Netflix: the $7.4 billion you won’t find in your debt line, but maybe you should
Netflix, Inc. looks clean. The balance sheet says around $14.5 billion in debt. The stock is around $100. Nothing alarming. Nothing that screams leverage. But that’s only if you take accounting at face value. Because being off the balance sheet is something much more interesting, and possibly just as real: $7.4 billion in in-the-money stock…