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Informazioni su Netflix, Inc. - Common Stock Panoramica della società da Wikipedia

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Netflix, Inc. is an American media company founded on August 29, 1997, by Reed Hastings and Marc Randolph in Scotts Valley, California, and currently based in Los Gatos, California, with production offices and stages at the Los Angeles–based Hollywood studios (formerly old Warner Brothers studios) and the Albuquerque Studios (formerly ABQ studios). It owns and operates an eponymous over-the-top subscription video on-demand service, which showcases acquired and original programming as well as third-party content licensed from other production companies and distributors. Netflix is also the first streaming media company to be a member of the Motion Picture Association.

Netflix initially both sold and rented DVDs by mail, but the sales were eliminated within a year to focus on the DVD rental business. In 2007, Netflix introduced streaming media and video on demand. The company expanded to Canada in 2010, followed by Latin America and the Caribbean. In 2011, the service began to acquire and produce original content, beginning with the crime drama Lilyhammer.

The company has been listed on Nasdaq since 2002 and is ranked 117th on the Fortune 500 and 219th on the Forbes Global 2000. It is the largest entertainment/media company by market capitalization as of 2026 estimated at $450 billion. In 2021, Netflix was ranked as the eighth-most trusted brand globally by Morning Consult. During the 2010s, Netflix was the top-performing stock in the S&P 500 stock market index, with a total return of 3,693%.

The company has two CEOs, Greg Peters and Ted Sarandos, who are split between Los Gatos and Los Angeles, respectively. It also operates international offices in Asia, Europe and Latin America including in Canada, France, Brazil, the Netherlands, India, Italy, Japan, Poland, South Korea, and the United Kingdom. The company has production hubs in Los Angeles, Albuquerque, London, Madrid, Vancouver and Toronto.

History

Launch as a mail-based rental business (1997–2006)

Netflix was founded by Marc Randolph and Reed Hastings on August 29, 1997, in Scotts Valley, California. Hastings, a computer scientist and mathematician, was a cofounder of Pure Software, which was acquired by Rational Software that year for $750 million, the then biggest acquisition in Silicon Valley history. Randolph had worked as a marketing director for Pure Software after Pure Atria acquired a company where Randolph worked. He was previously a co-founder of MicroWarehouse, a computer mail-order company as well as vice president of marketing for Borland. Hastings and Randolph came up with the idea for Netflix while carpooling between their homes in Santa Cruz, California, and Pure Atria's headquarters in Sunnyvale. Patty McCord, later head of human resources at Netflix, was also in the carpool group. Randolph admired Amazon and wanted to find a large category of portable items to sell over the Internet using a similar model. Hastings and Randolph considered and rejected selling and renting VHS as too expensive to stock and too delicate to ship. When they heard about DVDs, first introduced in the United States in early 1997, they tested the concept of selling or renting DVDs by mail by mailing a compact disc to Hastings's house in Santa Cruz. When the disc arrived intact, they decided to enter the $16 billion home video sales and rental industry. Hastings is often quoted saying that he decided to start Netflix after being fined $40 at a Blockbuster store for being late to return a copy of Apollo 13, a claim since repudiated by Randolph. Hastings invested $2.5 million into Netflix from the sale of Pure Atria. Netflix launched as the first DVD rental and sales website with 30 employees and 925 titles available—nearly all DVDs published. Randolph and Hastings met with Jeff Bezos, where Amazon offered to acquire Netflix for between $14 and $16 million. Fearing competition from Amazon, Randolph at first thought the offer was fair, but Hastings, who owned 70% of the company, turned it down on the plane ride home.

Initially, Netflix offered a per-rental model for each DVD but introduced a monthly subscription concept in September 1999. The per-rental model was dropped by early 2000, allowing the company to focus on the business model of flat-fee unlimited rentals without due dates, late fees, shipping and handling fees, or per-title rental fees. In September 2000, during the dot-com bubble, while Netflix was suffering losses, Hastings and Randolph offered to sell the company to Blockbuster for $50 million. John Antioco, CEO of Blockbuster, thought the offer was a joke and declined, saying, "The dot-com hysteria is completely overblown." While Netflix experienced fast growth in early 2001, the continued effects of the dot-com bubble collapse and the September 11 attacks caused the company to hold off plans for its initial public offering (IPO) and to lay off one-third of its 120 employees.

DVD players were a popular gift for holiday sales in late 2001, and demand for DVD subscription services were "growing like crazy", according to chief talent officer Patty McCord. The company went public on NASDAQ under the ticker symbol NFLX on May 29, 2002, selling 5.5 million shares of common stock at US$15.00 per share. In 2003, Netflix was issued a patent by the U.S. Patent and Trademark Office to cover its subscription rental service and several extensions. Netflix posted its first profit in 2003, earning $6.5 million on revenues of $272 million; by 2004, profit had increased to $49 million on over $500 million in revenues. In 2005, 35,000 different films were available, and Netflix shipped 1 million DVDs out every day.

In 2004, Blockbuster introduced a DVD rental service, which not only allowed users to check out titles through online sites but allowed for them to return them at brick and-mortar stores. By 2006, Blockbuster's service reached two million users, and while trailing Netflix's subscriber count, was drawing business away from Netflix. Netflix lowered fees in 2007. While it was an urban legend that Netflix ultimately "killed" Blockbuster in the DVD rental market, Blockbuster's debt load and internal disagreements hurt the company.

On April 4, 2006, Netflix filed a patent infringement lawsuit in which it demanded a jury trial in the U.S. District Court for the Northern District of California, alleging that Blockbuster's online DVD rental subscription program violated two patents held by Netflix. The first cause of action alleged Blockbuster's infringement of copying the "dynamic queue" of DVDs available for each customer, Netflix's method of using the ranked preferences in the queue to send DVDs to subscribers, and Netflix's method permitting the queue to be updated and reordered. The second cause of action alleged infringement of the subscription rental service as well as Netflix's methods of communication and delivery. The companies settled their dispute on June 25, 2007; terms were not disclosed.

On October 1, 2006, Netflix announced the Netflix Prize, $1,000,000 to the first developer of a video recommendation algorithm that could beat its existing algorithm Cinematch, at predicting customer ratings by more than 10%. On September 21, 2009, it awarded the $1,000,000 prize to team "BellKor's Pragmatic Chaos". Cinematch, launched in 2000, is a recommendation system that recommended movies to its users, many of which they might not ever had heard of before.

Through its division Red Envelope Entertainment, Netflix licensed and distributed independent films such as Born into Brothels and Sherrybaby. In late 2006, Red Envelope Entertainment also expanded into producing original content with filmmakers such as John Waters. Netflix closed Red Envelope Entertainment in 2008.

Transition to streaming services (2007–2012)

In January 2007, the company launched a streaming media service, introducing video on demand via the Internet. However, at that time it only had 1,000 films available for streaming, compared to 70,000 available on DVD. The company had for some time considered offering movies online, but it was only in the mid-2000s that data speeds and bandwidth costs had improved sufficiently to allow customers to download movies from the net. The original idea was a "Netflix box" that could download movies overnight, and be ready to watch the next day. By 2005, Netflix had acquired movie rights and designed the box and service. But after witnessing how popular streaming services such as YouTube were despite the lack of high-definition content, the concept of using a hardware device was scrapped and replaced with a streaming concept.

In February 2007, Netflix delivered its billionth DVD, a copy of Babel to a customer in Texas. In April 2007, Netflix recruited ReplayTV founder Anthony Wood, to build a "Netflix Player" that would allow streaming content to be played directly on a television rather than a desktop or laptop. Hastings eventually shut down the project to help encourage other hardware manufacturers to include built-in Netflix support, which would be spun off as the digital media player product Roku.

In January 2008, all rental-disc subscribers became entitled to unlimited streaming at no additional cost. This change came in a response to the introduction of Hulu and to Apple's new video-rental services. In August 2008, the Netflix database was corrupted and the company was not able to ship DVDs to customers for 3 days, leading the company to move all its data to the Amazon Web Services cloud. In November 2008, Netflix began offering subscribers rentals on Blu-ray and discontinued its sale of used DVDs. In 2009, Netflix streams overtook DVD shipments.

On January 6, 2010, Netflix agreed with Warner Bros. to delay new release rentals 28 days prior to retail, in an attempt to help studios sell physical copies, and similar deals involving Universal Pictures and 20th Century Fox were reached on April 9. In July 2010, Netflix signed a deal to stream movies of Relativity Media. In August 2010, Netflix reached a five-year deal worth nearly $1 billion to stream films from Paramount, Lionsgate and Metro-Goldwyn-Mayer. The deal increased Netflix's annual spending fees, adding roughly $200 million per year. It spent $117 million in the first six months of 2010 on streaming, up from $31 million in 2009. On September 22, 2010, Netflix launched in Canada, its first international market. In November 2010, Netflix began offering a standalone streaming service separate from DVD rentals.

In 2010, Netflix acquired the rights to Breaking Bad, produced by Sony Pictures Television, after the show's third season, at a point where original broadcaster AMC had expressed the possibility of cancelling the show. Sony pushed Netflix to release Breaking Bad in time for the fourth season, which as a result greatly expanded the show's audience on AMC due to new viewers binging on the Netflix past episodes, and doubling the viewership by the time of the fifth season. Breaking Bad is considered the first such show to have this "Netflix effect".

In January 2011, Netflix announced agreements with several manufacturers to include branded Netflix buttons on the remote controls of devices compatible with the service, such as Blu-ray players. By May 2011, Netflix had become the largest source of Internet streaming traffic in North America, accounting for 30% of traffic during peak hours.

On July 12, 2011, Netflix announced that it would separate its existing subscription plans into two separate plans: one covering the streaming and the other DVD rental services. The cost for streaming would be $7.99 per month, while DVD rental would start at the same price. On September 11, 2011, Netflix expanded to 43 countries in Latin America. On September 18, 2011, Netflix announced its intentions to rebrand and restructure its DVD home media rental service as an independent subsidiary called Qwikster, separating DVD rental and streaming services. On September 26, 2011, Netflix announced a content deal with DreamWorks Animation. On October 10, 2011, Netflix announced that it would retain its DVD service under the name Netflix and that its streaming and DVD-rental plans would remain branded together.

On January 9, 2012, Netflix started its expansion to Europe, launching in the United Kingdom and Ireland. In February 2012, Netflix reached a multi-year agreement with The Weinstein Company. In March 2012, Netflix acquired the domain name DVD.com. By 2016, Netflix rebranded its DVD-by-mail service under the name DVD.com, A Netflix Company. In April 2012, Netflix filed with the Federal Election Commission (FEC) to form a political action committee (PAC) called FLIXPAC. Netflix spokesperson Joris Evers tweeted that the intent was to "engage on issues like net neutrality, bandwidth caps, UBB and VPPA". In June 2012, Netflix signed a deal with Open Road Films.

On August 23, 2012, Netflix and The Weinstein Company signed a multi-year output deal for RADiUS-TWC films. In August 2010, Epix signed a five-year streaming deal with Netflix. For the initial two years of this agreement, first-run and back-catalog content from Epix was exclusive to Netflix. Epix films came to Netflix 90 days after premiering on Epix. These included films from Paramount, Metro-Goldwyn-Mayer and Lionsgate.

On October 18, 2012, Netflix launched in Denmark, Finland, Norway and Sweden. On December 4, 2012, Netflix and Disney announced an exclusive multi-year agreement for first-run United States subscription television rights to Walt Disney Studios' animated and live-action films, with classics such as Dumbo, Alice in Wonderland and Pocahontas available immediately and others available on Netflix beginning in 2016. Direct-to-video releases were made available in 2013.

On January 14, 2013, Netflix signed an agreement with Time Warner's Turner Broadcasting System and Warner Bros. Television to distribute Cartoon Network, Warner Bros. Animation, and Adult Swim content, as well as TNT's Dallas, beginning in March 2013. The rights to these programs were given to Netflix shortly after deals with Viacom to stream Nickelodeon and Nick Jr. Channel programs expired.

For cost reasons, Netflix stated that it would limit its expansion in 2013, adding only one new market—the Netherlands—in September of that year. This expanded its availability to 40 territories.

Development of original programming (2013–2017)

Netflix began efforts to develop original content in 2011; in March, Netflix made a straight-to-series order for the Kevin Spacey-led political drama House of Cards from MRC. Beating out other U.S. cable networks, it marked the first first-run television series to be specifically commissioned by the service. In November 2011, Netflix then ordered Orange is the New Black, a comedy-drama adapted from Piper Kerman's memoir of the same name, and a new season of the cancelled Fox sitcom Arrested Development. Netflix also acquired U.S. rights to the Norwegian drama Lilyhammer; following its television premiere on Norway's NRK1 on January 25, 2012, the entirety of its first season was released by Netflix on February 8—a notable departure from the broadcast television model of premiering episodes on a weekly basis.

