Netflix detractors often cite the debt the company has accumulated as a key reason the company isn't well-positioned for long-term success. Assuming Netflix content continues to attract more subscribers, all should be well and good. Netflix's Capital EfficiencyNetflix's debt to equity ratio has been increasing since 2015, reaching 1.81 in Q1 of 2019. The capital Netflix is willing to spend on content compared to its competitors will not only accelerate but also widen the moat Netflix is building. This is why Netflix's business model can't be replicated by other media companies vying for a bite of SVOD.

Source: Forbes May 26, 2019 13:30 UTC