$Netflix(NFLX.US) Netflix jumped approximately 3% after Bill Ackman revealed he was back in the stock. Ackman bought Netflix during the brutal 2022 selloff, then dumped the position months later at a loss. Now he is taking another swing after Netflix crashed roughly 50% from its June 2025 high. The difference? Netflix today is a much stronger cash machine than the company Ackman walked away from four years ago. Netflix has more than 325 million subscribers, nearly twice Disney+ and HBO Max combined. But subscriber count is no longer the most interesting number. Margins are. Netflix's operating margin has climbed from 21% in 2021 to roughly 31.5%, while annual cash content spending has increased only around 2%. That is serious operating leverage. Advertising revenue is also closing in on $3 billion this year, opening another monetization engine on top of subscriptions. Netflix does not need explosive subscriber growth anymore. It needs to keep extracting more dollars from the audience it already owns. @Captain's Treasure