Slide 1 / 10
Slide 1 / 10 • price + proof
Great business, better price?
BUY
$87.02
Fair-to-attractiveNot Strong Buy
VerdictBuyLeader after a price reset
TensionGrowth vs multipleQuality still needs proof
Slide 2 / 10 • watch these
Three numbers decide Netflix
1Revenue growth+16.2% YoY
2Operating margin32.3%
3Free cash flow$5.09B
Fair valueAd tierContent spend
Slide 3 / 10 • archetype
Business snapshot
StreamingScale leaderGlobal consumer habit
MonetizationAds + pricingMore levers
Cash engineFCF machineBuyback support
ArchetypeGlobal streaming platform / quality growth compounderGreat business, valuation test
Slide 4 / 10 • strong quarter
Q1 verdict
Strong quarterGrowth realCash flow strongValuation still matters
Revenue$12.25B+16.2%
EPS$1.23+86%
Op margin32.3%Premium
Free cash flow$5.09B+91%
Slide 5 / 10 • score
FinanceToGo scorecard
7.8
Profitability
9
Cash flow
9
Growth
8
Valuation
7
Risk
6
Slide 6 / 10 • reset check
Price chart
Research takeawayReset zoneBelow 1-year high
Fair value$95–$115Base range
Stronger setup<$85More margin of safety
Slide 7 / 10 • valuation
Valuation scenarios
Bear case$75–$90Growth slows • lower multiple
Base case$95–$115Fair-to-attractive now
Bull case$115–$135Ads + buybacks compound
BUYCurrent: $87.02Strong Buy: below $80–$85
Slide 8 / 10 • upside path
Bull case
ScaleStreaming leaderGlobal reach
AdsOptionalityNew profit lever
Cash flowBuybacksPer-share support
What bears missHabit + pricingHard to copy at scale
Slide 9 / 10 • risk check
Bear case / thesis breaker
Content-cost inflation
Subscriber fatigue
Ad execution risk
Competition
Regulation / FX
Premium multiple risk
What bulls missGrowth can slow fastMultiples punish misses
Thesis breakerFCF + engagement fadeWhile spend rises
Slide 10 / 10 • final call
Final FinanceToGo verdict
BUY
Better price
Not Strong BuyGrowth proof mattersWatch ads + FCF
Upgrade path<$85 + proofStrong Buy conversation
Downgrade pathGrowth + margin slipMultiple compresses
LessonReset price helpsProof still decides
Educational only — not financial advice.