Netflix, Inc. provides entertainment services. It offers TV series, documentaries, feature films, and games across various genres and languages. The company also provides members the ability to receive streaming content through a host of internet-connected devices, including TVs, digital video players, TV set-top boxes, and mobile devices. It has operations in approximately 190 countries. The company was incorporated in 1997 and is headquartered in Los Gatos, California.

Netflix looks like a high-quality but already expensive asset: the company’s operational efficiency and profitability are very strong, but its market valuation remains elevated. A P/E of 25.41 is 52.3% above the industry median, while P/S of 8.51, P/B of 11.16, and P/FCF of 31.10 are notably above industry levels, which limits the potential for re-rating without accelerated growth. At the same time, the overall trend in valuation multiples has improved compared with earlier levels: P/E and P/FCF have declined from their peaks, indicating a partial “catch-up” in fundamentals, but not a cheap valuation. Profitability looks outstanding: ROE of 47.96%, ROA of 23.81%, and ROI of 32.70% are significantly above the median, while net margin of 28.22% and operating margin of 29.68% confirm the high quality of the business. Gross margin of 49.12% is slightly below the industry median, so the company does not have an absolute advantage at the content and cost level, although overall profitability remains very strong. Revenue for the period increased to 12.56 billion, and gross profit, EBITDA, operating profit, and net profit remain at high levels, supporting the company’s profile as a consistent cash-flow generator. The debt burden is moderate: debt/equity of 0.39 is below the median, and debt has declined over recent periods, reducing financial risk and supporting the investment profile. Liquidity looks mixed: a current ratio of 1.14 is acceptable, but the quick ratio is 0.00, indicating reliance on working capital and the structure of current assets. Equity and net worth are growing, which is positive for the balance sheet, although the absolute values of net worth and equity here should not be interpreted as classic “cheapness” because of Netflix’s business model. The absence of dividends means investors are betting solely on business growth and multiple expansion, rather than current cash income. Overall, the fundamentals support the company as a high-quality business, but the high relative valuation and lack of a dividend cushion make the outlook cautious. Therefore, only a moderate negative adjustment is appropriate, reflecting the dominance of quality while not eliminating the premium for expensiveness.

Netflix, Inc.

Сильный индекс, значительно упал. Быки в растерянности.

Strong index, significantly down. The bulls are confused.

Слабый индекс, незначительно упал. Уверенность медведей остается на низком уровне.

Weak index, slightly down. Bearish confidence remains low.

Сильный индекс, незначительно вырос. Рынок не поддерживает быков.

Strong index, slightly up. The market does not support the bulls.

Средний индекс, значительно упал. Рынок на стороне медведей.

Medium index, significantly down. The market is on the bears' side.

Средний индекс, незначительно вырос. Отток средств из лонгов на высоком уровне.

Medium index, slightly up. Outflow of funds from longs at a high level.

Сильный индекс, без изменений. Приток средств в шорты на высоком уровне.

Strong index, flat. Inflow of funds into shorts at a high level.

Strong profitability and moderate debt support NFLX, but high P/E, P/S, P/B, and P/FCF ratios limit revaluation potential.

