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Netflix, Inc. (NFLX)

Juste valeur
Communication ServicesEntertainmentUnited States

Fondamental

73

Prix

$68.11

Capitalisation boursière

$298.64B

Partie 1 · Ce que vaut l'entreprise

Vue d'ensemble

Netflix produces and licenses TV shows and films and streams them to paying members over the internet, with no physical discs or theatres involved. It operates worldwide, offering the same core service everywhere but adapting price, local-language content and, in most markets, an ad-supported cheaper tier to fit what each region can pay.

Comment l'entreprise gagne de l'argent

Nearly all revenue comes from monthly membership fees, so growth depends on adding subscribers and raising prices without pushing them to cancel. A smaller and growing slice comes from advertising sold against the cheaper ad-supported plan. Content costs are largely fixed once a show is made, so each additional subscriber watching it adds revenue at very little extra cost, which is why profitability rises faster than the subscriber count.

Chiffre d'affaires par segment

United States and Canada (UCAN)44.2%

The largest and most mature region, with the highest price per member of anywhere Netflix operates.

Europe, Middle East and Africa (EMEA)32.1%

The second-largest region by revenue, growing faster than UCAN as membership and pricing both climb.

Latin America (LATAM)11.9%

A mature but lower-priced market for Netflix, with membership growth now the main lever left for revenue.

Asia-Pacific (APAC)11.8%

The smallest region but the fastest-growing, now matching Latin America in revenue for the first time.

Avantage concurrentiel

Économies d'échelle · Étroit

Netflix's largest advantage is spreading a multi-billion-dollar content budget across roughly 300 million paying households, letting it outbid smaller streamers for content while charging a comparatively modest monthly fee. That scale is real but not permanent: well-funded rivals with their own content libraries — Disney, Amazon, Apple — can and do compete for the same subscribers and the same shows.

Ce qui stimule la demande

Défensif

A monthly streaming subscription is a small, discretionary expense that most members keep even when tightening their budget elsewhere, which has made Netflix's subscriber base historically resilient through downturns. The bigger swing factor is not the economy but whether the current content slate is strong enough to keep people from cancelling.

Principaux risques

  • Content and sports rights costs — Netflix is bidding against deep-pocketed rivals for the same films, series and live sports rights. Rising content costs, including a growing push into live events, pressure margins if they outpace subscriber and price growth.
  • Streaming competition — Disney+, Amazon Prime Video, Apple TV+ and others compete for the same subscription budget and the same viewing hours, and several bundle streaming with other services Netflix cannot match.
  • Currency exposure — With most subscribers now outside the United States, revenue and reported earnings move with exchange rates in ways management does not fully control.
  • Slowing subscriber growth in mature markets — UCAN and EMEA are large, penetrated markets where most of the future growth Netflix needs must come from price increases and advertising rather than new members, both of which have limits.

Les arguments en faveur

Buyers argue that Netflix's global scale and content budget remain unmatched among pure streamers, that the ad-supported tier and password-sharing crackdown opened new avenues for revenue without needing endless subscriber growth, and that margins still have room to expand as the business matures.

Les arguments contre

Sellers fear that subscriber growth in the largest, most profitable markets is running out of room, that content and live-sports costs keep climbing as competitors bid for the same titles, and that a business built on discretionary spending is more exposed to a downturn than its recent history suggests.

Données par segment de l'exercice 2025Sources: Netflix, Inc. — Form 10-K, fiscal year 2025Netflix Investor Relations

Written by the editors, published on 18 août 2026

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 19 septembre 2026 with claude-haiku-4-5 — shared with all users

P/E: 21.7Score: 64Market cap: $182.32B

Disney+ and Hulu sell the same monthly subscription to the same households Netflix targets, and both companies bid against each other for films, series and sports rights.

P/E: 20.0Score: 69Market cap: $2.69T

Prime Video competes for the same viewing hours and the same advertising budgets worldwide, and its studio arm bids for the same content and talent as Netflix.

P/E: 106.3Score: 49Market cap: $77.43B

HBO Max is the closest rival on premium scripted series, the segment Netflix built its brand on, and remains a separate listed company while the Paramount Skydance purchase is held up in court.

P/E: 17.1Score: 66Market cap: $4.15T

YouTube takes more U.S. television viewing time than any streaming service, so it competes directly for the leisure hours and the ad money Netflix wants.

P/E: —Score: 47Market cap: $10,330

Paramount+ and the free service Pluto TV chase the same subscribers and the same ad-supported viewers, with sports rights as the main lever.

