Netflix’s 10-for-1 Stock Split Arrives Monday: What NFLX Investors Need to Know Today

Netflix’s long-awaited 10‑for‑1 stock split is now entering its crucial final stage. After today’s market close, existing shareholders will receive nine additional shares for every one they already own, with split‑adjusted trading set to begin on Monday, November 17. ^[1]

At the same time, Wall Street is buzzing about Eli Lilly (LLY), whose four‑digit share price and explosive growth have many analysts suggesting it could be the next mega‑cap stock to announce a split. ^[2]

Key Takeaways for November 14, 2025

Netflix (NFLX) is executing a 10‑for‑1 forward stock split. Shareholders of record as of November 10 will receive nine extra shares after today’s close; split‑adjusted trading starts Monday, November 17. ^[3]
The split doesn’t change Netflix’s market value or your total investment, only the number of shares and per‑share price. ^[4]
Netflix stock has surged above $1,100 per share in 2025, supported by strong earnings growth and more than 300 million paid memberships worldwide. ^[5]
Big outlets are split (sorry) on what to do now:
- Barron’s highlights bullish precedents for stock splits and says Eli Lilly “checks all the boxes” to be next. ^[6]
- Schaeffer’s Research (via Yahoo Finance) warns: “Buying Netflix 10‑for‑1 Stock Split? Expect Underperformance”, noting that large‑cap split stocks often lag after the hype. ^[7]
- Morningstar argues Netflix looks overvalued relative to its fair value estimate even after the split. ^[8]
Eli Lilly trades a little above $1,020 today, near its record highs, and options traders have piled into call options, fueling speculation it could follow Netflix with a split of its own. ^[9]

Netflix’s 10‑for‑1 Stock Split: The Essential Facts

Netflix’s Board approved a 10‑for‑1 forward stock split on October 30, 2025. The company will change its corporate charter to increase its share count and then distribute additional shares to existing investors. ^[10]

From Netflix’s own investor relations release:

Record date: Monday, November 10, 2025 – only shareholders on the books at the close that day are entitled to the split shares. ^[11]
Distribution date: After the close of trading today, Friday, November 14, 2025, those eligible holders receive nine extra shares for each share owned. ^[12]
First day of split‑adjusted trading:Monday, November 17, 2025, when NFLX will open at roughly one‑tenth of its pre‑split price. ^[13]

Netflix says the primary goal is to bring its share price down to a level that’s more accessible to employees participating in stock‑based compensation plans, while also making shares easier to buy in whole‑share increments for retail investors. ^[14]

This is Netflix’s third stock split since going public: it previously split 2‑for‑1 in 2004 and 7‑for‑1 in 2015, when the stock last traded in the high triple digits before a reset. ^[15]

What Actually Happens to Your Netflix Shares?

If you own Netflix stock today, here’s what changes—and what doesn’t.

Before the split (example)

You own 10 shares at $1,120 each
Total value: $11,200

After the 10‑for‑1 split

You now own 100 shares
Price per share should open around $112 (ignoring normal market moves)
Total value: still about $11,200

In other words:

Your percentage ownership of Netflix stays the same.
Netflix’s market cap stays the same, aside from normal price moves.
The split does not change earnings, cash flow, or growth prospects. ^[16]

Where it does matter:

Trading & liquidity: A lower per‑share price often tightens bid‑ask spreads and can boost trading activity, especially in options. ^[17]
Options contracts: Each contract will be adjusted so that the total economic exposure is the same (typically by multiplying the number of underlying shares by 10 and dividing the strike price by 10). ^[18]
Fractional shares: If you hold NFLX in an app that allows fractional shares, your broker will usually just recalculate the fraction so your total dollar exposure is unchanged.

