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The latest data point for NFLX's EV/EBITDA ratio in Q1'26 stands at 103.14, marking a dramatic surge from the previous quarter's value of 12.20 in Q4'25 and indicating potential overvaluation or operational shifts in the company's fundamentals. Over the period from Q2'23 to Q1'26, the EV/EBITDA ratio exhibited an overall upward trend with notable volatility, starting at 9.65 in Q2'23 and climbing steadily to a peak of 18.40 in Q2'25 before a sharp decline to 12.20 in Q4'25, followed by the extreme outlier in Q1'26. Key inflection points include a dip to 8.88 in Q3'23 and consistent growth through 2024, averaging around 12.0, suggesting improving market perceptions of NFLX's earnings potential amid streaming sector dynamics, though the recent spike warrants scrutiny for sustainability.