House of Cards was released by Netflix on February 1, 2013, marketed as the first "Netflix Original" production. Later that month, Netflix announced an agreement with DreamWorks Animation to commission children's television series based on its properties, beginning with Turbo: F.A.S.T., a spin-off of its film Turbo. Orange is the New Black would premiere in July 2013; Netflix stated that Orange is the New Black had been its most-watched original series so far, with all of them having "an audience comparable with successful shows on cable and broadcast TV."

On March 13, 2013, Netflix added a Facebook sharing feature, letting United States subscribers access "Watched by your friends" and "Friends' Favorites" by agreeing. This was not legal until the Video Privacy Protection Act was modified in early 2013. On August 1, 2013, Netflix reintroduced the "Profiles" feature that permits accounts to accommodate up to five user profiles.

In November 2013, Marvel Television and ABC Studios announced Netflix had ordered a slate of four television series based on the Marvel Comics characters Daredevil, Jessica Jones, Iron Fist and Luke Cage. Each of the four series received an initial order of 13 episodes, and Netflix also ordered a Defenders miniseries that would tie them together. Daredevil and Jessica Jones premiered in 2015. The Luke Cage series premiered on September 30, 2016, followed by Iron Fist on March 17, 2017, and The Defenders on August 18, 2017. Marvel owner Disney later entered into other content agreements with Netflix, including acquiring its animated Star Wars series Star Wars: The Clone Wars, and a new sixth season.

In February 2014, Netflix began to enter into agreements with U.S. internet service providers, beginning with Comcast (whose customers had repeatedly complained of frequent buffering when streaming Netflix), to provide the service a direct connection to their networks. In April 2014, Netflix signed Arrested Development creator Mitchell Hurwitz and his production firm The Hurwitz Company to a multi-year deal to create original projects for the service. In May 2014, Netflix acquired streaming rights to films produced by Sony Pictures Animation. It also quietly began to introduce an updated logo, with a flatter appearance and updated typography.

In September 2014, Netflix expanded into six new European markets, including Austria, Belgium, France, Germany, Luxembourg, and Switzerland. On September 10, 2014, Netflix participated in Internet Slowdown Day by deliberately slowing down its speed in support of net neutrality regulations in the United States. In October 2014, Netflix announced a four-film deal with Adam Sandler and his Happy Madison Productions.

In April 2015, following the launch of Daredevil, Netflix director of content operations Tracy Wright announced that Netflix had added support for audio description (a narration track with aural descriptions of key visual elements for the blind or visually impaired), and had begun to work with its partners to add descriptions to its other original series over time. The following year, as part of a settlement with the American Council of the Blind, Netflix agreed to provide descriptions for its original series within 30 days of their premiere, and add screen reader support and the ability to browse content by availability of descriptions.

In March 2015, Netflix expanded to Australia and New Zealand. In September 2015, Netflix launched in Japan, its first country in Asia. In October 2015, Netflix launched in Italy, Portugal, and Spain.

In January 2016, at the Consumer Electronics Show, Netflix announced a major international expansion of its service into 130 additional countries. It then had become available worldwide except China, Syria, North Korea, Kosovo and Crimea. In May 2016, Netflix created a tool called Fast.com to determine the speed of an Internet connection. It received praise for being "simple" and "easy to use", and does not include online advertising, unlike competitors. On November 30, 2016, Netflix launched an offline playback feature, allowing users of the Netflix mobile apps on Android or iOS to cache content on their devices in standard or high quality for viewing offline, without an Internet connection.

In 2016, Netflix released an estimated 126 original series or films, more than any other network or cable channel. In April 2016, Hastings stated that the company planned to expand its in-house, Los Angeles-based Netflix Studios to grow its output; Hastings ruled out any potential acquisitions of existing studios, stating that "It's been 15 years we've been public and 20 years existing, and we've done no [mergers and acquisitions]. So I think that probably speaks for itself."

In February 2017, Netflix signed a music publishing deal with BMG Rights Management, whereby BMG will oversee rights outside of the United States for music associated with Netflix original content. Netflix continues to handle these tasks in-house in the United States. On April 25, 2017, Netflix signed a licensing deal with IQiyi, a Chinese video streaming platform owned by Baidu, to allow selected Netflix original content to be distributed in China on the platform.

On August 7, 2017, Netflix acquired Millarworld, the creator-owned publishing company of comic book writer Mark Millar. The purchase marked the first corporate acquisition to have been made by Netflix. On August 14, 2017, Netflix entered into an exclusive development deal with Shonda Rhimes and her production company Shondaland.

In September 2017, Netflix announced it would offer its low-broadband mobile technology to airlines to provide better in-flight Wi-Fi so that passengers can watch movies on Netflix while on planes.

In September 2017, Minister of Heritage Mélanie Joly announced that Netflix had agreed to make a CA$500 million (US$400 million) investment over the next five years in producing content in Canada. The company denied that the deal was intended to result in a tax break. Netflix realized this goal by December 2018.

In October 2017, Netflix iterated a goal of having half of its library consist of original content by 2019, announcing a plan to invest $8 billion on original content in 2018. There will be a particular focus on films and anime through this investment, with a plan to produce 80 original films and 30 anime series. In October 2017, Netflix introduced the "Skip Intro" feature which allows customers to skip the intros to shows on its platform through a variety of techniques including manual reviewing, audio tagging, and machine learning.

In November 2017, Netflix signed an exclusive multi-year deal with Orange Is the New Black creator Jenji Kohan. In November 2017, Netflix withdrew from co-hosting a party at the 75th Golden Globe Awards with The Weinstein Company due to the Harvey Weinstein sexual abuse cases.

Expansion into international productions (2017–2020)

In November 2017, Netflix announced that it would be making its first original Colombian series, to be executive produced by Ciro Guerra. In December 2017, Netflix signed Stranger Things director-producer Shawn Levy and his production company 21 Laps Entertainment to what sources say is a four-year deal. In 2017, Netflix invested in distributing exclusive stand-up comedy specials from Dave Chappelle, Louis C.K., Chris Rock, Jim Gaffigan, Bill Burr and Jerry Seinfeld.

In February 2018, Netflix acquired the rights to The Cloverfield Paradox from Paramount Pictures for $50 million and launched on its service on February 4, 2018, shortly after airing its first trailer during Super Bowl LII. Analysts believed that Netflix's purchase of the film helped to make the film instantly profitable for Paramount compared to a more traditional theatrical release, while Netflix benefited from the surprise reveal. Other films acquired by Netflix include international distribution for Paramount's Annihilation and Universal's News of the World and worldwide distribution of Universal's Extinction, Warner Bros.' Mowgli: Legend of the Jungle, Paramount's The Lovebirds and 20th Century Studios' The Woman in the Window. In March, the service ordered Formula 1: Drive to Survive, a racing docuseries following teams in the Formula One world championship.

In March 2018, Sky UK announced an agreement with Netflix to integrate Netflix's subscription VOD offering into its pay-TV service. Customers with its high-end Sky Q set-top box and service will be able to see Netflix titles alongside their regular Sky channels. In October 2022, Netflix revealed that its annual revenue from the UK subscribers in 2021 was £1.4bn.

In April 2018, Netflix pulled out of the Cannes Film Festival, in response to new rules requiring competition films to have been released in French theaters. The Cannes premiere of Okja in 2017 was controversial, and led to discussions over the appropriateness of films with simultaneous digital releases being screened at an event showcasing theatrical film; audience members also booed the Netflix production logo at the screening. Netflix's attempts to negotiate to allow a limited release in France were curtailed by organizers, as well as French cultural exception law—where theatrically screened films are legally forbidden from being made available via video-on-demand services until at least 36 months after their release. Besides traditional Hollywood markets as well as from partners like the BBC, Sarandos said the company also looking to expand investments in non-traditional foreign markets due to the growth of viewers outside of North America. At the time, this included programs such as Dark from Germany, Ingobernable from Mexico and 3% from Brazil.

On May 22, 2018, former president, Barack Obama, and his wife, Michelle Obama, signed a deal to produce docu-series, documentaries and features for Netflix under the Obamas' newly formed production company, Higher Ground Productions.

In June 2018, Netflix announced a partnership with Telltale Games to port its adventure games to the service in a streaming video format, allowing simple controls through a television remote. The first game, Minecraft: Story Mode, was released in November 2018. In July 2018, Netflix earned the most Emmy nominations of any network for the first time with 112 nods. On August 27, 2018, the company signed a five-year exclusive overall deal with international best–selling author Harlan Coben. On the same day, the company inked an overall deal with Gravity Falls creator Alex Hirsch. In October 2018, Netflix paid under $30 million to acquire Albuquerque Studios (ABQ Studios), a $91 million film and TV production facility with eight sound stages in Albuquerque, New Mexico, for its first U.S. production hub, pledging to spend over $1 billion over the next decade to create one of the largest film studios in North America. In November 2018, Paramount Pictures signed a multi-picture film deal with Netflix, making Paramount the first major film studio to sign a deal with Netflix. A sequel to AwesomenessTV's To All the Boys I've Loved Before was released on Netflix under the title To All the Boys: P.S. I Still Love You as part of the agreement. In December 2018, the company announced a partnership with ESPN Films on a television documentary chronicling Michael Jordan and the 1997–98 Chicago Bulls season titled The Last Dance. It was released internationally on Netflix and became available for streaming in the United States three months after a broadcast airing on ESPN.

In January 2019, Sex Education made its debut as a Netflix original series with much critical acclaim. On January 22, 2019, Netflix sought and was approved for membership into the Motion Picture Association of America (MPAA), as the first streaming service to become a member of the association. In February 2019, The Haunting creator Mike Flanagan joined frequent collaborator Trevor Macy as a partner in Intrepid Pictures and the duo signed an exclusive overall deal with Netflix to produce television content. On May 9, 2019, Netflix contracted with Dark Horse Entertainment to make television series and films based on comics from Dark Horse Comics. In July 2019, Netflix announced that it would be opening a hub at Shepperton Studios as part of a deal with Pinewood Group. In early-August 2019, Netflix negotiated an exclusive multi-year film and television deal with Game of Thrones creators and showrunners David Benioff and D.B. Weiss. The first Netflix production created by Benioff and Weiss was planned as an adaptation of Liu Cixin's science fiction novel The Three-Body Problem, part of the Remembrance of Earth's Past trilogy. On September 30, 2019, in addition to renewing Stranger Things for a fourth season, Netflix signed The Duffer Brothers to an overall deal covering future film and television projects for the service.

On November 13, 2019, Netflix and Nickelodeon entered into a multi-year agreement to produce several original animated feature films and television series based on Nickelodeon's library of characters. This agreement expanded on their existing relationship, in which new specials based on the past Nickelodeon series Invader Zim and Rocko's Modern Life (Invader Zim: Enter the Florpus and Rocko's Modern Life: Static Cling respectively) were released by Netflix. Other new projects planned under the team-up include a music project featuring Squidward Tentacles from the animated television series SpongeBob SquarePants, and films based on The Loud House and Rise of the Teenage Mutant Ninja Turtles. The agreement with Disney ended in 2019 due to the launch of Disney+, with its Marvel productions moving exclusively to the service in 2022.

In November 2019, Netflix announced that it had signed a long-term lease to save the Paris Theatre, the last single-screen movie theater in Manhattan. The company oversaw several renovations at the theater, including new seats and a concession stand.

In January 2020, Netflix announced a new four-film deal with Adam Sandler worth up to $275 million. On February 25, 2020, Netflix formed partnerships with six Japanese creators to produce an original Japanese anime project. This partnership includes manga creator group CLAMP, mangaka Shin Kibayashi, mangaka Yasuo Ohtagaki, novelist and film director Otsuichi, novelist Tow Ubukata, and manga creator Mari Yamazaki. On March 4, 2020, ViacomCBS announced that it will be producing two spin-off films based on SpongeBob SquarePants for Netflix. On April 7, 2020, Peter Chernin's Chernin Entertainment made a multi-year first-look deal with Netflix to make films. On May 29, 2020, Netflix announced the acquisition of Grauman's Egyptian Theatre from the American Cinematheque to use as a special events venue. In July 2020, Netflix appointed Sarandos as co-CEO. In July 2020, Netflix invested in Black Mirror creators Charlie Brooker and Annabel Jones' new production outfit Broke And Bones.

Expansion into gaming, end of DVDs, etc. (2021–2025)

In March 2021, Netflix earned the most Academy Award nominations of any studio, with 36. Netflix won seven Academy Awards, which was the most by any studio. Later that year, Netflix also won more Emmys than any other network or studio with 44 wins, tying the record for most Emmys won in a single year set by CBS in 1974. On April 8, 2021, Sony Pictures Entertainment announced an agreement for Netflix to hold the U.S. pay television window rights to its releases beginning in 2022, replacing Starz and expanding upon an existing agreement with Sony Pictures Animation. The agreement also includes a first-look deal for any future direct-to-streaming films being produced by Sony Pictures, with Netflix required to commit to a minimum number of them. On April 27, 2021, Netflix announced that it was opening its first Canadian headquarters in Toronto. The company also announced that it would open an office in Sweden as well as Rome and Istanbul to increase its original content in those regions.

