Apple ( AAPL -1.23% ) shares are roughly $350 as I write, close to their all-time high and up about 29% so far in 2026.

Netflix ( NFLX +0.05% ) shares, meanwhile, reached their one-year low on Oct. 29. Near $62 today, the stock is about 54% below the record close it set in June 2025 (adjusted for the company's 10-for-1 stock split last November).

On valuation, Netflix wins easily. Using analysts' forecasts for 2027, Netflix's price-to-earnings ratio is around 17. Apple's, based on expected earnings for its fiscal 2027 (the year ending next September), is about 37. And Apple's own guidance suggests slower growth for the quarter it reports on Nov. 2.

But I don't think the cheaper stock is automatically the better buy. What each company may earn several years from now counts more than its price today.

Image source: Getty Images.

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