Netflix currently trading at about 290B making 15B for 2026 (warner extra money included).
Now the P/E is about 20 and forward P/E is also at about 20.
The market cut most of the premium of netflix because of slow growth at their mature markets. The TAM that left for them that isn't subscribed to Netflix isn't that big in the US/UK/GERMANY.
So 2 main growth engines remains:
1. Ads monetization that is currently not close to maxing.
2. Global market growing really nice (South America, Asia, Africa).
So i can see Netflix still growing subs and adding decent chunk of revenue in the next 3 years.
I really think this is a show me story, i think the market thinking q3 will be a miss at top and bottom for some reason. But netflix are actively buying back shares and keeping the floor at 70.