<p>股票拆分引起了许多散户投资者的关注。虽然它们对股票的基本业务没有影响，但可以吸引更多的注意力到公司上。许多 “七大奇迹” 股票在过去几年中进行了股票拆分，包括 <strong>特斯拉</strong>、<strong>苹果</strong> 和 <strong>亚马逊</strong> 等公司，因为这些公司在全球经济中占据了越来越大的份额。</p>
<p>有一只科技股在股票拆分方面显得格外缺席，那就是 <strong>奈飞</strong>(NFLX -0.14%)。这家视频娱乐巨头最后一次拆分股票是在 2015 年。随着股价接近 1200 美元，奈飞在 2025 年再次拆分股票的时机已经成熟。但这是否意味着它适合你的投资组合？让我们来看看数据。</p>
<h2>奈飞的稳定增长</h2>
<p>尽管在过去五年中宏观经济环境波动剧烈，但奈飞始终保持着稳定的增长。过去 12 个月，收入已攀升至超过 400 亿美元，而十年前则不足 100 亿美元。营业收入从大致持平飙升至超过 110 亿美元，因为公司在全球流媒体视频领域进一步扩大了领先优势。</p>
<p>到 2024 年底，奈飞在全球拥有超过 3 亿的付费流媒体会员。这看起来很多，但流媒体视频在未来几年仍有很大的空间来颠覆传统视频。例如，奈飞分享称，英国约一半的电视观看仍来自传统提供商。从长远来看，许多这些观众将转向视频流媒体，这将为奈飞提供长期的顺风。</p>
<p>在过去 10 年中，奈飞的股价上涨了超过 1000%。这些收益的一个重要原因是公司的运营杠杆和定价能力。过去 12 个月，营业利润率扩大至 28%，使奈飞成为全球最盈利的企业之一。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTkxMDkvcHJheS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTkxMDkvcHJheS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>拓展广告和体育领域</h2>
<p>奈飞仍有很大的扩展空间，尤其是在美国以外的地区。在亚洲，截至 2024 年底，该公司的订阅用户不足 6000 万，这为在这个拥有数十亿潜在订阅者的大陆上争夺市场份额提供了充足的空间。</p>
<p>在其更成熟的市场中，奈飞旨在通过增加新内容和变现技术来提高收入。它已扩展到现场活动，例如_汤姆·布雷迪的嘲讽_，并开始涉足体育内容。国家橄榄球联盟的圣诞节比赛大获成功，公司现在与世界摔跤娱乐 (WWE) 签订了长期合同，后者拥有数百万粉丝。体育观看是视频流媒体领域的重要组成部分，奈飞现在相信它可以在这一领域占有一席之地。</p>
<p>为了变现体育内容以及其完整的内容库，奈飞开始提供广告订阅层。在美国，用户每月支付 8 美元即可访问带广告的奈飞，这一服务仅在几年前推出。据报道，美国 40% 的新订阅者选择了广告层，虽然我们并不知道公司目前的广告销售额具体是多少，但考虑到人们观看奈飞的时间，这些服务有巨大的扩展空间。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7d009669ae672c29206435eaa051721d.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7d009669ae672c29206435eaa051721d.png"/></p>
<p>NFLX 市盈率数据来源于 YCharts</p>
<h2>关于奈飞股票拆分的真相</h2>
<p>随着收入的稳定增长和高昂的股价，我认为奈飞将在 2025 年再次拆分股票。上一次拆分是在 2015 年。</p>
<p>然而，投资者需要明白，这与奈飞股票是否值得购买没有关系。</p>
<p>为什么？因为股票拆分并不会改变奈飞的基本业务或市值。它只会将奈飞的 “蛋糕” 分成更小的部分。如果你之前有一股，进行 10 比 1 的拆分后，这 10 股的新股票仍然会值相同的金额。实际的业务根本没有受到影响。</p>
<p>如今，奈飞的市值约为 5000 亿美元，市盈率 (P/E) 为 56。即使对于像奈飞这样稳定增长的股票来说，这也并不便宜。无论奈飞是否会在 2025 年拆分股票，这都是一只昂贵的股票，今天可能不适合购买。相反，正是因为奈飞的股价飙升并变得如此昂贵，股票才准备拆分，这意味着股票拆分可能是未来投资的一个_不佳_指标。</p>
<p>暂时远离奈飞股票。</p>

奈飞

<p>奈飞预计将在 2025 年进行股票拆分，这是自 2015 年以来的首次拆分。尽管收入稳步增长，超过 400 亿美元，市值达到 5000 亿美元，但该股票高达 56 的市盈率表明它可能不是一个好的投资选择。公司正在扩展广告和体育领域，但股票拆分并不会影响其基础业务或市值。投资者被建议保持谨慎，因为股票的高估值可能暗示潜在的下行风险</p>

