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Held by 3,269 of 6,047 reporting institutions (100th percentile) — extremely crowded.
Data as of Q2 2026
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What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $9.13B buybacks = $9.13B returned on $9.46B FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 27%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $5.02B covers the $1.47B due within a year 3.4× over. Scheduled principal only (excludes interest & revolver draws). As of 2019-12-31 (10-Q).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~5.4% on $14.46B of debt.
Cash of $9.03B fully covers short-term debt of $998.9M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Ranked against 2 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NFLX | $293.8B | 27.9× | 21.9× | 6.5× | 15.9% | 48.5% | 24.3% | 41.3% | 26.7% | 0.4× | 3,269 |
| IQ | $918M | — | 12.4× | 0.2× | -2.5% | 21.1% | -0.8% | -1.6% | -1.3% | -5.1× | 127 |
| MCS | $873M | — | 11.6× | 1.1× | 3.1% | — | 1.7% | 2.8% | 2.1% | 1.6× | 137 |
Peers = companies sharing NFLX's sector (Services-Video Tape Rental) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $70.57 today, the market must believe free cash flow compounds 15.9%/yr for a decade (off $7.77B on the 3-yr avg basis).
On the basis ($7.44B) the requirement is 16.5%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 15.9% is more conservative than its 5-yr track record.
Default is 9.7% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 4.16B shares (market data) · net debt $5.43B
mean 64.4% · volatility σ 186% · implied rate exceeded in 2/4 yrs
Central path = implied 15.9%/yr growth; shaded band = ±1σ (186%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-10-14
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $45.18B 100.0% | $39.00B 100.0% | $33.72B 100.0% | $31.62B 100.0% | $29.70B 100.0% | $25.00B 100.0% | $20.16B 100.0% | $15.79B 100.0% | $11.69B 100.0% | $8.83B 100.0% |
| Cost of Revenue | $23.28B 51.5% | $21.04B 53.9% | $19.72B 58.5% | $19.17B 60.6% | $17.33B 58.4% | $15.28B 61.1% | $12.44B 61.7% | $9.97B 63.1% | $8.03B 68.7% | $6.26B 70.9% |
| Research & Development | $3.39B 7.5% | $2.93B 7.5% | $2.68B 7.9% | $2.71B 8.6% | $2.27B 7.7% | $1.83B 7.3% | $1.67B 8.3% | $1.22B 7.7% | $981.0M 8.4% | $768.0M 8.7% |
| Selling, General & Admin | $1.89B 4.2% | $1.70B 4.4% | $1.72B 5.1% | $1.57B 5.0% | $1.35B 4.6% | $1.08B 4.3% | $914.4M 4.5% | $630.3M 4.0% | $431.0M 3.7% | $315.7M 3.6% |
| Operating Income | $13.33B 29.5% | $10.42B 26.7% | $6.95B 20.6% | $5.63B 17.8% | $6.19B 20.9% | $4.59B 18.3% | $2.60B 12.9% | $1.61B 10.2% | $838.7M 7.2% | $379.8M 4.3% |
| Interest Expense | $776.5M 1.7% | $718.7M 1.8% | $699.8M 2.1% | $706.2M 2.2% | $765.6M 2.6% | $767.5M 3.1% | $626.0M 3.1% | $420.5M 2.7% | $238.2M 2.0% | $150.1M 1.7% |
| Other Income (Expense), net | $172.5M 0.4% | $266.8M 0.7% | -$48.8M -0.1% | $337.3M 1.1% | $411.2M 1.4% | -$618.4M -2.5% | $84.0M 0.4% | $41.7M 0.3% | -$115.2M -1.0% | $30.8M 0.3% |
| Pretax Income | $12.72B 28.2% | $9.97B 25.6% | $6.21B 18.4% | $5.26B 16.6% | $5.84B 19.7% | $3.20B 12.8% | $2.06B 10.2% | $1.23B 7.8% | $485.3M 4.2% | $260.5M 3.0% |
| Income Tax Expense | $1.74B 3.9% | $1.25B 3.2% | $797.4M 2.4% | $772.0M 2.4% | $723.9M 2.4% | $438.0M 1.8% | $195.3M 1.0% | $15.2M 0.1% | -$73.6M -0.6% | $73.8M 0.8% |
| Net Income | $10.98B 24.3% | $8.71B 22.3% | $5.41B 16.0% | $4.49B 14.2% | $5.12B 17.2% | $2.76B 11.0% | $1.87B 9.3% | $1.21B 7.7% | $558.9M 4.8% | $186.7M 2.1% |
| Per Share | ||||||||||
| EPS (Basic) | $2.58 | $2.03 | $1.22 | $10.10 | $11.55 | $6.26 | $4.26 | $2.78 | $1.29 | $0.44 |
| EPS (Diluted) | $2.53 | $1.98 | $1.20 | $9.95 | $11.24 | $6.08 | $4.13 | $2.68 | $1.25 | $0.43 |
| Weighted Avg Shares (Basic) | 4.25B | 4.30B | 4.42B | 444.7M | 443.2M | 440.9M | 437.8M | 435.4M | 431.9M | 428.8M |
