Netflix, Inc. (NFLX) 10-Year Financial Performance & Capital Metrics

NFLX • • Industrial / General

Communication ServicesEntertainmentStreaming & Digital Media PlatformsSubscription Video Streaming Services

AboutNetflix, Inc. provides entertainment services. It offers TV series, documentaries, feature films, and mobile games across various genres and languages. The company provides members the ability to receive streaming content through a host of internet-connected devices, including TVs, digital video players, television set-top boxes, and mobile devices. It also provides DVDs-by-mail membership services in the United States. The company has approximately 222 million paid members in 190 countries. Netflix, Inc. was incorporated in 1997 and is headquartered in Los Gatos, California.Show more

Revenue $39B +15.6%
EBITDA $26.05B +21.1%
Net Income $8.71B +61.1%
EPS (Diluted) 1.98 +64.8%
Gross Margin 46.06% +10.9%
EBITDA Margin 66.79% +4.7%
Operating Margin 26.71% +29.5%
Net Margin 22.34% +39.3%
ROE 38.43% +47.0%
ROIC 23.9% +44.4%
Debt/Equity 0.73 -11.8%
Interest Coverage 14.49 +56.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 29.7%
✓Strong 5Y profit CAGR of 36.1%
✓Strong Piotroski F-Score: 8/9
✓FCF machine: 17.7% free cash flow margin
✓Strong 5Y sales CAGR of 14.1%
✓Share count reduced 2.3% through buybacks

✗Weaknesses

✗Weak momentum: RS Rating 13 (bottom 13%)
✗Trading more than 30% below 52-week high
✗Expensive at 16.0x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y21.63%

5Y14.11%

3Y9.51%

TTM15.37%

Profit (Net Income) CAGR

10Y41.71%

5Y36.08%

3Y19.41%

TTM34.06%

EPS CAGR

10Y41.41%

5Y36.86%

3Y20.83%

TTM35.48%

ROCE

10Y Avg12.98%

5Y Avg18.22%

3Y Avg19.04%

Latest25.18%

Peer Comparison

Subscription Video Streaming Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NFLXNetflix, Inc.	382.72B	90.32	45.55	15.65%	24.05%	40.19%	1.81%	0.73
CNVSCineverse Corp.	38.3M	2.00	12.50	59.13%	-1.49%	-3.19%	42.4%	0.01
IQiQIYI, Inc.	1.08B	2.05	2.66	-8.31%	-1.44%	-2.92%	100%	1.06
GAIAGaia, Inc.	76.81M	3.91	-17.77	12.36%	-4.87%	-4.7%	2.53%	0.12
ROKURoku, Inc.	14.45B	110.51	-124.17	18.03%	-0.61%	-1.05%	1.47%	0.24