What separates a capable CEO from a great one? It’s not just vision or great timing. When you look closely at the architects of some of the biggest businesses, distinct patterns of greatness begin to emerge. Four Fools — two from Team Rule Breakers, two from Team Hidden Gems — each named one CEO they believe best exemplifies this rare tier of leadership.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
None of these CEOs shares the same playbook. Yet, beneath their varying styles, all share something in common: ruthless execution, fanatic focus on moats, and the conviction to make big, contrarian bets.
Value in the Cloud(flare)
Cloudflare (NYSE: NET) co-founder and CEO Matthew Prince is not one to keep his opinions to himself. He is often seen as a polarizing figure in the tech world. I see him as a passionate leader who believes deeply in Cloudflare’s potential.
Here’s a fun fact: Prince wrote his first computer program at the ripe old age of seven! So, to say tech is in his blood would be an understatement. That early spark eventually led to 2009, when Prince teamed up with colleagues Michelle Zatlyn and Lee Holloway to found Cloudflare with the mission “to help build a better internet.”
One thing that stands out is Prince’s forward-thinking and competitive drive. He reminds me a lot of Jeff Bezos, as he’s equally relentless in his pursuit of the company’s mission.
Prince owns 75% of the company’s class B shares, giving him 39% total voting power. We Fools love to see leaders with skin in the game. It doesn’t mean an investment will always work out, but it signals leadership’s incentive to steer the business in the right direction. So far, it’s working out well for long-term owners of the stock; shares are up over 1,500% since its IPO in September 2019.
Adaptability Is Core to Greatness
Adaptability is necessary for longevity, and a long, effective tenure is essential for greatness. Ted Sarandos has helped create many millionaires in his 26 years at Netflix (NASDAQ: NFLX).
He spent the first 20 years leading Netflix’s content operations, and he’s been co-CEO for the last six years. Four major strategic shifts have defined Netflix under Sarandos:
From bulk DVD by mail to streaming licensed content.
From streaming licensed content to producing original content, ushering in “binge watching” in the process.
From a regional U.S. streamer to a global provider with content in local languages.
From subscription-only to on-demand streaming subscription plus ads, including live events.
Netflix has faced dire competitive threats at every stage of its life. Sarandos has been around for most of them, and he’s on the hook again now.
Competition for attention has never been greater. It’s possible we’ll see another Sarandos-led Netflix pivot in light of this. If so, it would be fitting.
Ted Sarandos has adapted faster and more frequently than most of his peers in the entertainment industry when under threat. That’s what makes him great, and I expect him to prove it again.
A Steady Hand in Any Market
Michael Kehoe left a stable job as CEO of James River Insurance (a predecessor of James River Group (NASDAQ: JRVR)) because he saw an opportunity to use technology to reboot the insurance industry. He traded near-term stability for start-up chaos, betting that his conviction would pay off in the long term. It is a mindset that continues to guide Kinsale Capital Group (NYSE: KNSL) 17 years after its founding.
The numbers speak for themselves: Kinsale shares are up 1,870% since its 2016 IPO. (For the record, James River is down 88% during that time.) Kehoe built Kinsale by moving at his own pace, not the pace demanded from an established incumbent, and by thinking in terms of decades instead of quarters.
The mindset continues to this day. Kinsale is down 20% over the last year. A period of rising rates and few hurricanes or other natural disasters has led to a flood of insurer interest in Kinsale’s niche. Kehoe has refused to fight pricing battles, and as a result, new business has slowed.
As a shareholder, I hate to see my stock underperform. But I believe Kehoe’s strategy will pay off in the long term, and I have nearly two decades of results to back up that belief. No one plays the long game better than Mike Kehoe.
The Visionary Architect
When discussing leaders who prioritize decades over quarters, Jensen Huang of Nvidia (NASDAQ: NVDA) stands in a league of his own.
For years, he directed resources toward accelerated computing and AI architecture long before the rest of the world realized its potential. This was not a gamble on a trend but a fundamental belief in the future of computing. He has successfully navigated market cycles by focusing on a singular, massive vision.
Huang’s mastery of the long game is evident in how he builds ecosystems rather than just products. By creating a software layer that developers rely on, he has built a moat that’s incredibly difficult to cross.
Foolish Final Thoughts
Did you notice a pattern? Four leaders, one phrase circled again and again: decades over quarters. Three founded the companies they run; the fourth has spent 26 years at his. Each placed a bet long before the payoff arrived, then held it while the doubters got loud.
Which CEO would you add to this great lineup, and what’s their claim to greatness?
Debate with friends and family, or become a member to hear what your fellow Fools are saying!
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Jason Moser has positions in Cloudflare. Lou Whiteman has positions in Cloudflare and Kinsale Capital Group. Rachel Warren has no position in any of the stocks mentioned. Tim Beyers has positions in Netflix. The Motley Fool has positions in and recommends Cloudflare, Kinsale Capital Group, Netflix, and Nvidia. The Motley Fool has a disclosure policy.
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Breakfast News: 4 CEOs Playing the Long Game

Key Points
Selling AMD at a 33% gain in 2004 felt like skill, but the stock would have soared from $15 to $500 per stub in 22 years.
Owning one bank, one carmaker, and one oil company is not diversification if you can't explain any of their businesses.
Time and compounding do most of the work, and the holding period matters more than the ticker.
There is a TD Ameritrade statement in my office from the mid-2000s that I keep meaning to throw away. I found it again last week. Instead of tossing it, I read the whole thing.
I was 29 in 2004 and buying stocks in whatever amounts I could scrape together. I grabbed 10 shares of Advanced Micro Devices (NASDAQ: AMD) at about $15 each. People made fun of this buy around the water cooler, because Intel would surely crush the smaller challenger like a bug. I got out at $20 with a 33% gain in six months!
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
But because the $150 trade worked, I learned the wrong lesson from it. Then I applied that misunderstanding dozens of times in the next couple of years. With a long-term mindset, that modest $150 AMD investment would be worth $5,000 as of Sept. 10, 2026 (despite spending a decade underwater).
The hall of fame nobody visits
There were tons of misfires. Movie Gallery rented videos in a decade that was actively canceling the concept of renting videos. Advance Nanotech and Harris & Harris looked great because in 2005, "nanotech" did to me what "AI" does to people now. Most of the poor investments are lost to the sands of time, saved statements notwithstanding.
Then there was my diversification phase, and I want to be precise about how dumb this was. For a couple of years, I decided that diversification meant owning one company each from a bunch of different industries. A bank, a carmaker, and an oil company would be a good start, even if I didn't understand their businesses. I just liked that the categories were different.
Somewhere in there, I also tried options and short-selling, which is a bit like taking up recreational chainsaw juggling before you learn to juggle tennis balls. On the upside, I never risked much money in those experiments.
The boring answer, which is also the correct one
A few big winners more than made up for all the cash-burning losses.
My best bets were Alphabet, Netflix, and Intuitive Surgical. These picks actually made some fundamental sense. Alphabet's Google stood out as a durable winner from the start, when WebCrawler and AltaVista still felt modern. I wrote a deep dive on movie rentals in 2006, where Netflix was building distribution while Blockbuster was defending real estate. Intuitive Surgical's robots produced better patient outcomes than handheld scalpels.
The old me would have taken small profits and moved on. The real takeaway is that I learned to let the winners run for a long time. I still own all three, and each is up 1,000% or more.
Here is the annoying part. I did not need to pick those specific winners. The SPDR S&P 500 (NYSEMKT: SPY) had been sitting there since 1993, available to anyone with a brokerage account and a pulse. If I had just fed $300 per month into an automated SPY investment starting in 2005, that money would be worth about $300,000 today. That's $75,600 of cash contributions and roughly $220,000 of returns over 21 years. No stock research. No cleverness. Just showing up, including in 2008 and the COVID-19 lockdowns, when it looked like a mistake.
Time and compounding do the heavy lifting. Everything else is decoration. It took me an embarrassingly long time to figure that out, and I have an old paper statement in a drawer to prove it.
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Anders Bylund has positions in Alphabet, Intel, Intuitive Surgical, and Netflix. The Motley Fool has positions in and recommends Advanced Micro Devices, Alphabet, Intel, Intuitive Surgical, and Netflix. The Motley Fool has a disclosure policy.

