Two years ago, Hulu’s backers were looking to sell the digital video streamer for around $3 billion — but it’s good for them they didn’t.

The company is now worth as much as $10 billion, one entertainment analyst said Wednesday.

The skyrocketing valuation comes as streaming becomes the normal way video is consumed and as Hulu improves its content, subscriber growth and distribution, Nomura’s Anthony DiClemente wrote in an investor note.

Hulu, which has rights to shows such as “Walking Dead” and “Dr. Who,” could be worth between $6.1 billion to $9.7 billion, he said.

Ad-supported Hulu garnered an 80 percent increase in the amount of viewing hours in the first quarter, to an estimated 700 million, said DiClemente, who estimates it has 9 million subscribers, all in the US.

Ad-free Netflix has 40 million US subscribers.

Hulu is owned by 21st Century Fox, Disney and Comcast.

The door is open for CBS to join at some point, DiClemente told The Post.

Such a potential move does have barriers. For starters, CBS owns CBS All Access, a stand-alone video streaming property.