What is Netflix (NFLX) Stock and NFLXon Tokenized Stock?

Article Summary

• 📉 Down 36.71% in a Year, Despite Rising Guidance: Netflix is targeting 2026 revenue of $51.0 billion to $51.4 billion with a 31.5% operating margin, up from 29.5% in 2025 (Netflix Investor Relations).
• 💰 Cheapest in Years: Netflix’s forward P/E ratio is 21.28x, cheaper than Spotify’s (30.28x) even though Netflix’s operating margin is more than double Spotify’s.
• ⛓️ How to Access It: NFLXon is issued by Ondo Global Markets (BVI) Limited and can be bought starting from Rp11,000 on Pintu. Because Netflix doesn’t pay dividends, the token’s price gap versus the underlying stock tends to be smaller than for other tokenized stocks.
• 🔴 The Core Problem Is Watch Time: Nielsen data from April 2026 put YouTube at 13.4% of total US TV viewing time compared to Netflix’s 7.8%, while Netflix has actually been disclosing less data to investors.

Getting to Know Netflix, From DVD Rentals to 190 Countries

Netflix was founded in 1997 in California, originally as a DVD-by-mail rental service. The company pivoted to streaming in 2007, then began producing its own series in 2013.

Today Netflix operates in more than 190 countries with trailing-12-month revenue of $48.37 billion and only 16,000 employees (StockAnalysis). Its business model is simple: subscribers pay a monthly fee, and since 2022 there’s been a cheaper ad-supported tier.

Since 2025 Netflix has stopped reporting quarterly subscriber counts. The company states its two main metrics now are revenue for growth and operating margin for profitability (Netflix Investor Relations).

Netflix itself names its competitors, and the list is broader than paid streaming services: Alphabet, Amazon, Apple, Comcast, Disney, local media companies in various countries, Meta, Roblox, and TikTok (Netflix Investor Relations). That list matters because it explains why Netflix’s problem now is more about the fight for viewing time than the fight for paying subscribers.

For Indonesian readers, the Asia Pacific region was actually Netflix’s fastest-growing region in the second quarter of 2026, with revenue of $1.51 billion and 18% growth after stripping out foreign-exchange effects (Netflix Investor Relations). Netflix does not break out Indonesia’s numbers separately.

Price Performance: Why the Stock Fell Even as Profit Rose

Netflix’s decline has one main cause, and it isn’t sales. On December 5, 2025, Netflix agreed to acquire Warner Bros. at an enterprise value of $82.7 billion, a move that surprised the market because Netflix had long avoided large acquisitions (Netflix Newsroom). From when the issue first emerged in October 2025 through January 2026, the stock fell nearly 30% (Zacks).

Then on February 26, 2026, Netflix chose to walk away. When Paramount Skydance made a higher bid, Netflix declined to raise its own offer, stating the deal had “always been a nice to have at the right price, not a must have at any price” (Netflix Investor Relations). Netflix received a $2.8 billion termination fee and resumed its share buybacks.

What happened next is the crux of the issue. Even though the acquisition overhang had lifted, the stock kept falling: it dropped 9.7% after the first-quarter report on April 17, 2026, then fell as much as another 9% after the second-quarter report on July 16, 2026 (TIKR, The Hollywood Reporter). That means market concern shifted from the acquisition to growth itself.

The second-quarter report itself wasn’t actually bad. Revenue rose 13.4% to $12.56 billion and earnings per share came in at $0.80, slightly above Netflix’s own guidance, but third-quarter guidance of $12.86 billion came in below the market’s roughly $13 billion expectation (Netflix Investor Relations, The Hollywood Reporter).

A Quick Look at Technical Signals (updated as of August 6, 2026)

The price of $73.69 sits below the 50-day moving average ($76.82) and well below the 200-day moving average ($91.06) (StockAnalysis). Being below both lines signals a downtrend that hasn’t yet reversed.