1 Thing I Wish I'd Known About the Stock Market When I First Started Investing

The Zacks Broadcast Radio and Television industry has been benefiting from a massive spike in digital content consumption. Companies such as Netflix NFLX, Fox FOXA, Roku Inc. ROKU and Sirius XM SIRI are thriving due to their diverse content offerings, which include original, regional and short-form content tailored for small screens like smartphones and tablets. Improved Internet speed and penetration, coupled with technological advancements, have been advantageous for industry participants. As monetization and revenues from advertising spending continue to be modest, strategies focused on profit protection, cash management and greater technology integration have gained significance and are expected to aid these companies in driving top-line growth in the near term. However, the industry is grappling with an escalation in cord-cutting despite a surge in demand for streaming content.
Industry Description
The Zacks Broadcast Radio and Television industry encompasses companies that provide entertainment, sports, news, non-fiction and musical content across television, radio and digital media platforms. These entities generate revenues through the sale of television and radio programs, advertising slots and subscriptions. With technological advancements and a growing demand for virtual reality and Internet radio, industry players are increasing their investments in research and development, as well as sales and marketing efforts, to remain competitive. The industry's focus is likely to shift toward sustaining current levels of operations, coupled with a renewed emphasis on flexibility. This approach would accelerate the transition to a variable cost model, thereby reducing fixed costs and enhancing agility in the face of evolving market dynamics.
4 Broadcast Radio and Television Industry Trends to Watch
Shift in Consumer Preference a Key Catalyst: To adapt to the evolving landscape, companies are diversifying their content offerings for over-the-top (OTT) services alongside traditional linear TV. The availability of streaming services across a wide range of platforms has enabled them to reach a global audience, expand their international user base and attract advertisers to their platforms, thereby boosting ad revenues. The utilization of services that aid advertisers in measuring their return on investment and enhancing use cases is expected to benefit industry participants. Major leagues and events, such as the NFL, NHL, Olympics, European Games, EPL and elections, also contribute significantly to ad revenue generation.
Increased Digital Viewing Fuels Content Demand: Many industry participants, either launching their own OTT services or acquiring existing ones, leverage user insights to deliver tailored content. The surge in digital viewing has made consumer data readily available, allowing companies to apply artificial intelligence (AI) and machine learning techniques to create or procure targeted content. This approach not only boosts user engagement but also enables industry players to raise the prices of their services at opportune moments without the fear of losing subscribers.
Uncertain Macroeconomic Landscape Impedes Production and Ad Demand: Advertising is a significant revenue source for the Broadcast Radio and Television industry. However, industry participants are grappling with the effects of persistently high inflation, rising interest rates, increased capital costs, a soaring U.S. dollar and the looming threat of a recession. These factors have prompted advertisers to trim their ad budgets, which is expected to impact the top-line growth of industry players in the near term. Moreover, intense competition for ad dollars from tech and social media companies has been a significant impediment to the growth of industry participants.
Low-Priced Skinny Bundles Impact Revenues: The surge in cord-cutting has compelled industry participants to offer "skinny bundles." These Internet-based services often contain fewer channels than traditional subscriptions and are, therefore, more affordable. This move aligns with changing consumer viewing dynamics, as growth in Internet penetration and advancements in mobile, video and wireless technologies have boosted small-screen viewing. While these alternative services are expected to keep users engaged with their platforms, increasing the need for additional content, the low-priced skinny bundles are likely to dampen the top-line performance of industry players.
Zacks Industry Rank Indicates Bright Prospects
The Zacks Broadcast Radio and Television industry is housed within the broader Zacks Consumer Discretionary sector. It currently carries a Zacks Industry Rank #91, which places it in the top 37% of more than 250 Zacks industries.
The group’s Zacks Industry Rank, which is the average of the Zacks Rank of all the member stocks, indicates dismal near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than two to one.
The industry’s position in the top 50% of the Zacks-ranked industries results from a positive earnings outlook for the constituent companies in aggregate. Looking at the aggregate earnings estimate revisions, it appears that analysts are optimistic about this group’s earnings growth potential.
Before we present some stocks that you may want to consider for your portfolio, let’s take a look at the industry’s recent stock-market performance and valuation picture.
Industry Lags Sector, S&P 500
The Zacks Broadcast Radio and Television industry has underperformed the broader Zacks Consumer Discretionary sector and the S&P 500 Index in the past six-month period.
