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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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
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Historical Valuation Ratios (Summary)
Netflix Inc., historical price multiples (quarterly data)
Based on: 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 displays a marked decrease from a high of 86.39 in March 2021 to a low near 19.36 in June 2022. This suggests that the market valuation relative to earnings became more moderate over this period. Subsequently, the P/E ratio experiences fluctuations, rising again towards values in the 40s by late 2023 and early 2024, indicating renewed investor optimism or changes in earnings expectations. The trend after mid-2024 shows continued variability within the range of high 30s to low 50s, which may reflect fluctuations in earnings or market sentiment.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio mirrors the pattern observed in the P/E ratio, initially declining sharply from the early 2021 peak (around 52.02) to a low approximately 15.62 in June 2022, suggesting an improvement in operating profit relative to stock price. Following this trough, the ratio increases again, reaching values close to 40 by mid-2025. The pattern suggests oscillations in operating profit margins or shifts in valuation multiples assigned by the market over time.
- Price to Sales (P/S) Ratio
- The P/S ratio demonstrates a significant downward trend from March 2021, starting near 9.54 and bottoming near 3.19 in June 2022, indicating a lower market valuation per unit of sales during this timeframe. After mid-2022, the ratio recovers steadily, reaching above 12 by mid-2025, reflecting either growth in sales valuation or changes in sales dynamics, possibly due to revenue growth outpacing stock price or vice versa.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio begins at a relatively high level around 22.69 in early 2020, decreasing consistently over several quarters to a low near 5.22 in June 2022, signaling a reduction in market premium relative to book value. After this low, there is a clear upward trend, climbing steadily to over 20 by mid-2025. This recovery suggests stronger investor confidence in the company's net asset value or improved fundamentals affecting equity valuation.
- Overall Trends and Insights
- Across all four valuation ratios, a common theme emerges: a peak or plateau in early 2021 is followed by a significant decline through mid-2022. This period likely reflects increased market caution or weaker financial performance. From mid-2022 onward, each ratio exhibits a recovery, with prices gaining relative to earnings, operating profits, sales, and book value sequentially through 2025. These movements imply that the company experienced a phase of adjustment followed by renewed positive investor sentiment or improved financial metrics. The periodic fluctuations post-recovery may indicate ongoing market reassessment of performance outlooks and risk factors.
Price to Earnings (P/E)
Netflix Inc., historical P/E calculation (quarterly data)
| 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 | |||||||||||||||||||||||||||||
| 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. | |||||||||||||||||||||||||||||
| Walt Disney Co. | |||||||||||||||||||||||||||||
Based on: 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 Q2 2025 Calculation
EPS
= (Net incomeQ2 2025
+ Net incomeQ1 2025
+ Net incomeQ4 2024
+ Net incomeQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Netflix Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The data reveals several notable trends and fluctuations in the financial performance indicators over the observed quarters.
- Share Price
- The share price initially increased from $433.83 in March 2020 to a peak near $653.16 in September 2021, followed by a significant drop to $218.22 by March 2022. After this trough, a gradual recovery is observable, with the share price climbing steadily, reaching $1,209.24 in June 2025. This trajectory indicates a period of volatility with an initial growth phase, a sharp decline, and a strong subsequent rebound, possibly reflecting changing market conditions or company performance over time.
- Earnings per Share (EPS)
- EPS figures were not available until March 2021, showing a start at $6.23 and experiencing consistent growth throughout the observed periods. By June 2025, the EPS reached $24.12. This steady increase demonstrates improving profitability on a per-share basis, indicating enhanced earnings performance and possibly operational efficiencies or revenue growth over time.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio showed a downward trend from 86.39 at the start in March 2021 to a low around 19.36–23.66 in the early 2022 quarters, suggesting the stock was becoming more reasonably valued relative to earnings during that period. However, after this decline, the P/E ratio rose again, fluctuating between approximately 33 and 50 from mid-2022 to mid-2025, reflecting increased share price growth relative to earnings or possibly investor expectations of future growth. The oscillations suggest changing market sentiment and varying perceptions of valuation appropriateness over time.
Overall, the data indicates a company experiencing volatile market valuation with strengthening earnings performance. The share price recovery coupled with rising EPS supports a constructive view of the company’s financial health, although valuation multiples suggest fluctuating investor confidence and evolving market dynamics.
Price to Operating Profit (P/OP)
Netflix Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| 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. | |||||||||||||||||||||||||||||
| Walt Disney Co. | |||||||||||||||||||||||||||||
Based on: 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 Q2 2025 Calculation
Operating profit per share
= (Operating incomeQ2 2025
+ Operating incomeQ1 2025
+ Operating incomeQ4 2024
+ Operating incomeQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Netflix Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The data reveals several notable trends in the share price, operating profit per share, and price-to-operating profit (P/OP) ratio over the analyzed quarterly periods.
- Share Price
- The share price experienced significant volatility throughout the periods. From March 31, 2020, to December 31, 2021, the price showed fluctuations with initial growth reaching a peak of 653.16 US$ in September 2021, followed by a sharp decline to 386.7 US$ by December 2021. Subsequently, from early 2022 onwards, the share price initially declined further, reaching a low near 218.22 US$ in March 2022. After this low point, a sustained upward trend commenced, advancing strongly to surpass previous peaks, ultimately reaching 1209.24 US$ by June 30, 2025. This later growth marks a remarkable recovery and expansion in market valuation.
