# Comcast (CMCSA.US)

Canonical: https://gigainvestors.com/s/CMCSA

Analysis as of: 2026-10-16T07:27:30.936Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $21.77 per share; close as of 2026-10-15.

Estimated value: low $54.18 per share, central $61.45 per share, high $71.12 per share. Buy at or below the central value $61.45 per share. Valuation as of 2026-10-16T07:27:30.936Z; scenarios are not confidence intervals.

Expected annual return: 24.7% at the stated quote. About 24.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.10×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.21×

- FY2018: 0.20×

- FY2019: 0.19×

- FY2020: 0.17×

- FY2021: 0.18×

- FY2022: 0.19×

- FY2023: 0.19×

- FY2024: 0.19×

- FY2025: 0.17×

- LTM to Jun 2026: 0.15×

### moat: fail

- ROIC median below threshold

- ROIC, median of available years: 13.0%

- ROIC, second-lowest year: 11.6%

- Typical minus recent gross margin: -0.4 pp

- Typical gross margin (annual median): 69.0%

- Recent gross margin (lower of latest and 3-year median): 69.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 11.3%

- ROIC including acquisitions, ten-year median: 7.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 19.4%

- FY2018: 13.0%

- FY2019: 14.3%

- FY2020: 11.4%

- FY2021: 12.9%

- FY2022: 12.5%

- FY2023: 13.6%

- FY2024: 79.4%

- FY2025: 11.6%

- LTM to Jun 2026: 11.8%

### economics: pass

- Owner earnings / net income, 5-yr: 1.11×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $79B

- Net income, five-year total: $71B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: -2.3 pp

- Working capital / revenue, final three-year average: 1.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.12×

- FY2022: 1.01×

- FY2023: 0.93×

- FY2024: 1.15×

- FY2025: 1.22×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 14.5% vs 13.6%

- Per-share earnings: 1.67 to 4.14 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -3.6%

- Ordinary dilution, 5-year annual growth: -5.5%

- Market cap gain: -$248B

- Cumulative retained earnings: $44B

- Diluted shares, 10-year annual growth: -3.6%

- Diluted shares, 5-year annual growth: -5.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 12.0%

- Per-share value change: $2.47

- Per-share value, starting three-year median: $1.67

- Per-share value, ending three-year median: $4.14

- Buybacks concentrated in cheaper years (correlation): 0.39

- Average buyback yield: 3.6%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $64B

- Cumulative net income, 10 years: $138B

- ROIC, first three-year median: 14.5%

- ROIC, last three-year median: 13.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.67

- FY2017: $4.45

- FY2018: $2.37

- FY2019: $2.65

- FY2020: $2.14

- FY2021: $2.85

- FY2022: $1.14

- FY2023: $3.71

- FY2024: $4.14

- FY2025: $5.39

### accounting: pass

- Sloan accruals: -5.0%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 3.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.68×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.48×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.9%

- FY2017: 0.7%

- FY2018: -5.0%

- FY2019: -4.8%

- FY2020: -5.2%

- FY2021: -5.4%

- FY2022: -8.2%

- FY2023: -5.0%

- FY2024: -4.3%

- FY2025: -5.0%

## Holders

- [Glenn Greenberg](https://gigainvestors.com/CCM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Steven Romick](https://gigainvestors.com/FPA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Einhorn](https://gigainvestors.com/GLRE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Russo](https://gigainvestors.com/GR): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Mark Hillman](https://gigainvestors.com/HCM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Katz](https://gigainvestors.com/MAVFX): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Gayner](https://gigainvestors.com/MKL): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Robert Torray](https://gigainvestors.com/T): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [William Browne](https://gigainvestors.com/TB): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Wallace Weitz](https://gigainvestors.com/WIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Donald Yacktman](https://gigainvestors.com/YAM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 58% since Oct 2021 · "Comcast Trades at Just 8 Times Earnings After Losing 711,000 Broadband Subs Last Year" (finance.yahoo.com, Apr 2026) · sales +1%

Story as of 2026-10-16T09:58:31.337Z; price observation 2026-10-15.