The industry has declined 12.5% over this period against the S&P 500’s 13.9% return. The broader sector has declined 5.1% in the same time frame.
6-Month Price Performance
Industry's Current Valuation
On the basis of trailing 12-month Enterprise Value/ Earnings before Interest Tax Depreciation and Amortization (EV/EBITDA), which is a commonly used multiple for valuing Broadcast Radio and Television stocks, the industry is currently trading at 8.04X versus the S&P 500’s 17.68X and the sector’s 8.65X.
In the past five years, the industry has traded as high as 15.56X and as low as 4.92X, recording a median of 8.18X, as the chart below shows.
EV/EBITDA Ratio (TTM)
4 Broadcast Radio and Television Stocks to Watch
Roku's strong fundamental trajectory positions the stock favorably in the near term. Second-quarter 2026 results, released in August, revealed record net income of $164 million, adjusted EBITDA of $254 million and TTM Free Cash Flow of $704 million, driven by 25% platform revenue growth. Advertising gross margin expanded 650 basis points year over year to 62.4%, reflecting a meaningful mix shift toward higher-margin ad products. Political advertising already surpassed the comparable 2024 presidential cycle period, with momentum building through the fourth quarter. The AI-powered Home Screen, completed across the United States early in the third quarter, reinforces household retention and monetization. Subscription revenues climbed 26% year over year. Roku's 10th Developer Summit, scheduled for September, signals continued platform investment. The pending FOX Corporation acquisition adds a compelling near-term catalyst for this Zacks Rank #1 (Strong Buy) company. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for 2026 earnings has moved north by 1.1% to $2.78 per share in the past 30 days. ROKU shares have returned 62.6% in the past six-month period.
Netflix's near-term investment case rests on strengthening monetization, expanding content variety and aggressive capital return. Management reaffirmed 2026 revenue guidance of $51.0-$51.4 billion and a 31.5% operating margin, implying over 20% operating income growth year over year. Advertising revenues are tracking toward an approximate doubling to nearly $3 billion, powered by programmatic access extended to Pause Ads and live inventory this summer, accelerating the ads flywheel. An expanded NFL agreement, covering a third-quarter week-one matchup, Thanksgiving Eve game, and NFL Christmas Gameday, strengthens live programming and member acquisition pull. Content partnerships with Condé Nast, Hearst, and People launch in August, broadening engagement. Third-quarter operating margin is guided at 33.2%. A $27.1 billion remaining share repurchase capacity adds a firm near-term floor for shareholders.
The Zacks Consensus Estimate for 2026 earnings has remained steady at $3.59 per share in the past 30 days. Shares of this Zacks Rank #3 (Hold) company have plunged 19.4% in the past six-month period.
Fox Corporation's pending Roku acquisition — expected to close in the first half of 2027 — creates the third-largest U.S. television entity by share of viewing, adding 100 million-plus streaming households and targeting $400 million in run-rate cost synergies. Robust fiscal 2026 full-year results — record revenues of $17.13 billion and adjusted EBITDA of $3.91 billion — provide a strong financial foundation entering fiscal 2027. The newly launched FOX One direct-to-consumer streaming service opens a scalable subscription revenue channel for this Zacks Rank #3 company. Tubi's digital advertising growth further diversifies revenues. An increased semi-annual dividend of 29 cents per share (payable Sept. 23, 2026) and $3.4 billion in remaining buyback capacity highlight shareholder-friendly capital returns. Red Seat Ventures' expanding podcast monetization via Amazon DSP and Apple Podcasts adds digital scale.
The Zacks Consensus Estimate for 2026 earnings has moved north by 1.4% to $5.94 per share in the past 30 days. FOXA shares have jumped 12.9% in the past six-month period.
SiriusXM’s fundamental trajectory is improving meaningfully. The company raised its full-year 2026 guidance across all three key metrics — revenues to approximately $8.525 billion, adjusted EBITDA to approximately $2.625 billion, and free cash flow to approximately $1.375 billion. Record-low self-pay churn of 1.4% and the first positive second-quarter self-pay net additions in four years signal genuine strengthening in subscriber health. Personalized listening through AI-powered artist stations surged 50% year over year, validating growing platform engagement. The successful SXM-11 satellite launch further bolsters long-term infrastructure resilience. In September 2026, the promotion of a dedicated chief product and technology officer positions SiriusXM to accelerate its next-generation 360L in-car experience and AI-driven personalization. Consistent quarterly dividends and disciplined cost management underscore a durable, shareholder-friendly business model for this Zacks Rank #3 company.
The Zacks Consensus Estimate for 2026 earnings has moved south by 0.3% to $3 per share in the past 30 days. In the past six-month period, SIRI shares have returned 29.9%.
7 Best Stocks for the Next 30 Days
Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."
Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.9% per year. So be sure to give these hand picked 7 your immediate attention.
See them now >>
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This article originally published on Zacks Investment Research (zacks.com).

