Netflix stock has fallen 31% since the company completed a 10-for-1 split after the trading session on Nov. 14, 2025. The pullback leaves shares trading at about 25 times earnings, far below the 63 multiple they reached by mid-2025.
One shareholder who bought near the split-adjusted $133.91 per share level almost one year ago has already seen the position reverse from the stock’s run from $16.64 per share. Netflix is still available in more than 190 countries and has more than 325 million subscribers, but the post-split decline shows how quickly a high valuation can compress.
Netflix and Warner Bros. Discovery
Netflix also lost a bidding war for Warner Bros. Discovery to Paramount Skydance, in a deal described as costing $111 billion. Fox outbid Netflix for control of Roku. Those outcomes matter because they narrow the list of large-scale deals that could have extended Netflix’s reach beyond streaming.
At the same time, the company’s business still rests on a scale most rivals do not have. Netflix is operating after a long stretch that included roughly eightfold stock gains from 2022 to mid-2025, when the price-to-earnings ratio had already climbed back from 15 in 2022 to 63.
Netflix stock valuation
The current 25 times earnings multiple puts the stock between those two extremes. That is lower than the mid-2025 peak, but still well above the 2022 low, which leaves investors weighing whether the recent decline is a reset or the start of a deeper re-rating.
The immediate question for holders is whether Netflix can stabilize around the lower multiple without another sharp drop. For now, the stock’s post-split move has changed the valuation more than the business itself.
