Last 47 quarters of trend data · Communication Services · Entertainment
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Netflix, Inc.'s quarterly P/E stands at 41.9x, down 19.8% year-over-year — suggesting improving earnings relative to price. EV/EBITDA has compressed 14.5% YoY to 13.1x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 30.59 | 41.86 | 50.80 | 46.56 | 35.27 | 52.18 | 32.84 | 34.57 | 28.75 | 57.69 | 25.31 | 33.47 | 29.99 |
| — | -19.8% | +54.7% | +34.7% | +22.7% | -9.5% | +29.8% | +3.3% | -4.1% | -90.6% | +33.3% | +145.0% | +13.0% | |
| P/S Ratio | 7.26 | 8.40 | 11.30 | 13.14 | 9.66 | 9.52 | 7.90 | 7.76 | 7.16 | 6.19 | 4.97 | 6.07 | 4.79 |
| — | -11.8% | +43.0% | +69.3% | +35.0% | +53.7% | +58.9% | +27.8% | +49.5% | +46.1% | +48.7% | +145.9% | -11.2% | |
| P/B Ratio | 12.55 | 15.21 | 20.05 | 23.34 | 16.96 | 15.77 | 13.67 | 13.42 | 12.55 | 10.63 | 7.69 | 8.71 | 7.16 |
| — | -3.6% | +46.7% | +73.9% | +35.1% | +48.3% | +77.9% | +54.1% | +75.3% | +65.8% | +48.8% | +111.1% | -26.0% | |
| P/FCF | 34.66 | 54.05 | 48.90 | 64.21 | 38.28 | 70.78 | 35.39 | 61.19 | 31.38 | 34.60 | 22.50 | 37.13 | 18.46 |
| — | -23.6% | +38.2% | +4.9% | +22.0% | +104.6% | +57.3% | +64.8% | +70.0% | -65.5% | -59.9% | -97.6% | -65.1% | |
| EV / EBITDA | 11.08 | 13.14 | 17.90 | 19.14 | 14.40 | 15.37 | 12.02 | 11.88 | 10.86 | 10.71 | 8.03 | 9.77 | 7.91 |
| — | -14.5% | +49.0% | +61.1% | +32.6% | +43.4% | +49.6% | +21.5% | +37.4% | +35.6% | +45.6% | +114.3% | -8.9% | |
| EV / EBIT | 25.01 | 34.68 | 40.00 | 38.58 | 30.73 | 43.02 | 27.64 | 28.59 | 24.90 | 41.67 | 21.51 | 28.08 | 24.29 |
| — | -19.4% | +44.7% | +34.9% | +23.4% | +3.2% | +28.5% | +1.8% | +2.5% | -75.9% | +32.7% | +124.9% | +16.3% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Netflix, Inc.'s operating margin was 24.5% in Q4 2025, down 3.7 pp QoQ and up 2.4 pp YoY. This marks the 3rd consecutive quarter of margin compression, signaling a persistent pressure on profitability that investors should monitor. The trailing four-quarter average of 29.6% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind. Gross margin expanded 4.9% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 48.5% | 45.9% | 46.4% | 51.9% | 50.1% | 43.7% | 47.9% | 45.9% | 46.9% | 39.9% | 42.3% | 42.9% | 41.1% |
| — | +4.9% | -3.0% | +13.2% | +6.8% | +9.5% | +13.3% | +6.9% | +14.0% | +28.0% | +6.8% | +4.3% | -9.7% | |
| Operating Margin | 29.5% | 24.5% | 28.2% | 34.1% | 31.7% | 22.2% | 29.6% | 27.2% | 28.1% | 16.9% | 22.4% | 22.3% | 21.0% |
| — | +10.6% | -4.7% | +25.1% | +13.0% | +31.0% | +32.0% | +22.0% | +33.7% | +141.9% | +16.0% | +12.7% | -16.2% | |