4 Broadcast Radio & TV Stocks to Watch From a Prospering Industry

Investors in Netflix, Inc. NFLX need to pay close attention to the stock based on moves in the options market lately. That is because the Sep 18, 2026 $1.50 Put had some of the highest implied volatility of all equity options today.
What is Implied Volatility?
Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.
What do the Analysts Think?
Clearly, options traders are pricing in a big move for Netflix shares, but what is the fundamental picture for the company? Currently, Netflix is a Zacks Rank #3 (Hold) in the Broadcast Radio and Television industry that ranks in the Top 37% of our Zacks Industry Rank. Over the last 60 days, three analysts have increased their earnings estimates for the current quarter, while six analysts have revised their estimates downward. The net effect has taken our Zacks Consensus Estimate for the current quarter from 83 cents per share to 82 cents in that period.
Given the way analysts feel about Netflix right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.
7 Best Stocks for the Next 30 Days
Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."
Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.9% per year. So be sure to give these hand picked 7 your immediate attention.
See them now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
This article originally published on Zacks Investment Research (zacks.com).

Do Options Traders Know Something About Netflix Stock We Don't?

Among the underlying components of the S&P 500 index, we saw noteworthy options trading volume today in Carrier Global Corp (Symbol: CARR), where a total of 25,432 contracts have traded so far, representing approximately 2.5 million underlying shares. That amounts to about 50.5% of CARR's average daily trading volume over the past month of 5.0 million shares. Particularly high volume was seen for the $56 strike put option expiring September 25, 2026, with 12,170 contracts trading so far today, representing approximately 1.2 million underlying shares of CARR. Below is a chart showing CARR's trailing twelve month trading history, with the $56 strike highlighted in orange:
Seagate Technology Holdings PLC (Symbol: STX) options are showing a volume of 16,519 contracts thus far today. That number of contracts represents approximately 1.7 million underlying shares, working out to a sizeable 44.7% of STX's average daily trading volume over the past month, of 3.7 million shares. Especially high volume was seen for the $500 strike put option expiring September 18, 2026, with 4,536 contracts trading so far today, representing approximately 453,600 underlying shares of STX. Below is a chart showing STX's trailing twelve month trading history, with the $500 strike highlighted in orange:
And Netflix Inc (Symbol: NFLX) saw options trading volume of 123,123 contracts, representing approximately 12.3 million underlying shares or approximately 43.8% of NFLX's average daily trading volume over the past month, of 28.1 million shares. Especially high volume was seen for the $76 strike call option expiring September 11, 2026, with 11,007 contracts trading so far today, representing approximately 1.1 million underlying shares of NFLX. Below is a chart showing NFLX's trailing twelve month trading history, with the $76 strike highlighted in orange:
For the various different available expirations for CARR options, STX options, or NFLX options, visit StockOptionsChannel.com.
Further CARR Research:

Notable Thursday Option Activity: CARR, STX, NFLX

Key Points
Most IPOs underperform the market over a three-year period.
Some new issues, like SpaceX, are often overhyped and crash after an initial pop.
Other stocks go public with little fanfare and deliver steady growth.
IPO stands for initial public offering.
This is the process by which most companies enter the public markets, meaning their stock can be owned by a willing buyer. Start-ups and private companies typically go public with the help of investment banks, which underwrite the offering. The process takes several weeks. First, a company files a detailed prospectus, also known as an S-1, with the SEC, and then goes on a roadshow to pitch the IPO to investors.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Shortly before the offering, a listing price, or what the IPO buyers are paying, is set based on investor demand, and then the stock begins trading publicly. Once it's listed on an exchange, it can be bought and sold like any other stock.
Should you buy an IPO?
The traditional investing advice is to avoid IPOs. IPO stocks, typically defined as stocks that have gone public within the last year, are more volatile than the broad market, and they also underperform the S&P 500 on average. Historically, IPOs jump about 19% on their first day of trading, according to research shared in The Wall Street Journal. However, the average return of an IPO held from the end of its first trading day for three years is 21% lower than a comparable market index.
A lot of IPOs enter the market overhyped at high valuations and crash after an initial pop. We saw this recently with Space Exploration Technologies (NASDAQ: SPCX), which is now trading slightly above its IPO price of $135 but lost more than 50% of its value from peak to trough after popping out of the gate.
There's a slew of other IPOs that went public during the pandemic, only to crash in the 2022 bear market. Some of those have bounced back to new heights, while others have struggled.
My contrarian take on buying an IPO
In general, I think investors should steer clear of IPOs. I think that's especially true of overhyped issues like SpaceX, which typically crash after an initial pop. We saw something similar with Figma, another recent high-profile IPO, which is now trading below its IPO price even as it more than tripled in its initial trading days.
If you are going to buy this kind of IPO, you should wait until the initial hype cycle has completed, as the initial pop is almost always followed by a pullback. Some IPO stocks, like Airbnb, remain significantly above their IPO price but still underperform the market. Don't chase a hot IPO, and remember that valuation always matters over the long term.
However, other less-hyped IPOs don't have an initial pop and do go on to be big winners. With the benefit of two decades of hindsight, we can see that Netflix would have been a great IPO purchase. The streaming stock, which went public in 2002 when the market was still reeling from the dot-com bust, jumped just 12% on its opening day and then headed lower over the following months. Since then, it's been one of the best-performing stocks this century with market cap growth of roughly 1,000x. Netflix has a higher price-to-sales ratio now than it did when it went public.
Chipotle, which went public in 2006, doubled on its opening day but then delivered only modest growth over the next year. Additionally, the stock traded at a price-to-earnings ratio similar to levels we've seen in recent years, suggesting investors were ignoring its growth potential.
More recently, I think Viking Holdings (NYSE: VIK), the parent of the cruise line of Viking Cruises, is a good example of a winning IPO. The company went public with little fanfare, but had a strong business model, differentiated positioning in its industry, and a reasonable valuation.
The stock rose a modest 9% on its opening day and has continued to march higher since then, as the chart below shows.
What it means for investors
Overall, IPOs are best treated with caution, especially in an era when so much of the gains accrue to the company before it goes public, as we saw with SpaceX, and are likely to see with OpenAI and Anthropic, which are aiming to go public in the coming months.
However, there are still winners to be found. Look for companies that have reasonable valuations, competitive advantages, and relatively little media attention as they go public. Viking Holdings won't be the last steady IPO winner.
Should you buy stock in Viking right now?
Before you buy stock in Viking, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Viking wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $414,015!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,385,459!*
Now, it’s worth noting Stock Advisor’s total average return is 960% — a market-crushing outperformance compared to 213% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of September 9, 2026.
Jeremy Bowman has positions in Airbnb, Figma, and Netflix. The Motley Fool has positions in and recommends Airbnb, Figma, Netflix, and Viking. The Motley Fool has a disclosure policy.

What Is an IPO, and Should You Buy One? My Contrarian Take After 15 Years at The Fool.

