Netflix (NASDAQ: NFLX) is one of the most expensive stocks on the market. As of this writing, its price-to-earnings ratio is just above 200, putting it ahead of even high-flyers like Amazon and Expedia.
Like these other internet-based giants, Netflix shares have tons of optimism built into their price. But there’s a lot more to the streaming video giant’s business than just its past year of earnings.
Annual subscriber growth. Chart by author.