Voltar à classificação

Netflix, Inc. (NFLX)

Valor Justo
Communication ServicesEntertainmentUnited States

Fundamental

73

Preço

$66.98

Capitalização de Mercado

$298.64B

Parte 1 · Quanto vale a empresa

Visão Geral

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.

Como gera receita

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.

Receita por segmento

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.

Vantagem competitiva

Escala · Estreita

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.

O que impulsiona a procura

Defensivo

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.

Principais riscos

  • 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.

Os argumentos a favor

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.

Os argumentos contra

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.

Dados por segmento do exercício fiscal 2025Fontes: Netflix, Inc. — Form 10-K, fiscal year 2025Netflix Investor Relations

Written by the editors, published on 18 de agosto de 2026

Direct competitors

Who this company fights with for the same customers

Compare

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

P/E: 20.9Score: 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: 16.8Score: 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.

Balanço & Liquidez

Receita

$48.37B

Últimos 12 meses (até 30/06/2026)

Resultado Líquido

$13.65B

Últimos 12 meses (até 30/06/2026)

Fluxo de Caixa Livre

$9.46B

Capital Próprio Total

$26.62B

Passivo Total

$28.98B

Rácio de Liquidez

1.14

Cobertura de Juros

16.94

Dívida/EBITDA

2.27

Resultados Por Ação

Receita & Resultado Líquido

Fluxo de Caixa Livre

Decomposição dos Resultados

Demonstração histórica

Margens ao longo do tempo

A dívida ao longo do tempo

Quanto pesa a dívida

Grelha do crescimento

Crescimento — Receitas

Estimativa de Valor Justo

Caso geralJustamente Valorizada

Valor Justo

$78.51

Preço Atual

$66.98

Margem de Segurança

+14.7%

Intervalo de Valor Justo

$51.03 - $105.99

Dispersão entre os métodos de avaliação utilizados, não um intervalo de confiança calibrado estatisticamente.

Métodos de Estimativa

Preço-alvo dos analistas:$92.93
Fluxo de caixa descontado (DCF):$66.52
Multiplicador de lucros (P/E):$61.10
Fórmula de crescimento de Graham:$163.71
Valor da capacidade de gerar lucro (EPV):$23.84
P/B justificado:$26.44
Desconto de dividendos (Gordon):Dados insuficientes para o calcular
P/FFO, fundos de operações:$43.48
Lucros de meio de ciclo:$22.86
Multiplicador sobre as receitas:$23.33
Consenso dos Analistas:Comprar (43B / 15H / 0S)
Última Surpresa de Resultados:-0.52%

Métricas de Avaliação

Rácio P/E

21.34

ROE

41.3%

Rácio P/B

9.37

P/FCF

25.33

Margem Bruta

49.1%

ROIC

24.5%

Radar de Rentabilidade

Criação de Valor (Vantagem Competitiva)

ROIC

24.5%

WACC

12.3%

ROIC − WACC

+12.2 pp

O ROIC supera o custo do capital — a empresa está a criar valor para os acionistas.

Critérios de Análise Fundamental

Aprovado (22)

  • EPS shows upward trend
  • EPS CAGR 5.47%
  • Price CAGR 19.15%
  • ROIC 24.5%
  • Gross Margin 49.1%
  • P/FCF 25.33
  • 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

Reprovado (5)

  • P/B Ratio 9.37
  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • Earnings Surprise avg -7.1%

Indisponível (1)

  • Dividend Payout NaN%

Piotroski F-Score

7/9

Saúde financeira sólida

score
criteria

Qualidade dos Resultados

0.88

Moderada: alguma diferença entre lucros e caixa

Diluição de Ações

-1.4%

A recomprar ações. Favorável ao acionista

Participações institucionais

Governação

Equipa Executiva

NomeCargoIdade
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-

Risco de Auditoria

10

Risco do Conselho

3

Risco de Remuneração

6

Risco dos Direitos dos Acionistas

5

Parte 2 · O preço e o momento de entrar

Esta parte não serve para saber se a empresa vale: serve para escolher quando comprá-la, depois que os fundamentos te convenceram. Dentro: análise técnica, potencial, quedas históricas, exposição gama.

Documentos

  • Relatório anual (10-K)

    Uma visão anual do negócio, dos resultados financeiros e dos riscos da empresa.

    Arquivado em 2026-01-23

    Ver documento
  • Relatório trimestral (10-Q)

    Uma atualização sobre o desempenho financeiro dos últimos três meses.

    Arquivado em 2026-07-17

    Ver documento
  • Relatório de fato relevante (8-K)

    Um aviso sobre um fato relevante, como uma mudança na liderança ou um grande anúncio.

    Arquivado em 2026-07-30

    Ver documento

via SEC EDGAR

Histórico de Resultados

via SEC EDGAR

Latest News

Recent headlines for NFLX, sourced from Markets Gazette.

  • 6h agoNEGATIVE
    Le azioni Netflix hanno perso il 14% a settembre: NFLX è da comprare dopo lo sell-off?

    Netflix shares experienced a significant decline of 14% in September, contributing to a broader 18% loss over the past month and a 25% year-to-date drop. This sell-off is driven by concerns over slowing user engagement, a less impactful content pipeline, and intensifying competition. Adding to investor worries, co-CEO Ted Sarandos acknowledged that the company's growth has not been rapid enough. The stock is now heading for its fifth consecutive week of losses, signaling significant headwinds for the streaming giant.

  • 3d 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.

  • 10d 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.

  • 14d 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.

  • 18d 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.

via Markets Gazette