Key Points
Netflix has always been a divisive stock for me.
But I think it looks attractive after pulling back more than 40% from its record high.
Over the past ten years, Netflix's (NASDAQ: NFLX) stock has rallied 670% and outperformed the S&P 500's (SNPINDEX: ^GSPC) 260% gain. I regularly covered Netflix throughout that decade, but I alternated between bullish and bearish positions. I also never bought the stock.
While I admired Netflix's evolution from a DVD rental company into a streaming video giant, I was concerned about its competitive threats, rising expenses, and high valuation. Today, I'll take a fresh look at those strengths and weaknesses to decide if it's a worthwhile investment.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Why did Netflix pull back from its all-time high?
Netflix's stock closed at a record high of $133.91 per share on June 30, 2025. But as of this writing, it trades at about $77. Several changes and challenges caused that pullback.
For many years, investors tracked Netflix's growth by its subscriber count. But starting in the first quarter of 2025, Netflix stopped reporting those subscriber numbers. It claimed its overall subscriber numbers were becoming less relevant, since the introduction of its ad-supported and paid sharing plans changed the value of each subscriber. Netflix also plans to start disclosing its engagement and viewing hours just once a year (rather than twice) in 2027. Those jarring changes suggested that Netflix's high-growth days were over.
Netflix claims that its revenue, operating margin, and free cash flow (FCF) provide investors with a clearer picture of its overall growth. However, Netflix's year-over-year revenue growth decelerated over the past two quarters, while its FCF turned negative in its latest quarter.
Metric
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Revenue Growth (YOY)
15.9%
17.2%
17.6%
16.2%
13.4%
Operating Margin
34.1%
28.2%
24.5%
32.3%
33.4%
FCF Growth (YOY)
87%
21.3%
35.9%
91.4%
(32.7%)
Netflix expects its revenue to only rise 11.7% year over year in the third quarter. That slowdown can be attributed to the fading impact of its paid sharing plans, the saturation of its top markets (especially the U.S. and Canada), the slower-than-expected expansion of its ad-supported tiers, and a lack of new price hikes following its aggressive, multi-tier increases in 2024 and 2025.
Netflix also released more hit shows (Stranger Things, Squid Game, and Wednesday) and movies (K-Pop Demon Hunters) in 2025. Those tough year-over-year comparisons are exacerbating its slowdown, and its FCF is declining as it ramps up its spending on new content.
Another red flag was Netflix's attempt to buy Warner Bros. Discovery (NASDAQ: WBD) for $83 billion. Although it ultimately lost that bidding war to Paramount Skydance (NASDAQ: PSKY) in February (which boosted its first-quarter FCF with a $2.8 billion breakup fee), that bid indicated it was running out of room to grow organically. That's troubling because Netflix is often known for creating new hit IPs rather than acquiring existing ones.
Is Netflix still worth buying today?
From 2025 to 2028, analysts expect Netflix's revenue and EPS to grow at CAGRs of 12% and 22%, respectively. It isn't growing as rapidly as it did over the past decade, but it's still growing faster than traditional media companies like Paramount and Disney.
Netflix's stock also looks reasonably valued at 21 times next year's earnings. At its all-time high last October, it was trading at 37 times this year's earnings. That high valuation was unsustainable, since Netflix shouldn't be valued as a high-growth tech stock, but its current valuation seems fair for a higher-growth media company.
With over 300 million paid global members (as of the end of 2024), a growing content catalog, and the scale to generate stable profits from a capital-intensive business model, Netflix remains a solid long-term investment. It probably won't replicate its gains from the past decade over the next ten years, but it will remain a top play on the streaming media market.
Should you buy stock in Netflix right now?
Before you buy stock in Netflix, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Netflix wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $414,015!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,385,459!*
Now, it’s worth noting Stock Advisor’s total average return is 960% — a market-crushing outperformance compared to 213% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
Leo Sun has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Netflix, Walt Disney, and Warner Bros. Discovery. The Motley Fool has a disclosure policy.

Is Netflix a Good Buy? After 10 Years of Covering NFLX, Here's My Honest Answer.

