Netflix (NFLX)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $295.1B, Netflix's free cash flow of $9.5B (fiscal 2025) would need to grow about 11% a year for the stock to be worth today's price. That is slower than the company has grown its free cash flow over the last 5 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Netflix's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from NFLX's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Netflix's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $29.7B | $31.6B | $33.7B | $39.0B | $45.2B |
| Net income | $5.1B | $4.5B | $5.4B | $8.7B | $11.0B |
| Free cash flow | -$132M | $1.6B | $6.9B | $6.9B | $9.5B |
| EPS (diluted) | $1.12 | $0.99 | $1.20 | $1.98 | $2.53 |
| Operating margin | 20.9% | 17.8% | 20.6% | 26.7% | 29.5% |
Where the revenue comes from
Revenue by regions, fiscal 2025.
Superinvestors who own NFLX
From each investor's latest 13F filing (what a 13F shows). 13 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Hersh Cohen ClearBridge Investments |
Trimmed | $1.1B | 0.95% | Q2 2026 |
| Bill Nygren Harris Associates LP |
Added | $786M | 1.0% | Q2 2026 |
| PRIMECAP Management PRIMECAP Management Co |
Added | $342M | 0.20% | Q2 2026 |
| Philippe Laffont Coatue Management |
Trimmed | $336M | 0.69% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Trimmed | $181M | 0.06% | Q2 2026 |
| Sean Stannard-Stockton Ensemble Capital Management |
Trimmed | $83M | 7.1% | Q3 2024 |
| Joel Greenblatt Gotham Asset Management |
Added | $44M | 0.10% | Q2 2026 |
| Mario Gabelli GAMCO Investors |
Added | $12M | 0.11% | Q2 2026 |
| Wallace Weitz Weitz Investment Management |
New position | $11M | 0.73% | Q2 2026 |
| Boykin Curry Eagle Capital Management |
Trimmed | $4M | 0.01% | Q2 2026 |
| Tom Gayner Markel Group Inc. |
New position | $3M | 0.02% | Q2 2026 |
| Steven Romick First Pacific Advisors |
Held | $1M | 0.02% | Q2 2026 |
Insider buying
Open-market purchases by Netflix's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Mar 20, 2026 | Ro Khanna |
0 | $91.82 | — |
| Mar 20, 2026 | Byron Donalds |
0 | $91.82 | — |
| Mar 20, 2026 | Ro Khanna |
0 | $91.82 | — |
| Mar 20, 2026 | Byron Donalds |
0 | $91.82 | — |
| Feb 27, 2026 | Michael T. Mccaul |
0 | $96.24 | — |
| Feb 27, 2026 | Michael T. Mccaul |
0 | $96.24 | — |
| Feb 17, 2026 | Michael T. Mccaul |
0 | $77.00 | — |
| Feb 17, 2026 | Ro Khanna |
0 | $77.00 | — |
| Feb 17, 2026 | Michael T. Mccaul |
0 | $77.00 | — |
| Feb 17, 2026 | Ro Khanna |
0 | $77.00 | — |
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In the full deep dive
Questions
What growth does Netflix's stock price imply?
At a market value of $295.1B, Netflix would need its free cash flow to grow about 11% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 5 years its free cash flow grew 37% a year.
Are Netflix insiders buying the stock?
10 open-market insider purchases of NFLX in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Netflix?
13 of the superinvestors Investingly tracks hold NFLX in their latest 13F, including Hersh Cohen, Bill Nygren, PRIMECAP Management.
Other Communication Services stocks
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.