RSI (Relative Strength Index, an indicator that measures whether a stock has been overbought or oversold on a scale of 0 to 100) sits at 49.82, right in the neutral zone. Its short-term momentum shows neither extreme selling pressure nor a strong recovery.

The $65.08 low from July 17, 2026 is the nearest support level worth watching, while $76.82 and $91.06 form two layers of resistance above. Netflix’s beta is 1.51, meaning its price historically moves more than the average market, unlike most defensive stocks.

💡 This technical data is as of August 6, 2026, changes daily, and is not a price prediction. Check NFLXon’s real-time chart in the Pintu app before making a decision.

Are Netflix’s Fundamentals Strong?

Revenue Up 13%, Margins Up, Free Cash Flow Down

💡 Netflix’s trailing-12-month revenue is $48.37 billion with net income of $13.65 billion and earnings per share of $3.17. Its gross margin is 49.12%, operating margin 29.68%, and net profit margin 28.22%. Free cash flow is $11.15 billion, with capital expenditure of only $818.83 million (StockAnalysis).

That capex figure is worth noting. Netflix spends less than 2% of its revenue on fixed assets, while Disney spends nearly 9% because it has to build and maintain theme parks (StockAnalysis).

There is one weak spot in the second quarter of 2026. Free cash flow fell around 33% to $1.53 billion from $2.27 billion a year earlier, partly due to larger tax payments related to the Warner Bros. acquisition termination fee (Netflix Investor Relations).

Second-quarter operating margin also slipped slightly to 33.4% from 34.1% a year earlier, though full-year guidance remains at 31.5%.

P/E of 23x, Netflix Is Now Cheaper Than Spotify

💡 Netflix’s P/E ratio (price to earnings, share price divided by earnings per share) is 23.22x trailing and 21.28x forward, with a PEG ratio (price/earnings to growth, the P/E ratio divided by the earnings growth rate) of 1.06. Disney’s P/E is 21.64x (forward 13.98x) and Spotify’s is 26.12x (forward 30.28x) (StockAnalysis).

Netflix now trades cheaper than Spotify, even though Netflix’s operating margin of 29.68% is more than double Spotify’s 14.65%. For a company that spent years serving as the textbook example of an expensive streaming stock, this is a fairly significant shift.

Disney still looks far cheaper on a forward P/E basis (13.98 versus 21.28), but Disney’s PEG rose to 3.51 versus Netflix’s 1.06 after its early-August 2026 quarterly report. Once earnings growth is factored in, Disney actually looks more expensive than Netflix.

P/S of 6.31x, and Every Streaming Stock Has Fallen

💡 Netflix’s P/S ratio (price to sales, share price divided by revenue per share) is 6.34x, compared to Spotify’s 4.72x and Disney’s 1.83x (StockAnalysis).

Netflix is still the most expensive by this measure, roughly 3.5 times Disney’s multiple. But that gap makes sense given Netflix’s net profit margin of 28.22% versus Disney’s 8.70%, and Netflix’s return on equity (net income divided by shareholder equity) of 49.54% versus Disney’s 8.01%.

What matters more to understand: this decline isn’t just about Netflix. Over the past 52 weeks Netflix has fallen 36.71%, Spotify has fallen 22.45%, and Disney has fallen 15.82% (StockAnalysis). The entire subscription entertainment category has seen valuations decline, and Netflix has fallen the furthest because it started from the most expensive point.

Why Is Netflix’s Stock Moving? The Key Catalysts

The most concrete positive catalyst comes from advertising. Netflix is targeting ad revenue of around $3 billion in 2026, roughly double the more than $1.5 billion in 2025, and the ad-supported tier accounted for more than 60% of new sign-ups in countries where it’s already offered, in the first quarter of 2026 (Netflix Investor Relations).

