Is There A Quantitative Moat?

Netflix revenue and book value have been increasing by >10% but their FCF has been continually in the negatives despite 2020, 2022, and 2023, likely due to their focus on reinvestment for expansion and growth.

10 Year CAGR

• Revenue (21.6%)

• Book Value (29.6%)

5 Year CAGR

• Revenue (14.1%)

• Book Value (26.7%)

1 Year Change

• Revenue (15.7%)

• Book Value (20.2%)

• FCF (-0.1%)