Netflix, Inc.

NFLX · Communications · $291.9B mkt cap · FY2025 filings · Narrow moat

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Narrow moat

The four filters

Pricing power54

Median gross margin 39.1% over 10y, stable.

Returns on capital89

Median ROIC 18.3%, above the 9% hurdle in 90% of years.

Balance-sheet safety87

Net debt/EBITDA 0.4x, interest coverage 17x.

Capital discipline84

Owner earnings +57.3%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

199% above value

Owner earnings (normalized): $5.4B
Est. intrinsic value / share: $23.09
Recent price: $69.14
Discount to value: 199% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell NFLX. See the disclaimer.