That's because they don't declare taking out long term bonds as part of their p/e calculations, just the cost of servicing the loan. Netflix were borrowing cir

That's because they don't declare taking out long term bonds as part of their p/e calculations, just the cost of servicing the loan. Netflix were borrowing circa $4 billion dollars a year to license content until two years ago. There's nothing wrong with that, but you aren't making a genuine profit.