Netflix, Inc. (NFLX): ev to ebit, 10 filed years

EV/EBIT at Netflix, Inc. was 31.16x in FY2025, the newest filed year. Across the 7 computed years from FY2019 it ranged from 25.72x (FY2022) to 60.50x (FY2019), with a median of 38.56x.

Tonight's figure on the company page: 24.26x, at the close of 2026-10-15, recomputed 2026-10-15. The table is each filed year on its own terms, with the formula below; the current figure may use trailing twelve months or, where the explainer says so, a different denominator.

Year by year

Netflix, Inc.: EV/EBIT for each filed fiscal year, with the filing behind each.
Fiscal year	EV/EBIT	Close used	Read from
FY2016 The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.	n/a	12.38 on 2016-12-30	10-K, filed 2017-01-27
FY2017 The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.	n/a	19.20 on 2017-12-29	10-K, filed 2018-01-29
FY2018 The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.	n/a	26.77 on 2018-12-31	10-K, filed 2019-01-29
FY2019	60.50x	32.36 on 2019-12-31	10-K, filed 2020-01-29
FY2020	55.81x	54.07 on 2020-12-31	10-K, filed 2021-01-28
FY2021	46.24x	60.24 on 2021-12-31	10-K, filed 2022-01-27
FY2022	25.72x	29.49 on 2022-12-30	10-K, filed 2023-01-26
FY2023	32.89x	48.69 on 2023-12-29	10-K, filed 2024-01-26
FY2024	38.56x	89.13 on 2024-12-31	10-K, filed 2025-01-27
FY2025	31.16x	93.76 on 2025-12-31	10-K, filed 2026-01-23

How each year is computed

(Close at fiscal year end x diluted shares + total debt - cash) / operating income

P/E, free cash flow yield and EV to EBIT set each filed year against the close on or within a week before that fiscal year's end. The price archive here is about five years deep, so older years of those three read n/a. Per-share figures and share counts are put on today's share count after a confirmed split, the basis the price archive is kept on.

Read further

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

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