Netflix has also raised prices in several major markets. In the United States, the increase took effect on March 26, 2026, with the ad-supported tier rising from $7.99 to $8.99 and the Standard tier from $17.99 to $19.99 (CNBC via Tribunnews). Mexico and Spain also saw increases in the first half of 2026. As of August 4, 2026, no price increase has been announced for Indonesia.

To attract new subscribers, Netflix is airing more live programming. Its NFL deal was extended four years through the 2029-30 season with three additional regular-season games, including a match in Australia on September 10, 2026 (Deadline, Netflix Investor Relations). Netflix has disclosed its own economics on this: live events account for only about 5% of 2026 content spend and about 1% of viewing hours, but were behind six of the ten highest new-member sign-up days in the past five years.

In Asia, the Baseball World Cup in the first quarter of 2026 was watched 31.4 million times and became the most-watched program in Netflix’s history in Japan, making Japan the largest contributor to member growth that quarter (Netflix Investor Relations).

Netflix is also expanding its content reach through distribution, not just its own productions. In late July 2026, Netflix signed a five-year, $500 million deal with AMC Global Media for co-exclusive rights to The Walking Dead Universe franchise, making the franchise watchable on both Netflix and AMC+ (Deadline, The Hollywood Reporter).

The biggest negative catalyst comes from outside Netflix. According to Nielsen data cited by the Los Angeles Times, in April 2026 Netflix held 7.8% of total US TV viewing time, its lowest since May 2025, while YouTube rose to 13.4%. Nielsen figures from different sources aren’t always consistent because there are two different data series, so these numbers should be read as directional indicators.

One of Netflix’s own policy changes has also added to the doubt. After stopping quarterly subscriber reporting in 2025, Netflix stated its What We Watched report will now be published annually starting in 2027 (Netflix Investor Relations). Bernstein analyst Laurent Yoon pointed to the direct consequence: without an early indicator of operational health, investors have fewer ways to see inside the business.

Netflix’s Roadmap

The latest official guidance was issued alongside the second-quarter report on July 16, 2026.

💡 Netflix’s official guidance for 2026: revenue of $51.0 billion to $51.4 billion, equivalent to growth of 13% to 14%. Operating margin of 31.5%, up from 29.5% in 2025, which Netflix says implies operating income growth above 20%. Free cash flow of around $12.5 billion and ad revenue of around $3 billion (Netflix Investor Relations).

For the third quarter of 2026, Netflix expects revenue of $12.86 billion with an operating margin of 33.2%, compared to 28.2% in the same quarter a year earlier (Netflix Investor Relations).

Netflix has also stated it will spend around $20 billion on films and series in 2026 (Netflix Investor Relations, February 26, 2026). On returning capital to shareholders, the board approved an additional $25 billion for share buybacks in April 2026, and Netflix bought back $4.7 billion in the second quarter alone, its largest buyback ever. Its remaining capacity is $27.1 billion, or around 8.9% of its current market capitalization.

Netflix’s own stated three strategic pillars: deliver more entertainment value, use technology to improve every part of the service, and improve monetization (Netflix Investor Relations).

What to Watch Through the Third-Quarter Report

Netflix has not yet announced an official date for its third-quarter 2026 report. Wall Street Horizon estimates October 20, 2026 and flags that estimate as unconfirmed, so the exact date still needs to be confirmed by Netflix.

Three things matter most in that report. First, whether ad revenue is truly closing in on the $3 billion target, since it’s the only new growth engine whose numbers Netflix discloses. Second, whether the 31.5% full-year operating margin is maintained or raised, since TD Cowen analyst John Blackledge believes that simply holding the margin at 31.5% could already disappoint some investors. Third, whether third-quarter revenue meets the $12.86 billion guidance, after the stock fell 8% to 9% in each of the past two quarters specifically because guidance was seen as underwhelming.

