One-glance verdict
Undervalued
$170.14 our estimate vs market $21.90
Wall Street consensus: $28.63 (-83.2% lower than our fair-value estimate)
87% below our estimate, below the bear case
Fundamentals snapshot
Comcast Corporation
CMCSA · NMS · Communication Services · Telecom Services
Current price
$21.90
52-week range
$20.48 - $32.86
Market cap
$77.72B
Balance sheet
Watch
4.69x Stretched
Net debt $82.72B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 1.0% last year.
- Reward Returns 11.5% on equity, ahead of 16% of its peers.
- Reward Free cash flow was positive in 10/10 years.
- Risk Operating margin compressed from 18.6% to 17.2% over 3 years.
What this company does
Comcast Corporation
Comcast is a big company that provides internet, cable TV, and phone services to homes and businesses, which is where they make most of their money. They also own NBCUniversal, which includes TV networks, movie studios, and theme parks like Universal Studios. This means they have different ways of making money, not just from people paying for internet and TV, but also from advertising, movie ticket sales, and people visiting their parks.
How the company got here
Comcast began in 1963 as a small cable television provider in Tupelo, Mississippi. Over the decades, it grew significantly through acquisitions, expanding its reach and services. A major turning point was the acquisition of AT&T Broadband in 2002, which made Comcast the largest cable television operator in the United States. Further diversification occurred with the acquisition of NBCUniversal in 2011, adding media and entertainment assets like film studios and theme parks to its portfolio. More recently, Comcast acquired Sky, a European pay-television and streaming company, expanding its international presence.
What it actually does
Comcast is a global media and technology company that provides a wide range of services. It offers connectivity services, including high-speed internet, cable television, and phone services, primarily under its Xfinity brand in the U.S. Additionally, Comcast operates NBCUniversal, which encompasses television networks, film and television production, and theme parks. Through Sky, it also provides pay-television and connectivity services in Europe.
Residential Connectivity & Platforms
This is Comcast's largest business segment, making up the majority of its revenue. Through its Xfinity brand, it provides essential services to millions of households across the United States. These services include broadband internet, which is a key growth driver for the company, as well as cable TV, phone, and wireless services. Comcast also offers entertainment platforms like Xfinity X1 and streaming devices like Xfinity Flex, which aggregate live TV, on-demand content, and popular streaming apps.
Media
This segment is a significant part of Comcast's business, encompassing NBCUniversal's vast media and entertainment operations. It includes national and regional cable networks, the NBC and Telemundo broadcast networks, and local television stations. This segment also operates Peacock, a direct-to-consumer streaming service, and international television networks like Sky Sports. The media segment is involved in producing and distributing content across various platforms.
Studios
This segment focuses on the production and distribution of film and television content through NBCUniversal and Sky's studio operations. It includes major film studios like Universal Pictures, DreamWorks Animation, and Illumination, which create movies for theatrical release and television programming. These studios are responsible for producing a high volume of content that is distributed across various channels and platforms.
Theme Parks
Comcast operates Universal theme parks in locations such as Orlando, Florida; Hollywood, California; Osaka, Japan; and Beijing, China. These parks offer immersive experiences and attractions based on popular movies and franchises. The company has also expanded its theme park presence internationally, with plans for a Universal resort in the United Kingdom.
Business Services Connectivity
This segment provides connectivity services to businesses of all sizes, from small businesses to large enterprises. Services include broadband internet, wireline voice, wireless services, and Ethernet network services. Comcast Business aims to offer reliable, scalable, and advanced networking solutions to support business operations and growth.