In early-June, Netflix hosted a first-ever week-long virtual event called "Geeked Week", where it shared exclusive news, new trailers, cast appearances and more about upcoming genre titles like The Witcher, The Cuphead Show!, and The Sandman.

In July 2021, Netflix hired Mike Verdu, a former executive from Electronic Arts and Facebook, as vice president of game development, along with plans to add video games by 2022. Netflix announced plans to release mobile games which would be included in subscribers' plans to the service. Trial offerings were first launched for Netflix users in Poland in August 2021, offering premium mobile games based on Stranger Things including Stranger Things 3: The Game, for free to subscribers through the Netflix mobile app.

Also in September, the company announced The Queen's Ball: A Bridgerton Experience, launching in 2022 in Los Angeles, Chicago, Montreal, and Washington, D.C.

On September 20, 2021, Netflix signed a long-term lease with Aviva Investors to operate and expand the Longcross Studios in Surrey, UK. On September 21, 2021, Netflix announced that it would acquire the Roald Dahl Story Company, which manages the rights to Roald Dahl's stories and characters, for an undisclosed price and would operate it as an independent company. The company acquired Night School Studio, an independent video game developer, on September 28, 2021. Netflix officially launched mobile games on November 2, 2021, for Android users around the world. Through the app, subscribers had free access to five games, including two previously made Stranger Things titles. Netflix intends to add more games to this service over time. On November 9, the collection launched for iOS. Some games in the collection require an active internet connection to play, while others will be available offline. Netflix Kids' accounts will not have games available.

On October 13, 2021, Netflix announced the launch of the Netflix Book Club, where readers will hear about new books, films, and series adaptations and have exclusive access to each book's adaptation process. Netflix will partner with Starbucks to bring the book club to life via a social series called But Have You Read the Book?. Uzo Aduba will serve as the inaugural host of the series and announce monthly book selections set to be adapted by the streamer. Aduba will also speak with the cast, creators, and authors about the book adaptation process over a cup of coffee at Starbucks. Through October 2021, Netflix commonly reported viewership for its programming based on the number of viewers or households that watched a show in a given period (such as the first 28 days from its premiere) for at least two minutes. On the announcement of its quarterly earnings in October 2021, the company stated that it would switch its viewership metrics to measuring the number of hours that a show was watched, including rewatches, which the company said was closer to the measurements used in linear broadcast television, and thus "our members and the industry can better measure success in the streaming world." On November 16, 2021, Netflix announced the launch of "Top10 on Netflix.com", a new website with weekly global and country lists of the most popular titles on their service based on their new viewership metrics.

On November 22, 2021, Netflix announced that it would acquire Scanline VFX, the visual effects and animation company behind Cowboy Bebop and Stranger Things. On the same day, Roberto Patino signed a deal with Netflix and established his own production banner, Analog Inc., in partnership with the company. Patino's first project under the deal is a series adaptation of Image Comics' Nocterra. On December 6, 2021, Netflix and Stage 32 announced that they have teamed up the workshops at the Creating Content for the Global Marketplace program. On December 7, 2021, Netflix partnered with IllumiNative, a woman-led non-profit organization, for the Indigenous Producers Training Program.

On December 9, 2021, Netflix announced the launch of "Tudum", an official companion website that offers news, exclusive interviews, and behind-the-scenes videos for its original television shows and films. On December 13, 2021, Netflix signed a multi-year overall deal with Kalinda Vazquez. On December 16, 2021, Netflix signed a multi-year creative partnership with Spike Lee and his production company 40 Acres and a Mule Filmworks to develop film and television projects. In December 2021, former Netflix engineer Sung Mo Jun was sentenced to 2 years in prison for an insider trading scheme where he leaked subscriber numbers in advance of official releases.

In compliance with the EU Audiovisual Media Services Directive and its implementation in France, Netflix reached commitments with French broadcasting authorities and film guilds, as required by law, to invest a specific amount of its annual revenue into original French films and series. These films must be theatrically released and would not be allowed to be carried on Netflix until 15 months after their release.

The company announced plans to acquire Next Games in March 2022 for €65 million as part of Netflix's expansions into gaming. Next Games had developed the mobile title Stranger Things: Puzzle Tales as well as two The Walking Dead mobile games. Later in the month, Netflix also acquired the Texas-based mobile game developer, Boss Fight Entertainment, for an undisclosed sum.

Following the 2022 Russian invasion of Ukraine, Netflix suspended its operations and future projects in Russia. It also announced that it would not comply with a proposed directive by Roskomnadzor requiring all internet streaming services with more than 100,000 subscribers to integrate the major free-to-air channels (which are primarily state-owned). A month later, ex-Russian subscribers filed a class action lawsuit against Netflix.

At the end of Q1 2022, Netflix announced a decline in subscribers, with almost 200,000 fewer viewers than at the end of the previous year. Netflix stated that 100 million households globally were sharing passwords to their account with others, and that Canada and the United States accounted for 30 million of them. Following these announcements, Netflix's stock price fell by 35 percent. By June 2022, Netflix had laid off 450 full-time and contract employees as part of the company's plan to trim costs amid lower than expected subscriber growth. The layoffs represented approximately 2 percent of the workforce and spread across the company globally.

On April 28, 2022, the company launched its inaugural Netflix Is a Joke comedy festival, featuring more than 250 shows over 12 nights at 30-plus locations across Los Angeles, including the first-ever stand-up show at Dodger Stadium.

On July 19, 2022, Netflix announced plans to acquire Australian animation studio Animal Logic.

On September 5, 2022, Netflix opened an office in Warsaw, Poland responsible for the service's operations in 28 markets in Central and Eastern Europe.

On October 4, 2022, Netflix have signed a creative partnership with Andrea Berloff and John Gatins.

On October 11, 2022, Netflix signed up to the Broadcasters' Audience Research Board for external measurement of viewership in the UK.

On October 12, 2022, Netflix signed to build a production complex at Fort Monmouth in Eatontown, New Jersey.

On October 18, 2022, Netflix began exploring a cloud gaming offering and opened a new gaming studio in Southern California.

On January 10, 2023, Netflix announced plans to open an engineering hub in its Warsaw office. The hub is to provide Netflix's creative partners with software solutions in the production of films and series.

On April 18, 2023, Netflix announced that it would discontinue their DVD-by-mail service on September 29.

Netflix reworked its viewership metrics again in June 2023. Viewership of shows were measured during the first 91 days of availability, instead of the first 28 days, and now are based on the total viewership hours divided by the total hours of the show itself. This provided more equal considerations for shorter shows and movies compared to longer ones.

In August 2023, the company announced Netflix Stories, a collection of interactive narrative games from Netflix series and films such as Love is Blind, Money Heist and Virgin River.

Netflix discontinued its DVD mailing service as planned on September 29, 2023, in favor of its streaming business. Users of the service were able to keep the DVDs that they had received. Over its lifetime the service had sent out over 5 billion shipments.

In October 2023, Eunice Kim was promoted to Chief Product Officer and Elizabeth Stone was promoted to Chief Technology Officer. That same month, Netflix and Skydance Media entered a multi-year pact to develop and produce animated films, ending Skydance's partnership with Apple. First one under the deal was Spellbound, which premiered in 2024. Netflix would also take over distribution of preexisting Skydance Animation titles, including Ray Gunn and Swapped.

In April 2024, Netflix announced that starting in 2025, it would stop regularly reporting subscriber numbers.

In November 2024, Netflix offices in Paris and Amsterdam have been raided by the French and Dutch authorities as part of an investigation into tax fraud. The company is also under investigation for tax filings for 2019, 2020 and 2021.

The service began venturing into live sports broadcasting with the Jake Paul vs. Mike Tyson boxing match in November 2024, followed by a pair of National Football League games on Christmas Day. In January 2025, Netflix began a global broadcasting agreement with professional wrestling company WWE, under which its weekly series WWE Raw moved to Netflix worldwide, as well as rights outside of the United States to its library content, main roster live events, and all three of its main weekly programs.

In March 2026, Netflix announced its acquisition of Ben Affleck's artificial intelligence startup InterPositive, which was developing a generative AI model for use in filmmaking, trained initially on specially-filmed footage and designed to "understand visual logic and editorial consistency, while preserving cinematic rules under real-world production challenges". Affleck, Matt Damon, and Gerry Cardinale's studio Artists Equity also recently agreed to a first-look deal with Netflix.

Attempted acquisition of Warner Bros. (2025–2026)

On October 31, 2025, Netflix, Inc. was reported to be actively exploring a bid for the studios and streaming assets of Warner Bros. Discovery. According to the report, Netflix retained investment bank Moelis & Co. to evaluate a potential offer and had been granted access to Warner Bros. Discovery's financial data room as part of its preparatory due-diligence. Netflix stressed that it remains "predominantly focused on growing organically" and is not interested in owning legacy cable networks such as CNN, TBS and TNT.

Netflix had previously considered buying other companies such as 20th Century Fox (now 20th Century Studios), Paramount, The Walt Disney Company, and even Electronic Arts. But the price and the fear of a possible shareholder reaction prevented that.

On December 4, 2025, Netflix won the bidding war for Warner Bros. Discovery, to be followed by exclusive talks to finalize a deal. On December 5, Netflix announced a proposed agreement to acquire Warner Bros. Discovery's "Streaming and Studios" businesses for $72 billion, with a total asset value of $82.7 billion. As part of the deal, Netflix would acquire the Warner Bros. division, including its film, television and video game studios, HBO/HBO Max and their respective libraries, DC Entertainment/DC Studios and WBD's distribution, publishing and licensing divisions. The acquisition would have excluded the company's "Global Linear Networks" division (aside from Turner Classic Movies, which is aligned with the Warner Bros. film studio), which would have been divested as the separate company Discovery Global.

Paramount Skydance entered a hostile bid for the entirety of WBD at $30 per share, in an all-cash offer higher than Netflix's $27.75 per share offer for just the studios division; Paramount Skydance assessed its offer as having fewer regulatory hurdles than the Netflix offer. WBD rejected the offer due to concerns over its credibility, believing that it was inferior to Netflix's offer. On January 20, 2026, Netflix amended its own offer to an all-cash offer; WBD shareholders were expected to vote on the deal by April. On February 26, 2026, WBD agreed to a competing bid by Paramount Skydance at $31 per-share, valuing the company at approximately $111 billion. Netflix subsequently backed out, with its co-CEOs issuing a statement that its offer was "no longer financially attractive." Netflix received a $2.8 billion breakup fee from Paramount Skydance, and later announced that it would add $25 billion to its share buyback program.

Corporate affairs

Historical financials and membership growth

Board of directors

As of November 2024, the company's board consisted of the following directors:

Rich Barton (co-founder of Zillow)

Mathias Döpfner (CEO of Axel Springer SE)

Timothy M. Haley (co-founder of Redpoint Ventures)

Jay Hoag (chairman of Netflix, founding partner at TCV)

Leslie Kilgore (former Chief Marketing Officer of Netlix)

Strive Masiyiwa (chairman and founder of Econet)

Ann Mather (former Executive Vice President and Chief Financial Officer of Pixar)

Greg Peters (co-CEO of Netflix)

Susan Rice (former US National Security Advisor and ambassador to the United Nations)

Ted Sarandos (co-CEO of Netflix)

Brad Smith (vice chairman of Microsoft)

Anne Sweeney (former President of the Disney–ABC Television Group)

Corporate culture

Netflix grants all employees extremely broad discretion with respect to business decisions, expenses, and vacation—but in return expects consistently high performance, as enforced by what is known as the "keeper test". All supervisors are expected to constantly ask themselves if they would fight to keep an employee. If the answer is no, then the employee is dismissed. A slide from an internal presentation on Netflix's corporate culture summed up the test as: "Adequate performance gets a generous severance package." Such packages reportedly range from four months' salary in the United States to as much as six months in the Netherlands.

The company offers unlimited vacation time for salaried workers and allows employees to take any amount of their paychecks in stock options.

About the culture that results from applying such a demanding test, Hastings has said that "You gotta earn your job every year at Netflix," and, "There's no question it's a tough place ... There's no question it's not for everyone." Hastings has drawn an analogy to athletics: professional athletes lack long-term job security because an injury could end their career in any particular game, but they learn to put aside their fear of that constant risk and focus on working with great colleagues in the current moment.

Environmental impact

According to a study conducted by the International Energy Agency, streaming a 30-minute show on Netflix in 2019 released around 0.018 kg CO2.

In March 2021, Netflix announced that it would work to reach net zero greenhouse gas emissions by the end of 2022, while investing in programs to preserve or restore ecosystems. The company stated that it would cut emissions from its operations and electricity use by 45 percent by 2030. Due to the COVID-19 pandemic and lack of content production, Netflix had a 14 percent drop in emissions in 2020.