Future Outlook: Bullish vs. Bearish Scenarios

Bullish Scenario ($85 to $110)

Sachin Mittal of DBS cut his target to $94 from $112 on July 27, 2026, and Vikram Kesavabhotla of Robert W. Baird cut his to $90 from $120 on July 22, 2026, citing an operating margin that slipped to 33.4% from 34.1% a year earlier as well as intensifying competition from Amazon and Disney (TipRanks). Doug Anmuth of J.P. Morgan cut his target to $85 from $118 on July 22, 2026 over content-spending concerns, even though J.P. Morgan still maintains Netflix’s 31.5% operating margin guidance for 2026 (TipRanks, Investing.com).

On the other hand, Helena Wang of Phillip Securities upgraded her rating from Accumulate to Buy with a $110 target on July 19, 2026, the highest among analysts in this group, citing no signs yet of slowing user engagement (TipRanks). Markus Leistner of DZ Bank AG maintained a Buy rating on July 20, 2026 without listing a specific price target.

Bearish Scenario ($70 to $75)

Jeff Wlodarczak of Pivotal Research cut his target to $70 from $96 on July 17, 2026, the lowest target among analysts covering the stock and slightly below the current price. His reasoning: Netflix’s future growth will likely come more from price increases and ads off a still-small base than from subscriber additions, and in his view short-form video like TikTok and YouTube Shorts is doing to streaming what streaming once did to conventional television.

Michael Morris of Guggenheim cut his target even further, to $75 from $120, citing weakening viewing hours per member that raise the question of whether Netflix’s content spend needs to be rethought. Brian White of Monness, Crespi, Hardt has a Hold rating with a $74 target (The Hollywood Reporter, MarketBeat).

The shift in the analyst mix is itself a signal. Of the 51 analysts tracked by S&P Global in July 2026, there are 29 Strong Buys, seven Buys, and 15 Holds, with not a single Sell rating. The number of Holds rose from 10 in February 2026 to 15 in July 2026, and the average target is $94.33 (StockAnalysis).

For the bullish scenario to play out, ad revenue needs to hit the $3 billion target and Netflix needs to stop issuing below-consensus guidance for two consecutive quarters. Conversely, the bearish scenario would strengthen if viewing hours per member keep weakening while viewing-time share keeps shifting to YouTube, since in that case subscription price increases would become Netflix’s only way to grow revenue.

What Is NFLXon, Netflix’s Tokenized Stock?

NFLXon is a tokenized stock, meaning a digital representation of Netflix shares issued on the blockchain by Ondo Global Markets (BVI) Limited. This issuer is a special purpose vehicle designed to be bankruptcy remote, meaning its assets are ring-fenced so they aren’t caught up if the parent company runs into trouble (Ondo Finance).

The underlying Netflix shares are purchased through a registered US securities broker-dealer and held in custody with a licensed broker-dealer. Ondo states the token is fully backed with an additional buffer above 100%, along with a first-priority security interest held by a third-party collateral agent and daily asset attestations (Ondo Finance, Pintu).

There’s one thing that makes NFLXon slightly different from other tokenized stocks on Pintu. Ondo’s tokens use a total return tracker model, meaning dividends from the underlying stock are reinvested back into the token, causing its value to gradually drift from the share price. Netflix pays no dividends at all, so that reinvestment mechanism effectively doesn’t apply here, and NFLXon’s price tends to track Netflix’s share price more closely than tokens backed by dividend-paying stocks. Ondo still states that the token price and the underlying share price won’t always match exactly, since other mechanical factors are at play beyond dividends (Ondo Finance).

Holding NFLXon lets you track the ups and downs of Netflix’s economic value without becoming an official Netflix shareholder. You have no voting rights at shareholder meetings. On the Pintu app, NFLXon can be bought starting from Rp11,000 and can be purchased fractionally without needing a full token (Pintu).

One honest note on the minimum investment. Netflix carried out a 10-for-1 stock split in November 2025, so a single share is now $73.69, no longer above $700 (StockAnalysis). For a stock as expensive as Eli Lilly, above $1,100, the ability to buy a small fraction is indeed the main reason to use a tokenized stock. For Netflix at its current price, the benefit of NFLXon lies more in being tradable outside US market hours and without needing to open a US securities account, than in fractional buying power.

