There are certain stocks TheStreet's Jim Cramer refers to as "cult" stocks -- stocks that can't be valued in traditional ways.

Internet movie-streaming giant Netflix (NFLX - Get Report) is one of those stocks. In fact, Netflix is the N in the momentum stocks Cramer has grouped under the acronym FANG, also including Amazon (AMZN - Get Report) and Action Alerts PLUS holdings Facebook (FB - Get Report) , Alphabet (GOOGL - Get Report) (the former Google).

Facebook and Alphabet are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells FB or GOOGL? Learn more now.

Netflix reports first-quarter earnings late Monday. The stock, at $109.65, is actually down from its high of $133.27 reached in December. So if you are going to buy this stock, now is the time.

For the March quarter, analysts, on average, expect Netflix to earn 3 cents per share on revenue of $1.97 billion, compared to the year-ago quarter when it earned 5 cents per share on revenue of $1.57 billion. For the year, earnings are projected to be 27 cents per share, down 1 cent from a year ago, while revenue of $8.78 billion would mark an increase of 29.5%.

The stock is down 4% for the year to date after 2015 stock gains of almost 135%. But this company is far from down and out. Its CEO, Reed Hastings, has major global expansion on his mind, including China. As of January Netflix is available in 130 additional countries.

Netflix now boasts almost 75 million worldwide subscribers at the end of 2015 and is in a total of 190 or so countries. Think of all those subscription fees. Many of its longtime subscribers alone, who were grandfathered into the old $7.99 monthly rate, will see a $2 price increase for the company's standard video streaming service.

As evidenced by the almost 30% projected rise in Netflix's fiscal 2016 revenue, there's no meaningful signs of the company slowing down. Netflix only needs to maintain its course to return value to shareholders. Shares, which have a consensus buy rating and an average price target of $130, look like a bargain.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.