This is the standing evidence sheet for Netflix (NFLX): the yardsticks BullScope computes from official SEC filings and market prices. It refreshes whenever a new edition of our research is published, and it is impersonal by design, every reader sees the same page. Nothing here is investment advice; it is the evidence, organized.
The price tag: what buyers pay per dollar of profit
Today the market pays about $26.1 for each $1 of Netflix’s annual profit (a price-to-earnings ratio of 26.1). Across its own past decade the typical price tag was 45.6, which puts today at roughly the 15th percentile of the company’s own history.
The tape: what the stock itself has done
- Last price: $65.04 (end-of-day market data as of the edition date · methodology) · 48% below its 52-week high as of that date
- Past 6 months: -30.2% · past 12 months: -47.5%
- Day-to-day temperament: jumpy (annualized volatility 37%)
The filed record: straight from the annual reports
| Fiscal year | Revenue | Growth | Operating margin | EPS |
|---|---|---|---|---|
| FY2021 | $29.7B | +18.8% | 20.9% | $11.24 |
| FY2022 | $31.6B | +6.5% | 17.8% | $9.95 |
| FY2023 | $33.7B | +6.7% | 20.6% | $12.03 |
| FY2024 | $39.0B | +15.6% | 26.7% | $19.83 |
| FY2025 | $45.2B | +15.9% | 29.5% | $2.53† |
† FY2025 GAAP diluted EPS reflects a significant non-cash or one-time item (such as an impairment charge or similar) as reported in Netflix’s FY2025 annual filing; see the Adjusted EPS row below for the non-GAAP figure.
The road ahead: filed results vs published expectations
| FY2023A | FY2024A | FY2025A | FY2026E | FY2027E | FY2028E | |
|---|---|---|---|---|---|---|
| Net sales ($B) | 33.7 | 39.0 | 45.2 | 49.5 to 51.5 | 54.0 to 59.0 | 60.5 to 66.0 |
| Net sales growth (%) | +12.8 | +15.7 | +16.0 | 10 to 14 | 9 to 15 | 9 to 13 |
| Operating margin (%) | 20.6 | 26.7 | 29.5 | 30.5 to 32.5 | 30.0 to 34.5 | 30.5 to 34.0 |
| Diluted EPS ($) | 12.03 | 19.83 | 2.53† | 1.09-5.09‡ | -1.21-7.79‡ | -1.51-8.49‡ |
| Adjusted EPS (non-GAAP; consensus range per BullScope methodology) | , | , | , | 25.00 to 27.50 | 28.50 to 35.50 | 32.00 to 42.00 |
‡ GAAP diluted EPS consensus ranges for forward years reflect the full published consensus distribution, including scenarios incorporating significant non-cash or one-time items; source: BullScope consensus compilation per the methodology page. See the Adjusted EPS row for the non-GAAP central tendency.
Columns marked A are actual filed results; E columns are the published consensus ranges the current price is being weighed against.
The four gauges: from the latest edition
BullScope coverage of Netflix
- Netflix Is Earning More Than Ever. The Stock Is Down 37%. Both Things Are True.
- Netflix’s Margin Story Is Winning. The Stock Has Already Forgotten.
Read the full report on Netflix in the BullScope Terminal → It opens with this company loaded.
Edition date: 2026-10-21. This page updates when a new edition is published. Sources: SEC EDGAR filings, Nasdaq prices; computed by BullScope’s published methodology.
