Question 1

What is Netflix's P/FCF ratio?

Accepted Answer

Netflix (NFLX) P/FCF ratio is 29.7× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. 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 P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Netflix?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Netflix specifically, the relevant sector benchmark is the current sector median of 21.7×.

Question 5

Is Netflix's P/FCF ratio high or low?

Accepted Answer

Netflix's P/FCF ratio of 29.7× is below its own 5-year average of 181.0× and above the sector median of 21.7×. That places the current reading at the 0th 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 P/FCF ratio range?

Accepted Answer

In the available daily series, Netflix (NFLX) P/FCF ratio has ranged from a low of 4.7× in 2005 to a high of 2080.5× in 2021. The 5-year average is 181.0× and the 5-year median is 53.0×.

Question 7

What was Netflix's P/FCF ratio in 2025?

Accepted Answer

Netflix (NFLX) P/FCF ratio at the end of 2025 was 41.9×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Netflix's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). 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	$9.46B	41.9×	-13.2×	Dec 31, 2025
2024	$381.22B	$6.92B	55.1×	+24.0×	Dec 31, 2024
2023	$215.00B	$6.93B	31.0×	-50.1×	Dec 31, 2023
2022	$131.29B	$1.62B	81.1×	—	Dec 31, 2022
2021	$267.14B	−$131.97M	—	—	Dec 31, 2021
2020	$239.11B	$1.93B	123.9×	—	Dec 31, 2020
2019	$141.91B	−$3.16B	—	—	Dec 31, 2019
2018	$116.82B	−$2.89B	—	—	Dec 31, 2018
2017	$83.16B	−$2.01B	—	—	Dec 31, 2017
2016	$53.20B	−$1.66B	—	—	Dec 31, 2016
2015	$48.93B	−$918.64M	—	—	Dec 31, 2015
2014	$20.61B	−$128.03M	—	—	Dec 31, 2014
2013	$21.90B	−$22.24M	—	—	Dec 31, 2013
2012	$5.13B	−$36.84M	—	—	Dec 31, 2012
2011	$3.71B	$182.88M	20.3×	-24.8×	Dec 31, 2011
2010	$9.24B	$204.65M	45.1×	+32.6×	Dec 31, 2010
2009	$2.91B	$232.66M	12.5×	-10.5×	Dec 31, 2009
2008	$1.76B	$76.34M	23.0×	+8.4×	Dec 31, 2008
2007	$1.67B	$114.14M	14.6×	-20.5×	Dec 31, 2007
2006	$1.77B	$50.42M	35.1×	+14.1×	Dec 31, 2006
2005	$1.47B	$70.10M	21.0×	+16.1×	Dec 31, 2005
2004	$648.03M	$132.61M	4.9×	-50.1×	Dec 31, 2004
2003	$1.39B	$25.30M	55.0×	+36.4×	Dec 31, 2003
2002	$247.13M	$13.29M	18.6×	—	Dec 31, 2002


Alphabet (GOOGL)	54.0×
DoorDash (DASH)	37.3×
Meta (META)	30.0×
Reddit (RDDT)	29.7×
Warner Bros. Discovery (WBD)	29.6×
Live Nation Entertainment (LYV)	28.7×
Spotify (SPOT)	27.0×
News (NWSA)	24.7×
Paramount Skydance (PSKY)	24.5×
Walt Disney (DIS)	23.0×
Electronic Arts (EA)	21.9×
Roku (ROKU)	21.4×
Trade Desk (TTD)	12.9×
Snap (SNAP)	12.8×
T-Mobile US (TMUS)	12.7×
AT&T (T)	11.7×
Verizon (VZ)	10.5×
Fox (FOXA)	10.5×
Pinterest (PINS)	9.7×
TKO Group Holdings (TKO)	8.9×
John Wiley & Sons (WLY)	8.6×
Match Group (MTCH)	7.3×
Charter Communications (CHTR)	6.7×
Omnicom Group (OMC)	5.2×
Comcast (CMCSA)	5.1×

P/FCF Ratio for Netflix (NFLX)

P/FCF Ratio daily chart for Netflix (NFLX)

Historical P/FCF Ratio for Netflix (NFLX) from 2002 to 2025

About P/FCF Ratio at Netflix (NFLX)

Netflix P/FCF Ratio by Year

Netflix P/FCF Ratio 2025: 41.9×

Netflix P/FCF Ratio 2024: 55.1×

Netflix P/FCF Ratio 2023: 31.0×

Netflix P/FCF Ratio 2022: 81.1×

Netflix P/FCF Ratio 2020: 123.9×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Netflix (NFLX) Key Financials

P/FCF Ratio daily chart for Netflix (NFLX)

Historical P/FCF Ratio for Netflix (NFLX) from 2002 to 2025

About P/FCF Ratio at Netflix (NFLX)

Netflix P/FCF Ratio by Year

Netflix P/FCF Ratio 2025: 41.9×

Netflix P/FCF Ratio 2024: 55.1×

Netflix P/FCF Ratio 2023: 31.0×

Netflix P/FCF Ratio 2022: 81.1×

Netflix P/FCF Ratio 2020: 123.9×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

+What is Netflix's P/FCF ratio?

+How is the P/FCF ratio calculated?

+What is the P/FCF ratio?

+What is a good P/FCF ratio for Netflix?

+Is Netflix's P/FCF ratio high or low?

+What is Netflix's historical P/FCF ratio range?

+What was Netflix's P/FCF ratio in 2025?

+Why does Netflix's P/FCF ratio change over time?

Netflix (NFLX) Key Financials