Netflix gained popularity because they sold their service artificially cheap at a loss for many years to build market share and Kill off their competition, and that's it.
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.
https://www.macrotrends.net/stocks/charts/NFLX/netflix/gross...