What is Netflix, Inc. (NFLX) worth?

Conclusion: Relative to intrinsic value, NFLX is cheap and modestly undervalued. We estimate fair value at approximately $90 per share.

Netflix is the global streaming leader, and its fundamentals continue to strengthen: Q1 2026 revenue of $12.25 billion (+16% reported, +14% constant currency), operating margin improved to 32.3%, and all four regions posted double-digit growth (UCAN +14%, EMEA +17%, LATAM +19%, APAC +20%). One important caveat: Q1 net income of $5.28 billion includes a $2.8 billion WBD termination fee (non-operating, one-time). Excluding this, normalized quarterly net income was roughly $3.0 billion—real earnings power remains strong but not as dramatic as the headline suggests.

Valuation presents a methodological tension: a 5-year DCF using an 8.5%–9% WACC yields about $61–67, while the forward P/E of just 19x is clearly inexpensive for a company growing earnings ~20% per year, and comparables point to ~$107. The DCF undervalues this kind of compounding company with a long growth runway and still-expanding margins because it only models five years and assumes perpetual growth of just 2.5%. We blend bear/base/bull scenarios to arrive at about $90.

This is a growth-stock bet with favorable odds, not a certainty: upside depends on advertising and live monetization materializing; downside risks are discount-rate sensitivity from the high beta and a potential rebound in content costs.

DCF + P/E comparables (supplemented with scenario-weighting)

Every figure is computed from SEC filings by the analyst’s calculator tools and fact-checked by a second, independent model.