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	6.78B	8.83B	11.69B	15.79B	20.16B	25B	29.7B	31.62B	33.72B	39B
Revenue Growth %	0.23%	0.3%	0.32%	0.35%	0.28%	0.24%	0.19%	0.06%	0.07%	0.16%
Cost of Goods Sold+	4.59B	6.03B	7.66B	9.97B	12.44B	15.28B	17.33B	19.17B	19.72B	21.04B
COGS % of Revenue	0.68%	0.68%	0.66%	0.63%	0.62%	0.61%	0.58%	0.61%	0.58%	0.54%
Gross Profit+	2.19B	2.8B	4.03B	5.83B	7.72B	9.72B	12.37B	12.45B	14.01B	17.96B
Gross Margin %	0.32%	0.32%	0.34%	0.37%	0.38%	0.39%	0.42%	0.39%	0.42%	0.46%
Gross Profit Growth %	0.25%	0.28%	0.44%	0.44%	0.32%	0.26%	0.27%	0.01%	0.13%	0.28%
Operating Expenses+	1.88B	2.42B	3.19B	4.22B	5.11B	5.13B	6.17B	6.81B	7.05B	7.54B
OpEx % of Revenue	0.28%	0.27%	0.27%	0.27%	0.25%	0.21%	0.21%	0.22%	0.21%	0.19%
Selling, General & Admin	1.23B	1.57B	2.14B	3B	3.57B	3.3B	3.9B	4.1B	4.38B	4.62B
SG&A % of Revenue	0.18%	0.18%	0.18%	0.19%	0.18%	0.13%	0.13%	0.13%	0.13%	0.12%
Research & Development	650.79M	852.1M	1.05B	1.22B	1.55B	1.83B	2.27B	2.71B	2.68B	2.93B
R&D % of Revenue	0.1%	0.1%	0.09%	0.08%	0.08%	0.07%	0.08%	0.09%	0.08%	0.08%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	305.83M	379.79M	838.68M	1.61B	2.6B	4.59B	6.19B	5.63B	6.95B	10.42B
Operating Margin %	0.05%	0.04%	0.07%	0.1%	0.13%	0.18%	0.21%	0.18%	0.21%	0.27%
Operating Income Growth %	-0.24%	0.24%	1.21%	0.91%	0.62%	0.76%	0.35%	-0.09%	0.23%	0.5%
EBITDA+	3.85B	5.3B	7.11B	9.22B	11.92B	15.51B	18.63B	20B	21.51B	26.05B
EBITDA Margin %	0.57%	0.6%	0.61%	0.58%	0.59%	0.62%	0.63%	0.63%	0.64%	0.67%
EBITDA Growth %	0.21%	0.38%	0.34%	0.3%	0.29%	0.3%	0.2%	0.07%	0.08%	0.21%
D&A (Non-Cash Add-back)	3.55B	4.92B	6.27B	7.62B	9.32B	10.92B	12.44B	14.36B	14.55B	15.63B
EBIT	305.83M	410.62M	838.68M	1.65B	2.69B	4.59B	6.61B	5.97B	6.95B	10.68B
Net Interest Income+	-163.94M	-119.29M	-353.36M	-378.77M	-542.02M	-1.39B	-354.41M	-368.9M	-748.6M	-451.96M
Interest Income	0	30.83M	0	41.73M	84M	0	411.21M	337.31M	0	266.78M
Interest Expense	163.94M	150.11M	353.36M	420.49M	626.02M	1.39B	765.62M	706.21M	748.6M	718.73M
Other Income/Expense	-163.94M	-119.29M	-353.36M	-378.77M	-542.02M	-1.39B	-354.41M	-368.9M	-748.6M	-451.96M
Pretax Income+	141.88M	260.51M	485.32M	1.23B	2.06B	3.2B	5.84B	5.26B	6.21B	9.97B
Pretax Margin %	0.02%	0.03%	0.04%	0.08%	0.1%	0.13%	0.2%	0.17%	0.18%	0.26%
Income Tax+	19.24M	73.83M	-73.61M	15.22M	195.31M	437.95M	723.88M	772M	797.41M	1.25B
Effective Tax Rate %	0.86%	0.72%	1.15%	0.99%	0.91%	0.86%	0.88%	0.85%	0.87%	0.87%
Net Income+	122.64M	186.68M	558.93M	1.21B	1.87B	2.76B	5.12B	4.49B	5.41B	8.71B
Net Margin %	0.02%	0.02%	0.05%	0.08%	0.09%	0.11%	0.17%	0.14%	0.16%	0.22%
Net Income Growth %	-0.54%	0.52%	1.99%	1.17%	0.54%	0.48%	0.85%	-0.12%	0.2%	0.61%
Net Income (Continuing)	122.64M	186.68M	558.93M	1.21B	1.87B	2.76B	5.12B	4.49B	5.41B	8.71B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.03	0.04	0.13	0.27	0.41	0.61	1.12	1.00	1.20	1.98
EPS Growth %	-0.55%	0.54%	1.91%	1.14%	0.54%	0.47%	0.85%	-0.11%	0.21%	0.65%
EPS (Basic)	0.03	0.04	0.13	0.28	0.43	0.63	1.16	1.01	1.23	2.03