How the Market Is Treating Netflix on November 14

As of Friday morning, Netflix shares are trading around the low‑$1,100s, down a few percent on the day as traders position around the split and recent gains. ^[19]

Despite today’s pullback, Netflix has had a powerful multi‑year run:

Over the past three years, shares have climbed well over 300%, massively outperforming broader media and entertainment peers. ^[20]
Trailing 12‑month earnings per share have risen to about $24.5 as of Q3 2025, up sharply from 2023 levels, reflecting both subscriber growth and improving profitability. ^[21]
Netflix now serves over 300 million paid memberships across more than 190 countries, solidifying its position as the world’s largest subscription streaming platform. ^[22]

That performance—and the resulting four‑digit share price—is exactly why the company says it’s splitting the stock: the rally has pushed the price “out of reach” for some retail buyers and made option grants very chunky in dollar terms. ^[23]

What Big-Name Analysts and Media Are Saying

Barron’s: Stock‑Split Tailwinds – and Eli Lilly as “Next in Line”

A Barron’s piece published today argues that stock splits in mega‑cap winners have generally been a bullish signal in recent bull markets. Looking at 11 major splits—including Apple, Nvidia, Tesla, and Walmart—a cited analyst found 8 of the 11 gained between announcement and execution, with an average rise of about 12%. ^[24]

Barron’s highlights Netflix’s split as part of this trend and then shifts focus to Eli Lilly, noting that:

LLY trades above $1,000 per share, near record highs. ^[25]
The business is “on fire,” driven by soaring demand for its obesity and diabetes treatments. ^[26]
It has all the hallmarks—high price, strong momentum, large retail interest—that have preceded splits at other blue‑chip giants. ^[27]

The article stops short of predicting a specific date but frames Lilly as a prime candidate for a future split.

Schaeffer’s / Yahoo Finance: “Buying Netflix 10‑for‑1 Stock Split? Expect Underperformance”

On the other side, derivatives‑focused outlet Schaeffer’s Investment Research, syndicated via Yahoo Finance, strikes a more cautious tone. ^[28]

Their key points:

Historically, large‑cap, high‑priced stocks that split often underperform the broader market in the months after the split, once the initial excitement fades.
Options data show heavy interest around the split, but Schaeffer’s warns traders not to confuse a technical event with a genuine change in fundamentals.
The article suggests that some investors may be “buying the headline,” which can make near‑term risk/reward less attractive.

In short: they’re not bearish on Netflix’s business, but they caution against chasing the stock purely because of the split.

Morningstar: Great Company, Stretched Valuation

A recent Morningstar analysis of Netflix’s split reiterates the textbook view: a split is cosmetic, not fundamental. ^[29]

Morningstar:

Resets its fair value estimate on Netflix to a split‑adjusted level (around the high‑$70s per share, implying about $770 pre‑split).
Concludes that even after this adjustment, Netflix is trading above its estimate of intrinsic value, suggesting a limited margin of safety for new buyers.
Still acknowledges Netflix’s strong brand, global reach, and growing ad‑supported tier but emphasizes valuation risk.

Is Netflix Stock a Buy Around the Split?

Nothing about the split itself makes Netflix automatically a buy or a sell. The case for and against hinges on fundamentals and valuation.

The Bull Case

Supportive arguments from bullish analysts and recent coverage include: ^[30]

Strong earnings growth: Double‑digit revenue growth and expanding margins, with EPS rising sharply over the last two years.
Massive, sticky user base: Over 300 million paid subscribers worldwide, with recurring revenue and low churn relative to traditional TV.
New growth levers:
- Ad‑supported plans, which many analysts expect to become a major profit driver by 2026.
- Password‑sharing crackdown, which has driven incremental subscriptions.
- Licensing and consumer‑products deals (for example, recent toy partnerships) that broaden the brand. ^[31]
Historical precedent: Other high‑profile splits (Apple, Nvidia, Tesla, Walmart) coincided with strong underlying momentum and, in many cases, continued multi‑year gains. ^[32]

The Bear (or At Least Cautious) Case

More cautious voices highlight:

Rich valuation: Netflix’s earnings multiple still sits well above the broader market—even after the split. ^[33]
Post‑split hangover risk: Historical studies—not just Schaeffer’s—have shown that split stocks can see subpar performance once retail euphoria dies down, especially when the companies are already widely owned and richly valued. ^[34]
Mature growth stage: With global market penetration already high, future gains depend on price increases, advertising, and content efficiency, all of which face competitive and regulatory risks. ^[35]

For investors, the practical takeaway is simple: the split is a timing event, not a thesis. If you liked Netflix because of its earnings power, competitive moat, and growth strategy, the split may just make entry more convenient. If you were worried about valuation, the lower sticker price doesn’t solve that problem.

