Netflix Inc., FCFE calculation

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income	5,407,990)	4,491,924)	5,116,228)	2,761,395)	1,866,916)
Net noncash charges	1,982,459)	(1,707,580)	(4,481,641)	(302,445)	(4,797,281)
Changes in operating assets and liabilities	(116,148)	(758,087)	(241,977)	(31,873)	43,043)
Net cash provided by (used in) operating activities	7,274,301)	2,026,257)	392,610)	2,427,077)	(2,887,322)
Purchases of property and equipment	(348,552)	(407,729)	(524,585)	(497,923)	(253,035)
Proceeds from issuance of debt	—)	—)	—)	1,009,464)	4,469,306)
Debt issuance costs	—)	—)	—)	(7,559)	(36,134)
Repayments of debt	—)	(700,000)	(500,000)	—)	—)
Free cash flow to equity (FCFE)	6,925,749)	918,528)	(631,975)	2,931,059)	1,292,815)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Netflix Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Netflix Inc. FCFE increased from 2021 to 2022 and from 2022 to 2023.

Netflix Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	427,458,114
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)	6,925,749)
FCFE per share	16.20
Current share price (P)	909.05
Valuation Ratio
P/FCFE	56.11
Benchmarks
P/FCFE, Competitors¹
Alphabet Inc.	34.36
Comcast Corp.	10.20
Meta Platforms Inc.	28.71
Walt Disney Co.	28.34
P/FCFE, Sector
Media & Entertainment	31.66
P/FCFE, Industry
Communication Services	27.96

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Netflix Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
No. shares of common stock outstanding¹	432,759,584	445,346,776	443,963,107	442,895,261	438,806,649
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)²	6,925,749)	918,528)	(631,975)	2,931,059)	1,292,815)
FCFE per share³	16.00	2.06	-1.42	6.62	2.95
Share price^1, 4	570.42	364.87	386.70	538.60	343.16
Valuation Ratio
P/FCFE⁵	35.64	176.91	—	81.38	116.48
Benchmarks
P/FCFE, Competitors⁶
Alphabet Inc.	25.65	22.91	29.75	26.58	32.39
Comcast Corp.	12.89	12.26	27.57	18.17	64.70
Meta Platforms Inc.	23.53	17.26	16.84	32.77	28.91
Walt Disney Co.	55.51	—	—	18.20	55.35
P/FCFE, Sector
Media & Entertainment	24.75	23.67	29.77	27.24	36.47
P/FCFE, Industry
Communication Services	21.97	31.82	26.52	20.51	33.69

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 6,925,749,000 ÷ 432,759,584 = 16.00

⁴ Closing price as at the filing date of Netflix Inc. Annual Report.

⁵ 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 570.42 ÷ 16.00 = 35.64

⁶ Click competitor name to see calculations.

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Netflix Inc. (NASDAQ:NFLX)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical