Netflix Trades at a Discount to the S&P 500's Valuation. Is It Deserved?

Netflix stock has fallen 54% from its all-time high, now trading at a discount to the S&P 500 for the first time in its history. The decline is driven by slowing revenue growth and disappointing guidance. However, the author argues the discount is unwarranted, citing Netflix's strong historical recovery patterns and attractive forward valuations of 14-12x earnings for 2028-2029.