| Intrinsic Valuation of: NFLX | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 3 | Market Cap | $366B | |||||
| 2021 | - | - (-) | P/E Ratio | 28 | Total Asset | $56B | |||||
| 2022 | $2B | - (-) | Net Income | $11B | Total Debt | $13B | |||||
| 2023 | $7B | 327.9% (301.2%) | EBITDA | $30B | Total Liab | $29B | |||||
| 2024 | $7B | -0.1% (-13.6%) | Opr Margin | 29.49 | Debt/Equity | 0.51 | |||||
| 2025 | $9B | 36.7% (18.0%) | PreTax Margin | 27.78 | BV/Share | -1 | |||||
| 5Y Average FCF | $6B | 15.0% (101.9%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.48% | Historical US Bond Yield: | 4.40% | ||||||||
| Discount Rate (WACC): | 11.75% | Current US Bond Yield: | 3.48% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (15.0%) | ||||||||||
| 2026 | $10B | MBG Intrinsic Value | $28 | ||||||||
| 2027 | $11B | ||||||||||
| 2028 | $12B | ||||||||||
| 2029 | $13B | ||||||||||
| 2030 | $14B | ||||||||||
| 2031 | $14B | ||||||||||
| Terminal Value | $155B | Net Worth/Share | $6 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $129B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $9B | $30 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $13B | WACC | 9.8% | 35 | 36 | 38 | 40 | 43 | |||
| Equity Value | $124B | 10.8% | 31 | 32 | 33 | 35 | 37 | ||||
| Shares Outstanding | 4,210,798,528 | 11.8% | 28 | 28 | 30 | 31 | 32 | ||||
| 12.8% | 25 | 26 | 26 | 27 | 28 | ||||||
| DCF Intrinsic Value | $30 | 13.8% | 23 | 23 | 24 | 25 | 25 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||