re: Netflix Stock - just how high can/will it go?

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They haven't turned a profit yet correct?

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They burn through cash, and I guess they have a negative cash flow. However, maybe it's an accounting trick, but u don't see a quarter with negative net income dating back to 2005:

Netflix Macrotrends

In addition, their net income is growing rapidly and their revenue is growing, but more steadily. For example, over the recent 5 quarters their net income has grown 28.7% per quarter compared to 3.5% in the previous 5 quarters, a major growth increase. On other hand, their revenue has grown 7.3% over the recent 5 quarters compared to 6.0% the previous 5 quarters, a modest and more steady growth.

So steady revenue growth, with a slight increase, and rapid net income growth indicates to me that they're growing despite the competition yet becoming far more profitable in the meantime. So the completion hasn't slowed them down, and if they did, they seem to be able to offset they with profitability.

This is probably why their trailing P/E is 279 but their forward P/E is a 91, which is a trend you would hope a growth stock would eventually realize.

And personally, while I share your concerns about competition, Netflix and Amazon are the two companies I've just been amazed to see how they've adapted proactively while shifting the traditional models of service and delivery of those devices upside-down, helping put major companies in multiple industries in difficult situations or just completely out of business altogether.