Is Netflix (NFLX) Worth More Than Its Cash Flow Suggests?

Netflix has seen its share price fall sharply over the past year, yet over a three year window the stock is still well ahead of where it was. This puts fresh focus on whether that journey lines up with the cash the business can generate. With investors weighing recent news on engagement, advertising and content spending, the live question is whether today's valuation is grounded in the company's underlying cash flows rather than just sentiment around streaming. Over the past 3 years, Netflix has delivered a share price gain of about 89.0%, which raises the issue of how much of that move is supported by the cash the business is expected to produce.