Communication Services • Global Streaming Entertainment & Ad-Supported Video • SIC 7841
$62.08 ▲ +0.03
(+0.05%)
MKT CAP: $255.82B • VOL: 51.37M
52W L $61 52W H $117
NFLX // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>)
SOURCE: Form 10-K (FY2025) // Item 1 Content Amortization & Cloud Delivery
01 // UPSTREAM SUPPLIERS & FOUNDRIES
AMZN <GO>
CRITICAL
Amazon Web Services (AWS)
FOUNDRY / INFRA • Global Control-Plane Cloud Compute, Transcoding & Recommendations
EST. COGS / CAPEX SHARE 75%
EVIDENCE: 10-K Item 1A Reliance on AWS Cloud Computing Infrastructure
GOOGL <GO>
HIGH
Programmatic Ad-Tech DSPs (Google DV360 / The Trade Desk)
FOUNDRY / INFRA • Programmatic Demand-Side Ad Buying Integration for Ad-Supported Tier
EST. COGS / CAPEX SHARE 18%
EVIDENCE: 10-K Advertising Technology Stack Disclosures
CORE VALUE-CHAIN HUB NASDAQ
NFLX // Netflix, Inc.
GROSS MARGIN
50.7%
OP MARGIN
31.3%
ROIC %
33.9%
MKT CAP
$255.82B
UPSTREAM INPUTS ──► NFLX OPERATING ENGINE ──► CUSTOMER REVENUE
03 // DOWNSTREAM REVENUE CUSTOMERS
TMUS REV SHARE: ~18%
Global Telecom & Pay-TV Bundle Partners (T-Mobile / Verizon / Comcast)
CUSTOMER • Carrier-Bundled Household Subscriptions & Billing Distribution
EVIDENCE: 10-K Partner-Bundled Membership Distribution Disclosures
WMT <GO>
REV SHARE: ~9%
Fortune 500 Brand Advertisers (CPG, Auto, Retail)
CUSTOMER • Upfront & Programmatic Video Inventory on Ad-Supported Tier & Live Sports
EVIDENCE: 10-K Ad-Supported Membership Tier Monetization Commentary
DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX
LIVE DB CROSS-COMPARISON
| TICKER | COMPANY | LAST | MKT CAP | GROSS MGN | OP MGN | ROIC % | EV/EBITDA | REV YOY | HEAD-TO-HEAD |
|---|---|---|---|---|---|---|---|---|---|
| NFLX ★ | Netflix, Inc. | $62.08 | $255.82B | 50.7% | 31.3% | 33.9% | 16.3x | +14.7% | SUBJECT ISSUER |
| GOOGL | Alphabet Inc. | $279.84 | $3.41T | 60.9% | 33.3% | 16.6% | 19.9x | +22.2% | NFLX VS GOOGL <GO> |
| AMZN | Amazon.com, Inc. | $240.35 | $2.63T | — | — | 17.6% | 16.0x | — | NFLX VS AMZN <GO> |
| META | Meta Platforms, Inc. | $614.99 | $1.60T | 81.0% | 32.9% | 18.2% | 16.6x | +27.5% | NFLX VS META <GO> |