Price needs cash profits to shrink 12.9% a year for ten years

- 2025-04-24: Comcast Earnings Top But Video, Broadband Subscriber Losses Hit Stock ([finance.yahoo.com](https://finance.yahoo.com/m/479e6082-9c47-34e6-a88b-8eaadb5b3ab2/comcast-earnings-top-but.html))

- 2025-10-30: Comcast Stock Drops After Broadband Subscribers Fall for 10th Straight Quarter ([finance.yahoo.com](https://finance.yahoo.com/m/984a8c7f-3c25-3174-9213-47cb0bdf4234/comcast-stock-drops-after.html))

- 2026-02-12: Comcast Scores $800 Million Advertising Haul From Super Bowl ([finance.yahoo.com](https://finance.yahoo.com/news/comcast-scores-800-million-advertising-165416249.html))

- 2026-04-20: Comcast Trades at Just 8 Times Earnings After Losing 711,000 Broadband Subs Last Year ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/comcast-trades-just-8-times-192500301.html))

- 2026-09-09: Comcast drops 7% on persistent broadband losses and ’irrational’ fiber pricing ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/comcast-drops-7-persistent-broadband-165326791.html))

### Sales · FY2025–2026

sales +1%; source https://www.sec.gov/Archives/edgar/data/1166691/000162828026004994/cmcsa-20251231.htm; observed 2026-02-03.

- FY2017: $85B 

- FY2018: $95B 

- FY2019: $109B 

- FY2020: $104B 

- FY2021: $116B 

- FY2022: $121B 

- FY2023: $122B 

- FY2024: $124B 

- FY2025: $124B 

- FY2026: $125B 

### Gross margin · FY2026

gross margin 69.4%; source https://www.sec.gov/Archives/edgar/data/1166691/000162828026004994/cmcsa-20251231.htm; observed 2026-02-03.

- FY2017: 70.2% 

- FY2018: 68.6% 

- FY2019: 68.4% 

- FY2020: 68.0% 

- FY2021: 67.0% 

- FY2022: 68.5% 

- FY2023: 69.8% 

- FY2024: 70.1% 

- FY2025: 71.7% 

- FY2026: 69.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in telecom services; annual sales are USD 123.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1166691/000162828026004994/cmcsa-20251231.htm (filed 2026-02-03); FY2025: revenue 123707000000; grossProfit 88756000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CMCSA.US: Comcast Corporation operates as a media and technology company worldwide. The company operates through Residential Connectivity & Platforms, Business Services Connectivity, Media, Studios, and Theme Parks segments. Its Residential Connectivity & Platforms segment provides residential broadband and wireless connectivity services, residential and business video services, sky-branded entertainment television networks, and advertising. The Business Services Connectivity segment offers connectivity services for small business locations, which include broadband, wireline voice, and wireless services; and ethernet network services for medium-sized customers and larger enterprises. Its Media segment operates NBCUniversal's national and regional cable networks; the NBC and Telemundo broadcast networks and owned local broadcast television stations; and Peacock, a direct-to-consumer streaming services. The company also operates international television networks comprising the Sky Sports networks, as well as other digital properties. Its Studios segment operates NBCUniversal and Sky film and television studio production and distribution operations. The Theme Parks segment operates Universal theme parks in Orlando, Florida; Hollywood, California; Osaka, Japan; and Beijing, China. It also offers a consolidated streaming platforms under the Philadelphia Flyers and the Xfinity Mobile Arena in Philadelphia, Pennsylvania; and Xumo. Comcast Corporation was founded in 1963 and is headquartered in Philadelphia, Pennsylvania.

### Why customers stay

Margins ranged from 69.8% to 71.7% during 2023–25; it earns 13% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2023: grossProfit / revenue = 69.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2024: grossProfit / revenue = 70.1%.

