THE LAST TIME WE SAW $NFLX BELOW 20X EARNINGS WAS IN 2022. And remember what happened then? $NFLX ultimately fell roughly 75% from its 2021 peak during the 2022 collapse. Netflix rebuilt growth, improved monetization and margins, launched advertising, and eventually returned to strong profitability. Now $NFLX is again trading around 20x expected earnings after a major decline from its 2025 high. WHY DOES THAT MATTER? In 2022, below 20x reflected a market convinced Netflix's best days might be behind it. Today the question is different: Is $NFLX becoming cheap again because the business is deteriorating — or because investors are becoming too pessimistic about a still highly profitable company? Below 20x doesn't automatically mean BUY. But history says this valuation level deserves attention. $NFLX #Netflix #Stocks #Investing