<p>Stock splits garner a lot of attention from individual investors. While they do not have an impact on the stock's underlying business, they can draw more attention to the company. Many of the &#34;Magnificent Seven&#34; stocks have split their shares during the past few years, including the likes of <strong>Tesla</strong>, <strong>Apple</strong>, and <strong>Amazon</strong>, as these companies become larger parts of the world economy.</p>
<div class="lb-trans"><p>股票拆分引起了许多散户投资者的关注。虽然它们对股票的基本业务没有影响，但可以吸引更多的注意力到公司上。许多 “七大奇迹” 股票在过去几年中进行了股票拆分，包括 <strong>特斯拉</strong>、<strong>苹果</strong> 和 <strong>亚马逊</strong> 等公司，因为这些公司在全球经济中占据了越来越大的份额。</p>
</div><p>One technology stock that has been suspiciously absent from the stock split game is <strong>Netflix</strong>(NFLX -0.14%). The video entertainment giant last split its stock in 2015. With the shares approaching $1,200, it is just about time for Netflix to split its stock once again in 2025. But does that make it a buy for your portfolio? Let's run the numbers and find out.</p>
<div class="lb-trans"><p>有一只科技股在股票拆分方面显得格外缺席，那就是 <strong>奈飞</strong>(NFLX -0.14%)。这家视频娱乐巨头最后一次拆分股票是在 2015 年。随着股价接近 1200 美元，奈飞在 2025 年再次拆分股票的时机已经成熟。但这是否意味着它适合你的投资组合？让我们来看看数据。</p>
</div><h2>Netflix's steady growth</h2>
<div class="lb-trans"><h2>奈飞的稳定增长</h2>
</div><p>Consistent growth has been the name of the game for Netflix despite a wild macroeconomic backdrop during the past five years. Revenue has climbed to more than $40 billion during the past 12 months compared to less than $10 billion 10 years ago. Operating income has ballooned from roughly breakeven to more than $11 billion as the company further extends its lead in streaming video around the world.</p>
<div class="lb-trans"><p>尽管在过去五年中宏观经济环境波动剧烈，但奈飞始终保持着稳定的增长。过去 12 个月，收入已攀升至超过 400 亿美元，而十年前则不足 100 亿美元。营业收入从大致持平飙升至超过 110 亿美元，因为公司在全球流媒体视频领域进一步扩大了领先优势。</p>
</div><p>At the end of 2024, Netflix had more than 300 million global paid streaming memberships. This may seem like a lot, but there is plenty of room for streaming video to disrupt linear video in the years to come. For example, Netflix shared that about half of TV viewing in the U.K. still comes from legacy providers. Over the long term, many of these viewers will transition to video streaming, providing a long-term tailwind for Netflix even at its immense size.</p>
<div class="lb-trans"><p>到 2024 年底，奈飞在全球拥有超过 3 亿的付费流媒体会员。这看起来很多，但流媒体视频在未来几年仍有很大的空间来颠覆传统视频。例如，奈飞分享称，英国约一半的电视观看仍来自传统提供商。从长远来看，许多这些观众将转向视频流媒体，这将为奈飞提供长期的顺风。</p>
</div><p>Netflix's stock is up more than 1,000% during the past 10 years. A big reason for these gains is the company's operating leverage and pricing power. Operating margin has widened to 28% during the past 12 months, making Netflix one of the most profitable businesses in the world.</p>
<div class="lb-trans"><p>在过去 10 年中，奈飞的股价上涨了超过 1000%。这些收益的一个重要原因是公司的运营杠杆和定价能力。过去 12 个月，营业利润率扩大至 28%，使奈飞成为全球最盈利的企业之一。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTkxMDkvcHJheS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819109%2Fpray.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Expanding into advertising and sports</h2>
<div class="lb-trans"><h2>拓展广告和体育领域</h2>
</div><p>There is still a lot of room for Netflix to expand, especially outside of the U.S. In Asia, the company had fewer than 60 million subscribers at the end of 2024, providing plenty of room to gain market share on the continent with billions of potential subscribers.</p>
<div class="lb-trans"><p>奈飞仍有很大的扩展空间，尤其是在美国以外的地区。在亚洲，截至 2024 年底，该公司的订阅用户不足 6000 万，这为在这个拥有数十亿潜在订阅者的大陆上争夺市场份额提供了充足的空间。</p>