| Weighted Avg Shares (Diluted) | 4.34B | 4.39B | 4.49B | 451.3M | 455.4M | 454.2M | 451.8M | 451.2M | 446.8M | 438.7M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-14
Where each multiple sits in its own 14-yr range · 86th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 41% against ROIC 27% — 15% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 42.8% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 1.8× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 63.1 | 61.7 | 61.1 | 58.4 | 60.6 | 58.5 | 53.9 | 51.5 |
| R&D | 7.7 | 8.3 | 7.3 | 7.7 | 8.6 | 7.9 | 7.5 | 7.5 |
| SG&A | 4.0 | 4.5 | 4.3 | 4.6 | 5.0 | 5.1 | 4.4 | 4.2 |
| Operating Income | 10.2 | 12.9 | 18.3 | 20.9 | 17.8 | 20.6 | 26.7 | 29.5 |
| Income Tax | 0.1 | 1.0 | 1.8 | 2.4 | 2.4 | 2.4 | 3.2 | 3.9 |
| Net Income | 7.7 | 9.3 | 11.0 | 17.2 | 14.2 | 16.0 | 22.3 | 24.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on NFLX: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 22.55pts above its cost of capital, positive in 5 of the last 5 years.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 11.7% | 9.7% (today's — no rate published for this year) | 2.0pts |
| FY2020 | 18.2% | 9.7% (today's — no rate published for this year) | 8.6pts |
| FY2021 | 18.9% | 4.9% | 14.0pts |
| FY2022 | 14.8% | 10.5% | 4.3pts |
| FY2023 | 19.4% | 10.9% | 8.5pts |
| FY2024 | 25.4% | 10.3% | 15.1pts |
| FY2025 | 32.7% | 9.4% | 23.2pts |
| Now | 26.7% | 9.7% | 17.1pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 29.1% | 4.3% | 2.1% |
| FY2017 | 31.3% | 7.2% | 4.8% |
| FY2018 | 36.9% | 10.2% | 7.7% |
| FY2019 | 38.3% | 12.9% | 9.3% |
| FY2020 | 38.9% | 18.3% | 11.0% |
| FY2021 | 41.6% | 20.9% | 17.2% |
| FY2022 | 39.4% | 17.8% | 14.2% |
| FY2023 | 41.5% | 20.6% | 16.0% |
| FY2024 | 46.1% | 26.7% | 22.3% |
| FY2025 | 48.5% | 29.5% | 24.3% |
Leverage and buybacks account for 15 points of the 41% return on equity in FY2025. The business earns 27% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Cash conversion of 0.65x sits below the level that would make the earnings clearly cash-backed.
Shares outstanding are up 862% since FY2019 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.
Covers interest 12.0x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 17.16x |
| 5% | 16.30x |
| 10% | 15.45x |
| 15% | 14.59x |
| 20% | 13.73x |
| 25% | 12.87x |
| 30% | 12.01x |
| 35% | 11.16x |
| 40% | 10.30x |
| 45% | 9.44x |
| 50% | 8.58x |
| 55% | 7.72x |
| 60% | 6.86x |
This schedule comes from a filing dated 2019-12-31, 2480 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2019-12-31 (10-Q); cash from the 2019-12-31 balance sheet; FCF from FY2019. Free cash flow is negative, so projected resources fall rather than accumulate.
Balance sheet at 2019-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $70.57, free cash flow must compound 16.0%/yr for 10 years. It has no positive compounding record to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | −106.8% | 16.0% |
| FY2023 | 327.9% | 16.0% |
| FY2024 | −0.1% | 16.0% |
| FY2025 | 36.7% | 16.0% |
The implied rate has been matched or beaten in 2 of the last 4 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $10.98B | $10.98B |
| Share-based comp | $368M | $11.35B |
| Other non-cash & working capital | −$1.20B | $10.15B |
| Operating cash flow | $10.15B | $10.15B |
| Capex | −$688M | $9.46B |
| Free cash flow | $9.46B | $9.46B |
| FCF after SBC | $9.09B | $9.09B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 24.0% | not reported | not reported |
| FY2021 | 18.8% | not reported | not reported |
| FY2022 | 6.5% | not reported | not reported |
| FY2023 | 6.7% | not reported | not reported |
| FY2024 | 15.7% | not reported | not reported |
| FY2025 | 15.8% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | 14.0 percent |
| FY2020 | 0.8 percent |
| FY2021 | 10.6 percent |
| FY2022 | 5.1 percent |
| FY2023 | -3.8 percent |
| FY2024 | 2.5 percent |
| FY2025 | 1.5 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.