NFLXNETFLIX INC

Services-Video Tape Rental

Revenue: $45.2B; 16% YoY
Operating margin: 29.5%; 10% YoY
EBITDA: $13.7B; 27% YoY
Market cap: $254.9B
Employees: 16,000; $3M revenue each
Net debt / EBITDA: 0.9×; $12.3B net debt
AI in 10-K: 1.7; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
92% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
90% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
84% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$3M per employee
Bottom quartile of its SIC industry
Quiet on AINo
1.7 per 10K words · 51st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$254.9B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$358M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$29.7B	$31.6B	$33.7B	$39.0B	$45.2B	16%
Operating income	$6.2B	$5.6B	$7.0B	$10.4B	$13.3B	28%
Net income	$5.1B	$4.5B	$5.4B	$8.7B	$11.0B	26%
Operating cash flow	$393M	$2.0B	$7.3B	$7.4B	$10.1B	38%
Capex	$525M	$408M	$349M	$440M	$688M	57%
Stock-based comp	$403M	$575M	$339M	$273M	$368M	35%
Buybacks	$600M	$0	$6.0B	$6.3B	$9.1B	46%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $358M · 102
Net: −$358M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	173	138
FY2024	—	—	165	115
FY2023	—	—	90	87
FY2022	—	—	55	59
FY2021	—	—	111	98