Fonte: Wikipedia (Inglese), CC BY-SA 4.0 · Vedi su Wikipedia ↗

Wikidata ↗

settoreCommunication Services industriaMedia dipendenti16.000 paeseUS

Performance decennale Andamento di ricavi, utile netto, margini e EPS

06
Ricavi$45.18B
2016-12-31 → 2025-12-31
EPS$2.53
2016-12-31 → 2025-12-31
Flusso di cassa libero$9.46B
2016-12-31 → 2025-12-31
Margine netto28.2%
2016-12-31 → 2025-12-31
Valutazione e Rapporti 07–12

Valutazione Rapporti P/E, P/S, P/B, EV/EBITDA — il titolo è costoso o economico?

Metrica Tendenza 5 anni NFLX media 5 anni Mediana dei peer Verdetto
P/E (TTM) -20.9media 5 anni ≈195.2 ≈195.2 · ·
P/S (TTM) 5.9media 5 anni ≈7.6 ≈7.6 1.9 Sopravvalutato
P/B (MRQ) 9.5media 5 anni ≈12.7 ≈12.7 7.3 Sopravvalutato
EV / EBITDA (TTM) 19.8media 5 anni ≈32.4 ≈32.4 · ·
Prezzo / FCF (TTM) 25.6media 5 anni ≈-363.6 ≈-363.6 · ·
Prezzo / Flusso di cassa (TTM) 23.9media 5 anni ≈173.2 ≈173.2 24.0 Sopravvalutato
EV / Ricavi (TTM) 6.0media 5 anni ≈7.8 ≈7.8 · ·
EV / FCF (TTM) 26.1media 5 anni ≈-376.3 ≈-376.3 · ·
Prezzo / Valore contabile tangibile (MRQ) -77.6media 5 anni ≈11.1 ≈11.1 · ·

La mediana dei peer viene calcolata su base standardizzata per metrica e potrebbe non corrispondere sempre alla base TTM/MRQ mostrata per questo titolo.

valore · ≈ media 5 anni · mediana del settore · giudizio rispetto alla mediana

Cronologia utili EPS effettivo vs stima, surprise %, tasso di superamento, data prossimi utili

14
Sorpresa media -2.6%
Prossimo report Ott 19, 2026
PeriodoRapportoEPS ActualEPS StimatoSorpresa
30 Giugno 2026 Lug 16, 2026 $0.80 $0.80 -0.52%
31 Marzo 2026 $0.70 $0.78 -10.2%
31 Dicembre 2025 $0.56 $0.56 -0.50%
30 Settembre 2025 $0.59 $0.71 -17.4%
30 Giugno 2025 $0.72 $0.72 -0.40%
31 Marzo 2025 $0.66 $0.58 13.4%

Fondamentali Completi Tutte le metriche per anno — conto economico, stato patrimoniale, rendiconto finanziario

15
Conto Economico 16
Metrica Tendenza 202520242023202220212020201920182017201620152014
Revenue $45.18B$39.00B$33.72B$31.62B$29.70B$25.00B$20.16B$15.79B$11.69B$8.83B$6.78B$5.50B
Cost of Revenue $23.28B$21.04B$19.72B$19.17B$17.33B$15.28B$12.44B$9.97B$8.03B$6.26B$4.59B$3.75B
R&D Expense $3.39B$2.93B$2.68B$2.71B$2.27B$1.83B$1.67B$1.22B$981M$768M$570M$398M
SG&A Expense $1.89B$1.70B$1.72B$1.57B$1.35B$1.08B$914M$630M$431M$316M$407M$270M
Operating Income $13.33B$10.42B$6.95B$5.63B$6.19B$4.59B$2.60B$1.61B$839M$380M$306M$403M
Interest Expense ··$700M$706M$766M$767M$626M$420M$238M$150M$133M$50M
Interest Income ·$294M$281M$60M········
Other Non-op $172M$267M$-49M$337M$411M$-618M$84M$42M$-115M$31M$-31M$-3M
Pretax Income $12.72B$9.97B$6.21B$5.26B$5.84B$3.20B$2.06B$1.23B$485M$261M$142M$349M
Income Tax $1.74B$1.25B$797M$772M$724M$438M$195M$15M$-74M$74M$19M$83M
Net Income $10.98B$8.71B$5.41B$4.49B$5.12B$2.76B$1.87B$1.21B$559M$187M$123M$267M
EPS (Basic) $2.58$2.03$1.22$10.10$11.55$6.26$4.26$2.78$1.29$0.44$0.29$0.63
EPS (Diluted) $2.53$1.98$1.20$9.95$11.24$6.08$4.13$2.68$1.25$0.43$0.28$0.62
Shares (Basic) 4,249,512,0004,295,191,0004,415,712,000444,698,000443,155,000440,922,000437,799,000435,374,000431,885,000428,822,000425,889,000420,544,000
Shares (Diluted) 4,343,863,0004,392,608,0004,494,966,000451,290,000455,372,000454,208,000451,765,000451,244,000446,814,000438,652,000436,456,000431,894,000
EBITDA $13.66B$10.75B$7.31B$5.97B$6.40B$4.70B$2.71B·$911M$437M$368M$457M
Stato Patrimoniale 27
Metrica Tendenza 202520242023202220212020201920182017201620152014
Cash & Equivalents $9.03B$7.80B$7.12B$5.15B$6.03B$8.21B$5.02B$3.79B$2.82B$1.47B$1.81B$1.11B
Short-term Investments $29M$1.78B$21M$911M$0···$0$266M$501M$495M
Prepaid Expense $498M$432M$409M$393M$324M$203M$181M$179M····
Other Current Assets $3.96B$3.52B$2.78B$3.21B$2.04B$1.56B$1.16B$748M$536M$260M$215M$152M
Current Assets $13.02B$13.10B$9.92B$9.27B$8.07B$9.76B$6.18B$9.69B$7.67B$5.72B$5.43B$3.93B
PP&E (Net) $2.00B$1.59B$1.49B$1.40B$1.32B$960M$565M$418M$319M$250M$173M$150M
PP&E (Gross) $3.10B$2.51B$2.35B$2.15B$1.94B$1.45B$981M$787M$641M$545M$471M$415M
Accum. Depreciation $1.10B$918M$855M$754M$616M$495M$416M$369M$322M$294M$297M$265M
Intangibles $32.78B$32.45B··········
Other Non-current Assets $7.79B$6.48B$5.66B$5.19B$4.27B$3.17B$2.73B$911M$652M$341M$285M$192M
Total Assets $55.60B$53.63B$48.73B$48.59B$44.58B$39.28B$33.98B$25.97B$19.01B$13.59B$10.20B$7.04B
Accounts Payable $901M$900M$747M$672M$837M$656M$674M$563M$360M$313M$253M$202M
Accrued Liabilities $3.22B$2.16B$1.80B$1.51B$1.45B$1.10B$843M$482M$315M$198M$140M$70M
Short-term Debt $999M$1.78B$400M$0$700M$500M$0·····
Current Liabilities $10.98B$10.76B$8.86B$7.93B$8.49B$7.81B$6.86B$6.49B$5.47B$4.59B$3.53B$2.66B
Capital Leases $2.05B$1.98B$2.05B$2.22B$2.41B$1.95B$1.42B·····
Other Non-current Liabilities $2.96B$2.55B$2.56B$2.45B$2.46B$1.98B$1.44B$129M$135M$61M$52M$60M
Total Liabilities $28.98B$28.89B$28.14B$27.82B$28.74B$28.22B$26.39B$20.74B$15.43B$10.91B$7.98B$5.18B
Long-term Debt ·····$21.86B$20.72B$14.87B$9.05B···
Total Debt $14.46B$15.58B$14.54B$14.35B$15.39B$16.31B$14.76B·$6.50B$3.36B$2.37B$900M
Common Stock $7.29B$6.25B$5.15B$4.64B$4.02B$3.45B$2.79B$2.32B$1.87B$1.60B$1.32B$1.04B
Retained Earnings $42.28B$31.30B$22.59B$17.18B$12.69B$7.57B$4.81B$2.94B$1.73B$1.13B$942M$819M
Treasury Stock $22.37B$13.17B$6.92B$824M$824M$0······
AOCI $-580M$362M$-224M$-217M$-40M$44M$-24M$-20M$-21M$-49M$-43M$-4M
Stockholders' Equity $26.62B$24.74B$20.59B$20.78B$15.85B$11.07B$7.58B$5.24B$3.58B$2.68B$2.22B$1.86B
Liabilities + Equity $55.60B$53.63B$48.73B$48.59B$44.58B$39.28B$33.98B$25.97B$19.01B$13.59B$10.20B$7.04B
Shares Outstanding 4,222,162,1504,277,571,000432,759,584445,346,776443,963,107442,895,261438,806,649436,598,597433,392,686430,054,212427,940,440422,910,887
Flusso di cassa 17
Metrica Tendenza 202520242023202220212020201920182017201620152014
D&A $333M$329M$357M$337M$208M$116M$104M$83M$72M$58M$62M$54M
Stock-based Comp $368M$273M$339M$575M$403M$415M$405M$321M$182M$174M$125M$115M
Deferred Tax $-449M$-591M$-543M$-135M$200M$70M$-95M$-86M$-209M$-47M$-59M$-30M
Other Non-cash $-1.08B$-1.36B$1.71B$-3.24B$-5.53B$-935M$-5.17B·$-2.39B$-1.85B$-1.00B$-390M
Operating Cash Flow $10.15B$7.36B$7.27B$2.03B$393M$2.43B$-2.89B$-2.68B$-1.79B$-1.47B$-749M$16M
CapEx $688M$440M$349M$408M$525M$498M$253M$174M$173M$108M$91M$70M
Investing Cash Flow $1.04B$-2.18B$542M$-2.08B$-1.34B$-505M$-387M$-339M$34M$50M$-179M$-43M
Debt Issued ········$3.02B$1.00B$1.50B$400M
Net Debt Issued $-1.83B$-400M$0$-700M$-500M···$3.02B$1.00B$1.50B$400M
Stock Issued ····$174M$235M$72M$125M$88M$37M$78M$61M
Stock Repurchased $9.13B$6.26B$6.05B$0$600M$0$0·····
Net Stock Activity $-9.13B$-6.26B$-6.05B$0$-426M$235M$72M·$88M$37M$78M$61M
Financing Cash Flow $-10.35B$-4.07B$-5.95B$-664M$-1.15B$1.24B$4.51B$4.05B$3.08B$1.09B$1.64B$542M
Net Change in Cash $1.23B$689M$1.95B$-885M$-2.18B$3.20B$1.23B$989M$1.36B$-342M$696M$509M
Taxes Paid $2.22B$1.64B$1.16B·········
Free Cash Flow $9.46B$6.92B$6.93B$1.62B$-132M$1.93B$-3.14B·$-1.96B$-1.58B$-841M$-53M
Levered FCF ··$6.32B$1.02B$-803M$1.27B$-3.71B·$-2.23B$-1.69B$-955M$-92M
Redditività 7
Metrica Tendenza 202520242023202220212020201920182017201620152014
Operating Margin 29.5%26.7%20.6%17.8%20.9%18.3%12.9%·7.2%4.3%4.5%7.3%
Net Margin 24.3%22.3%16.0%14.2%17.2%11.1%9.3%·4.8%2.1%1.8%4.9%
Pretax Margin 28.2%25.6%18.4%16.7%19.7%12.8%10.2%·4.2%2.9%2.1%6.3%
EBITDA Margin 30.2%27.6%21.7%18.9%21.6%18.8%13.4%·7.8%5.0%5.4%8.3%
ROA 20.1%17.0%11.1%9.6%12.2%7.5%6.2%·3.4%1.6%1.4%4.3%
ROE 42.6%36.7%25.3%21.8%32.8%25.8%25.9%·17.8%7.6%6.0%16.7%
ROIC 28.0%22.6%17.2%13.7%17.4%14.5%10.5%·9.6%4.5%5.8%11.2%
Liquidità e Solvibilità 5
Metrica Tendenza 202520242023202220212020201920182017201620152014
Current Ratio 1.21.21.11.21.01.30.9·1.41.21.51.5
Quick Ratio 0.80.90.80.80.71.10.7·0.50.40.70.6
Debt / Equity 0.50.60.70.71.01.51.9·1.81.31.10.5
LT Debt / Equity 0.50.60.70.70.91.41.9·1.81.31.10.5
Interest Coverage ··9.98.08.16.04.2·3.52.52.38.0
Efficienza 1
Metrica Tendenza 202520242023202220212020201920182017201620152014
Asset Turnover 0.80.80.70.70.70.70.7·0.70.70.80.9
Per Azione 5
Metrica Tendenza 202520242023202220212020201920182017201620152014
Book Value / Share $6.30$57.84$47.57$46.65$35.70$24.98$17.28·$8.26$6.23$5.20$30.75
Revenue / Share $10.40$88.79$75.02$70.06$65.22$55.03$44.62·$26.17$20.13$15.53$89.22
Cash Flow / Share $2.34$16.76$16.18$4.49$0.86$5.34$-6.39·$-4.00$-3.36$-1.72$0.27
Cash / Share $2.14$18.25$16.45$11.56$13.58$18.53$11.44·$6.51$3.41$4.23$18.43
EPS (TTM) $2.53$1.98$1.20$9.95$11.24$6.08$4.13$2.68$1.25$0.43$0.28$0.62
Tassi di Crescita 9
Metrica Tendenza 202520242023202220212020201920182017201620152014
Revenue YoY 15.8%15.7%6.7%6.5%18.8%·······
Revenue CAGR 3Y 12.6%9.5%10.5%·········
Revenue CAGR 5Y 12.6%···········
EPS YoY 27.8%65.0%-87.9%-11.5%84.9%·······
EPS CAGR 3Y -36.6%-43.9%-41.8%·········
EPS CAGR 5Y -16.1%···········
Net Income YoY 26.1%61.1%20.4%-12.2%85.3%·······
Net Income CAGR 3Y 34.7%19.4%25.1%·········
Net Income CAGR 5Y 31.8%···········
Valutazione (TTM) 14
Metrica Tendenza 202520242023202220212020201920182017201620152014
Revenue TTM $45.18B$39.00B$33.72B$31.62B$29.70B$25.00B$20.16B$15.79B$11.69B$8.83B$6.78B$5.50B
Net Income TTM $10.98B$8.71B$5.41B$4.49B$5.12B$2.76B$1.87B$1.21B$559M$187M$123M$267M
Market Cap $395.87B$381.27B$210.70B$131.32B$267.46B$239.49B$141.98B·$83.19B$53.24B$48.95B$2.95B
Enterprise Value $401.27B$387.27B$218.11B$139.62B$276.83B$247.59B$151.73B·$86.87B$54.87B$49.01B$2.24B
P/E 37.1450.2405.729.653.688.978.399.9153.6287.9408.578.7
P/S 8.89.86.24.29.09.67.0·7.16.07.20.5
P/B 14.915.410.26.316.921.618.7·23.219.922.01.6
P / Tangible Book ··10.26.316.921.6······
P / Cash Flow 39.051.829.064.8681.298.7-49.2·-46.6-36.1-65.3178.9
P / FCF 41.855.130.481.1-2026.6124.1-45.2·-42.5-33.7-58.2-55.4
EV / EBITDA 29.436.029.823.443.252.756.0·95.4125.5133.14.9
EV / FCF 42.455.931.586.3-2097.6128.3-48.3·-44.3-34.7-58.3-42.1
EV / Revenue 8.99.96.54.49.39.97.5·7.46.27.20.4
Earnings Yield 2.7%0.22%0.25%3.4%1.9%1.1%1.3%1.0%0.65%0.35%0.24%1.3%