Diluted Shares Outstanding	4.36B	4.39B	4.47B	4.51B	4.52B	4.54B	4.55B	4.51B	4.49B	4.39B
Basic Shares Outstanding	4.26B	4.29B	4.32B	4.35B	4.38B	4.41B	4.43B	4.45B	4.42B	4.3B
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	5.43B	5.72B	7.67B	9.69B	6.18B	9.76B	8.07B	9.27B	9.92B	13.1B
Cash & Short-Term Investments	2.31B	1.73B	2.82B	3.79B	5.02B	8.21B	6.03B	6.06B	7.14B	9.58B
Cash Only	1.81B	1.47B	2.82B	3.79B	5.02B	8.21B	6.03B	5.15B	7.12B	7.8B
Short-Term Investments	501.38M	266.21M	0	0	0	0	0	911.28M	20.97M	1.78B
Accounts Receivable	0	0	0	569.63M	454.4M	610.82M	804.32M	1.59B	1.84B	1.99B
Days Sales Outstanding	-	-	-	13.16	8.23	8.92	9.89	18.32	19.94	18.61
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	3.12B	3.99B	4.85B	5.15B	524.67M	742.17M	913.88M	1.23B	529.26M	1.1B
Total Non-Current Assets+	4.77B	7.87B	11.34B	16.28B	27.8B	29.52B	36.51B	39.33B	38.81B	40.53B
Property, Plant & Equipment	173.41M	250.4M	319.4M	418.28M	565.22M	960.18M	1.32B	1.4B	1.49B	1.59B
Fixed Asset Turnover	39.09x	35.27x	36.61x	37.76x	35.66x	26.03x	22.44x	22.61x	22.61x	24.47x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	4.31B	7.27B	10.37B	14.95B	24.5B	25.38B	30.92B	32.74B	31.66B	32.45B
Long-Term Investments	0	0	4.4M	16.26M	16.26M	31.54M	24.12M	0	0	0
Other Non-Current Assets	284.8M	341.42M	647.91M	894.58M	2.71B	3.14B	4.25B	5.19B	5.66B	6.48B
Total Assets+	10.2B	13.59B	19.01B	25.97B	33.98B	39.28B	44.58B	48.59B	48.73B	53.63B
Asset Turnover	0.66x	0.65x	0.61x	0.61x	0.59x	0.64x	0.67x	0.65x	0.69x	0.73x
Asset Growth %	0.45%	0.33%	0.4%	0.37%	0.31%	0.16%	0.14%	0.09%	0%	0.1%
Total Current Liabilities+	3.53B	4.59B	5.47B	6.49B	6.86B	7.81B	8.49B	7.93B	8.86B	10.76B
Accounts Payable	253.49M	312.84M	359.56M	562.99M	674.35M	656.18M	837.48M	671.51M	747.41M	899.91M
Days Payables Outstanding	20.15	18.94	17.13	20.62	19.79	15.68	17.64	12.79	13.84	15.61
Short-Term Debt	0	0	0	0	0	499.88M	699.82M	0	399.84M	1.78B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	2.79B	3.63B	4.17B	4.68B	4.22B	4.17B	3.98B	4.12B	4.08B	3.97B
Current Ratio	1.54x	1.25x	1.40x	1.49x	0.90x	1.25x	0.95x	1.17x	1.12x	1.22x
Quick Ratio	1.54x	1.25x	1.40x	1.49x	0.90x	1.25x	0.95x	1.17x	1.12x	1.22x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	4.45B	6.32B	9.96B	14.25B	19.54B	20.41B	20.25B	19.89B	19.28B	18.13B
Long-Term Debt	2.37B	3.36B	6.5B	10.36B	14.76B	15.81B	14.69B	14.35B	14.14B	13.8B
Capital Lease Obligations	0	0	0	0	1.42B	1.95B	2.41B	2.22B	2.05B	1.98B
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	2.08B	2.96B	3.47B	3.89B	3.36B	2.65B	3.14B	3.31B	3.09B	2.35B
Total Liabilities	7.98B	10.91B	15.43B	20.74B	26.39B	28.22B	28.74B	27.82B	28.14B	28.89B
Total Debt+	2.37B	3.36B	6.5B	10.36B	16.37B	18.51B	18.12B	16.93B	16.97B	17.99B
Net Debt	562.03M	1.9B	3.68B	6.57B	11.35B	10.31B	12.09B	11.78B	9.86B	10.19B
Debt / Equity	1.07x	1.26x	1.81x	1.98x	2.16x	1.67x	1.14x	0.81x	0.82x	0.73x
Debt / EBITDA	0.62x	0.63x	0.91x	1.12x	1.37x	1.19x	0.97x	0.85x	0.79x	0.69x
Net Debt / EBITDA	0.15x	0.36x	0.52x	0.71x	0.95x	0.66x	0.65x	0.59x	0.46x	0.39x
