Netflix, Inc.

Residual income against the market 21.0% (tolerance 15.0%). the residual income continuing value: residual operating income after 2036 growing at the long-run nominal GDP growth (Market inputs, Long-run nominal GDP growth): Beyond the tolerance, caused by the residual income continuing value: residual operating income after 2036 growing at the 4 per cent long-run nominal GDP growth. That continuing value carries 57 per cent of the residual-income operations value; the market's enterprise value implies residual operating income growing about 1.9 per cent a year after 2036 (Market-implied growth), and at that growth the residual income value meets the market capitalisation. Revenue grew 12.6 per cent a year over 2020-2025 and ROIC ran 19 to 37 per cent in 2021-2025; the DCF, whose steady state lets new capital earn