Periodo più recente a sinistra · valori nulli mostrati come ·

Bilanci Conto economico, stato patrimoniale, flusso di cassa — annuale, ultimi 5 anni

16
Metrica 2025-12-312024-12-312023-12-312022-12-312021-12-31
Ricavi $45.18B $39.00B $33.72B $31.62B $29.70B
Margine Operativo % 29.5% 26.7% 20.6% 17.8% 20.9%
Utile netto $10.98B $8.71B $5.41B $4.49B $5.12B
EPS Diluito $2.53 $1.98 $1.20 $9.95 $11.24

Proprietari istituzionali (13F) 3.780 filer · $299.3B totale · Aggiornato al 30 Settembre 2026

17

Istituzioni che segnalano il possesso di questo titolo nel loro Modulo SEC 13F trimestrale. Solo posizioni lunghe; un singolo depositante può apparire due volte per diverse gambe di opzioni. Grandi posizioni put/call contrapposte riflettono tipicamente market-making o inventario coperto, non convinzione direzionale.

Detentori 3.780
Valore detenuto $299.3B
Nuove posizioni 223
Posizioni chiuse 372
Attività istituzionale — Q2 2026 vs trimestre precedente
Nuove posizioni Posizioni chiuse Aumentato Diminuito Variazione netta delle azioni
223 (-245 vs trimestre precedente) 372 (+149 vs trimestre precedente) 1.531 (-372 vs trimestre precedente) 1.408 (+317 vs trimestre precedente) -18.2M

Confrontato con Q1 2026. Le dichiarazioni SEC Form 13F sono dovute entro 45 giorni dalla fine del trimestre più un breve margine per i dichiaranti in ritardo — i trimestri ancora all'interno di questa finestra vengono saltati a favore della coppia più recente completamente riportata.

Istituzione Valore Azioni % di 13F tracciati Tipo
VANGUARD GROUP INC $36.567.804.619 390.014.981 12,22% Azioni
BlackRock, Inc. $24.902.220.805 348.770.600 8,32% Azioni
VANGUARD CAPITAL MANAGEMENT LLC $19.636.923.230 275.026.936 6,56% Azioni
STATE STREET CORP $12.861.252.155 180.129.582 4,30% Azioni
FMR LLC $9.705.920.859 135.937.268 3,24% Azioni
Invesco Ltd. $9.668.928.498 135.419.167 3,23% Azioni
GEODE CAPITAL MANAGEMENT, LLC $7.847.639.252 110.312.736 2,62% Azioni
MORGAN STANLEY $7.120.249.181 99.723.374 2,38% Azioni
Capital World Investors $6.236.148.079 87.336.163 2,08% Azioni
VANGUARD PORTFOLIO MANAGEMENT LLC $5.359.034.956 75.056.512 1,79% Azioni
Capital Research Global Investors $4.905.520.791 68.701.246 1,64% Azioni
SUSQUEHANNA INTERNATIONAL GROUP, LLP $4.193.986.020 58.739.300 1,40% Opzione Call
NORGES BANK $4.137.730.317 57.951.405 1,38% Azioni
ALLIANCEBERNSTEIN L.P. $3.370.008.271 35.049.488 1,13% Azioni
JPMORGAN CHASE & CO $3.270.113.543 44.322.490 1,09% Azioni
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC $3.255.458.334 33.858.121 1,09% Azioni
NORTHERN TRUST CORP $2.985.573.792 41.814.759 1,00% Azioni
LOOMIS SAYLES & CO L P $2.857.246.791 40.017.462 0,95% Azioni
GOLDMAN SACHS GROUP INC $2.749.397.069 38.506.961 0,92% Azioni
BANK OF AMERICA CORP /DE/ $2.674.454.612 37.457.348 0,89% Azioni
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $2.407.890.102 33.723.951 0,80% Azioni
CITADEL ADVISORS LLC $2.254.162.260 31.570.900 0,75% Opzione Call
SUSQUEHANNA INTERNATIONAL GROUP, LLP $2.231.678.400 31.256.000 0,75% Opzione Put
BANK OF MONTREAL /CAN/ $2.204.691.654 30.878.034 0,74% Azioni
CITADEL ADVISORS LLC $2.150.096.760 30.113.400 0,72% Opzione Put
JANE STREET GROUP, LLC $2.040.919.020 28.584.300 0,68% Opzione Call
WELLINGTON MANAGEMENT GROUP LLP $1.997.223.935 27.972.324 0,67% Azioni
JENNISON ASSOCIATES LLC $1.931.513.680 27.052.012 0,65% Azioni
Bank of New York Mellon Corp $1.906.482.368 26.701.433 0,64% Azioni
Legal & General Group Plc $1.886.525.730 26.421.929 0,63% Azioni
Nuveen, LLC $1.854.981.003 25.980.127 0,62% Azioni
UBS Group AG $1.835.500.650 25.707.292 0,61% Azioni
JANE STREET GROUP, LLC $1.824.876.900 25.558.500 0,61% Opzione Put
Amundi $1.821.639.267 25.513.155 0,61% Azioni
VANGUARD FIDUCIARY TRUST CO $1.727.451.957 24.194.005 0,58% Azioni
AMERICAN CENTURY COMPANIES INC $1.601.093.402 22.424.271 0,53% Azioni
ROYAL BANK OF CANADA $1.546.989.000 21.666.541 0,52% Azioni
Mitsubishi UFJ Asset Management Co., Ltd. $1.481.302.956 20.746.540 0,49% Azioni
Fisher Asset Management, LLC $1.457.653.353 20.415.312 0,49% Azioni
DEUTSCHE BANK AG\ $1.436.862.024 20.124.118 0,48% Azioni
JANUS HENDERSON GROUP PLC $1.431.141.205 14.884.336 0,48% Azioni
WOLVERINE TRADING, LLC $1.256.596.656 1.041.600 0,42% Opzione Put
PeakShares LLC $1.159.750.000 16.243 0,39% Azioni
BAILLIE GIFFORD & CO $1.154.810.962 16.173.823 0,39% Azioni
WOLVERINE TRADING, LLC $1.153.448.601 956.100 0,39% Opzione Call
Clearbridge Investments, LLC $1.142.901.425 16.007.023 0,38% Azioni
BARCLAYS PLC $1.113.828.006 15.599.832 0,37% Azioni
DIMENSIONAL FUND ADVISORS LP $1.084.701.251 15.188.196 0,36% Azioni
SRS Investment Management, LLC $1.084.175.442 15.184.530 0,36% Azioni
FIL Ltd $1.042.206.879 14.596.735 0,35% Azioni

Mostra tutti i 3.780 proprietari istituzionali →

Attivisti e proprietari del 5%+ 10 partecipazioni

18

Investitori che hanno depositato SEC Schedule 13D — proprietà effettiva superiore al 5% con l'intento di influenzare l'emittente (partecipazioni attiviste, campagne per il consiglio di amministrazione, M&A). Ogni riga mostra lo stato più recente noto della posizione di quel depositante.

Depositante Depositato Partecipazione Stato Scopo Deposito
High River Limited Partnership, Hopper Investments LLC, Barberry Corp., Icahn Partners Master Fund LP, Icahn Partners Master Fund II LP, Icahn Partners Master Fund III LP, Icahn Offshore LP, Icahn Partners LP, Icahn Onshore LP, Icahn Capital LP, IPH GP LLC, Icahn Enterprises Holdings L.P., Icahn Enterprises G.P. Inc., Beckton Corp., Carl C. Icahn ×3 depositi 22 Ottobre 2013 · Deposito iniziale · SEC
05 Novembre 2012 · Deposito iniziale · SEC
TCV IV, L.P., TCV IV STRATEGIC PARTNERS, L.P., TECHNOLOGY CROSSOVER MANAGEMENT IV, L.L.C., TCV VI, L.P., TCV MEMBER FUND, L.P., TECHNOLOGY CROSSOVER MANAGEMENT VI, L.L.C., JAY C. HOAG, RICHARD H. KIMBALL, JOHN L. DREW, JON Q. REYNOLDS, JR., WILLIAM J.G. GRIFFITH IV, ROBERT W. TRUDEAU ×8 depositi 04 Febbraio 2011 · Deposito iniziale · SEC
TECHNOLOGY CROSSOVER VENTURES II, L.P., TCV II (Q), L.P., TCV II, V.O.F., TCV II STRATEGIC PARTNERS, L.P., TECHNOLOGY CROSSOVER VENTURES II, C.V., TECHNOLOGY CROSSOVER MANAGEMENT II, L.L.C., TCV IV, L.P., TCV IV STRATEGIC PARTNERS, L.P., TECHNOLOGY CROSSOVER MANAGEMENT IV, L.L.C., TCV VI, L.P., TCV MEMBER FUND, L.P., TECHNOLOGY CROSSOVER MANAGEMENT VI, L.L.C., JAY C. HOAG, RICHARD H. KIMBALL, JOHN L. DREW, JON Q. REYNOLDS, JR., WILLIAM J.G. GRIFFITH IV, ROBERT W. TRUDEAU ×3 depositi 14 Agosto 2008 · Deposito iniziale · SEC
Persona segnalante non divulgata, Persona segnalante non divulgata 17 Febbraio 2004 · Deposito iniziale Investimento passivo SEC
TCV IV, L.P. See item 2 for identification of the General Partner, TCV IV STRATEGIC PARTNERS, L.P. See item 2 for identification of the General Partner, Technology Crossover Management IV, L.L.C. See item 2 for identification of the Managing Members, Technology Crossover Ventures II, L.P. See item 2 for identification of the General Partner, TCV II (Q), L.P. See item 2 for identification of the General Partner, TCV II, V.O.F. See item 2 for identification of the Investment General Partner, TCV II Strategic Partners, L.P. See item 2 for identification of the General Partner, Technology Crossover Ventures II, C.V. See item 2 for identification of the Investment General Partner, Technology Crossover Management II, L.L.C. See item 2 for identification of the Managing Members, JAY C. HOAG, RICHARD H. KIMBALL 30 Gennaio 2004 · Deposito iniziale · SEC
Persona segnalante non divulgata, Persona segnalante non divulgata, Persona segnalante non divulgata, Persona segnalante non divulgata, Persona segnalante non divulgata, Persona segnalante non divulgata, Persona segnalante non divulgata, Persona segnalante non divulgata, Persona segnalante non divulgata, Persona segnalante non divulgata, Persona segnalante non divulgata, Persona segnalante non divulgata, Persona segnalante non divulgata 10 Novembre 2003 · Deposito iniziale Investimento passivo SEC
Persona segnalante non divulgata, Persona segnalante non divulgata, Persona segnalante non divulgata, Persona segnalante non divulgata, Persona segnalante non divulgata, Persona segnalante non divulgata, Persona segnalante non divulgata, Persona segnalante non divulgata 14 Febbraio 2003 · Deposito iniziale Investimento passivo SEC
TCVF Management, L.L.C. See item 2 for identification of the Managing Members --------------------------------------------------------------------- (2), JAY C. HOAG --------------------------------------------------------------------- (2), RICHARD H. KIMBALL --------------------------------------------------------------------- (2) 13 Agosto 2002 · Deposito iniziale Investimento passivo SEC
TCV IV, L.P. See item 2 for identification of the General Partner --------------------------------------------------------------------- (2), TCV II (Q) L.P. See item 2 for identification of the General Partner --------------------------------------------------------------------- (2), TCVF Management, L.L.C. See item 2 for identification of the Mananging Members --------------------------------------------------------------------- (2), JAY C. HOAG --------------------------------------------------------------------- (2), RICHARD H. KIMBALL --------------------------------------------------------------------- (2) 29 Maggio 2002 · Deposito iniziale Investimento passivo SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Insider aziendali 44 insider · 21 dirigenti · 20 direttori

