Netflix, Inc. (NFLX): net debt to ebitda, 10 filed years
Net debt/EBITDA at Netflix, Inc. was 0.58x in FY2025, the newest filed year. Across the 7 computed years from FY2019 it ranged from 0.58x (FY2025) to 4.19x (FY2019), with a median of 1.89x.
Tonight's figure on the company page: 0.58x, 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
| Fiscal year | Net debt/EBITDA | 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 | 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 | 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 | 10-K, filed 2019-01-29 |
| FY2019 | 4.19x | 10-K, filed 2020-01-29 |
| FY2020 | 2.19x | 10-K, filed 2021-01-28 |
| FY2021 | 1.89x | 10-K, filed 2022-01-27 |
| FY2022 | 1.97x | 10-K, filed 2023-01-26 |
| FY2023 | 1.35x | 10-K, filed 2024-01-26 |
| FY2024 | 0.95x | 10-K, filed 2025-01-27 |
| FY2025 | 0.58x | 10-K, filed 2026-01-23 |
How each year is computed
(Total debt - cash) / EBITDA
Each year is a ratio of lines in that year's filed annual report, with the nightly recompute's own rules for what counts as a filed line. Nothing is estimated, smoothed or filled in: a year that cannot be computed says why.
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.