Netflix Stock vs. NFLXon Tokenized Stock: What’s the Difference?

Regulation and Taxes on Tokenized Stocks in Indonesia

Oversight of crypto assets, including tokenized stocks like NFLXon, has rested entirely with the OJK since the transition from Bappebti ended on January 20, 2026. On the tax side, buying crypto assets isn’t subject to VAT, while selling through registered domestic platforms like Pintu is subject to a final Article 22 income tax of 0.21% of the transaction value (Directorate General of Taxes). The full explanation is available in The Complete Guide to Crypto Asset Regulation in Indonesia 2026.

Conclusion

Netflix is now a rare case: a company with a 29.68% operating margin and a 49.54% return on equity trading cheaper than Spotify. Its official guidance still targets revenue growth of 13% to 14% and rising margins, so the 36.71% decline over the past year reflects a loss of market confidence more than any deterioration in the business.

The problem is that the doubt has a real basis, and Netflix is making it harder to check. Its share of viewing time in the US trails YouTube by nearly half, while subscriber and viewing-hour data are disclosed less and less often.

For patient Indonesian investors who see Netflix’s forward P/E of 21.28x as a fair price for a business this strong, NFLXon via Pintu offers access starting from Rp11,000 with flexible trading hours. But if you’re hoping for a quick recovery, remember that the stock has actually fallen after earnings in each of the past two quarters, and even the most bullish analysts say a catalyst is more likely to emerge only next year. The ad revenue figure in the third-quarter report is the first piece of evidence most worth waiting for.

This article is for educational purposes only and is not investment advice. Crypto asset prices are volatile and can change at any time. Always do your own research (DYOR) before investing.

Frequently Asked Questions (FAQ)

Is buying NFLXon the same as owning actual Netflix shares?

No, it isn’t. NFLXon gives you economic value that tracks Netflix’s stock, but you are not an official shareholder and have no voting rights. The underlying Netflix shares are held in custody with a licensed US broker-dealer.

What’s the minimum investment to buy NFLXon on Pintu?

Starting from Rp11,000. You can buy it fractionally through the Pintu app. A single Netflix share is now around $74 after the November 2025 stock split, far more affordable than before.

Will NFLXon’s price match NFLX’s share price exactly?

It tends to track more closely than other tokenized stocks, because Netflix pays no dividends, so there are no dividends being reinvested into the token. Ondo still states that the token price and the underlying share price won’t always match exactly, since other mechanical factors are at play.

Why did Netflix’s stock fall even though its revenue rose?

Because the market doubts where future growth will come from. Netflix tried to acquire Warner Bros. and then walked away, and the stock kept falling afterward because its quarterly guidance came in below market expectations twice. Netflix has also been losing viewing-time share to YouTube in the US and disclosing less data to investors.

What’s the most important thing to watch in Netflix’s business right now?

Its ad revenue. Netflix is targeting around $3 billion in 2026, double the year before, and this is its main new growth engine now that it has stopped reporting quarterly subscriber counts.

Is NFLXon legal to trade in Indonesia?

NFLXon and other tokenized stocks on Pintu are overseen by the OJK since the transition of oversight from Bappebti was completed in January 2026. Make sure you transact through a licensed platform like Pintu and understand the tax rules: no VAT on purchases, and a final Article 22 income tax of 0.21% of the transaction value on sales.

How to Buy NFLXon on Pintu

1. Open and log in to your Pintu app account.
2. Go to the Market menu.
3. Search for the asset with the ticker NFLXon.
4. Enter the Rupiah amount you want to invest, minimum Rp11,000.
5. Confirm and complete the transaction.