| Net Margin | 24.3% | 20.1% | 22.1% | 28.2% | 27.4% | 18.2% | 24.1% | 22.5% | 24.9% | 10.6% | 19.6% | 18.2% | 16.0% |
| — | +10.1% | -8.0% | +25.6% | +10.2% | +71.8% | +22.5% | +23.6% | +55.6% | +1408.0% | +11.3% | +0.5% | -21.2% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 42.8% | 9.2% | 10.0% | 12.8% | 11.9% | 7.9% | 10.5% | 9.9% | 11.1% | 4.4% | 7.5% | 6.7% | 6.1% |
| — | +16.9% | -5.1% | +29.2% | +6.6% | +79.2% | +41.2% | +48.3% | +81.5% | +1541.1% | +5.7% | -15.3% | -36.0% | |
| ROA | 20.1% | 4.4% | 4.7% | 5.9% | 5.5% | 3.5% | 4.7% | 4.4% | 4.8% | 1.9% | 3.3% | 3.0% | 2.7% |
| — | +24.0% | +1.1% | +35.5% | +14.4% | +84.8% | +39.4% | +47.9% | +79.7% | +1560.3% | +12.3% | -5.6% | -25.1% | |
| ROIC | 29.8% | 7.0% | 7.8% | 8.6% | 7.3% | 5.0% | 6.6% | 6.2% | 6.4% | 3.6% | 4.5% | 4.3% | 4.0% |
| — | +41.5% | +17.8% | +39.2% | +12.6% | +37.0% | +47.0% | +45.5% | +61.9% | +178.4% | +19.8% | +6.3% | -23.6% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Netflix, Inc.'s Debt/EBITDA ratio is 1.9x, down from 2.0x last quarter — comfortably within a safe range. Debt/Equity has declined for 6 consecutive quarters, reflecting a deleveraging trend.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.54 | 0.54 | 0.56 | 0.58 | 0.73 | 0.73 | 0.81 | 0.75 | 0.77 | 0.82 | 0.76 | 0.74 | 0.78 |
| — | -25.3% | -31.6% | -22.5% | -6.2% | -11.8% | +7.4% | +0.4% | -0.5% | +1.2% | -5.3% | -16.0% | -21.2% | |
| Debt / EBITDA | 0.48 | 1.85 | 1.97 | 1.88 | 2.40 | 2.76 | 2.77 | 2.56 | 2.58 | 3.18 | 3.00 | 3.19 | 3.22 |
| — | -32.9% | -28.8% | -26.6% | -7.0% | -13.1% | -7.9% | -19.7% | -19.8% | -13.8% | -3.6% | -7.1% | -3.0% | |
| Current Ratio | 1.19 | 1.19 | 1.33 | 1.34 | 1.20 | 1.22 | 1.13 | 0.95 | 1.07 | 1.12 | 1.29 | 1.33 | 1.26 |
| — | -2.7% | +17.6% | +41.4% | +12.7% | +8.8% | -12.4% | -28.5% | -15.3% | -4.2% | +13.9% | +26.9% | +20.5% | |
| Quick Ratio | 1.19 | 1.19 | 1.33 | 1.34 | 1.20 | 1.22 | 1.13 | 0.95 | 1.07 | 1.12 | 1.29 | 1.33 | 1.26 |
| — | -2.7% | +17.6% | +41.4% | +12.7% | +8.8% | -12.4% | -28.5% | -15.3% | -4.2% | +13.9% | +26.9% | +20.5% | |
| Interest Coverage | 17.16 | 12.61 | 18.53 | 20.67 | 18.17 | 11.80 | 14.09 | 15.49 | 15.19 | 8.54 | 10.92 | 10.45 | 6.98 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 47 years · Updated daily
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Quick answers to the most common questions about buying NFLX stock.
Netflix, Inc.'s current P/E is 30.6x. The average P/E over the last 4 quarters is 43.6x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Netflix, Inc.'s current operating margin is 29.5%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Netflix, Inc.'s business trajectory between earnings reports.