Netflix Inc. fell in early trading after the company’s 10-for-1 stock split took effect, a move designed to broaden retail ownership but one that leaves the streaming giant’s underlying valuation unchanged.

The split, announced in late October, awarded shareholders nine additional shares for each one held as of Nov. 10. While stock splits once played a meaningful role in improving access for individual investors, the rise of fractional-share trading has largely diminished that impact.

Netflix joins a roster of mega-cap companies—including Apple Inc. and Tesla Inc.—that have split their shares in recent years as their prices climbed into four-digit territory.

The company’s fundamentals remain steady despite a period marked by earnings volatility, including the drag from a tax dispute in Brazil. Analysts say those issues are unlikely to alter Netflix’s long-term trajectory and may even create opportunities for investors betting on the platform’s expanding global footprint.

Wall Street expects earnings before interest and taxes to accelerate through 2026, which could help ease concerns over Netflix’s premium valuation. The company has repeatedly demonstrated resilience, maintaining subscriber momentum even as it boosts content spending and faces intensifying competition from rivals.

As consolidation pressures mount across the media landscape, investors are also watching for potential strategic moves. Speculation around combinations involving major industry players—including Warner Bros. Discovery—underscores Netflix’s efforts to fortify its position as the streaming market continues to mature.