References

• StockAnalysis (S&P Global Market Intelligence data). “Netflix (NFLX) Statistics & Valuation.” stockanalysis.com/stocks/nflx/statistics. Accessed: August 4, 2026, price and valuation ratio data updated as of August 7, 2026.
• StockAnalysis (S&P Global Market Intelligence and TipRanks data). “Netflix (NFLX) Stock Forecast & Price Targets.” stockanalysis.com/stocks/nflx/forecast. Accessed: August 4, 2026, re-checked August 7, 2026, average target unchanged.
• TipRanks. “Netflix (NFLX) Analyst Ratings.” tipranks.com/stocks/nflx/forecast. Accessed: August 7, 2026, used to update analyst bullish/bearish scenario data.
• Investing.com. “J.P. Morgan Cuts Netflix Price Target.” July 22, 2026. investing.com. Accessed: August 7, 2026.
• StockAnalysis (S&P Global Market Intelligence data). “Walt Disney (DIS) Statistics & Valuation.” stockanalysis.com/stocks/dis/statistics. Accessed: August 4, 2026, data updated as of August 7, 2026 following the August 5, 2026 quarterly report.
• StockAnalysis (S&P Global Market Intelligence data). “Spotify Technology (SPOT) Statistics & Valuation.” stockanalysis.com/stocks/spot/statistics. Accessed: August 4, 2026, data updated as of August 7, 2026 following the August 4, 2026 quarterly report.
• Netflix Investor Relations. “Q2 2026 Shareholder Letter.” July 16, 2026. ir.netflix.net. Accessed: August 4, 2026.
• Netflix Investor Relations. “Q1 2026 Shareholder Letter.” April 16, 2026. ir.netflix.net. Accessed: August 4, 2026.
• Netflix Investor Relations. “Netflix Declines to Raise Offer for Warner Bros.” February 26, 2026. ir.netflix.net. Accessed: August 4, 2026.
• Netflix Newsroom. “Netflix to Acquire Warner Bros.” December 5, 2025. about.netflix.com. Accessed: August 4, 2026.
• The Hollywood Reporter. “Netflix Q2 2026 Earnings, NFLX Stock Price Declines.” July 16 and 17, 2026. hollywoodreporter.com. Accessed: August 4, 2026.
• The Hollywood Reporter. “Netflix Stock: Analyst Reactions to Q2 2026 Earnings Report.” July 17, 2026. hollywoodreporter.com. Accessed: August 4, 2026.
• Los Angeles Times. “Netflix Is the King of Streaming. So Why Is Its Stock Falling?” July 16, 2026. spokesman.com. Accessed: August 4, 2026.
• TIKR. “Netflix Stock Fell 9.7% After Q1 2026 Earnings.” April 2026. tikr.com. Accessed: August 4, 2026.
• Zacks via Yahoo Finance. “Netflix Declines 8% Post Q4 Earnings.” January 2026. finance.yahoo.com. Accessed: August 4, 2026.
• Deadline. “Netflix Adds NFL Games in League Rights Extension.” May 2026. deadline.com. Accessed: August 4, 2026.
• CNBC via Tribunnews. “Netflix Officially Raises Subscription Prices Again Starting March 26, 2026.” March 27, 2026. tribunnews.com. Accessed: August 4, 2026.
• MarketBeat (Benzinga data). “Netflix (NFLX) Stock Forecast and Price Target.” marketbeat.com. Accessed: August 4, 2026.
• Wall Street Horizon. “Netflix Earnings Calendar.” wallstreethorizon.com. Accessed: August 4, 2026.
• Ondo Finance. “Ondo Stocks Overview.” docs.ondo.finance/ondo-stocks/overview. Accessed: August 4, 2026.
• Pintu Blog. “Pintu Listing 3 Tokenized Asset.” pintu.co.id/blog/3-tokenized-assets-listing-8april2026. Accessed: August 4, 2026.
• Directorate General of Taxes. “PMK 50/2025: A New Chapter in Crypto Asset Taxation.” pajak.go.id/en/node/117234. Accessed: August 4, 2026.