Intrinsic Valuation of: NFLX
Free Cash Flow Average and Growth over past 5Y Key Statistics
Year FCF FCF (FCF/Revenue)
2020 - - EPS (FY) 24 Market Cap $513B
2021 - - (-) P/E Ratio 51 Total Asset $54B
2022 $-132M - (-) Net Income $9B Total Debt $14B
2023 $2B 1326.4% (1252.0%) EBITDA $26B Total Liab $29B
2024 $7B 327.9% (301.2%) Opr Margin 0.27 Debt/Equity 0.56
2025 $7B -0.1% (-13.6%) PreTax Margin 24.87 BV/Share -18
5Y Average FCF $4B 551.4% (513.2%)
Overall Market Assumptions:
Assumptions: P/E for No-Growth Company: 7.0
Perpetual Growth Rate (g): 2.5% Historical US Bond Yield: 4.4%
Discount Rate (WACC): 7.4% Current US Bond Yield: 3.5%
Forcasting Future Free Cash Flow for next 6Y Modified Benjamin Graham's Intrinsic Value
Year FCF Projection (25.0%)
2026 $9B MBG Intrinsic Value $210
2027 $11B
2028 $14B
2029 $17B
2030 $21B
2031 $26B
Terminal Value $549B Net Worth/Share $58
DCF Valuation DCF Valuation "What If" Scenario Table
Enterprise Value $430B Growth Rate
(+) Cash & Cash Equivalents $8B $998 1.5% 2.0% 2.5% 3.0% 3.5%
(-) Total Debt $14B WACC 7.3% 866 936 1,021 1,125 1,257
Equity Value $424B 7.4% 858 926 1,009 1,111 1,239
Shares Outstanding 424,926,016 7.4% 849 917 998 1,097 1,222
7.9% 775 831 897 976 1,073
DCF Intrinsic Value $998 8.4% 711 758 812 877 954
Analyzed by QuantJuice (2025)