If You'd Put $1,000 Into Netflix Stock 20 Years Ago, Here's What You'd Have Today
Netflix stock has tumbled since hitting record levels, but this volatile name has still been a terrific buy-and-hold bet.
Netflix (NFLX) stock is notoriously volatile. In the past 15 years, shares have suffered maximum drawdowns of between 45% and more than 80% on three separate occasions. Although NFLX is currently down nearly 50% from its June 2025 high, erasing almost $280 in market cap in the process, long-time shareholders have seen this before.
While some nimble traders have surely used NFLX's gut-wrenching swings to their advantage over the years, plenty of punters with less fortunate timing have just as assuredly had their faces ripped off.
Happily for the company's truly steadfast investors, they're in another class entirely.
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Those who bought stock in the streaming media giant two decades ago — and then held and held and held through NFLX's many vertiginous ups and downs — have enjoyed outstanding returns vs the broader market.
As successful as Netflix has been — and may continue to be — it remains at its core a somewhat insecure business model. (Just look at NFLX stock's volatility for proof.)
On the plus side, Netflix is the king of on-demand streaming entertainment, serving TV series, films and games via more than 325 million paid memberships in more than 30 languages and 190 countries. It furthermore lays claim to arguably the best brand in the industry.
On the downside, Wall Street puts relentless pressure on the company to grow its subscriber base. As a consequence, Netflix must spend tens of billions of dollars on content to attract and retain viewers.
Competition from the likes of Amazon.com (AMZN), Alphabet's (GOOGL) YouTube, Walt Disney (DIS), Apple (AAPL), Skydance (SKYD) and others have forced Netflix to splurge on efforts to acquire, license and produce content over the past several years.
After peaking at $17.7 billion in 2021 — a whopping 50% increase vs the previous year — Netflix briefly managed to rein in its content budget. The company spent about $13 billion on content in 2023 and around $16 billion for programming in 2024.
However, the streaming arms race is back on: Netflix laid out roughly $17.1 billion in cash for shows and films in 2025, and expects that figure to hit $20 billion in 2026.
Investors are counting on the company to keep leveraging those investments into the kind of outsized growth NFLX is used to.
After all, nothing hurts NFLX stock like losing subscribers. Recall that in April 2022, shares plunged after Netflix reported its first loss of subscribers in more than a decade. The company shed in excess of $50 billion in market value overnight.
Netflix's advertising tier should develop into a long-term revenue driver, but the market remains anxious about how quickly ad-supported content can offset slower subscription growth. Those are fair concerns. The streaming market is saturated, and YouTube surpassed Netflix in total watch hours in 2026.
The bottom line on Netflix stock?
Which brings us to what you would have today if you had invested $1,000 in Netflix stock 20 years ago.
The good news is NFLX stock has clobbered the broader market over the long term, generating an annualized total return of 31% over the past two decades vs 11% for the S&P 500.
To see what these sorts of returns look like on a brokerage statement, check out the chart below.
In other words, if you put $1,000 in NFLX stock 20 years ago, today it would be worth about $218,000.
By comparison, $1,000 invested in an S&P 500 ETF over the same time frame would theoretically be worth about $8,200 today. (The broader market's return includes reinvested dividends, which Netflix doesn't pay.)
As for where Netflix goes over the next 12 to 18 months, the Street's consensus recommendation on this communications services stock is highly bullish.
Of the 52 analysts issuing opinions on NFLX stock surveyed by S&P Global Market Intelligence, 28 rate it at Strong Buy, seven say Buy, 15 call it a Hold and two say Strong Sell. That works out to a consensus recommendation of Buy, with high conviction to boot.
More Stocks of the Past 20 Years
- If You'd Put $1,000 Into Apple Stock 20 Years Ago, Here's What You'd Have Today
- If You'd Put $1,000 Into Amazon Stock 20 Years Ago, Here's What You'd Have Today
- If You'd Put $1,000 Into Microsoft Stock 20 Years Ago, Here's What You'd Have Today