</div><p>In its more mature markets, Netflix is aiming to increase revenue by adding new content and monetization techniques. It has expanded into live events, such as the <em>Tom Brady Roast,</em> and has dipped its toe into sports content. Christmas Day games for the National Football League were a hit, and the company now has a long-term contract with World Wrestling Entertainment (WWE), which has millions of fans. Sports viewing is a huge part of the video streaming landscape, and Netflix now believes it can capture a piece of this pie.</p>
<div class="lb-trans"><p>在其更成熟的市场中，奈飞旨在通过增加新内容和变现技术来提高收入。它已扩展到现场活动，例如_汤姆·布雷迪的嘲讽_，并开始涉足体育内容。国家橄榄球联盟的圣诞节比赛大获成功，公司现在与世界摔跤娱乐 (WWE) 签订了长期合同，后者拥有数百万粉丝。体育观看是视频流媒体领域的重要组成部分，奈飞现在相信它可以在这一领域占有一席之地。</p>
</div><p>To monetize sports -- as well as its full library of content -- Netflix has started to offer an advertising tier. At $8 a month in the U.S., people can now access Netflix with advertisements, which only launched a few years back. Reportedly, 40% of new subscribers in the U.S. have the advertising tier, and while we do not know exactly how much in advertising sales the company is making today, there is a huge runway to expand these services, given how much time people spend watching Netflix.</p>
<div class="lb-trans"><p>为了变现体育内容以及其完整的内容库，奈飞开始提供广告订阅层。在美国，用户每月支付 8 美元即可访问带广告的奈飞，这一服务仅在几年前推出。据报道，美国 40% 的新订阅者选择了广告层，虽然我们并不知道公司目前的广告销售额具体是多少，但考虑到人们观看奈飞的时间，这些服务有巨大的扩展空间。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7d009669ae672c29206435eaa051721d.png" alt="" original-src="https://media.ycharts.com/charts/7d009669ae672c29206435eaa051721d.png"/></p>
<p>NFLX PE Ratio data by YCharts</p>
<div class="lb-trans"><p>NFLX 市盈率数据来源于 YCharts</p>
</div><h2>The truth about a Netflix stock split</h2>
<div class="lb-trans"><h2>关于奈飞股票拆分的真相</h2>
</div><p>With steady revenue growth and a lofty stock price, I think Netflix will split its stock again in 2025. The last time it did so was in 2015.</p>
<div class="lb-trans"><p>随着收入的稳定增长和高昂的股价，我认为奈飞将在 2025 年再次拆分股票。上一次拆分是在 2015 年。</p>
</div><p>However, investors need to understand that this has no bearing on whether Netflix stock is a buy.</p>
<div class="lb-trans"><p>然而，投资者需要明白，这与奈飞股票是否值得购买没有关系。</p>
</div><p>Why? Because a stock split does not change anything about Netflix's underlying business or market capitalization. All it would do is separate the Netflix pie into smaller pieces. If you had one share before and there's a 10-for-1 split, those 10 new shares are still going to be worth the same dollar amount. The actual business is not impacted at all.</p>
<div class="lb-trans"><p>为什么？因为股票拆分并不会改变奈飞的基本业务或市值。它只会将奈飞的 “蛋糕” 分成更小的部分。如果你之前有一股，进行 10 比 1 的拆分后，这 10 股的新股票仍然会值相同的金额。实际的业务根本没有受到影响。</p>
</div><p>Today, Netflix has a market cap of about $500 billion, and a price-to-earnings ratio (P/E) of 56. This is not cheap, even for a steady growth stock like Netflix. Regardless of whether Netflix is going to split its stock in 2025, this is an expensive stock that is probably not a buy today. Conversely, it is because Netflix stock has soared and gotten so expensive that the stock is ready to split, meaning a stock-split stock may be an indicator of a <em>bad</em> future investment.</p>
<div class="lb-trans"><p>如今，奈飞的市值约为 5000 亿美元，市盈率 (P/E) 为 56。即使对于像奈飞这样稳定增长的股票来说，这也并不便宜。无论奈飞是否会在 2025 年拆分股票，这都是一只昂贵的股票，今天可能不适合购买。相反，正是因为奈飞的股价飙升并变得如此昂贵，股票才准备拆分，这意味着股票拆分可能是未来投资的一个_不佳_指标。</p>
</div><p>Stay away from Netflix stock for the time being.</p>
<div class="lb-trans"><p>暂时远离奈飞股票。</p>
</div>

Prediction: This Will Be the First Mega Technology Company to Split Its Stock in 2025 (and It Isn't Tesla)

- Netflix 预计将在 2025 年进行股票拆分，最后一次拆分是在 2015 年。  
- 尽管收入持续增长，Netflix 的市值约为 5000 亿美元，市盈率为 56。  
- 股票拆分不会影响其基本业务，当前股票被认为不适合投资。  

预测：这将是 2025 年首家拆分股票的科技巨头（并且不是特斯拉）