Valuation Ratios (Summary)
Netflix Inc., historical price multiples (quarterly data)
Based on: 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), 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).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio exhibited considerable fluctuations over the observed periods. Starting from a high value of approximately 86 in early 2020, the ratio declined steadily through 2021, reaching a low around 19 by mid-2022. Following this trough, a notable upward trend emerged, with the ratio increasing to mid-40s in the latter quarters, indicating growing market valuation relative to earnings. The recent quarters display occasional volatility but generally maintain levels between 35 and 50.
- Price to Operating Profit (P/OP) Ratio
- This ratio followed a trend similar to the P/E ratio but at lower numeric levels. Initially high above 50 in early 2020, it declined steadily to a low near 15 by mid-2022. Subsequently, the ratio increased again, fluctuating mostly between 27 and 41 in the most recent periods. The pattern suggests reduced market valuation relative to operating profit during the middle periods, followed by recovery and increased investor optimism linked to operating earnings.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio demonstrated a pronounced decline from the early 2020 peak near 9.5 down to just above 3 in mid-2022, reflecting a significant re-rating of the stock relative to sales. After mid-2022, the ratio rebounded steadily and markedly, reaching levels above 10 in the latest quarters. This shift indicates improving market sentiment and valuation relative to revenue generation, with the ratio in recent quarters surpassing earlier peaks significantly.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio declined consistently from early 2020 levels in the low twenties to a trough around 5 in mid-2022, implying a substantial decrease in market value relative to the company's book value. From mid-2022 onward, the ratio climbed steadily, reaching levels around 18 to 20 in the last analyzed quarters. This increase indicates a renewed market appreciation of the company’s net assets and a stronger valuation relative to the book value over the recent period.
- Overall Analysis
- Across all valuation metrics, a clear trend is observed: there was a significant decrease in market valuation ratios from early 2020 until mid-2022, indicating a period of declining investor confidence or less optimism regarding earnings, operating profits, sales, and book value. From mid-2022 forward, all ratios showed recovery and growth, reflecting improved market conditions, enhanced financial performance, or positive investor sentiment. The upward trends in all ratios during the latest quarters suggest heightened expectations for profitability and growth, as well as increased willingness to pay premium prices relative to earnings, profits, sales, and book value.
Price to Earnings (P/E)
Netflix Inc., historical P/E calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 423,732,334 | 424,926,346 | 425,683,210 | 427,757,100 | 427,458,114 | 429,164,615 | 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 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Net income (in thousands) | 2,546,916) | 3,125,413) | 2,890,351) | 1,868,607) | 2,363,509) | 2,147,306) | 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) | |||||||
| Earnings per share (EPS)2 | 24.62 | 24.12 | 21.78 | 20.37 | 18.20 | 16.53 | 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 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 1,116.37 | 1,209.24 | 973.03 | 971.89 | 763.89 | 633.34 | 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 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/E ratio4 | 45.35 | 50.14 | 44.68 | 47.72 | 41.97 | 38.31 | 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 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Alphabet Inc. | — | 20.22 | 17.91 | 23.54 | 22.87 | 24.49 | 26.05 | 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 | — | — | — | |||||||
| Comcast Corp. | — | 5.36 | 7.89 | 7.86 | 11.39 | 9.88 | 9.64 | 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 | — | — | — | |||||||
| Meta Platforms Inc. | — | 27.17 | 21.59 | 27.91 | 25.80 | 24.48 | 24.47 | 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 | — | — | — | |||||||
| Trade Desk Inc. | — | 103.52 | 71.43 | 90.94 | 212.26 | 171.26 | 212.06 | 206.87 | 246.46 | 306.77 | 410.83 | 609.53 | — | 788.40 | 211.66 | 284.75 | 151.46 | 147.73 | 96.69 | 176.64 | — | — | — | |||||||
| Walt Disney Co. | 17.93 | 20.60 | 35.59 | 39.74 | 32.64 | 113.35 | 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 | |||||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
EPS
= (Net incomeQ3 2025
+ Net incomeQ2 2025
+ Net incomeQ1 2025
+ Net incomeQ4 2024)
÷ No. shares of common stock outstanding
= (2,546,916,000 + 3,125,413,000 + 2,890,351,000 + 1,868,607,000)
÷ 423,732,334 = 24.62
3 Closing price as at the filing date of Netflix Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/E ratio = Share price ÷ EPS
= 1,116.37 ÷ 24.62 = 45.35
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited significant volatility over the reported periods. Initially, it increased from $433.83 on March 31, 2020, reaching a peak at $653.16 by September 30, 2021. This was followed by a sharp decline down to $218.22 by March 31, 2022. Subsequently, a recovery phase began, with the share price escalating steadily, reaching a peak of $1209.24 on September 30, 2025, before a slight decline to $1116.37 by the end of the period reported. Overall, the share price more than doubled from the mid-2020 peak to the late 2025 peak.
