NFLX
Netflix, Inc.
NFLX has the edge over Z overall, supported by stronger valuation and stronger modeled upside.
Z
Zillow Group, Inc. Class C
Z's outlook is improving, though it still trails on the overall score.
NFLX Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
NFLX's revenue, profitability, cash flow and balance sheet are all currently healthy.
Z Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Under pressure | |
| Healthy | |
| Strong |
Z's revenue, cash flow and balance sheet are currently healthy, but its profitability is under pressure.
NFLX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 17x | $62.69 | — |
| Current | 18x | $62.69 | — |
| Cheap | 27x | $94.95 | +51% |
| Fair | 47x | $161 | +157% |
| Expensive | 81x | $281 | +348% |
Historical ranges are pointers, not guarantees.
NFLX's PE is in its cheap range at 18x. If earnings grow as analysts expect, today's price would be 17x next year's earnings.
Z PE Valuation
Z has no meaningful PE right now: it lost money over the past year.
NFLX Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Moderate | |
| Moderate |
NFLX has the edge over Z on the outlook, with more favorable revenue expectations.
Z Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Growth | |
| Stable | |
| Improving | |
| Limited | |
| Low |
Analysts expect Z's earnings to grow and its profitability to improve, with its revenue holding steady. However, they disagree widely on these estimates.
NFLX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.58 | +3.5% |
| Q3 2026 | $3.46 | +45% |
| Q2 2026 | $3.18 | +35% |
| Q1 2026 | $3.10 | +46% |
| Q4 2025 | $2.53 | +28% |
| Q3 2025 | $2.39 | +35% |
| Q2 2025 | $2.35 | +47% |
| Q1 2025 | $2.12 | +47% |
| Q4 2024 | $1.98 | +65% |
NFLX has the edge over Z on earnings quality, reporting a profit while its opponent remains loss making.
Z Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.08 | — |
| Q3 2026 | -$0.52 | -$0.37 |
| Q2 2026 | $0.22 | +$0.49 |
| Q1 2026 | $0.25 | +$0.60 |
| Q4 2025 | $0.09 | +$0.57 |
| Q3 2025 | -$0.15 | +$0.42 |
| Q2 2025 | -$0.27 | +$0.34 |
| Q1 2025 | -$0.35 | +$0.34 |
| Q4 2024 | -$0.48 | +$0.20 |
Z is still losing money, but far less than before: $0.52 per share over the past year, against $2.26 at its worst in mid-2022.
NFLX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $12.9B | +12% |
| Q2 2026 | $12.6B | +13% |
| Q1 2026 | $12.2B | +16% |
| Q4 2025 | $12.1B | +18% |
| Q3 2025 | $11.5B | +17% |
| Q2 2025 | $11.1B | +16% |
| Q1 2025 | $10.5B | +13% |
| Q4 2024 | $10.2B | +16% |
NFLX's revenue has grown year over year every quarter since late 2020: $12.9B last quarter, up 12% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 35% | +6.4 points |
| Q2 2026 | 33% | -0.7 points |
| Q1 2026 | 32% | +0.5 points |
| Q4 2025 | 25% | +2.4 points |
| Q3 2025 | 28% | -1.4 points |
| Q2 2025 | 34% | +6.8 points |
| Q1 2025 | 32% | +3.7 points |
| Q4 2024 | 22% | +5.2 points |
NFLX has the edge over Z on profitability, with a higher operating margin.
Z Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $724M | +7.1% |
| Q2 2026 | $772M | +18% |
| Q1 2026 | $708M | +18% |
| Q4 2025 | $654M | +18% |
| Q3 2025 | $676M | +16% |
| Q2 2025 | $655M | +15% |
| Q1 2025 | $598M | +13% |
| Q4 2024 | $554M | +17% |
Z has the edge over NFLX on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -22% | -22 points |
| Q2 2026 | -1.3% | +0.4 points |
| Q1 2026 | 5.1% | +6.6 points |
| Q4 2025 | -1.7% | +11 points |
| Q3 2025 | -0.4% | +7.3 points |
| Q2 2025 | -1.7% | +5 points |
| Q1 2025 | -1.5% | +7 points |
| Q4 2024 | -12% | +9.7 points |
Z's operating margin was −22% last quarter, down 22 points from the same quarter a year ago, near the bottom of its range since 2019.
NFLX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $2.9B | +8.4% |
| Q2 2026 | $1.5B | -33% |
| Q1 2026 | $5.1B | +91% |
| Q4 2025 | $1.9B | +36% |
| Q3 2025 | $2.7B | +21% |
| Q2 2025 | $2.3B | +87% |
| Q1 2025 | $2.7B | +25% |
| Q4 2024 | $1.4B | -13% |
NFLX generated $11.4B in free cash flow over the past year, up 27% from the year before.
