Comcast (CMCSA)
Communication Services · $80.5B market cap · SEC CIK 0001166691
fundamentals score out of 100
Next reports on Oct 22, 2026, before the open, with analysts expecting $1.02 in earnings per share.
The case for CMCSA
- Cheap on earnings at 7.2×, well under the market's usual 20×.
- Generated $21.9B of free cash flow in FY2025, 18% of revenue.
- Trades at 0.98× book value, below what the balance sheet says it owns.
- Free cash flow of 27.2% of its market value a year: a lot of cash for the price.
- Pays a 2.7% dividend while you wait.
- Gross margin of 69% absorbs cost shocks.
The case against
- Earnings per share down 49.0%.
- Down 22.6% over the past year.
- Revenue was flat on the year (+0.6%).
- Current liabilities exceed current assets (ratio 0.80).
- Near the bottom of its 52-week range, 32% below the high. Falling prices usually have a reason; find it first.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Communication Services companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 90 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 23 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 60 |
| Momentumhow the price has behaved lately | 29 |
| Stabilityhow violently it moves, what it owes and what it pays you | 67 |
- Each factor except momentum is half fixed thresholds, half rank among the 19 Communication Services companies.
Key numbers
| Price / earnings | 7.2× |
|---|---|
| Price / book | 0.98× |
| Price / sales | 0.6× |
| Revenue growth (YoY) | +0.6% |
| EPS growth (YoY) | -49.0% |
| Gross margin | 69% |
| Operating margin | 15% |
| Net margin | 9% |
| Return on equity | 12% |
| Debt / equity | 1.01× |
| Current ratio | 0.80 |
| Dividend yield | 2.72% |
| Beta | 0.72 |
| 52-week range | $21.28 – $32.86 |
| Position in that range | 10% of the way up |
| 3-month return | +2.2% |
| 1-year return | -22.6% |
Five years of financials, as filed
Pulled from Comcast's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $124B | $124B | $122B | $121B | $116B |
| Operating income | $20.7B | $23.3B | $23.3B | $14.0B | $20.8B |
| Net income | $20.0B | $16.2B | $15.4B | $5.4B | $14.2B |
| Operating cash flow | $33.6B | $27.7B | $28.5B | $26.4B | $29.1B |
| Capital expenditure | $11.8B | $12.2B | $12.2B | $10.6B | $9.2B |
| Total assets | $273B | $266B | $265B | $257B | $276B |
| Shareholder equity | $96.9B | $85.6B | $82.7B | $80.9B | $96.1B |
| Cash | $9.5B | $7.3B | $6.2B | $4.7B | $8.7B |
| Free cash flow | $21.9B | $15.5B | $16.3B | $15.8B | $20.0B |
| Operating margin | 16.7% | 18.8% | 19.2% | 11.6% | 17.9% |
| Net margin | 16.2% | 13.1% | 12.7% | 4.4% | 12.2% |
| Diluted shares | 3.7B | 3.9B | 4.1B | 4.4B | 4.7B |
Share count is down 20.3% over 4 years. Buybacks have been shrinking the pie.
What Comcast says it does
We are a global media and technology company that reaches customers, viewers and guests worldwide through the connectivity and platforms services we provide and the content and experiences we create. We deliver broadband, wireless, video and voice services primarily under the Xfinity, Comcast Business, Sky and NOW brands; produce, distribute and stream leading entertainment, sports and news through brands including NBC, Telemundo, Universal, Peacock and Sky; and own and operate Universal theme parks. We operate two primary businesses: • Connectivity & Platforms: Contains our broadband, wireless, video and wireline voice businesses in the United States, United Kingdom and Italy (collectively, the "Connectivity & Platforms markets"). Also includes the operations of our Sky-branded entertainment television networks in the United Kingdom and Italy. Our Connectivity & Platforms business is reported in two segments, Residential…
Risk factors CMCSA lists in its 10-K
- Net Income Attributable to Comcast Corporation
- Residential Connectivity & Platforms
- Basic earnings per common share attributable to Comcast Corporation shareholders
- Diluted earnings per common share attributable to Comcast Corporation shareholders
- Consolidated investment and other income (loss), net
- Total investment and other income (loss), net
- Consolidated Net Income (Loss) Attributable to Noncontrolling Interests
- Total Connectivity & Platforms revenue
- Total Connectivity & Platforms Adjusted EBITDA
- Total Connectivity & Platforms Adjusted EBITDA margin
- Total Connectivity & Platforms costs and expenses
- Residential Connectivity & Platforms Segment Results of Operations
- Residential Connectivity & Platforms Segment – Revenue
- Residential Connectivity & Platforms Segment – Costs and Expenses