Netflix, Inc. (NFLX)

Executive Summary

Netflix is the rarest of things in our value-oriented world: a business whose quality we admire without reservation and whose stock we have historically found too expensive to own. The bull case has now largely come true. The 2022 near-death scare — a 76% drawdown after the company shed subscribers for the first time in a decade — forced a discipline on management that turned Netflix from a cash-incinerating growth story into a self-funding free-cash-flow machine.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers