Netflix, Inc. — NFLX
Communication Services · Los Gatos, California · NASDAQ
Company Description
Financial Performance — 5 Years
Financial Statements
| Item | FY-4 | FY-3 | FY-2 | FY-1 | FY (latest) | Source |
|---|---|---|---|---|---|---|
| Revenue | $29.7B | $31.6B | $33.7B | $39.0B | $45.2B | [NFLX 10-K filed 2026-01-23 · accession 0001065280-26-000034] |
| Gross Profit | $12.4B | $13.2B | $13.8B | $17.8B | $21.3B | [NFLX 10-K filed 2026-01-23 · accession 0001065280-26-000034] |
| Operating Income | $6.2B | $5.6B | $7.0B | $10.4B | $13.3B | [NFLX 10-K filed 2026-01-23 · accession 0001065280-26-000034] |
| Operating Margin % | 20.9% | 17.8% | 20.6% | 26.7% | 29.5% | [NFLX 10-K filed 2026-01-23 · accession 0001065280-26-000034] |
| EBITDA | $6.5B | $6.1B | $7.6B | $11.3B | $14.2B | [NFLX 10-K filed 2026-01-23 · accession 0001065280-26-000034] |
| Net Income | $5.1B | $4.5B | $5.4B | $8.7B | $13.2B | [NFLX 10-K filed 2026-01-23 · accession 0001065280-26-000034] |
| EPS ($) | $1.12 | $0.99 | $1.20 | $1.98 | $2.53 | [NFLX 10-K filed 2026-01-23 · accession 0001065280-26-000034] |
| FCF | $-133M | $1.6B | $6.9B | $6.9B | $11.0B | [NFLX 10-K filed 2026-01-23 · accession 0001065280-26-000034] |
Economic Moat
Valuation Multiples
| Multiple | Company | 5Y Self-Average | Spread vs. 5Y Average |
|---|---|---|---|
| P/E (TTM) [yfinance snapshot · 5Y computed 2026-04-18] | 38.5x | 38.0x (5Y) | +1.1% |
| P/E (Fwd) [yfinance forward consensus] | 25.1x | N/A | N/A |
| EV/EBITDA [yfinance snapshot · 5Y computed 2026-04-18] | 33.9x | 11.2x (5Y) | +201.3% |
| P/S [yfinance snapshot · 5Y computed 2026-04-18] | 9.1x | 7.2x (5Y) | +26.4% |
| P/B [yfinance snapshot · 5Y computed 2026-04-18] | 15.4x | 11.7x (5Y) | +31.9% |
| Div Yield [yfinance snapshot · 5Y computed 2026-04-18] | 0.00% | 0.00% (5Y) | — |
| FCF Yield (snapshot) [computed · 2026-04-18] | 2.66% | 2.18% (5Y) | +22.0% |
5Y statistical averages computed from yfinance annual data (income_stmt × balance_sheet × cash_flow + price snapshots at FY-end). Source: lib/compute_5y_multiples.py · Refresh: 2026-04-18 | |||
How to Think About This Company
A full How to Think About This Company analysis for NFLX — covering the essence, the key variables, potential analytical pitfalls, and what separates professional thinking from noise — is available within the Family Office content library.
The difference between surface-level analysis and professional thinking often lies in the variables that are not immediately visible.
Risks & Items Under Watch
Scenario Framework
The framework below describes which conditions need to hold in each scenario — it is not a price forecast.
Scenarios are descriptive, not predictive. They outline possible conditions, not expected outcomes. These scenarios contain no probability assessment, no preferred direction, and no expectation of which one may unfold.
Analytical Lens — The Questions We Ask
In a professional company analysis, the question is not "is this good", but "from which angles must the company be examined so that the essential is not missed". Every Bakshi Finance analysis passes through six lenses. The text below is not an evaluation — it is the map of the questions this analysis is intended to address.
The analysis is based on an internal multi-factor analytical framework used in professional portfolio management. The framework maps the questions; the answers appear woven through the analysis above.
What the lens is not: there is no rating here, no score, no comparison between this company and another, and no preference. The same six questions are asked of every company on the site — the variation is in the answers, not in the tool.
This framework is intended to structure analysis, not to produce an investment conclusion.
Key Observations
This summary is not a recommendation. It is a factual list of what the analysis identified. The decision — rests with the client.
Disclosure — Family Office Format
Bakshi Finance operates as a Family Office serving qualified investors only. Mr. Yaron Bakshi was a licensed investment advisor in Israel from 2008 to 2023. As of the publication date of this document, the firm does not hold a license for investment advisory, investment marketing, or portfolio management.
This document is intended for research and professional learning purposes only. Nothing herein constitutes a recommendation to buy, sell, hold, or take any action with respect to any security. Nothing herein substitutes for advice that takes into account the specific data and needs of any individual. Any decision — rests solely with the investor.
Past performance is not indicative of future results.