Meta Platforms vs Netflix
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The short version
- Meta Platforms is the larger business, with $201.0B of revenue in fiscal 2025 against $45.2B for Netflix, about 4.4 times as much.
- Meta Platforms grew revenue faster (22.2%, against 15.9%).
- Meta Platforms kept more of each dollar of sales as operating profit (41.4% operating margin, against 29.5%).
- Meta Platforms turned more of its sales into free cash flow (22.9% FCF margin, against 20.9%).
- Netflix earned a higher return on the capital invested in it (36.7%, against 35.5%).
- Investors pay more for each dollar of Meta Platforms’s earnings: a P/E of 21.9x against 19.0x for Netflix.
| Latest fiscal year | META · FY25 | NFLX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.65T | $276.2B |
| Revenue | $201.0B | $45.2B |
| Free cash flow | $46.1B | $9.5B |
| Net income | $60.5B | $11.0B |
| Growth | ||
| Revenue growth | 22.2% | 15.9% |
| 5-year growth | 18.5% | 12.6% |
| Share count change | −1.5% | −1.1% |
| Profitability | ||
| Gross margin | 82.0% | 48.5% |
| Operating margin | 41.4% | 29.5% |
| Net margin | 30.1% | 24.3% |
| FCF margin | 22.9% | 20.9% |
| Return on capital | 35.5% | 36.7% |
| Return on equity | 30.2% | 42.8% |
| Balance sheet | ||
| Net debt | −$21.7B | $5.4B |
| Net debt / EBITDA | −0.2x | 0.4x |
| Dividends and buybacks | $31.6B | $9.1B |
| Valuation & quality | ||
| P/E | 21.9x | 19.0x |
| Piotroski F-score | 6 | 7 |
Revenue
FY16
META $27.6B
NFLX $8.8B
FY17
META $40.7B
NFLX $11.7B
FY18
META $55.8B
NFLX $15.8B
FY19
META $70.7B
NFLX $20.2B
FY20
META $86.0B
NFLX $25.0B
FY21
META $117.9B
NFLX $29.7B
FY22
META $116.6B
NFLX $31.6B
FY23
META $134.9B
NFLX $33.7B
FY24
META $164.5B
NFLX $39.0B
FY25
META $201.0B
NFLX $45.2B
META
NFLX
Operating margin
FY16
META 45.0%
NFLX 4.3%
FY17
META 49.7%
NFLX 7.2%
FY18
META 44.6%
NFLX 10.2%
FY19
META 33.9%
NFLX 12.9%
FY20
META 38.0%
NFLX 18.3%
FY21
META 39.7%
NFLX 20.9%
FY22
META 24.8%
NFLX 17.8%
FY23
META 34.7%
NFLX 20.6%
FY24
META 42.2%
NFLX 26.7%
FY25
META 41.4%
NFLX 29.5%
META
NFLX
Free cash flow
FY16
META $11.6B
NFLX −$1.6B
FY17
META $17.5B
NFLX −$2.0B
FY18
META $15.4B
NFLX −$2.9B
FY19
META $21.2B
NFLX −$3.1B
FY20
META $23.6B
NFLX $1.9B
FY21
META $39.0B
NFLX −$132M
FY22
META $19.3B
NFLX $1.6B
FY23
META $44.1B
NFLX $6.9B
FY24
META $54.1B
NFLX $6.9B
FY25
META $46.1B
NFLX $9.5B
META
NFLX
Return on capital
FY16
META —
NFLX 7.4%
FY17
META —
NFLX 14.2%
FY18
META —
NFLX 16.6%
FY19
META —
NFLX 16.2%
FY20
META —
NFLX 21.7%
FY21
META —
NFLX 24.5%
FY22
META 26.9%
NFLX 17.7%
FY23
META 38.1%
NFLX 21.3%
FY24
META 50.8%
NFLX 31.0%
FY25
META 35.5%
NFLX 36.7%
META
NFLX
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.