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Netflix NFLX Ratios & Valuation

Q2 '26Q1 '26Q4 '25Q3 '25Q2 '25
Profitability
Gross margin49.1%+0.6pp49%+2.1pp48.5%+2.4pp48.1%+2.8pp48.5%+4.7pp
Operating margin29.7%+0.2pp29.7%+2.0pp29.5%+2.8pp29.1%+3.5pp29.5%+5.7pp
Net margin28.2%+3.6pp28.5%+5.4pp24.3%+2.0pp24%+3.3pp24.6%+5.0pp
Returns
Return on equity49.5%+6.0pp48.5%+7.7pp42.8%+4.3pp42.9%+8.1pp43.5%+12.0pp
Return on invested capital37.8%+4.9pp33.2%+3.2pp33.1%+5.2pp32.3%+6.7pp32.8%+9.5pp
Efficiency
Asset turnover0.9×+0.1×0.8×0.0×0.8×+0.1×0.8×+0.1×0.8×+0.1×
Liquidity
Current ratio1.1×-0.2×1.4×+0.2×1.2×0.0×1.3×+0.2×1.3×+0.4×
Leverage
Debt-to-equity0.5×-0.2×0.5×-0.2×0.6×-0.1×0.7×-0.2×0.7×-0.1×
Per Share
Book value per share$7.08-87.7%$7.24+31.7%$6.13+8.8%$59.80+15.2%$57.38+14.1%
Valuation
Market capitalization$298.6B-40.0%$405.96B+1.8%$397.72B+4.4%$509.45B+67.0%$544.35B+87.6%
Price / earnings21.9×-26.7×30.4×-12.7×36.2×-7.5×48.8×+9.6×53.1×+12.2×
Price / sales6.2×-5.8×8.7×-1.3×8.8×-1.0×11.7×+3.6×13.1×+5.1×
Price / book9.9×-10.0×13×-3.6×14.9×-0.5×19.6×+6.2×21.8×+8.7×

FAQ

What are Netflix's profit margins?
Netflix (NFLX) runs a 49.1% gross margin and a 29.7% operating margin, with a 28.2% net margin.
Where do Netflix's ratios come from?
Every ratio is computed from Netflix's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.