Netflix ( NFLX -0.97% ) had 221.8 million total paid subscribers in the fourth quarter, but investors are concerned about slowing growth. Over the last year, the stock price has fallen 27% as subscriber growth decelerated each quarter, from 21.9% at the end of 2020 to 8.9% in the most recent quarter. Netflix's higher profit margin, on the other hand, means the stock is a better value at these low levels. Netflix is cheaper than it's been in over a decade based on its price-to-earnings ratio (P/E). Valuation alone doesn't make a stock a buy. When investors invest in Netflix, they want growth, but they shouldn't worry. The rapid adoption of smart TVs suggests that concerns over slowing growth are overblown.