19
Insider Ruolo Ultima attività Azioni possedute Acquisti 12m Vendite 12m Netto 12m
Theodore A Sarandos Co-CEO 03 Agosto 2026 M 178.954 0 7 $-14.349.918
David B Wells CFO 02 Gennaio 2019 A 0 0 0 $0
Barry Mccarthy Chief Financial Officer 01 Dicembre 2010 A 51.563 0 0 $0
Jeffrey William Karbowski Chief Accounting Officer 01 Ottobre 2026 A 0 0 0 $0
Cletus R Willems Chief Global Affairs Officer 03 Agosto 2026 M 6.277 0 2 $-521.132
David A Hyman Chief Legal Officer 03 Agosto 2026 M 316.100 0 6 $-38.053.545
Dicus Marian Lee Chief Marketing Officer 03 Gennaio 2023 A · 0 0 $0
Meabe Sergio Ezama Chief Talent Officer 03 Gennaio 2023 A · 0 0 $0
Rachel Whetstone Chief Communications Officer 03 Gennaio 2023 A · 0 0 $0
Kenneth A Barker Chief Accounting Officer 03 Ottobre 2022 A · 0 0 $0
John Bozoma Saint Chief Marketing Officer 01 Marzo 2022 A · 0 0 $0
Jessica Neal Chief Talent Officer 03 Maggio 2021 A 0 0 0 $0
Kelly Bennett Chief Marketing Officer 01 Marzo 2019 A 0 0 0 $0
Jonathan Friedland Chief Communications Officer 01 Giugno 2018 A 0 0 0 $0
Neil D Hunt Chief Product Officer 01 Giugno 2017 A 459.952 0 0 $0
Tawni Cranz Chief Talent Officer 03 Aprile 2017 A 0 0 0 $0
William J Holmes Chief Business Dev Officer 01 Luglio 2013 A 0 0 0 $0
Patricia J Mccord Chief Talent Officer 01 Ottobre 2012 A 4.283 0 0 $0
Jessica T Becker Interim Chief Mktng Officer 02 Luglio 2012 A · 0 0 $0
Andrew S Rendich Chief Service and Ops Officer 01 Luglio 2011 A 0 0 0 $0
Thomas R Dillon Chief Operations Officer 03 Aprile 2006 A 27.641 0 0 $0
Elinor Mertz Direttore 01 Ottobre 2026 A · 0 0 $0
Strive Masiyiwa Direttore 01 Ottobre 2026 A 0 0 0 $0
Susan E Rice Direttore 01 Ottobre 2026 A 0 0 0 $0
Mathias Dopfner Direttore 01 Ottobre 2026 A 25 0 0 $0
Ann Mather Direttore 01 Ottobre 2026 A 0 0 0 $0
Leslie J Kilgore Direttore 01 Ottobre 2026 A 35.396 0 0 $0
Bradford L Smith Direttore 01 Ottobre 2026 A 79.690 0 5 $-5.614.593
Richard N. Barton Direttore 01 Ottobre 2026 A 2.460 0 4 $-327.189
Jay C Hoag Direttore 01 Ottobre 2026 A 63.040 0 0 $0
Anne M Sweeney Direttore 01 Luglio 2026 A 0 0 0 $0
Reed Hastings Direttore 01 Giugno 2026 A 3.940 0 47 $-308.952.910
Timothy M Haley Direttore 02 Giugno 2025 A 0 0 0 $0
Rodolphe Belmer Direttore 03 Ottobre 2022 A 0 0 0 $0
George A Battle Direttore 03 Dicembre 2018 A 46.050 0 0 $0
Charles H Giancarlo Direttore 01 Giugno 2012 A 2.499 0 0 $0
Gregory S Stanger Direttore 01 Luglio 2010 A 0 0 0 $0
Michael N Schuh Direttore 03 Maggio 2010 A 0 0 0 $0
Robert A Pisano Direttore 03 Ottobre 2005 A 3.000 0 0 $0
Michael Ramsay Direttore 17 Ottobre 2003 M 0 0 0 $0
William Griffith Proprietario del 10% 10 Agosto 2010 S 14.356 0 0 $0
Rick Kimball Proprietario del 10% 25 Agosto 2008 G 0 0 0 $0
Spencer Adam Neumann · 10 Agosto 2026 S 73.787 0 46 $-16.946.353
Gregory K Peters · 06 Agosto 2026 S 120.931 0 8 $-17.697.970

Insider dai depositi SEC Modulo 3/4/5; netto = solo acquisti/vendite di mercato

Proprietà ETF Posseduti da 177 ETF

20

Il peso riflette solo le partecipazioni azionarie dirette (N-PORT); fondi a leva o basati su derivati possono detenere ulteriore esposizione swap non mostrata.