- Operating Profit Per Share
- Operating profit per share data begins from the period ending March 31, 2021. It exhibits a generally upward trajectory, starting at 10.35 US$ and gradually increasing almost every quarter. Notably, after some slight dips between late 2021 and early 2023, there is renewed steady growth through 2024 and 2025, culminating in a value of 28.96 US$. This indicates enhanced profitability at the per-share level over the medium to long term.
- Price-to-Operating Profit Ratio (P/OP)
- The P/OP ratio shows considerable variability. Early values from 2021 show a downward trend from a high of 52.02 to a lower point near 15.62 by mid-2022, suggesting that the share price became more aligned with operating profitability during this period. However, post mid-2022, the ratio fluctuates between roughly 20 and 40, indicating some investor uncertainty or changing market dynamics affecting valuation multiples despite rising operating profits. The most recent values in 2025 cluster around 37 to 42, higher than the mid-2022 trough but lower than the early 2021 peak, signaling a balanced but moderately elevated valuation relative to operating earnings.
In summary, the financial data portrays a company that experienced share price volatility possibly linked to market conditions or company-specific events up to 2022. Following an initial decline, both share price and operating profit per share have exhibited strong growth. While the P/OP ratio indicates some fluctuation in market valuation multiples, it currently suggests an investor perception of moderate premium relative to operating profit. The upward trends in profitability per share alongside rising share prices in the latter periods point toward improving financial performance and market confidence over time.
Price to Sales (P/S)
Netflix Inc., historical P/S calculation (quarterly data)
| 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 | |||||||||||||||||||||||||||||
| 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. | |||||||||||||||||||||||||||||
| Walt Disney Co. | |||||||||||||||||||||||||||||
Based on: 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 Q2 2025 Calculation
Sales per share
= (RevenuesQ2 2025
+ RevenuesQ1 2025
+ RevenuesQ4 2024
+ RevenuesQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Netflix Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited significant fluctuations over the observed periods. Initially, from March 2020 to December 2021, the price showed volatility with a peak of 653.16 USD in September 2021 followed by a sharp decline to 386.7 USD in December 2021. Subsequently, the share price continued to decrease reaching a low of 218.22 USD in March 2022. From that point onward, a sustained upward trend is evident, culminating in a substantial increase to 1209.24 USD by June 2025. This indicates a recovery phase followed by strong growth in market valuation.
- Sales per Share Trend
- Sales per share data is available from March 2021 onwards. The values show a consistent incremental increase across all periods, starting at 56.44 USD and rising steadily to 98.12 USD by June 2025. This demonstrates steady growth in revenue generation on a per-share basis, suggesting continuous improvements in the company’s core sales performance.
- Price-to-Sales (P/S) Ratio Trend
- The Price-to-Sales ratio reveals notable volatility. Early values from March 2021 to December 2021 fluctuate between 9.54 and 10.1, indicating relatively high market valuation compared to sales. A pronounced fall occurs from March 2022 to September 2022, where the ratio dips to as low as 3.19, reflecting a sharp decrease in market valuation relative to sales. Thereafter, the P/S ratio recovers and exhibits an upward trajectory, reaching 12.32 by June 2025. This suggests that the market increasingly values each dollar of sales at a higher premium towards the end of the period, possibly in anticipation of future growth or improvements in profitability.
- Overall Insights
- The data depicts an initial phase of volatility with market fluctuations affecting the share price and valuation ratios. Despite the share price decline in early 2022, sales per share followed a steady, uninterrupted growth path. The rebound and growth in share price, alongside an increasing P/S ratio in the later periods, indicate heightened investor confidence and an improved perception of the company's growth prospects or profitability potential. The consistent rise in sales per share is a positive sign of underlying business strength.
Price to Book Value (P/BV)
Netflix Inc., historical P/BV calculation (quarterly data)
| 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 | |||||||||||||||||||||||||||||
| 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. | |||||||||||||||||||||||||||||
| Walt Disney Co. | |||||||||||||||||||||||||||||
Based on: 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 Q2 2025 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 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the financial data reveals several notable trends and shifts over the presented periods.
- Share Price
- The share price exhibited considerable volatility throughout the periods. Initially, it increased from 433.83 USD at the end of March 2020 to a peak of 653.16 USD in September 2021. Following this peak, there was a sharp decline to 218.22 USD by March 2022, representing a significant drop. Subsequently, the share price recovered steadily, reaching a new high of 1209.24 USD by June 2025. This later surge suggests a strong positive market sentiment or improved company performance in the latter periods.
- Book Value Per Share (BVPS)
- Book value per share showed a consistent upward trend from 19.12 USD in March 2020 to 58.72 USD by June 2025. Despite minor fluctuations around the end of 2023, BVPS generally increased, indicating an ongoing improvement in the company's net asset value on a per-share basis. This steady growth in BVPS may reflect effective asset management and retention of earnings.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio demonstrated a pronounced decline from an extremely high valuation of 22.69 at the start of the period to a significant low of approximately 5.22 by June 2022. This decline corresponds with the decrease in share price observed during the same timeframe, suggesting the market price fell more sharply than book value. After mid-2022, the P/BV ratio began to rise again, reaching 20.59 by June 2025, indicating that the market valuation relative to the book value per share increased substantially, consistent with the recovery and subsequent surge in share price.
In summary, the data shows that while the intrinsic value of the company (as represented by BVPS) increased steadily over the analyzed periods, market pricing demonstrated higher volatility, with a significant decline followed by a strong recovery and growth. The substantial fluctuations in the P/BV ratio reflect changing investor perceptions, with periods of both undervaluation and overvaluation relative to the company’s book value.