Key Points
Netflix's ad-supported plan reached more than 250 million monthly active viewers in May, up from 190 million last November.
Management expects advertising revenue to roughly double in 2026, to about $3 billion.
The ad-supported plan is set to launch in 15 more countries starting in 2027.
Streaming giant Netflix (NASDAQ:NFLX) told advertisers in May that its ad-supported plan now reaches more than 250 million monthly active viewers, up from 190 million last November.
And the money is following the audience. Management expects advertising revenue to roughly double this year, to about $3 billion. It's a small piece of the company's forecast of about $51 billion in total revenue for 2026 -- but easily the fastest-growing piece.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
I don't think the doubling stops this year, either. I predict Netflix's advertising revenue passes $6 billion in 2027.
The case rests on three things the company already discloses: a growing viewer base, more countries to sell ads in, and ad revenue per viewer with plenty of room to rise.
Image source: Netflix.
The audience is still growing quickly
A monthly active viewer, in Netflix's definition, is a member who watched at least one minute of ads in a month, multiplied by the estimated number of people in that household. The household estimate comes from Netflix's own research, not a third-party firm.
The definition matters because it changed. In May 2025, Netflix counted 94 million monthly active users (profiles, not people), and Amy Reinhard, the company's president of advertising, said at the time that the figure translated to about 170 million viewers.
In other words, the audience didn't nearly triple over the past year, as the headline numbers suggest. Measured viewers against viewers -- a close but not perfect comparison -- it grew by about half. And that's still impressive growth for an audience this large.
The ad plan is also where new members go. Notably, Netflix said more than 60% of sign-ups choose it in the countries where it's available, and more than 80% of ad-plan members watch every week.
More countries are on the way, too. Starting next year, the plan is set to launch in 15 more, including Sweden, Poland, Indonesia, and the Philippines -- on top of the dozen markets where it sells ads today.
Can the revenue double again?
In 2025, only the company's third year selling advertising, ad revenue grew to over $1.5 billion (more than 2.5 times its 2024 level). And this year's forecast calls for a rough doubling on top of that.
About $3 billion spread across more than 250 million viewers works out to about $12 per viewer a year, or about a dollar a month. Meanwhile, members pay $8.99 a month just for the U.S. ad plan's subscription, following a price increase in March. (That price is per account, while the ad figure counts every viewer in a household.) In other words, the advertising half of this business still brings in very little per viewer. Even doubling ad revenue on today's audience would only take that figure to about $2 a month.
Advertisers appear willing to pay up. Netflix said in August that commitments from its U.S. upfront (the annual negotiation in which advertisers lock in spending early) nearly doubled this year. Reinhard told advertisers in May that 44% of the members who see an ad on Netflix never see that ad on broadcast TV or other streaming services.
Sure, new ad markets typically start slowly, and a weak economy could cut advertising budgets faster than subscriptions. But if the audience keeps climbing and Netflix earns a bit more ad revenue per viewer, $6 billion is within reach.
Even $6 billion wouldn't fix everything
Advertising matters this much because growth elsewhere is cooling. Netflix's second-quarter revenue grew 13% year over year, down from a 17.6% pace in the fourth quarter of 2025, and management forecasts 11.7% for the third quarter. Each quarter has been slower than the last.
Another doubling would mean about $3 billion of new revenue in 2027, or about 6 percentage points of growth on this year's forecast base. For the growth stock, that could be the difference between total growth sliding toward single digits and holding in the low teens.
What advertising can't do is carry the company. Advertising ultimately sells attention, and attention is barely growing. Netflix members watched more than 97 billion hours of content from January through June, up just 2% from the same period of 2025.
Even at $6 billion, advertising would be barely more than a tenth of the streaming service's revenue. Memberships and pricing still set Netflix's growth rate.
So, does Netflix's advertising revenue pass $6 billion in 2027? I believe it does. The audience keeps growing, and the ad revenue per viewer is still tiny.
As for Netflix stock, it trades near $77 as of this writing, or about 20 times expected 2027 earnings. That's arguably a reasonable price. But with growth cooling outside the ad line, I'll watch from the sidelines for now.
Should you buy stock in Netflix right now?
Before you buy stock in Netflix, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Netflix wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $421,997!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,413,876!*
Now, it’s worth noting Stock Advisor’s total average return is 978% — a market-crushing outperformance compared to 213% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
Daniel Sparks and his clients do not have positions in any of the stocks mentioned. The Motley Fool has positions in and recommends Netflix. The Motley Fool has a disclosure policy.