Fondo Peso Unità Aggiornato al Fonte
NFXL · Direxion Shares ETF Trust 15,11% 286.635 NS 31 Luglio 2026 N-PORT
GGME · Invesco Exchange-Traded Fund Trust 6,84% 45.912 SH 05 Ottobre 2026 Giornaliero
FCOM · FIDELITY COVINGTON TRUST 4,32% 1.042.475 NS 31 Luglio 2026 N-PORT
VOX · VANGUARD WORLD FUND 4,22% 3.538.124 SH 19 Agosto 2026 Giornaliero
FEPI · ETF Opportunities Trust 4,21% 379.552 NS 31 Luglio 2026 N-PORT
RSPC · Invesco Exchange-Traded Fund Trust 4,16% 33.580 SH 05 Ottobre 2026 Giornaliero
IYC · iShares Trust 4,09% 621.573 SH 11 Settembre 2026 Giornaliero
IXP · iShares Trust 4,03% 245.778 SH 11 Settembre 2026 Giornaliero
QUSA · Tidal Trust III 3,79% 11.328 NS 31 Luglio 2026 N-PORT
FDND · First Trust Exchange-Traded Fund IV 3,76% 5.120 NS 31 Luglio 2026 N-PORT
NITE · Capitol Series Trust 3,64% 15.758 NS 31 Luglio 2026 N-PORT
SPHQ · Invesco Exchange-Traded Fund Trust 3,49% 9.804.404 SH 05 Ottobre 2026 Giornaliero
PNQI · Invesco Exchange-Traded Fund Trust 3,41% 270.623 SH 05 Ottobre 2026 Giornaliero
TECB · iShares Trust 3,29% 213.446 SH 11 Settembre 2026 Giornaliero
FNGG · Direxion Shares ETF Trust 3,20% 54.002 NS 31 Luglio 2026 N-PORT
LCLG · Advisors Series Trust 2,67% 40.114 NS 31 Luglio 2026 N-PORT
PEXL · Pacer Funds Trust 2,48% 17.490 NS 31 Luglio 2026 N-PORT
WEBL · Direxion Shares ETF Trust 2,44% 31.842 NS 31 Luglio 2026 N-PORT
HAPI · Harbor ETF Trust 2,26% 154.369 NS 31 Luglio 2026 N-PORT
FGSI · First Trust Exchange-Traded Fund IV 2,03% 586 NS 31 Luglio 2026 N-PORT
QTOP · iShares Trust 1,90% 70.633 SH 11 Settembre 2026 Giornaliero
NULG · Nushares ETF Trust 1,86% 693.098 NS 31 Luglio 2026 N-PORT
QUAL · iShares Trust 1,84% 11.254.784 SH 11 Settembre 2026 Giornaliero
RILA · Spinnaker ETF Series 1,80% 10.586 NS 31 Luglio 2026 N-PORT
PALC · Pacer Funds Trust 1,76% 51.544 NS 31 Luglio 2026 N-PORT
BIGY · Tidal Trust II 1,64% 12.411 NS 31 Luglio 2026 N-PORT
WINN · Harbor ETF Trust 1,62% 255.352 NS 31 Luglio 2026 N-PORT
HEQQ · J.P. Morgan Exchange-Traded Fund Tr… 1,55% 6.473 NS 31 Luglio 2026 N-PORT
IGM · iShares Trust 1,43% 1.987.154 SH 11 Settembre 2026 Giornaliero
QYLD · Global X Funds 1,41% 1.587.968 NS 31 Luglio 2026 N-PORT
QRMI · Global X Funds 1,40% 2.795 NS 31 Luglio 2026 N-PORT
QYLG · Global X Funds 1,39% 30.787 NS 31 Luglio 2026 N-PORT
PTNQ · Pacer Funds Trust 1,38% 230.240 NS 31 Luglio 2026 N-PORT
QQWZ · Pacer Funds Trust 1,38% 9.786 NS 31 Luglio 2026 N-PORT
QTR · Global X Funds 1,34% 1.421 NS 31 Luglio 2026 N-PORT
QCLR · Global X Funds 1,31% 605 NS 31 Luglio 2026 N-PORT
QSIX · Pacer Funds Trust 1,27% 3.251 NS 31 Luglio 2026 N-PORT
ARKW · ARK ETF Trust 1,19% 266.351 NS 31 Luglio 2026 N-PORT
WLTG · ETF Opportunities Trust 1,18% 12.694 NS 31 Luglio 2026 N-PORT
AQLT · iShares Trust 1,16% 49.683 SH 11 Settembre 2026 Giornaliero
QQQM · Invesco Exchange-Traded Fund Trust … 1,15% 19.214.536 SH 05 Ottobre 2026 Giornaliero
QQQ · Invesco QQQ Trust, Series 1 1,15% 86.916.406 SH 05 Ottobre 2026 Giornaliero
TEC · Harbor ETF Trust 1,14% 1.009 NS 31 Luglio 2026 N-PORT
IWY · iShares Trust 1,12% 2.305.206 SH 11 Settembre 2026 Giornaliero
MGK · VANGUARD WORLD FUND 1,12% 5.218.895 SH 19 Agosto 2026 Giornaliero
SPGP · Invesco Exchange-Traded Fund Trust 1,03% 313.897 SH 05 Ottobre 2026 Giornaliero
PEVC · Pacer Funds Trust 1,02% 342 NS 31 Luglio 2026 N-PORT
ILCG · iShares Trust 1,01% 411.473 SH 11 Settembre 2026 Giornaliero
SEMI · Columbia ETF Trust I 0,99% 5.176 NS 31 Luglio 2026 N-PORT
ALRG · ALLSPRING EXCHANGE-TRADED FUNDS TRU… 0,98% 1.149 NS 31 Luglio 2026 N-PORT
IWF · iShares Trust 0,97% 15.769.276 SH 11 Settembre 2026 Giornaliero
QQQG · Pacer Funds Trust 0,93% 2.655 NS 31 Luglio 2026 N-PORT
IVW · iShares Trust 0,90% 8.980.812 SH 11 Settembre 2026 Giornaliero
EQWL · Invesco Exchange-Traded Fund Trust 0,89% 370.791 SH 05 Ottobre 2026 Giornaliero
VFQY · VANGUARD WELLINGTON FUND 0,89% 59.282 SH 19 Agosto 2026 Giornaliero
VONG · VANGUARD SCOTTSDALE FUNDS 0,89% 6.643.876 SH 19 Agosto 2026 Giornaliero
IUSG · iShares Trust 0,85% 3.707.327 SH 11 Settembre 2026 Giornaliero
VOOG · VANGUARD ADMIRAL FUNDS 0,85% 3.128.772 SH 19 Agosto 2026 Giornaliero
QQQE · Direxion Shares ETF Trust 0,85% 158.017 NS 31 Luglio 2026 N-PORT
DYNF · BlackRock ETF Trust 0,85% 4.631.452 SH 11 Settembre 2026 Giornaliero
VUG · VANGUARD INDEX FUNDS 0,84% 44.610.196 SH 19 Agosto 2026 Giornaliero
MPLY · Strategy Shares 0,73% 1.610 NS 31 Luglio 2026 N-PORT
GLBL · Pacer Funds Trust 0,72% 111 NS 31 Luglio 2026 N-PORT
OEF · iShares Trust 0,67% 1.780.199 SH 11 Settembre 2026 Giornaliero
AGRW · ALLSPRING EXCHANGE-TRADED FUNDS TRU… 0,67% 10.528 NS 31 Luglio 2026 N-PORT
XLG · Invesco Exchange-Traded Fund Trust 0,65% 1.150.812 SH 05 Ottobre 2026 Giornaliero
NULC · Nushares ETF Trust 0,65% 6.361 NS 31 Luglio 2026 N-PORT
IIGD · Invesco Exchange-Traded Self-Indexe… 0,64% 162.000 05 Ottobre 2026 Giornaliero
HFGO · Hartford Funds Exchange-Traded Trust 0,64% 17.946 NS 31 Luglio 2026 N-PORT
ACIO · ETF Series Solutions 0,63% 208.101 NS 31 Luglio 2026 N-PORT
ADME · ETF Series Solutions 0,63% 25.914 NS 31 Luglio 2026 N-PORT
FQAL · FIDELITY COVINGTON TRUST 0,60% 118.782 NS 31 Luglio 2026 N-PORT
DUHP · Dimensional ETF Trust 0,60% 1.025.735 NS 31 Luglio 2026 N-PORT
TOPC · iShares Trust 0,59% 2.563 SH 11 Settembre 2026 Giornaliero
USCL · iShares Trust 0,59% 220.387 SH 11 Settembre 2026 Giornaliero
OMFL · Invesco Exchange-Traded Self-Indexe… 0,58% 409.680 SH 05 Ottobre 2026 Giornaliero
MGC · VANGUARD WORLD FUND 0,57% 841.756 SH 19 Agosto 2026 Giornaliero
IWL · iShares Trust 0,56% 162.859 SH 11 Settembre 2026 Giornaliero
FHEQ · Fidelity Greenwood Street Trust 0,56% 72.370 NS 31 Luglio 2026 N-PORT
UPSD · ETF Series Solutions 0,56% 9.099 NS 31 Luglio 2026 N-PORT
FFLG · FIDELITY COVINGTON TRUST 0,56% 45.786 NS 31 Luglio 2026 N-PORT
OEI · Listed Funds Trust 0,55% 3.580 NS 31 Luglio 2026 N-PORT
FBCG · FIDELITY COVINGTON TRUST 0,55% 531.326 NS 31 Luglio 2026 N-PORT
XVV · iShares Trust 0,55% 48.452 SH 11 Settembre 2026 Giornaliero
RPG · Invesco Exchange-Traded Fund Trust 0,54% 158.017 SH 05 Ottobre 2026 Giornaliero
GARP · iShares Trust 0,54% 216.490 SH 11 Settembre 2026 Giornaliero
TRFM · ETF Series Solutions 0,53% 18.360 NS 31 Luglio 2026 N-PORT
EGUS · iShares Trust 0,52% 1.902 SH 11 Settembre 2026 Giornaliero
QVML · Invesco Exchange-Traded Fund Trust … 0,52% 131.184 SH 05 Ottobre 2026 Giornaliero
ESGV · VANGUARD WORLD FUND 0,51% 948.568 SH 19 Agosto 2026 Giornaliero
BSCQ · Invesco Exchange-Traded Self-Indexe… 0,50% 15.913.000 05 Ottobre 2026 Giornaliero
FYEE · Fidelity Greenwood Street Trust 0,50% 15.273 NS 31 Luglio 2026 N-PORT
IVV · iShares Trust 0,49% 53.074.428 SH 11 Settembre 2026 Giornaliero
FBUF · Fidelity Greenwood Street Trust 0,49% 1.621 NS 31 Luglio 2026 N-PORT
ILCB · iShares Trust 0,48% 81.987 SH 11 Settembre 2026 Giornaliero
XRMI · Global X Funds 0,48% 3.316 NS 31 Luglio 2026 N-PORT
CHRI · Global X Funds 0,47% 527 NS 31 Luglio 2026 N-PORT
CATH · Global X Funds 0,47% 85.525 NS 31 Luglio 2026 N-PORT
VOO · VANGUARD INDEX FUNDS 0,47% 109.375.220 SH 19 Agosto 2026 Giornaliero
VV · VANGUARD INDEX FUNDS 0,47% 4.917.755 SH 19 Agosto 2026 Giornaliero
BBUS · J.P. Morgan Exchange-Traded Fund Tr… 0,47% 582.457 NS 31 Luglio 2026 N-PORT
PTLC · Pacer Funds Trust 0,47% 212.946 NS 31 Luglio 2026 N-PORT
XYLD · Global X Funds 0,47% 211.576 NS 31 Luglio 2026 N-PORT
XYLG · Global X Funds 0,47% 4.176 NS 31 Luglio 2026 N-PORT
VOTE · TCW ETF Trust 0,47% 71.437 NS 31 Luglio 2026 N-PORT
BKLC · BNY Mellon ETF Trust 0,47% 356.119 NS 31 Luglio 2026 N-PORT
XTR · Global X Funds 0,47% 313 NS 31 Luglio 2026 N-PORT
XCLR · Global X Funds 0,46% 231 NS 31 Luglio 2026 N-PORT
SUSA · iShares Trust 0,46% 245.054 SH 11 Settembre 2026 Giornaliero
VOXP · Advisors Series Trust 0,46% 372 NS 31 Luglio 2026 N-PORT
TOV · EA Series Trust 0,46% 16.776 NS 31 Luglio 2026 N-PORT
DFSU · Dimensional ETF Trust 0,46% 145.060 NS 31 Luglio 2026 N-PORT
IYY · iShares Trust 0,46% 180.619 SH 11 Settembre 2026 Giornaliero
IWB · iShares Trust 0,46% 2.902.886 SH 11 Settembre 2026 Giornaliero
BSCS · Invesco Exchange-Traded Self-Indexe… 0,45% 15.311.000 05 Ottobre 2026 Giornaliero
COWG · Pacer Funds Trust 0,44% 135.538 NS 31 Luglio 2026 N-PORT
IWV · iShares Trust 0,44% 1.155.500 SH 11 Settembre 2026 Giornaliero
ITOT · iShares Trust 0,44% 5.482.112 SH 11 Settembre 2026 Giornaliero
SPUU · Direxion Shares ETF Trust 0,43% 15.886 NS 31 Luglio 2026 N-PORT
VONE · VANGUARD SCOTTSDALE FUNDS 0,43% 691.880 SH 19 Agosto 2026 Giornaliero
PBP · Invesco Exchange-Traded Fund Trust 0,43% 24.773 SH 05 Ottobre 2026 Giornaliero
QDPL · Pacer Funds Trust 0,43% 101.450 NS 31 Luglio 2026 N-PORT
NUGO · Nushares ETF Trust 0,42% 143.449 NS 31 Luglio 2026 N-PORT
PBUS · Invesco Exchange-Traded Fund Trust … 0,42% 670.227 SH 05 Ottobre 2026 Giornaliero
DFUS · Dimensional ETF Trust 0,42% 1.212.661 NS 31 Luglio 2026 N-PORT
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NFLX Consenso degli analisti Opinioni degli analisti, sia rialziste che ribassiste, target price a 12 mesi, potenziale di rialzo

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rating · 58 analisti COMPRA
Target mediano $92.00 +33,9%
14 24,1% Acquisto forte
29 50,0% Compra
15 25,9% Mantieni
0 0,0% Vendi
0 0,0% Vendita forte

Target Price a 12 Mesi

45 analisti · 2026-10-04

Target medio $92.93 +35,3%

Ora Prezzo attuale $68.69
Basso$57.00 Media$92.93 Alto$135.00

Confronto Peer (GICS sub-settore industriale) Metriche chiave rispetto ai pari del settore

22

Base FY, prezzi alla chiusura dell'ultimo anno fiscale di ciascuna società.

Ticker Capitalizzazione di Mercato P/E Rev YoY Margine Netto ROE Margine lordo
NFLX $395.87B 37.1 15.8% 24.3% 42.6% ·
DIS $215.59B 16.6 3.4% 13.1% 11.8% ·
WBD $71.47B 99.4 -5.1% 1.9% 2.1% ·
LYV $33.55B -593.8 8.8% 2.0% 223.3% ·
TKO · 92.5 -3.0% 4.1% 5.0% ·
FWONA · 67.7 22.7% 12.4% 7.5% ·
ROKU $16.04B 183.9 15.2% 1.9% 3.4% 43.8%
WMG · · 4.4% 5.4% 62.7% ·
MSGS · 1255.8 11.0% 0.67% -2.9% ·
CNK · 22.3 2.1% 4.4% · ·
MSGE · 58.6 12.5% 6.2% 161.8% ·

Ultime notizie Notizie recenti che menzionano questa società

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NFLX Pannello Analisti AI — Viste Rialziste e Ribassiste Dibattito 2026Q2: Claude, Grok, Gemini, ChatGPT sulle prospettive del titolo

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Verdetto del panel NEUTRAL Affidabilità 0,68 4 su 4 riportati disparità di previsione ·

Netflix affronta un tira e molla tra la sua redditività dominante e una valutazione che non lascia spazio all'errore. Grok e Gemini evidenziano il ritorno sul capitale del 41% dell'azienda come prova di un motore di profitto duraturo, mentre Claude avverte che l'elevata leva e i cambiamenti di leadership creano un significativo rischio al ribasso. Il panel rimane diviso sulla questione se il premio di prezzo attuale sia giustificato, convergendo infine su un "hold" cauto mentre l'azienda naviga una transizione critica verso ricavi supportati dalla pubblicità.

Round 1 — Prime impressioni

Grok NEUTRAL
Affidabilità 0,75
↑ Rialzista

Vedo Netflix come il re della redditività dello streaming, che sfrutta i fossati di contenuto e il potenziale del livello pubblicitario per guidare una redditività sostenuta fino al 2026Q2. Il suo ROE del 41,86% dimostra che l'azienda trasforma il capitale netto in profitti molto meglio dei concorrenti come Disney con l'11%, finanziando più successi senza diluizione. I margini lordi al 48% rimangono solidi, dimostrando che il potere di determinazione dei prezzi regge anche mentre i costi si stabilizzano. Il superamento dei ricavi del Q1 nelle notizie del 16 aprile segnala slancio, con le commissioni di disdetta come bonus aggiuntivo.

↓ Ribassista

La mia lettura è che la valutazione alle stelle di Netflix incorpora una perfezione che la saturazione degli abbonati e la rivalità potrebbero infrangere entro il 2026Q2. Il P/E a 41 sovrasta quello di Disney di 14, lasciando spazio a mancate entrate in un mercato affollato. La capitalizzazione di mercato è scesa del 16% da 512 miliardi nel 2025Q3 a 428 miliardi ora, riflettendo timori di crescita. L'uscita di Reed Hastings da presidente il 16 aprile aggiunge rischio di leadership in un momento cruciale di svolta verso la pubblicità.

Claude NEUTRAL
Affidabilità 0,62
↑ Rialzista

Netflix ha dimostrato di poter far crescere i ricavi a doppia cifra espandendo i margini — il modello di streaming principale sta funzionando. Il margine lordo si attesta al 48%, che è a livello di fortezza per una società di media, e il margine netto del 24% dimostra che il potere di determinazione dei prezzi è reale. Il ROE del 41,86% indica che il management sta estraendo rendimenti genuini dal capitale degli azionisti, non solo ingegneria finanziaria. A 41 volte gli utili degli ultimi dodici mesi, sì, il multiplo è elevato, ma se la crescita degli abbonati e la penetrazione del livello pubblicitario reggono, la generazione di cassa giustifica un premio rispetto al multiplo di 14x di Disney. Le dimissioni di Reed Hastings rappresentano un rischio di continuità della leadership, non un presagio di morte.

↓ Ribassista

Netflix scambia a 41 volte gli utili mentre Disney scambia a 14 volte — quel divario si chiude solo se Netflix aumenta gli utili più velocemente di Disney per anni, e non vedo prove che ciò stia accadendo. Il titolo è sceso da $1.331 a $1.245 in tre settimane, e la capitalizzazione di mercato è scesa di $30 miliardi nell'ultimo trimestre. Più preoccupante: il rapporto debito/capitale proprio è del 55,7%, il che significa che Netflix è indebitata fino al collo per finanziare riacquisti e contenuti. Se la crescita degli abbonati rallenta o le tariffe pubblicitarie si comprimono, tale leva diventa una trappola. La commissione di disdetta di Warner Bros. è stata un vento a favore una tantum che maschera domande sottostanti sullo slancio.

