In 2009, Netflix had earnings of $116 million. In 2018, Netflix had earnings of $1.2 billion. On 28 December 2009, Netflix had a market cap of roughly $3 billion. That means that if you bought a share of Netflix stock at the end of 2009, you were literally buying it at a future P/E of 2.50 ($3 billion divided by $1.2 billion).
