Netflix (NFLX) Return on Capital Employed [ROCE] (2009 - 2026)
Netflix's Return on Capital Employed [ROCE] came in at 33.64% for Q3 2026, up 5.09 percentage points from 28.55% a year earlier and up 3.48 percentage points from the prior quarter.
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Analysis
Netflix (NFLX) Return on Capital Employed [ROCE] (2009 - 2026) Analysis & Trends
For FY2025, Netflix's Return on Capital Employed [ROCE] was 30.54%, up 4.77 percentage points from FY2024.
- Return on Capital Employed [ROCE] has increased in each of the last three years, with a five-year change of +14.63 percentage points (FY2020 to FY2025).
- Going back by year, Return on Capital Employed [ROCE] was 25.77% in FY2024 (+8.30 pp), 17.47% in FY2023 (+2.90 pp), 14.57% in FY2022 (-3.95 pp) and 18.52% in FY2021 (+2.61 pp).
- The Q3 2026 figure represents the highest quarterly Return on Capital Employed [ROCE] since Q3 2011.
- Year-over-year, Return on Capital Employed [ROCE] has increased for 12 consecutive quarters, with an average year-over-year change of +5.06 percentage points over the last eight quarters.
- The fastest year-over-year change in Return on Capital Employed [ROCE] over five years came in Q3 2024 (a gain of 9.75 percentage points), and the weakest in Q3 2022 (a drop of 4.70 percentage points).
- Business Quant data shows NFLX's Return on Capital Employed [ROCE] at 30.16% (Q2 2026), 30.18% (Q1 2026) and 30.09% (Q4 2025) in the three quarters before Q3 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROCE (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 3,893.85 Bn | 3,651.37 Bn | 73.85 Bn | 21.49% |
| 2 | Meta Platforms | 1,633.93 Bn | 1,336.45 Bn | 49.47 Bn | 23.74% |
| 3 | Netflix | 271.96 Bn | 233.26 Bn | 6.80 Bn | 33.64% |
| 4 | Alibaba Group Holding | 231.45 Bn | 45.22 Bn | 15.11 Bn | 2.13% |
| 5 | Shopify | 218.36 Bn | 195.54 Bn | 1.71 Bn | 14.37% |
| 6 | Uber Technologies | 135.44 Bn | 107.24 Bn | 6.38 Bn | 13.97% |
| 7 | Booking Holdings | 119.78 Bn | 52.83 Bn | - | 121.68% |
| 8 | Spotify Technology | 119.39 Bn | 76.31 Bn | 1.89 Bn | 20.03% |
| 9 | PDD Holdings | 110.49 Bn | -133.29 Bn | 9.45 Bn | 22.53% |
| 10 | Airbnb | 101.64 Bn | 54.87 Bn | 2.98 Bn | 28.23% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 33.64% |
| Jun 30, 2026 | 30.16% |
| Mar 31, 2026 | 30.18% |
| Dec 31, 2025 | 30.09% |
| Sep 30, 2025 | 28.55% |
| Jun 30, 2025 | 28.19% |
| Mar 31, 2025 | 25.80% |
| Dec 31, 2024 | 24.69% |
| Sep 30, 2024 | 24.11% |
| Jun 30, 2024 | 22.27% |
| Mar 31, 2024 | 19.93% |
| Dec 31, 2023 | 17.27% |
| Sep 30, 2023 | 14.37% |
| Jun 30, 2023 | 13.56% |
| Mar 31, 2023 | 13.20% |
| Dec 31, 2022 | 14.03% |
| Sep 30, 2022 | 14.58% |
| Jun 30, 2022 | 15.48% |
| Mar 31, 2022 | 16.68% |
| Dec 31, 2021 | 17.61% |
API Access
Netflix Return on Capital Employed [ROCE] API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=return-on-capital-employed-%5Broce%5D&ticker=NFLX&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "return-on-capital-employed-[roce]", "ticker": "NFLX", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=return-on-capital-employed-%5Broce%5D&ticker=NFLX&period=max&api_key=YOUR_API_KEY");
const data = await res.json();