Gemini NEUTRAL
Affidabilità 0,70
↑ Rialzista

Netflix sta passando con successo da un attore "crescita a tutti i costi" a una macchina di profitto altamente efficiente. L'azienda offre attualmente un ROE del 41,86%, che dimostra un'eccezionale capacità di generare rendimenti sostanziali sul capitale degli azionisti anche mentre il mercato dello streaming matura. Questa efficienza è supportata da un solido margine di profitto netto del 24,05%, che dimostra che hanno superato l'era di forte consumo di cassa della produzione di contenuti originali. Mantenendo un current ratio di 1,33, garantiscono di avere sufficienti attività liquide per coprire gli obblighi a breve termine, pur continuando a investire nella prossima generazione di successi globali di contenuto.

↓ Ribassista

La valutazione rimane scollegata dalla traiettoria di crescita rallentata dell'azienda. Gli investitori stanno attualmente pagando 41,07 volte gli utili degli ultimi dodici mesi per un titolo il cui EPS ha visto una significativa contrazione rispetto ai trimestri precedenti. Questo multiplo P/E è elevato se si considera che l'azienda sta affrontando una transizione di leadership importante con le dimissioni di Reed Hastings da presidente. Inoltre, con un rapporto prezzo/vendite di 9,88, il mercato sta prezzando la perfezione in un momento in cui il settore dello streaming sta diventando sempre più affollato e la capitalizzazione di mercato dell'azienda stessa è in tendenza al ribasso negli ultimi tre trimestri.

Chatgpt NEUTRAL
Affidabilità 0,62
↑ Rialzista

Penso che il caso rialzista più forte sia che Netflix offra ancora un'elevata redditività sul capitale proprio e margini lordi sani, che supportano una storia di utili duratura anche mentre finanzia gli investimenti continui in contenuti. ROE 41,86% — Quel livello segnala che Netflix trasforma una grande porzione di capitale proprio in profitto, implicando un forte potere di determinazione dei prezzi e un'efficienza del capitale. Margine lordo 48,09% — Quel margine supporta una redditività sostenuta e una maggiore leva operativa all'aumentare della scala. Debito/Capitale proprio 55,73% — Quel livello di leva suggerisce che Netflix può finanziare espansioni continue senza rischio di liquidità immediato, sebbene mantenga un certo rischio di bilancio se i flussi di cassa si indeboliscono.

↓ Ribassista

Penso che il caso ribassista più forte sia che il titolo rimanga valutato in modo elevato rispetto ai concorrenti e affronti un rischio di transizione della leadership che potrebbe frenare l'esecuzione se la crescita rallenta. P/E TTM 41,07 — Quel multiplo elevato implica che il titolo è prezzato per una crescita eccezionale; qualsiasi rallentamento a breve termine può innescare una compressione del multiplo. P/S TTM 9,88 — Quel multiplo indica che gli investitori stanno pagando un premio per i ricavi; una decelerazione della crescita eserciterebbe pressione sulla valutazione. EPS TTM 2,39 — Utili modesti degli ultimi dodici mesi rispetto a un multiplo elevato aumenta il rischio se i margini o la crescita degli abbonati deteriorano.

Round 2 — Risposte e Confutazioni

Round 2 — Risposte e Confutazioni

Grok

Claude, la tua visione ribassista trascura come il rapporto debito/capitale proprio del 55,7% di Netflix non sia una trappola ma un intelligente acceleratore per il dominio dei contenuti. Quel rapporto significa che per ogni dollaro di capitale proprio, il debito aggiunge poco più di mezzo dollaro — gestibile dato che il current ratio di 1,33 copre comodamente gli obblighi a breve termine. Con margini netti del 24% che generano cassa, questa leva finanzia riacquisti e successi senza rischio di diluizione, a differenza di concorrenti più rischiosi come Warner Bros.

Claude

Devo contestare la lettura di Grok sul calo della capitalizzazione di mercato. Grok afferma che Netflix è scesa del 16% da 512 miliardi a 428 miliardi e lo inquadra come timori di crescita, ma quella matematica non corrisponde all'azione del titolo che stiamo vedendo. Il grafico settimanale mostra NFLX scambiare tra $1.245 e $1.331 nell'ultimo mese — questa è un'oscillazione del 6,5%, non del 16%. I movimenti della capitalizzazione di mercato sono rumore quando si guarda a un'azienda da 428 miliardi di dollari con una normale volatilità settimanale. Ciò che conta davvero è se il superamento dei ricavi del Q1 citato da Grok si mantiene nella guidance, e se quella commissione di disdetta di Warner Bros. — che ho segnalato come una tantum — venga ripetuta. Se non lo è, il rischio di compressione del multiplo che ho delineato diventa rapidamente reale.

Gemini

Claude, il tuo punto sul rapporto debito/capitale proprio come trappola perde di vista la realtà dell'attuale struttura del capitale di Netflix. Hai citato un rapporto debito/capitale proprio del 55,7% come prova di una leva pericolosa, ma questo livello è in realtà piuttosto gestibile per un'azienda che genera un flusso di cassa così costante. Questo rapporto ci dice che per ogni dollaro di capitale proprio, l'azienda porta circa 56 centesimi di debito, che è un'impronta conservativa per un gigante dei media maturo. Credo che Netflix abbia superato con successo la fase di crescita alimentata dal debito, rendendo le tue preoccupazioni sul loro bilancio leggermente esagerate.

Chatgpt

Claude, la tua preoccupazione sulla leva è valida, ma il segnale chiave ai miei occhi è la potenza di redditività di Netflix. Il ROE del 41,86% segnala che Netflix trasforma il capitale proprio in profitti a un tasso molto superiore ai concorrenti. Ciò si traduce in potere di determinazione dei prezzi ed efficienza del capitale che guidano il motore di cassa. Tuttavia, un multiplo elevato rimane rischioso se la crescita rallenta o i flussi di cassa vacillano, mantenendo il debito sotto i riflettori.

Round 3 — Confutazioni Finali

Round 3 — Confutazioni Finali

Grok

Claude, ampliando il tuo grafico settimanale, la divergenza dei volumi segnala una distribuzione istituzionale ribassista fino al 2026Q2. Il breakout post-utili del 25 aprile è salito su 35 milioni di azioni, attirando acquisti di grandi capitali. I recenti ribassi come quello dell'11 luglio sono scambiati su metà di quel volume — un supporto più sottile significa che i venditori dominano, rischiando ulteriore compressione oltre all'allungamento della valutazione che tutti abbiamo segnalato.

Claude

Voglio contestare qualcosa che Gemini e Grok hanno entrambi trascurato: l'affermazione che il rapporto debito/capitale proprio del 55,7% di Netflix sia "gestibile" o "conservativo" per un'azienda di media. Non è accurato. Disney ha un D/E di circa 1,2x — quasi il doppio del rapporto di Netflix — e Disney è un conglomerato ad alta intensità di capitale con parchi a tema e TV lineare. Il D/E del 55,7% di Netflix è in realtà nella fascia alta per lo streaming. Cosa conta di più: il margine netto del 24% di Netflix è reale, ma non sta crescendo. Se la crescita degli abbonati si stabilizza e le tariffe pubblicitarie subiscono pressioni — entrambi rischi reali in un mercato saturo — quella leva diventa un fardello, non una caratteristica. Grok inquadra i riacquisti come "senza rischio di diluizione", ma i riacquisti finanziati dal debito in un ambiente di crescita rallentata sono esattamente come si distrugge il valore per gli azionisti. Non cambio il mio "hold", ma sono più preoccupato dalla matematica del bilancio di quanto non lo sia il panel.

Gemini

Claude, devo contestare il tuo licenziamento della transizione della leadership come mero rischio di continuità. Le dimissioni di Reed Hastings da presidente il 16 aprile sono un enorme cambiamento strutturale per un'azienda che si è affidata alla sua visione specifica per quasi tre decenni. Questo non è solo un cambio di gestione; è l'uscita dell'architetto principale del modello di streaming in un momento in cui l'azienda deve orientarsi verso i livelli supportati dalla pubblicità. Se la nuova leadership non riuscirà a gestire questo cambiamento di identità, l'attuale rapporto P/E di 41,07, che rappresenta il premio che gli investitori pagano per gli utili futuri, probabilmente crollerà.

Chatgpt

Penso che dovremmo ampliare il quadro alle dinamiche competitive, non solo ai fondamentali. Claude, la tua visione sulla leva è importante, ma l'espansione in corso del livello supportato dalla pubblicità di Disney e la strategia di bundling con Hulu creano una reale pressione sui prezzi e sulla domanda per NFLX. Se Disney accelera il rollout internazionale o aumenta l'esposizione allo sport dal vivo, NFLX affronta più concorrenza per gli stessi dollari pubblicitari e abbonati premium. Gemini, Grok, l'attenzione del mercato sulla redditività dipenderà meno dai soli margini e più da come NFLX manterrà la quota di domanda contro queste roadmap.

Previsioni di prezzo

Modello Obiettivo 3M Obiettivo 6M Motivazione
Grok $1280.00 $1350.00 Penso che Netflix salirà gradualmente fino al 2026Q2 se gli incrementi di abbonati del livello pubblicitario convalidano i fossati di redditività contro i concorrenti. Il catalizzatore chiave sono gli utili del Q2 in data o intorno al 23 luglio 2026, dove una guidance di crescita dei ricavi del 15%+ dalla pubblicità potrebbe innescare un'espansione del multiplo. Il grande rischio è una mancata crescita degli abbonati inferiore a 5 milioni netti, che riaccenderebbe i timori di saturazione e comprimerebbe il P/E di 41 — che già prezza un'esecuzione impeccabile senza margini per rivali come Disney per rubare quote di mercato. A un P/E forward di 38 implicito dal mio target di 1350 a 6 mesi dal chiusura odierna di 1245, ciò presuppone una consegna costante di EPS senza incertezze di leadership post-Hastings.
Claude $1080.00 $1020.00 Netflix è intrappolata tra una redditività da fortezza e una valutazione che non lascia spazio all'errore in un mercato saturo. La mia tesi: il multiplo P/E di 41x si comprime se la crescita degli abbonati si arresta o le tariffe pubblicitarie si ammorbidiscono, entrambi rischi reali entro il Q3 2026. Il catalizzatore concreto sono le indicazioni sugli utili del Q2 il 18 luglio — se il management segnala una crescita più lenta degli incrementi netti o un ARPU piatto, il mercato riprezza rapidamente al ribasso. Il rischio che rompa questo: l'adozione del livello pubblicitario accelera oltre il consenso, giustificando il multiplo. Sulla valutazione: 41 volte gli utili significa che il mercato sta prezzando una crescita annua degli utili del 15%+ per anni; il margine netto di Netflix del 24% è solido ma piatto, non in espansione. L'uscita di Hastings aggiunge rischio di esecuzione. Prevedo una debolezza di 3 mesi a $1.080 mentre le preoccupazioni sulla leva riemergono, poi una stabilizzazione vicino a $1.020 entro ottobre mentre il mercato riprezza a 35x gli utili — ancora un premio, ma più onesto.
Gemini $1180.00 $1250.00 La mia tesi è che Netflix scambierà lateralmente mentre assorbe la transizione della leadership, per poi rompere al rialzo solo se i ricavi del livello pubblicitario compenseranno la saturazione degli abbonati. Il catalizzatore principale è il report sugli utili del 2026Q3, che servirà come primo vero test della capacità del management di scalare la redditività del livello pubblicitario senza Reed Hastings. Il rischio maggiore è una significativa contrazione del margine netto del 24,05%, che segnalerebbe che la concorrenza sta finalmente erodendo il loro potere di determinazione dei prezzi. Gli investitori stanno attualmente pagando 41,07 volte gli utili degli ultimi dodici mesi, il che significa che il mercato sta scommettendo su una crescita sostenuta e ad alto margine che non lascia spazio all'errore nei prossimi trimestri.
Chatgpt $1150.00 $1250.00 Penso che NFLX possa salire nei prossimi mesi poiché la redditività rimane duratura. Catalizzatore: la pubblicazione degli utili del Q2 2026 rafforza che la disciplina di crescita e margini è intatta. Rischio: un mancato del Q2 o una guidance forward debole potrebbero innescare una compressione del multiplo. Quel P/E trailing di 41x significa che Netflix è prezzata per utili futuri eccezionali, quindi qualsiasi mancato a breve termine potrebbe innescare una compressione del multiplo.

Segnali di trading Segnali recenti di acquisto/vendita con prezzo di entrata e rapporto rischio/rendimento

25

Nessun segnale aperto al momento — nessuna scheda è compilata, e questo è onesto.

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26

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Fonte: SEC 10-Q depositato Lug 17, 2026