Prediction: Netflix's Advertising Business Passes $6 Billion in 2027

Key Points
Warren Buffett guided the Berkshire Hathaway holding company to market-beating returns for 60 years.
He regularly said that everyday investors could do well by purchasing an exchange-traded fund that tracks a diversified index like the S&P 500.
In February 2014, Buffett specifically recommended the Vanguard S&P 500 ETF for its low fees and its ability to help young investors secure their financial future.
Warren Buffett is one of the world's most iconic investors. He served as CEO of the Berkshire Hathaway (NYSE: BRKA) (NYSE: BRKB) holding company from 1965 to 2025, turning it into a $1 trillion conglomerate with numerous subsidiaries, a stock portfolio worth over $350 billion, and another $365 billion in cash.
Berkshire stock returned 19.7% annually during Buffett's 60-year tenure, so an investment of $500 in 1965 would have grown to a whopping $24 million by the end of 2025. But he was a seasoned professional, so he always knew the average investor would struggle to replicate his performance. That's why he consistently advocated exchange-traded funds (ETFs) that track a diversified index, like the S&P 500.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
The Vanguard S&P 500 ETF (NYSEMKT: VOO) is one that Buffett specifically recommended in 2014 for its ultra-low fees. Here's how it could help young investors in their 20s build a financially secure future.
America's best stocks from 11 economic sectors
The S&P 500 is the most widely followed U.S. stock market index for a couple of reasons. First, it's made up of 500 companies from 11 different sectors of the economy, so it's highly diversified. Second, it has very strict entry criteria: its members must maintain a market capitalization of at least $22.7 billion and be profitable. But even after those boxes are ticked, a special committee ultimately decides which companies make the cut.
The S&P is weighted by market capitalization, so the largest companies in the index have a much higher representation than the smallest. Therefore, despite its diversified composition, the information technology sector has a massive weighting of 36.6% because it's home to five companies worth $1 trillion or more (Nvidia, Apple, Microsoft, Broadcom, and Micron Technology).
Below are the 11 sectors that make up the Vanguard S&P 500 ETF, along with their weightings and the three largest companies in each.
S&P 500 Sector
Sector Weighting
Largest Companies
Information technology
36.6%
Nvidia, Apple, Microsoft
Financials
12.5%
Berkshire Hathaway, JPMorgan Chase, Visa
Communication services
9.9%
Alphabet, Meta Platforms, Netflix
Consumer discretionary
9.4%
Amazon, Tesla, Home Depot
Healthcare
9.1%
Eli Lilly, Johnson & Johnson, AbbVie
Industrials
8.7%
Caterpillar, GE Aerospace, RTX Corporation
Consumer staples
4.7%
Walmart, Costco, Coca-Cola
Energy
3.4%
ExxonMobil, Chevron, ConocoPhillips
Utilities
2.1%
NextEra Energy, Constellation Energy, Southern Co
Real estate
1.9%
Welltower, Prologis, Equinix
Materials
1.8%
Linde, Newmont, Freeport-McMoRan
Data source: Vanguard. Sector weightings are accurate as of July 31, 2026, and are subject to change.
The technology sector is exerting a particularly strong influence on the performance of the S&P 500 right now, thanks to the artificial intelligence (AI) revolution, which began to gain momentum when OpenAI's ChatGPT application surpassed 100 million users in early 2023. In fact, if we exclude the sector's contribution over the last three-and-a-half years, the S&P 500's return drops from 101% to just 63%.
Simply put, the Vanguard ETF gives investors exposure to the fastest-growing area of the market in a diversified manner, which is why it's a popular long-term investment option.
Taking Buffett's advice could yield spectacular results
The S&P 500 has returned 10.7% since its inception in 1957 (assuming all dividends were reinvested). But it has delivered an accelerated return of 13.9% since Buffett recommended the Vanguard S&P 500 ETF in 2014, primarily thanks to the tech sector.
Past performance isn't always a reliable indicator of future results, but a 25-year-old investor could build a very nice retirement fund using the Vanguard ETF if its historical returns persist. Below are two potential outcomes.
Starting Balance at Age 25
Compound Annual Return
Balance at Age 65
$20,000
10.7%
$1,166,634
$20,000
13.9%
$3,647,362
Those results don't include costs, but with an expense ratio of just 0.03%, investors would incur an annual fee of just $3 for every $10,000 they have parked in the Vanguard ETF.
To conclude, investors probably shouldn't sell their entire position at retirement age, because compounding yields the greatest benefits over time. With a large enough balance after 40 years, the subsequent annual returns could provide a significant income to fund life after employment.
Should you buy stock in Vanguard S&P 500 ETF right now?
Before you buy stock in Vanguard S&P 500 ETF, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Vanguard S&P 500 ETF wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $421,997!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,413,876!*
Now, it’s worth noting Stock Advisor’s total average return is 978% — a market-crushing outperformance compared to 213% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of September 8, 2026.
JPMorgan Chase is an advertising partner of Motley Fool Money. Anthony Di Pizio has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends AbbVie, Alphabet, Amazon, Apple, Berkshire Hathaway, Broadcom, Caterpillar, Chevron, Constellation Energy, Costco Wholesale, Eli Lilly, Equinix, GE Aerospace, Home Depot, JPMorgan Chase, Meta Platforms, Micron Technology, Microsoft, Netflix, NextEra Energy, Nvidia, Prologis, RTX, Tesla, Vanguard S&P 500 ETF, Visa, and Walmart. The Motley Fool recommends ConocoPhillips, Johnson & Johnson, and Linde. The Motley Fool has a disclosure policy.

If I Were in My 20s, I'd Buy This Vanguard ETF Warren Buffett Recommended and Hold It Forever

When investing for the very long term, valuation is less important.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
*Stock prices used were the afternoon prices of Sept. 6, 2026. The video was published on Sept. 8, 2026.
Don’t miss this second chance at a potentially lucrative opportunity
Ever feel like you missed the boat in buying the most successful stocks? Then you’ll want to hear this.
On rare occasions, our expert team of analysts issues a “Double Down” stock recommendation for companies that they think are about to pop. If you’re worried you’ve already missed your chance to invest, now is the best time to buy before it’s too late. And the numbers speak for themselves:
Nvidia: if you invested $1,000 when we doubled down in 2009, you’d have $598,219!*
Apple: if you invested $1,000 when we doubled down in 2008, you’d have $61,037!*
Netflix: if you invested $1,000 when we doubled down in 2004, you’d have $421,997!*
Right now, we’re issuing “Double Down” alerts for three incredible companies, available when you join Stock Advisor, and there may not be another chance like this anytime soon.
*Stock Advisor returns as of September 8, 2026.
Parkev Tatevosian, CFA has positions in Amazon, Netflix, and Visa. The Motley Fool has positions in and recommends Amazon, Hershey, Netflix, and Visa. The Motley Fool has a disclosure policy.Parkev Tatevosian is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through his link, he will earn some extra money that supports his channel. His opinions remain his own and are unaffected by The Motley Fool.
Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community. Reaching millions of people each month through its website, books, newspaper column, radio show, television appearances, and subscription newsletter services, The Motley Fool champions shareholder values and advocates tirelessly for the individual investor. The company's name was taken from Shakespeare, whose wise fools both instructed and amused, and could speak the truth to the king -- without getting their heads lopped off.

Indicator	TTM Median
P/E	25.41 16.68
Price/Sales	8.51 1.00
P/B	11.16 1.55
P/FCF	31.10 10.80

Indicator	TTM Median
ROE	47.96 13.39
ROA	23.81 5.10
ROI	32.70 7.42
Net Worth	344.36 0.66
Quick Ratio	0.00 0.90
Current Ratio	1.14 1.14

Indicator	TTM Median
Net Profit Margin	28.22 9.86
Operating Margin	29.68 14.35
Gross Margin	49.12 55.03
Return on tangible equity	47.96 26.06

Indicator	TTM Median
EPS	0.80 0.31
EPS Forecast	0.79 0.25
Revenue	12.56B 82.50M
Gross Profit	6.52B —
EBITDA	8.60B —

Netflix, Inc.

Recent quarterly and TTM performance

Valuation

Debts

Efficiency

Other ratios

Revenue