Z Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $128M | +75% |
| Q2 2026 | -$25M | -150% |
| Q1 2026 | $166M | +144% |
| Q4 2025 | $44M | -50% |
| Q3 2025 | $73M | -47% |
| Q2 2025 | $50M | +178% |
| Q1 2025 | $68M | +66% |
| Q4 2024 | $88M | +69% |
Z still generates free cash flow, though less than at its 2022 peak: $313M over the past year.
NFLX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.6% | -66.2M shares |
| 1 year | -3.3% | -145M shares |
| 3 years | -6.8% | -305M shares |
| 5 years | -7.8% | -354M shares |
| Available history | -7.1% | -323M shares |
NFLX has 4.2B diluted shares, down 3.3% from a year ago, with $12.9B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $4.8B |
| Q2 2026 | $4.7B |
| Q1 2026 | $1.3B |
| Q4 2025 | $2.1B |
| Q3 2025 | $1.9B |
| Q2 2025 | $1.7B |
| Q1 2025 | $3.5B |
| Q4 2024 | $963.7M |
NFLX spent $12.9B buying back its own shares over the past year, up 61% from the year before.
Z Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.1% | -2.6M shares |
| 1 year | -12% | -30.9M shares |
| 3 years | -3.4% | -8M shares |
| 5 years | -11% | -28.8M shares |
| Available history | +9.2% | +18.9M shares |
Z has the edge over NFLX on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $20M |
| Q2 2026 | $200M |
| Q1 2026 | $626M |
| Q4 2025 | $232M |
| Q3 2025 | $38M |
| Q2 2025 | $150M |
| Q1 2025 | $250M |
| Q4 2024 | — |
Z spent $1.1B buying back its own shares over the past year, up 146% from the year before.
NFLX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.4x | Very low |
| Q2 2026 | 0.4x | Very low |
| Q1 2026 | 0.2x | Very low |
| Q4 2025 | 0.4x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.7x | Very low |
| Q4 2024 | 0.7x | Very low |
NFLX's net debt is less than a year of its operating earnings (EBITDA).
Z Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.9x | Net Cash |
| Q2 2026 | -0.4x | Net Cash |
| Q1 2026 | -1.3x | Net Cash |
| Q4 2025 | -1.8x | Net Cash |
| Q3 2025 | -3.6x | Net Cash |
| Q2 2025 | -2.9x | Net Cash |
| Q1 2025 | -8.4x | Net Cash |
| Q4 2024 | -21.8x | Net Cash |
Z has the edge over NFLX on leverage, with a lower net debt burden relative to earnings.
NFLX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 33.2 | Neutral |
| Stochastic | 6.0 | Oversold |
NFLX's weekly RSI is 33 (neutral) and its Stochastic is 6 (oversold).
Z Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 37.0 | Neutral |
| Stochastic | 28.4 | Neutral |
Z's weekly RSI is 37 (neutral) and its Stochastic is 28 (neutral).
NFLX PE vs Communication Services Sector
| Metric | NFLX | Sector median | Relative |
|---|---|---|---|
| PE | 18x | 16x | 9.8% above |
| PE % | 4 | 26 | 22 pts below |
NFLX has the edge over Z on valuation relative to its sector.
Z PE vs Communication Services Sector
| Metric | Z | Sector median | Relative |
|---|---|---|---|
| PE | 127x | 16x | 673% above |
| PE % | 19 | 26 | 7 pts below |
Z has no meaningful PE right now: it lost money over the past year.
NFLX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $66.6 | 5.9% below |
| 20 week MA | $71.8 | 13% below |
| 50 week MA | $82.4 | 24% below |
| 100 week MA | $96.0 | 35% below |
| 200 week MA | $74.4 | 16% below |
NFLX is in a downtrend: it's below all five of its weekly moving averages, and 16% below its 200-week average.
Z Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $29.8 | 3.2% below |
| 20 week MA | $32.0 | 9.9% below |
| 50 week MA | $42.4 | 32% below |
| 100 week MA | $58.7 | 51% below |
| 200 week MA | $54.7 | 47% below |
Z is in a downtrend: it's below all five of its weekly moving averages, and 47% below its 200-week average.
NFLX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $32.9 | $51.4 | +56% |
| 2021 | $51.4 | $61.4 | +19% |
| 2022 | $61.4 | $29.5 | -52% |
| 2023 | $29.5 | $48.7 | +65% |
| 2024 | $48.7 | $90.8 | +86% |
| 2025 | $90.8 | $94.5 | +4.1% |
| 2026 YTD | $94.5 | $62.7 | -34% |
NFLX has the edge over Z on returns for 2026, with the stronger performance.
Z Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $46.1 | $138.6 | +201% |
| 2021 | $138.6 | $63.7 | -54% |
| 2022 | $63.7 | $33.1 | -48% |
| 2023 | $33.1 | $57.9 | +75% |
| 2024 | $57.9 | $76.2 | +32% |
| 2025 | $76.2 | $69.8 | -8.4% |
| 2026 YTD | $69.8 | $28.8 | -59% |
Z's yearly returns have swung widely, from +201% in 2020 to −54% in 2021. It's down 59% so far in 2026.