As global on-demand media streaming giant Netflix Inc. (NFLX) prepares to report its most recent quarterly results Monday after market close, investors are keeping a close eye on just one of the company’s key metrics. (See also: Netflix to Report Q2 Earnings: What's in the Cards?)

Wall Street continues to focus on the Los Gatos, Calif.-based entertainment firm’s subscriber net additions, despite the fact that the company told investors to judge it on revenue growth and global operating margins. In Q1, investors sold off NFLX on weaker-than-expected subscriber growth despite overall solid earnings and revenue numbers.

Content Value Doubled

While Netflix has successfully boosted its profits due to heavy spending on new content and international expansion, its stock is still valued at more than 100 times forward earnings. While analysts at Morgan Stanley note that the net value of Netflix’s content doubled in just two years to $11 billion in 2016, more than the combined content libraries of Discovery Communications (DISCA), Scripps (SNI), AMC Networks (AMCX) and Viacom (VIAB), the company has yet to reap the benefits. Analysts estimate that Netflix earns about $1 in revenue for $1 in net content value, representing just 25% to 50% of the proceeds that its rivals receive on average for every $1 of content value.

At the same time, Netflix has been burning cash in order to pay for its programming, and is expected to continue doing so for years. In Q2, the Street expects Netflix to post earnings up 68% and revenue growth of 31%, while operating margins are forecast to shrink due to higher marketing spend. Analysts expect subscriber net additions of 2.6 million internationally and 631,000 in the U.S., its most important segment, where it believes it can ramp up its paying customer base from just under 50 million to 90 million.

Trading up 0.4% at $161.68 on Monday afternoon, NFLX reflects an approximate 64.3% return over the most recent 12-month-period and a 30.6% gain year-to-date (YTD). (See also: Netflix Should Be Earning a Lot More on Its $11 Bn Content.)

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