Netflix shares have outperformed the S&P 500 in 2021, generating a year-to-date total return of 25.9 percent. But after gaining 114.6 percent in the past three years, investors may be wondering if there’s any value left in Netflix stock. Earnings A price-to-earnings ratio (PE) is one of the most basic fundamental metrics for gauging a stock’s value. The lower the PE, the higher the value. For comparison, the S&P 500’s PE is at about 29, nearly double its long-term average of 15.9. Netflix’s PE is 62.4, more than double the S&P 500 average as a whole. However, Netflix’s PE ratio is also down 81.7 percent over the past five years, suggesting the stock is priced at the low end of its historical valuation range. Growth Looking ahead to the next four quarters, the S&P 500’s forward PE ratio looks much more reasonable at just 20.6. Netflix’s forward earnings multiple of …