Interest Coverage	1.87x	2.53x	2.37x	3.82x	4.16x	3.31x	8.09x	7.98x	9.29x	14.49x
Total Equity+	2.22B	2.68B	3.58B	5.24B	7.58B	11.07B	15.85B	20.78B	20.59B	24.74B
Equity Growth %	0.2%	0.21%	0.34%	0.46%	0.45%	0.46%	0.43%	0.31%	-0.01%	0.2%
Book Value per Share	0.51	0.61	0.80	1.16	1.68	2.44	3.48	4.60	4.58	5.63
Total Shareholders' Equity	2.22B	2.68B	3.58B	5.24B	7.58B	11.07B	15.85B	20.78B	20.59B	24.74B
Common Stock	1.32B	1.6B	1.87B	2.32B	2.79B	3.45B	4.02B	4.64B	5.15B	6.25B
Retained Earnings	941.92M	1.13B	1.73B	2.94B	4.81B	7.57B	12.69B	17.18B	22.59B	31.3B
Treasury Stock	0	0	0	0	0	0	-824.19M	-824.19M	-6.92B	-13.17B
Accumulated OCI	-43.31M	-48.56M	-20.56M	-19.58M	-23.52M	44.4M	-40.49M	-217.31M	-223.94M	362.16M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-749.44M	-1.47B	-1.79B	-2.68B	-2.89B	2.43B	392.61M	2.03B	7.27B	7.36B
Operating CF Margin %	-0.11%	-0.17%	-0.15%	-0.17%	-0.14%	0.1%	0.01%	0.06%	0.22%	0.19%
Operating CF Growth %	-46.47%	-0.97%	-0.21%	-0.5%	-0.08%	1.84%	-0.84%	4.16%	2.59%	0.01%
Net Income	122.64M	186.68M	558.93M	1.21B	1.87B	2.76B	5.12B	4.49B	5.41B	8.71B
Depreciation & Amortization	3.55B	4.92B	6.33B	7.66B	9.32B	10.92B	12.44B	14.36B	14.55B	15.63B
Stock-Based Compensation	124.72M	173.68M	182.21M	320.66M	405.38M	415.18M	403.22M	575.45M	339.37M	272.59M
Deferred Taxes	-58.66M	-46.85M	-208.69M	-85.52M	-94.44M	70.07M	199.55M	-166.55M	-459.36M	-590.7M
Other Non-Cash Items	-4.66B	-6.9B	-8.71B	-12.08B	-14.43B	-11.71B	-17.52B	-16.48B	-12.45B	-16.63B
Working Capital Changes	172.89M	192.38M	58.98M	293.77M	43.04M	-31.87M	-241.98M	-758.09M	-116.15M	-33.08M
Change in Receivables	0	0	0	0	0	0	0	0	0	0
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	51.62M	32.25M	74.56M	199.2M	96.06M	-41.6M	145.12M	-158.54M	93.5M	121.35M
Cash from Investing+	-179.19M	49.77M	34.33M	-339.12M	-387.06M	-505.35M	-1.34B	-2.08B	541.75M	-2.18B
Capital Expenditures	-169.21M	-184.83M	-227.02M	-212.53M	-253.03M	-497.92M	-524.59M	-407.73M	-348.55M	-439.54M
CapEx % of Revenue	0.02%	0.02%	0.02%	0.01%	0.01%	0.02%	0.02%	0.01%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	76.05M	76.24M	47.03M	-126.59M	-134.03M	-7.43M	-26.92M	-757.39M	0	0
Cash from Financing+	1.64B	1.09B	3.08B	4.05B	4.51B	1.24B	-1.15B	-664.25M	-5.95B	-4.07B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	140.28M	91.63M	-31.9M	-37.83M	-36.13M	-7.56M	-224.17M	0	-75.45M	-38.03M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-918.64M	-1.66B	-2.01B	-2.89B	-3.14B	1.93B	-131.97M	1.62B	6.93B	6.92B
FCF Margin %	-0.14%	-0.19%	-0.17%	-0.18%	-0.16%	0.08%	-0%	0.05%	0.21%	0.18%
FCF Growth %	-6.18%	-0.81%	-0.21%	-0.44%	-0.09%	1.61%	-1.07%	13.26%	3.28%	-0%
FCF per Share	-0.21	-0.38	-0.45	-0.64	-0.70	0.42	-0.03	0.36	1.54	1.58
FCF Conversion (FCF/Net Income)	-6.11x	-7.90x	-3.20x	-2.21x	-1.55x	0.88x	0.08x	0.45x	1.35x	0.85x
Interest Paid	111.76M	138.57M	213.31M	375.83M	599.13M	762.9M	763.43M	701.69M	684.5M	674.5M
Taxes Paid	27.66M	26.81M	113.59M	131.07M	400.66M	291.58M	509.26M	811.72M	1.15B	1.64B