Could Eli Lilly Really Be the Next Mega‑Cap to Split?

While Netflix dominates today’s headlines, Eli Lilly (LLY) is stealing its own kind of spotlight.

A Trillion‑Dollar Contender With a Four‑Digit Price Tag

Lilly shares trade around $1,020–$1,030 today, just below a 52‑week high near $1,033. ^[36]
Its weight‑loss and diabetes drugs—Mounjaro, Zepbound and a pipeline of next‑gen obesity treatments—have driven revenue growth above 50% year‑over‑year, according to recent quarterly results. ^[37]
Several commentators suggest Lilly is on track to become the first $1 trillion pharmaceutical company if these trends continue. ^[38]

Options traders are paying attention: MarketBeat reports that call option volume in LLY recently surged nearly 90% above its average, a sign of aggressive bullish positioning. ^[39]

Why A Split Would Make Sense – But Hasn’t Happened (Yet)

Lilly has a long history of 2‑for‑1 stock splits, most recently in the 1990s, but hasn’t split this century. ^[40]

A future split could be justified by:

The current four‑digit share price, which can be intimidating for smaller investors. ^[41]
Growing retail interest in obesity‑drug leaders. ^[42]
The desire to keep LLY aligned with other widely‑held consumer‑facing blue chips that have split in recent years.

At the same time:

Lilly has not announced any plans for a split, and its recent corporate‑actions record shows dividends but no split resolutions. ^[43]
Management may be comfortable letting the price run; a high share price can reinforce the stock’s “blue‑chip prestige” and doesn’t deter institutional investors.

So, for now, “Lilly could be next” is a plausible scenario, not a scheduled event. Investors speculating purely on a potential split should recognize that it may or may not materialize.

What Investors Should Do Before Netflix’s Split Takes Effect

Whether you hold Netflix, Eli Lilly, or neither, here’s a simple checklist for the days around November 17:

Review your Netflix position size.
Make sure your exposure still fits your risk tolerance. Ten times as many shares can feel emotionally larger—even if the dollar value is the same.
Check any open limit orders.
Orders placed at pre‑split prices may be canceled or adjusted by your broker; verify how your platform handles stock splits.
Understand your options exposure.
If you hold NFLX options, read your broker’s corporate‑actions notice so you understand the new contract size and strike prices after the adjustment. ^[44]
Avoid trading purely on headlines.
Academic research and derivatives specialists alike caution that post‑split moves can be choppy and sometimes disappointing for late buyers. ^[45]
Focus on fundamentals.
For both Netflix and Eli Lilly, long‑term returns will ultimately depend on subscriber growth, pricing power, drug pipelines, and execution—not cosmetic share‑price changes.

Final Word

For November 14, 2025, the story is clear:

Netflix is hours away from completing one of the most closely‑watched stock splits of the year, cementing its status as a mega‑cap market leader and opening the door to a wave of split‑adjusted trading from Monday onward.
Eli Lilly is emerging as the market’s favorite candidate to follow suit—thanks to sky‑high prices, blockbuster weight‑loss drugs, and surging option activity—even though it has yet to make any official move.

For investors, the most prudent stance is to treat stock splits as markers of past success, not guarantees of future gains. Whether you own NFLX, LLY, both, or neither, the same rule applies: do the homework on valuation and fundamentals first; let the split headlines come second.

This article is for informational and educational purposes only and does not constitute financial advice, investment recommendation, or an offer to buy or sell any security. Always do your own research or consult a licensed financial adviser before making investment decisions.

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