Question 1

What is Netflix's EV/EBITDA ratio?

Accepted Answer

Netflix (NFLX) EV/EBITDA ratio is 10.5× as of June 5, 2026. The ratio is calculated by dividing enterprise value by trailing twelve-month EBITDA, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the EV/EBITDA ratio calculated?

Accepted Answer

EV/EBITDA = Enterprise Value ÷ Trailing Twelve-Month (TTM) EBITDA, where Enterprise Value = Market Capitalisation + Total Debt − Cash & Short-Term Investments. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the EV/EBITDA ratio?

Accepted Answer

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.

Question 4

What is a good EV/EBITDA ratio for Netflix?

Accepted Answer

Mature, cash-generative businesses commonly trade in the 8–12× EV/EBITDA range; higher-growth, asset-light companies often trade at 15–25×+. EV/EBITDA is most useful for comparing companies with different capital structures (debt levels) or tax regimes. For Netflix specifically, the relevant sector benchmark is the current sector median of 12.6×.

Question 5

Is Netflix's EV/EBITDA ratio high or low?

Accepted Answer

Netflix's EV/EBITDA ratio of 10.5× is below its own 5-year average of 11.8× and below the sector median of 12.6×. That places the current reading at the 37th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Netflix's historical EV/EBITDA ratio range?

Accepted Answer

In the available daily series, Netflix (NFLX) EV/EBITDA ratio has ranged from a low of 2.1× in 2012 to a high of 25.4× in 2004. The 5-year average is 11.8× and the 5-year median is 12.3×.

Question 7

What was Netflix's EV/EBITDA ratio in 2025?

Accepted Answer

Netflix (NFLX) EV/EBITDA ratio at the end of 2025 was 13.3×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month EBITDA figure available at that date.

Question 8

Why does Netflix's EV/EBITDA ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (enterprise value, which tracks share price plus net debt) and the denominator (EBITDA). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$396.53B	$30.25B	13.3×	-1.5×	Dec 31, 2025
2024	$381.22B	$26.34B	14.8×	+4.4×	Dec 31, 2024
2023	$215.00B	$21.58B	10.4×	+3.4×	Dec 31, 2023
2022	$131.29B	$20.33B	7.0×	-7.6×	Dec 31, 2022
2021	$267.14B	$19.11B	14.6×	-1.4×	Dec 31, 2021
2020	$239.11B	$15.53B	16.1×	+3.3×	Dec 31, 2020
2019	$141.91B	$12.04B	12.7×	-0.4×	Dec 31, 2019
2018	$116.82B	$9.37B	13.2×	+1.1×	Dec 31, 2018
2017	$83.16B	$7.18B	12.1×	+1.8×	Dec 31, 2017
2016	$53.20B	$5.34B	10.3×	-2.4×	Dec 31, 2016
2015	$48.93B	$3.86B	12.7×	+6.5×	Dec 31, 2015
2014	$20.61B	$3.18B	6.2×	-2.4×	Dec 31, 2014
2013	$21.90B	$2.45B	8.7×	+5.9×	Dec 31, 2013
2012	$5.13B	$1.75B	2.7×	-0.9×	Dec 31, 2012
2011	$3.71B	$903.31M	3.7×	-13.9×	Dec 31, 2011
2010	$9.24B	$520.75M	17.5×	+11.3×	Dec 31, 2010
2009	$2.91B	$456.20M	6.2×	+2.2×	Dec 31, 2009
2008	$1.76B	$373.54M	4.0×	-0.2×	Dec 31, 2008
2007	$1.67B	$316.15M	4.2×	-2.0×	Dec 31, 2007
2006	$1.77B	$221.15M	6.2×	-5.3×	Dec 31, 2006
2005	$1.47B	$109.99M	11.5×	+7.1×	Dec 31, 2005
2004	$648.03M	$107.56M	4.4×	-19.1×	Dec 31, 2004
2003	$1.39B	$53.32M	23.6×	+13.7×	Dec 31, 2003
2002	$247.13M	$14.80M	9.8×	—	Dec 31, 2002


Electronic Arts (EA)	40.3×
DoorDash (DASH)	37.4×
Reddit (RDDT)	35.2×
Roku (ROKU)	33.6×
Take-Two Interactive Software (TTWO)	30.2×
Pinterest (PINS)	28.4×
Spotify (SPOT)	26.1×
Omnicom Group (OMC)	19.0×
Live Nation Entertainment (LYV)	18.0×
Alphabet (GOOGL)	15.7×
Trade Desk (TTD)	13.5×
TKO Group Holdings (TKO)	12.9×
Meta (META)	12.8×
T-Mobile US (TMUS)	12.3×
Match Group (MTCH)	10.1×
Walt Disney (DIS)	9.9×
News (NWSA)	9.0×
Fox (FOXA)	9.0×
Verizon (VZ)	8.2×
Telephone and Data Systems (TDS)	6.9×
AT&T (T)	6.6×
Charter Communications (CHTR)	6.0×
John Wiley & Sons (WLY)	5.8×
Warner Bros. Discovery (WBD)	5.3×
Comcast (CMCSA)	4.2×

EV/EBITDA for Netflix (NFLX)

EV/EBITDA daily chart for Netflix (NFLX)

Historical EV/EBITDA for Netflix (NFLX) from 2002 to 2025

About EV/EBITDA at Netflix (NFLX)

Netflix EV/EBITDA by Year

Netflix EV/EBITDA 2025: 13.3×

Netflix EV/EBITDA 2024: 14.8×

Netflix EV/EBITDA 2023: 10.4×

Netflix EV/EBITDA 2022: 7.0×

Netflix EV/EBITDA 2021: 14.6×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

Netflix (NFLX) Key Financials

EV/EBITDA daily chart for Netflix (NFLX)

Historical EV/EBITDA for Netflix (NFLX) from 2002 to 2025

About EV/EBITDA at Netflix (NFLX)

Netflix EV/EBITDA by Year

Netflix EV/EBITDA 2025: 13.3×

Netflix EV/EBITDA 2024: 14.8×

Netflix EV/EBITDA 2023: 10.4×

Netflix EV/EBITDA 2022: 7.0×

Netflix EV/EBITDA 2021: 14.6×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

+What is Netflix's EV/EBITDA ratio?

+How is the EV/EBITDA ratio calculated?

+What is the EV/EBITDA ratio?

+What is a good EV/EBITDA ratio for Netflix?

+Is Netflix's EV/EBITDA ratio high or low?

+What is Netflix's historical EV/EBITDA ratio range?

+What was Netflix's EV/EBITDA ratio in 2025?

+Why does Netflix's EV/EBITDA ratio change over time?

Netflix (NFLX) Key Financials