Netflix Inc., current enterprise value calculation

Current share price (P)	$1,024.54
No. shares of common stock outstanding	427,757,100
US$ in thousands
Common equity (market value)¹	438,254,259)
Add: Preferred stock, $0.001 par value; no shares issued and outstanding (per books)	—)
Total equity	438,254,259)
Add: Short-term debt (per books)	1,784,453)
Add: Long-term debt (per books)	13,798,351)
Total equity and debt	453,837,063)
Less: Cash and cash equivalents	7,804,733)
Less: Short-term investments	1,779,006)
Enterprise value (EV)	444,253,324)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 1,024.54 × 427,757,100

Netflix Inc., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$971.89	$570.42	$364.87	$386.70	$538.60
No. shares of common stock outstanding¹	427,757,100	432,759,584	445,346,776	443,963,107	442,895,261
US$ in thousands
Common equity (market value)³	415,732,848)	246,854,722)	162,493,678)	171,680,533)	238,543,388)
Add: Preferred stock, $0.001 par value; no shares issued and outstanding (book value)	—)	—)	—)	—)	—)
Total equity	415,732,848)	246,854,722)	162,493,678)	171,680,533)	238,543,388)
Add: Short-term debt (book value)	1,784,453)	399,844)	—)	699,823)	499,878)
Add: Long-term debt (book value)	13,798,351)	14,143,417)	14,353,076)	14,693,072)	15,809,095)
Total equity and debt	431,315,652)	261,397,983)	176,846,754)	187,073,428)	254,852,361)
Less: Cash and cash equivalents	7,804,733)	7,116,913)	5,147,176)	6,027,804)	8,205,550)
Less: Short-term investments	1,779,006)	20,973)	911,276)	—)	—)
Enterprise value (EV)	421,731,913)	254,260,097)	170,788,302)	181,045,624)	246,646,811)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Netflix Inc. Annual Report.

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 971.89 × 427,757,100

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Netflix Inc. EV increased from 2022 to 2023 and from 2023 to 2024.

Netflix Inc. (NASDAQ:NFLX)

Enterprise Value (EV)