What management is betting on now
Comcast's current strategy focuses on leveraging its core strengths in connectivity and content to drive future growth. The company is investing in its broadband network to deliver higher speeds and improved reliability, recognizing it as a primary growth driver. Management is also focused on expanding its media and entertainment offerings, including its streaming service Peacock and its theme park attractions, to create compelling customer experiences. Additionally, Comcast is looking to enhance its international presence through its Sky segment and by developing new ventures like the Universal United Kingdom Resort.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$4.11B
FY2024 Q4
$4.17B
FY2025 Q1
$6.04B
FY2025 Q2
$5.14B
FY2025 Q3
$5.62B
FY2025 Q4
$5.09B
FY2026 Q1
$4.54B
FY2026 Q2
$5.19B
Revenue
$29.94B
Net income
$3.53B
Diluted EPS
0.99
Operating cash flow
$8.09B
Free cash flow
$5.19B
Fetching…
Sources
Revenue
$31.46B
Net income
$2.17B
Diluted EPS
0.60
Operating cash flow
$6.89B
Free cash flow
$4.54B
Fetching…
Sources
Revenue
$32.31B
Net income
$2.17B
Diluted EPS
0.62
Operating cash flow
$8.84B
Free cash flow
$5.09B
Fetching…
Sources
Revenue
$31.20B
Net income
$3.33B
Diluted EPS
0.90
Operating cash flow
$8.69B
Free cash flow
$5.62B
Fetching…
Sources
Revenue
$30.31B
Net income
$11.12B
Diluted EPS
2.98
Operating cash flow
$7.82B
Free cash flow
$5.14B
Fetching…
Sources
Revenue
$29.89B
Net income
$3.38B
Diluted EPS
0.89
Operating cash flow
$8.29B
Free cash flow
$6.04B
Fetching…
Sources
Revenue
$31.91B
Net income
$4.78B
Diluted EPS
1.23
Operating cash flow
$8.08B
Free cash flow
$4.17B
Fetching…
Sources
Revenue
$32.07B
Net income
$3.63B
Diluted EPS
0.94
Operating cash flow
$7.02B
Free cash flow
$4.11B
Fetching…
Sources
Is it cheap or expensive?
Fair value $170.14 vs current price $21.90
Wall Street consensus is the average analyst price target: $28.63 (-83.2% lower than our fair-value estimate).
Our most-likely fair value is $170.14 a share — about 676.9% above today's price of $21.90, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Watch
Net debt $82.7B. Interest coverage 4.7x.
Net debt
$82.72B
Interest coverage
4.69x
Comcast Corporation's profit covers its interest bill about 4.7 times over. which is stronger than most peers shown here.
Watch
Worse cushion
Baseline
Better cushion
CMCSA
BASELINE
Comcast Corporation
Total debt $90.38B Interest coverage 4.69x This is the baseline the peer rows are being compared against.
Total debt $165.76B Interest coverage 3.67x -22% vs CMCSA Carries about 1.3x less debt cushion than CMCSA.
Total debt $193.65B Interest coverage 4.37x -7% vs CMCSA Has roughly the same debt cushion as CMCSA.
Total debt $46.04B Interest coverage 7.63x +63% vs CMCSA Carries about 1.6x more debt cushion than CMCSA.
Total debt $96.71B Interest coverage 2.64x -44% vs CMCSA Carries about 1.8x less debt cushion than CMCSA.
Total debt $120.43B Interest coverage 4.92x +5% vs CMCSA Has roughly the same debt cushion as CMCSA.
What you should know
The case for and against CMCSA
3 Rewards
1 Risk
Rewards
-
Revenue grew 1.0% last year.
-
Returns 11.5% on equity, ahead of 16% of its peers.
-
Free cash flow was positive in 10/10 years.
Risks
-
Operating margin compressed from 18.6% to 17.2% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
7.06x
Forward P/E
6.10x
P/B
0.87x
P/S
0.62x
EV/EBITDA
4.71x
PEG ratio
142.98x
Profitability
How much profit each dollar creates
Gross margin
69.4%
Operating margin
17.2%
Net margin
9.0%
ROE
11.5%
ROA
4.3%
Health
Liquidity and balance-sheet strength
Debt / equity
1.00x
Current ratio
0.80x
Quick ratio
0.65x
Total debt
$90.38B
Total cash
$7.66B
Growth
How the business has been compounding
Revenue TTM
$124.90B
Revenue 5Y CAGR
1.5%
EPS TTM
3.10
EPS 5Y CAGR
64.5%
Cash flow
How much cash the business throws off
Operating CF TTM
$32.52B
Free CF TTM
$21.89B
FCF margin
17.5%
Dividend
Shareholder payout
Yield
6.0%
Payout ratio
42.6%
Last ex-div date
2026-10-07