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	6.01%	7.61%	17.85%	27.46%	29.12%	29.62%	38.02%	24.53%	26.15%	38.43%
Return on Invested Capital (ROIC)	10.39%	7.74%	10.63%	12.63%	12.71%	17.06%	18.84%	13.97%	16.56%	23.9%
Gross Margin	32.27%	31.72%	34.49%	36.89%	38.28%	38.89%	41.64%	39.37%	41.54%	46.06%
Net Margin	1.81%	2.11%	4.78%	7.67%	9.26%	11.05%	17.23%	14.21%	16.04%	22.34%
Debt / Equity	1.07x	1.26x	1.81x	1.98x	2.16x	1.67x	1.14x	0.81x	0.82x	0.73x
Interest Coverage	1.87x	2.53x	2.37x	3.82x	4.16x	3.31x	8.09x	7.98x	9.29x	14.49x
FCF Conversion	-6.11x	-7.90x	-3.20x	-2.21x	-1.55x	0.88x	0.08x	0.45x	1.35x	0.85x
Revenue Growth	23.16%	30.26%	32.41%	35.08%	27.62%	24.01%	18.81%	6.46%	6.67%	15.65%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Streaming	-	-	-	-	19.86B	24.76B	29.52B	31.47B	33.64B	39B
Streaming Growth	-	-	-	-	-	24.66%	19.22%	6.62%	6.90%	15.93%
Domestic Dvd	645.74M	542.27M	450.5M	365.59M	300M	200M	200M	100M	82.84M	-
Domestic Dvd Growth	-	-16.02%	-16.92%	-18.85%	-17.94%	-33.33%	0.00%	-50.00%	-17.16%	-
International Streaming	1.95B	3.21B	5.09B	7.78B	-	-	-	-	-	-
International Streaming Growth	-	64.38%	58.49%	52.91%	-	-	-	-	-	-
Domestic Streaming	4.18B	5.08B	6.15B	7.65B	-	-	-	-	-	-
Domestic Streaming Growth	-	21.46%	21.19%	24.27%	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
United States And Canada	-	-	-	-	10.05B	11.46B	12.97B	14.08B	14.87B	17.36B
United States And Canada Growth	-	-	-	-	-	13.97%	13.24%	8.58%	5.60%	16.71%
EMEA	-	-	-	-	5.54B	7.77B	9.7B	9.75B	10.56B	12.39B
EMEA Growth	-	-	-	-	-	40.22%	24.80%	0.47%	8.33%	17.34%
Latin America	-	-	-	-	2.8B	3.16B	3.58B	4.07B	4.45B	4.84B
Latin America Growth	-	-	-	-	-	12.92%	13.31%	13.78%	9.25%	8.85%
Asia Pacific	-	-	-	-	1.47B	2.37B	3.27B	3.57B	3.76B	4.41B
Asia Pacific Growth	-	-	-	-	-	61.43%	37.70%	9.29%	5.42%	17.30%

Frequently Asked Questions

Valuation & Price

Netflix, Inc. (NFLX) has a price-to-earnings (P/E) ratio of 45.5x. This suggests investors expect higher future growth.

Growth & Financials

Netflix, Inc. (NFLX) reported $43.38B in revenue for fiscal year 2024. This represents a 1254% increase from $3.20B in 2011.

Netflix, Inc. (NFLX) grew revenue by 15.6% over the past year. This is strong growth.

Yes, Netflix, Inc. (NFLX) is profitable, generating $10.43B in net income for fiscal year 2024 (22.3% net margin).

Dividend & Returns

Netflix, Inc. (NFLX) has a return on equity (ROE) of 38.4%. This is excellent, indicating efficient use of shareholder capital.

Netflix, Inc. (NFLX) generated $8.97B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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