P/E: 7.0Score: 75Market cap: $45.66B

Peacock puts NBCUniversal films and live sports in front of the same U.S. households, and Comcast's cable television business competes for the same entertainment spending.

Bilan & Liquidités

Chiffre d'affaires

$48.37B

12 derniers mois (au 30/06/2026)

Résultat net

$13.65B

12 derniers mois (au 30/06/2026)

Flux de trésorerie libre

$9.46B

Capitaux propres totaux

$26.62B

Passif total

$28.98B

Ratio de liquidité général

1.14

Couverture des intérêts

16.94

Dette/EBITDA

2.27

Bénéfice par action

Chiffre d'affaires & Résultat net

Flux de trésorerie libre

Décomposition du résultat

État historique

Marges dans le temps

La dette dans le temps

Le poids de la dette

Grille de la croissance

Croissance — Chiffre d'affaires

Estimation de la juste valeur

Cas généralJustement valorisé

Juste valeur

$78.51

Prix actuel

$68.11

Marge de sécurité

+13.3%

Fourchette de juste valeur

$51.03 - $105.99

Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.

Méthodes d'estimation

Objectif de cours des analystes:$92.93
Flux de trésorerie actualisés (DCF):$66.52
Multiple de résultat (P/E):$61.10
Formule de croissance de Graham:$163.71
Valeur de la capacité bénéficiaire (EPV):$23.84
P/B justifié:$26.44
Actualisation des dividendes (Gordon):Données insuffisantes pour le calculer
P/FFO, les fonds provenant de l'exploitation:$43.48
Bénéfices de milieu de cycle:$23.14
Multiple sur le chiffre d'affaires:$23.33
Consensus des analystes:Acheter (43B / 15H / 0S)
Dernière surprise sur les résultats:-0.52%

Indicateurs de valorisation

Ratio P/E

21.88

ROE

41.3%

Ratio P/B

9.61

P/FCF

25.98

Marge brute

49.1%

ROIC

24.5%

Radar de rentabilité

Création de valeur (avantage concurrentiel)

ROIC

24.5%

WACC

12.3%

ROIC − WACC

+12.2 pp

Le ROIC dépasse le coût du capital — l'entreprise crée de la valeur pour les actionnaires.

Critères d'analyse fondamentale

Réussi (22)

  • EPS shows upward trend
  • EPS CAGR 5.47%
  • Price CAGR 19.15%
  • ROIC 24.5%
  • Gross Margin 49.1%
  • P/FCF 25.98
  • Debt/Equity ratio
  • Operating Margin 29.7%
  • Positive Free Cash Flow
  • CapEx intensity
  • Current Ratio
  • Interest Coverage
  • Debt/EBITDA
  • Return on Tangible Assets
  • ROE 48.0%
  • Revenue Growth 5Y 12.6%
  • Analyst Consensus 74% Buy
  • PEG Ratio 0.66
  • Earnings Quality (OCF/NI) 0.88
  • Share Dilution -1.4%
  • Net Margin Trend 28.2% vs 24.6%
  • Piotroski F-Score 7/9

Échoué (5)

  • P/B Ratio 9.61
  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • Earnings Surprise avg -7.1%

Indisponible (1)

  • Dividend Payout NaN%

Score F de Piotroski

7/9

Santé financière solide

score
criteria

Qualité des bénéfices

0.88

Modérée : certain écart entre profits et trésorerie

Dilution du capital

-1.4%

Rachat d'actions. Favorable aux actionnaires

Participations institutionnelles

Gouvernance

Équipe dirigeante

NomTitreÂge
Mr. Theodore A. SarandosCo-CEO, President & Director60
Mr. Gregory K. PetersCo-CEO, President & Director54
Mr. Spencer Adam NeumannChief Financial Officer55
Mr. David Hyman J.D.Chief Legal Officer & Secretary59
Mr. Clete WillemsChief Global Affairs Officer45
Ms. Natalie GutteridgeVP of Corporate Legal & Operations-
Mr. Jeffrey William KarbowskiChief Accounting Officer46
Ms. Elizabeth StoneChief Product & Technology Officer-
Mr. Spencer WangVice President of Finance, Corporate Development & Investor Relations-
Ms. Dani DudeckChief Communications Officer-

Risque d'audit

10

Risque du conseil

3

Risque de rémunération

6

Risque droits des actionnaires

5

Partie 2 · Le prix et le moment d'entrer

Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.