- Source: https://www.sec.gov/Archives/edgar/data/1166691/000162828026004994/cmcsa-20251231.htm (filed 2026-02-03); FY2025: grossProfit / revenue = 71.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); 10-year return on capital observations [[2017,0.19381696140441462],[2018,0.13046924164697507],[2019,0.14289878810486092],[2020,0.1139371053795862],[2021,0.12869462944599],[2022,0.12496579620486586],[2023,0.13573923082991413],[2024,0.7944127380059642],[2025,0.11565926830026518],[2026,0.11815758343972198]]; median 0.12958193554648254. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 7.2 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2016: growth capex 1263000000; upkeep 9558000000; owner earnings 8678000000. Growth capex / owner earnings = 0.14554044710762848.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2017: growth capex 1609000000; upkeep 9688000000; owner earnings 22735000000. Growth capex / owner earnings = 0.07077193754123598.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2018: growth capex 1033000000; upkeep 10676000000; owner earnings 11731000000. Growth capex / owner earnings = 0.08805728411900093.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2019: growth capex 0; upkeep 12428000000; owner earnings 13582000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2020: growth capex 0; upkeep 11634000000; owner earnings 12000000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2021: growth capex 0; upkeep 12057000000; owner earnings 15906000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2022: growth capex 0; upkeep 13767000000; owner earnings 5424000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2023: growth capex 68378753.20470238; upkeep 15471621246.795298; owner earnings 14252378753.204702. Growth capex / owner earnings = 0.0047977081151682945.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2024: growth capex 0; upkeep 12297000000; owner earnings 18697000000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1166691/000162828026004994/cmcsa-20251231.htm (filed 2026-02-03); FY2025: growth capex 0; upkeep 11750000000; owner earnings 24459000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); Dividend observations: [[2016,2601000000],[2017,2883000000],[2018,3352000000],[2019,3735000000],[2020,4140000000],[2021,4532000000],[2022,4741000000],[2023,4766000000],[2024,4814000000],[2025,4894000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1166691/000162828026004994/cmcsa-20251231.htm (filed 2026-02-03); FY2025: cash repurchases 7155000000 USD.

### Are managers owners

Insiders own 0.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CMCSA.US SharesStats.PercentInsiders = 0.741 percentage points; cache date 2026-10-16.

### What could break it

"Programming expenses for our video services are increasing on a per subscriber basis" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1166691/000162828026004994/cmcsa-20251231.htm (filed 2026-02-03); Programming expenses for our video services are increasing on a per subscriber basis

### What the price says

The price assumes cash profits shrink 12.9% yearly over ten years; actual growth was 15.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); Ten-year compound average after fade. Initial solved rate -0.19235351321474808. Price 21.77; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.5194482111629093 → FY2025 6.594499865192774. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $61.82 per share