- Earnings per Share (EPS) Trend
- The EPS demonstrated a mostly consistent upward trend starting from the first reported value of $6.23 in March 31, 2021. The EPS rose steadily across the quarters, reaching $24.62 by the end of the last reported quarter in September 30, 2025. Minor fluctuations occurred but did not materially affect the long-term growth trajectory. This steady growth in EPS indicates improving profitability on a per-share basis over time.
- Price-to-Earnings (P/E) Ratio Trend
- The P/E ratio showed considerable fluctuation over the periods. In early 2021, the ratio was high, at 86.39 in March 31, 2021, and then decreased sharply to 19.36 by June 30, 2022, reflecting a correction in market valuation relative to earnings. Post this low, the P/E ratio rose again, reaching levels above 40 several times in the later periods, peaking at 50.14 on September 30, 2025. This variability suggests changing market sentiment and valuation multiples, possibly driven by growth expectations and risk perceptions.
- Overall Insights
- The combination of rising EPS and a fluctuating P/E ratio suggests that earnings growth was a fundamental driver of the share price increase, particularly in the later years. The initial share price volatility appears linked to market reactions adjusting for the company's earnings trajectory and external factors influencing investor sentiment. The increasing P/E ratio towards the end of the period could indicate heightened investor optimism or premium valuation relative to earnings growth.
Price to Operating Profit (P/OP)
Netflix Inc., historical P/OP calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 423,732,334 | 424,926,346 | 425,683,210 | 427,757,100 | 427,458,114 | 429,164,615 | 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 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Operating income (in thousands) | 3,248,247) | 3,774,694) | 3,346,999) | 2,272,766) | 2,909,477) | 2,602,837) | 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) | |||||||
| Operating profit per share2 | 29.84 | 28.96 | 26.15 | 24.35 | 22.55 | 20.15 | 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 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 1,116.37 | 1,209.24 | 973.03 | 971.89 | 763.89 | 633.34 | 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 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/OP ratio4 | 37.42 | 41.76 | 37.21 | 39.91 | 33.87 | 31.43 | 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 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Alphabet Inc. | — | 19.25 | 16.92 | 20.97 | 20.51 | 21.92 | 23.24 | 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 | — | — | — | |||||||
| Comcast Corp. | — | 5.45 | 5.35 | 5.46 | 7.33 | 6.37 | 6.33 | 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 | — | — | — | |||||||
| Meta Platforms Inc. | — | 24.69 | 19.68 | 25.09 | 22.96 | 21.42 | 20.99 | 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 | — | — | — | |||||||
| Trade Desk Inc. | — | 90.92 | 64.99 | 83.69 | 173.83 | 142.04 | 169.07 | 184.64 | 241.10 | 269.27 | 295.72 | 286.30 | — | 669.01 | 212.81 | 314.28 | 166.23 | 177.79 | 164.94 | 296.81 | — | — | — | |||||||
| Walt Disney Co. | 17.26 | 15.44 | 21.45 | 23.75 | 19.06 | 39.89 | 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 | |||||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Operating profit per share
= (Operating incomeQ3 2025
+ Operating incomeQ2 2025
+ Operating incomeQ1 2025
+ Operating incomeQ4 2024)
÷ No. shares of common stock outstanding
= (3,248,247,000 + 3,774,694,000 + 3,346,999,000 + 2,272,766,000)
÷ 423,732,334 = 29.84
3 Closing price as at the filing date of Netflix Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 1,116.37 ÷ 29.84 = 37.42
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited significant volatility over the observed periods. Initially, it rose from $433.83 at the end of Q1 2020 to a peak of $653.16 in Q3 2021. Subsequently, there was a notable decline to $218.22 by Q1 2022, followed by a recovery phase where the price increased steadily, peaking again at $1209.24 by Q3 2025 before a mild decrease to $1116.37 in Q4 2025. This pattern suggests periods of strong investor confidence alternating with sharp corrections, pointing to market reactions to company performance and possibly broader economic factors.