Documents

  • Rapport annuel (10-K)

    Un aperçu annuel de l'activité, des résultats financiers et des risques de l'entreprise.

    Déposé le 2026-01-23

    Voir le document
  • Rapport trimestriel (10-Q)

    Une mise à jour de la performance financière des trois derniers mois.

    Déposé le 2026-07-17

    Voir le document
  • Rapport d'événement important (8-K)

    Un avis concernant un événement important, comme un changement de direction ou une annonce majeure.

    Déposé le 2026-07-30

    Voir le document

via SEC EDGAR

Historique des résultats

via SEC EDGAR

Latest News

Recent headlines for NFLX, sourced from Markets Gazette.

  • 2d agoPOSITIVE
    Here’s what Netflix skeptics are getting wrong about the stock, according to an analyst

    Deutsche Bank analysts are challenging skepticism surrounding Netflix stock, arguing that investors are overly focused on domestic market saturation and are consequently overlooking significant growth opportunities internationally. The firm suggests that expanding subscriber bases and revenue streams in emerging markets are not being adequately priced into the current valuation. This perspective implies that Netflix's global reach and diversified revenue model provide a more robust growth narrative than commonly perceived, potentially leading to a reassessment of its future earnings potential and stock performance.

  • 9d agoNEGATIVE
    Netflix: azioni in calo, HSBC cita YouTube e calo del coinvolgimento

    Netflix shares fell 2% on Tuesday following an downgrade by HSBC, which cited increasing competition from Alphabet's YouTube and concerns over viewer engagement. HSBC downgraded Netflix to Neutral from Buy, slashing its price target from $96 to $76. The firm highlighted YouTube's growing share of US television viewing, suggesting a near-term rebound in Netflix engagement is less likely. YouTube has captured a record 14.2% of TV time, posing a significant challenge to Netflix's market position and future growth prospects.

  • 13d agoNEGATIVE
    Dow apre in calo di 90 punti mentre Buffett si dimette, azioni Netflix -5%

    Netflix shares plunged 5% in early trading following news of Warren Buffett's resignation from the company's board. While the broader US markets opened mixed, with the Dow Jones Industrial Average down 93 points, the S&P 500 flat, and the Nasdaq Composite up 0.33%, the significant drop in Netflix stock highlights investor reaction to the departure of a prominent figure. This move comes after a volatile week where markets experienced a sharp rebound on Thursday, driven by falling Treasury yields and cooling inflation data, but the specific news regarding Netflix appears to be a strong negative catalyst for its shares.

  • 17d agoPOSITIVE
    Azioni Netflix in rialzo dopo che Evercore alza il target a $110

    Netflix shares surged approximately 4.3% following Evercore ISI's upward revision of its price target to $110 from $100, maintaining an 'Outperform' rating. This new target suggests a potential 42% upside from Netflix's prior closing price. Evercore cited improving subscriber trends in the US and Japan, alongside growth avenues in live events, short-form content, and advertising. Analyst Kutgun Maral highlighted that Netflix's US penetration has reached a multi-year high of 63%. For investors, this indicates strong market positioning and potential for continued growth.

  • 8/13/2026POSITIVE
    Bill Ackman once exited his Netflix stake in a huff. He’s buying the streaming giant again, as well as these five stocks.

    Prominent investor Bill Ackman, through his hedge fund Pershing Square, has re-entered a significant position in Netflix Inc. This move comes after a previous exit, signaling a renewed conviction in the streaming giant's prospects. Pershing Square has acquired stakes in five other undisclosed stocks over the past six months, indicating a broader strategic shift or rebalancing within Ackman's portfolio. The re-investment in Netflix suggests Ackman believes the company's valuation has become attractive, potentially driven by anticipated subscriber growth, content strategy adjustments, or improved profitability metrics. Investors will monitor Netflix's upcoming earnings reports for confirmation of these positive trends.

  • 7/20/2026NEUTRAL
    Netflix Returns to the High-Grade Bond Market After 2024 Debut

    Netflix Inc. is returning to the US high-grade bond market, marking its first issuance since its debut two years ago. This move comes amid increasing investor scrutiny driven by slowing sales growth. The company aims to raise capital, but the timing and context suggest a potentially challenging environment for debt issuance. Investors will be watching the terms of the bond offering closely to gauge market appetite and Netflix's financial strategy in response to its growth trajectory.

via Markets Gazette