- 2016-11: $69.51 per share

- 2016-12: $69.05 per share

- 2017-01: $75.42 per share

- 2017-02: $37.42 per share

- 2017-03: $37.59 per share

- 2017-04: $39.19 per share

- 2017-05: $41.69 per share

- 2017-06: $38.92 per share

- 2017-07: $40.45 per share

- 2017-08: $40.61 per share

- 2017-09: $38.48 per share

- 2017-10: $36.03 per share

- 2017-11: $37.54 per share

- 2017-12: $40.05 per share

- 2018-01: $42.53 per share

- 2018-02: $36.21 per share

- 2018-03: $34.17 per share

- 2018-04: $31.39 per share

- 2018-05: $31.18 per share

- 2018-06: $32.81 per share

- 2018-07: $35.78 per share

- 2018-08: $36.99 per share

- 2018-09: $35.41 per share

- 2018-10: $38.14 per share

- 2018-11: $39.01 per share

- 2018-12: $34.05 per share

- 2019-01: $36.57 per share

- 2019-02: $38.67 per share

- 2019-03: $39.98 per share

- 2019-04: $43.53 per share

- 2019-05: $41.00 per share

- 2019-06: $42.28 per share

- 2019-07: $43.17 per share

- 2019-08: $44.26 per share

- 2019-09: $45.08 per share

- 2019-10: $44.82 per share

- 2019-11: $44.15 per share

- 2019-12: $44.97 per share

- 2020-01: $43.19 per share

- 2020-02: $40.43 per share

- 2020-03: $34.38 per share

- 2020-04: $37.63 per share

- 2020-05: $39.60 per share

- 2020-06: $38.98 per share

- 2020-07: $42.80 per share

- 2020-08: $44.81 per share

- 2020-09: $46.26 per share

- 2020-10: $42.24 per share

- 2020-11: $50.24 per share

- 2020-12: $52.40 per share

- 2021-01: $49.57 per share

- 2021-02: $52.72 per share

- 2021-03: $54.11 per share

- 2021-04: $56.15 per share

- 2021-05: $57.34 per share

- 2021-06: $57.02 per share

- 2021-07: $58.83 per share

- 2021-08: $60.68 per share

- 2021-09: $55.93 per share

- 2021-10: $51.43 per share

- 2021-11: $49.98 per share

- 2021-12: $50.33 per share

- 2022-01: $49.99 per share

- 2022-02: $46.76 per share

- 2022-03: $46.82 per share

- 2022-04: $39.76 per share

- 2022-05: $44.28 per share

- 2022-06: $39.24 per share

- 2022-07: $37.52 per share

- 2022-08: $36.19 per share

- 2022-09: $29.33 per share

- 2022-10: $31.74 per share

- 2022-11: $36.64 per share

- 2022-12: $34.97 per share

- 2023-01: $39.35 per share

- 2023-02: $37.17 per share

- 2023-03: $37.91 per share

- 2023-04: $41.37 per share

- 2023-05: $39.35 per share

- 2023-06: $41.55 per share

- 2023-07: $45.26 per share

- 2023-08: $46.76 per share

- 2023-09: $44.34 per share

- 2023-10: $41.29 per share

- 2023-11: $41.89 per share

- 2023-12: $43.85 per share

- 2024-01: $46.54 per share

- 2024-02: $42.85 per share

- 2024-03: $43.35 per share

- 2024-04: $38.11 per share

- 2024-05: $40.03 per share

- 2024-06: $39.16 per share

- 2024-07: $41.27 per share

- 2024-08: $39.57 per share

- 2024-09: $41.77 per share

- 2024-10: $43.67 per share

- 2024-11: $43.19 per share

- 2024-12: $37.53 per share

- 2025-01: $33.66 per share

- 2025-02: $35.88 per share

- 2025-03: $36.90 per share

- 2025-04: $34.20 per share

- 2025-05: $34.57 per share

- 2025-06: $35.69 per share

- 2025-07: $33.23 per share

- 2025-08: $33.97 per share

- 2025-09: $31.42 per share

- 2025-10: $27.84 per share

- 2025-11: $26.69 per share

- 2025-12: $29.89 per share

- 2026-01: $29.75 per share

- 2026-02: $30.96 per share

- 2026-03: $28.71 per share

- 2026-04: $27.04 per share

- 2026-05: $24.87 per share

- 2026-06: $24.55 per share

- 2026-07: $23.96 per share

- 2026-08: $26.62 per share

- 2026-09: $21.76 per share

- 2026-10: $21.77 per share

## Annual estimated value (USD per share)

- FY2016: low $18.91 per share, central $21.47 per share, high $24.88 per share

- FY2017: low $20.28 per share, central $23.03 per share, high $26.69 per share

- FY2018: low $27.25 per share, central $32.78 per share, high $38.12 per share

- FY2019: low $30.72 per share, central $34.87 per share, high $40.38 per share

- FY2020: low $30.44 per share, central $34.37 per share, high $39.59 per share

- FY2021: low $33.22 per share, central $37.63 per share, high $43.49 per share

- FY2022: low $35.34 per share, central $40.15 per share, high $46.55 per share

- FY2023: low $39.64 per share, central $46.44 per share, high $53.87 per share

- FY2024: low $43.10 per share, central $50.46 per share, high $58.50 per share

- FY2025: low $51.71 per share, central $58.58 per share, high $67.73 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:33:10.852Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1166691/000162828026004994/cmcsa-20251231.htm); period 2025-12-31, filed 2026-02-03.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.