- Operating Profit Per Share (OPPS)
- Operating profit per share data started becoming available from Q1 2020. Over the observed timeline, OPPS consistently increased from $10.35 in Q1 2020 to $29.84 in Q4 2025. This growth indicates improving operational efficiency and profitability on a per-share basis. The increase was generally steady with minor fluctuations, reflecting sustained operational improvements despite market volatility as seen in the share price movements.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio illustrates the market valuation relative to the company's operating profits per share. Initially recorded at 52.02, this ratio declined sharply to a low of around 15.62 in Q2 2022, indicating that the share price declined faster than operating profits during that period. After reaching this low, the ratio exhibited cyclical behavior, fluctuating mostly between 27 and 44, showing a less consistent investor valuation trend compared to the steady rise in operating profits. This suggests that while operating profits steadily improved, market sentiment and valuation multiples were more volatile, possibly driven by market dynamics or expectations about future performance.
- Overall Financial Insight
- The increasing operating profit per share signals ongoing operational strength and improved profitability. However, the share price and the price to operating profit multiples reflect considerable market volatility and changing investor sentiment. The divergence between steady profit growth and fluctuating share prices and valuation multiples suggests that external factors, such as market conditions or investor expectations, had a pronounced influence on valuation. The recovery and eventual peak in share price towards the later periods show renewed investor confidence aligning with improved profitability metrics.
Price to Sales (P/S)
Netflix Inc., historical P/S calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 423,732,334 | 424,926,346 | 425,683,210 | 427,757,100 | 427,458,114 | 429,164,615 | 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 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Revenues (in thousands) | 11,510,307) | 11,079,166) | 10,542,801) | 10,246,513) | 9,824,703) | 9,559,310) | 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) | |||||||
| Sales per share2 | 102.37 | 98.12 | 94.37 | 91.18 | 87.93 | 84.59 | 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 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 1,116.37 | 1,209.24 | 973.03 | 971.89 | 763.89 | 633.34 | 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 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/S ratio4 | 10.90 | 12.32 | 10.31 | 10.66 | 8.69 | 7.49 | 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 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Alphabet Inc. | — | 6.29 | 5.53 | 6.73 | 6.34 | 6.54 | 6.75 | 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 | — | — | — | |||||||
| Comcast Corp. | — | 0.99 | 1.00 | 1.03 | 1.36 | 1.23 | 1.22 | 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 | — | — | — | |||||||
| Meta Platforms Inc. | — | 10.87 | 8.45 | 10.58 | 9.17 | 8.41 | 7.84 | 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 | — | — | — | |||||||
| Trade Desk Inc. | — | 16.12 | 11.46 | 14.62 | 28.32 | 19.95 | 20.77 | 19.02 | 20.57 | 22.90 | 19.30 | 20.62 | 13.17 | 19.16 | 16.47 | 32.79 | 38.06 | 37.58 | 26.02 | 51.20 | — | — | — | |||||||
| Walt Disney Co. | 2.19 | 1.95 | 2.16 | 2.16 | 1.73 | 2.15 | 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 | |||||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Sales per share
= (RevenuesQ3 2025
+ RevenuesQ2 2025
+ RevenuesQ1 2025
+ RevenuesQ4 2024)
÷ No. shares of common stock outstanding
= (11,510,307,000 + 11,079,166,000 + 10,542,801,000 + 10,246,513,000)
÷ 423,732,334 = 102.37
3 Closing price as at the filing date of Netflix Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 1,116.37 ÷ 102.37 = 10.90
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited notable volatility over the examined periods. Initially, from March 2020 to December 2021, it fluctuated between approximately $433 and $653, peaking in September 2021. This was followed by a significant decline through March 2022, reaching a low near $218. Thereafter, a clear upward trend emerged, with the share price rising steadily to a peak of about $1,209 by September 2025, indicating a strong recovery and growth phase.
- Sales Per Share
- Sales per share showed a consistent upward trajectory starting from March 2021. The values increased progressively from approximately $56.44 to $102.37 by September 2025. This steady growth suggests an improving revenue generation capability on a per-share basis, reflecting solid operational performance over the period.
- Price-to-Sales (P/S) Ratio
- The P/S ratio displayed significant fluctuations across the timeline. Initially, ratios hovered around 8 to 10 until December 2021, followed by a steep decline to as low as 3.19 in June 2022, coinciding with the share price bottom. Subsequently, the P/S ratio began to rise again, reaching values above 12 by September 2025. The initial decline and subsequent increase in P/S indicate variations in market valuation relative to sales, influenced both by changes in share price and sales per share.
- Overall Analysis
- The data shows an initial period of relatively high valuation and stable sales, followed by a market correction reflected in falling share prices and P/S ratios, despite ongoing growth in sales per share. The strong recovery in share price coupled with continued sales growth suggests enhanced investor confidence and improved financial performance. Increasing P/S ratios in the later periods may reflect elevated market expectations or premium valuation relative to sales growth.
Price to Book Value (P/BV)
Netflix Inc., historical P/BV calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 423,732,334 | 424,926,346 | 425,683,210 | 427,757,100 | 427,458,114 | 429,164,615 | 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 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Stockholders’ equity (in thousands) | 25,954,035) | 24,951,899) | 24,028,073) | 24,743,567) | 22,720,736) | 22,112,693) | 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) | |||||||
| Book value per share (BVPS)2 | 61.25 | 58.72 | 56.45 | 57.84 | 53.15 | 51.52 | 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 | |||||||
| Share price1, 3 | 1,116.37 | 1,209.24 | 973.03 | 971.89 | 763.89 | 633.34 | 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 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/BV ratio4 | 18.23 | 20.59 | 17.24 | 16.80 | 14.37 | 12.29 | 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 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Alphabet Inc. | — | 6.44 | 5.76 | 7.25 | 6.86 | 7.14 | 7.33 | 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 | |||||||
| Comcast Corp. | — | 1.27 | 1.43 | 1.49 | 1.95 | 1.79 | 1.80 | 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 | |||||||
| Meta Platforms Inc. | — | 9.96 | 7.78 | 9.53 | 8.71 | 8.03 | 7.49 | 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 | |||||||
| Trade Desk Inc. | — | 16.02 | 10.84 | 12.12 | 24.91 | 18.04 | 19.70 | 17.10 | 17.47 | 19.15 | 16.36 | 15.38 | 10.20 | 14.95 | 12.90 | 25.68 | 32.74 | 32.37 | 21.48 | 42.25 | 46.21 | 30.40 | 21.56 | |||||||
| Walt Disney Co. | 1.90 | 1.76 | 1.96 | 1.96 | 1.55 | 1.94 | 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 | |||||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 25,954,035,000 ÷ 423,732,334 = 61.25
3 Closing price as at the filing date of Netflix Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 1,116.37 ÷ 61.25 = 18.23
5 Click competitor name to see calculations.
- Share Price Trend
- The share price experienced significant volatility over the observed periods. Initially, the price rose from $433.83 at the start of 2020 to a peak above $650 in late 2021, followed by a pronounced decline to around $218 by the first quarter of 2022. From that low point, the share price demonstrated a strong recovery, steadily climbing to reach highs above $1200 by mid-2025. This indicates a period of high investor confidence in recent years after an interim correction.
- Book Value Per Share (BVPS) Trend
- BVPS showed a consistent upward trajectory throughout the entire timeframe. Starting from $19.12 in early 2020, it gradually increased without major fluctuations, reaching $61.25 by mid-2025. The steady growth in book value per share suggests continuous accumulation of net assets, indicative of overall financial strengthening of the entity.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio exhibited substantial variation. From extremely high levels near 23.74 in mid-2020, it decreased sharply to single-digit figures around 5.22 during mid-2022, reflecting the sharp drop in share price relative to book value. Subsequently, the ratio recovered, rising again to values exceeding 20 by mid-2025. This oscillation implies that market valuation relative to intrinsic book value was highly sensitive during this period, corresponding with the share price fluctuations.
- Overall Financial Interpretation
- The company showed a strong fundamental growth as evidenced by the steady rise in book value per share. However, the market valuation, as reflected in the share price and P/BV ratio, was more volatile, likely influenced by external market conditions and investor sentiment. The marked recovery in share price towards the latter part of the period suggests renewed optimism or improved market expectations about the company’s prospects. The P/BV ratio moving back into higher territory might indicate a perception of increased growth potential or improved profitability beyond the book value growth alone.