Download PDF

1. Company Snapshot

1.a. Company Description

Comcast Corporation operates as a media and technology company worldwide.It operates through Cable Communications, Media, Studios, Theme Parks, and Sky segments.The Cable Communications segment offers broadband, video, voice, wireless, and other services to residential and business customers under the Xfinity brand; and advertising services.


The Media segment operates NBCUniversal's television and streaming platforms, including national, regional, and international cable networks, the NBC and Telemundo broadcast, and Peacock networks.The Studios segment operates NBCUniversal's 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.


The Sky segment offers direct-to-consumer services, such as video, broadband, voice and wireless phone services, and content business operates entertainment networks, the Sky News broadcast network, and Sky Sports networks.The company also owns the Philadelphia Flyers, as well as the Wells Fargo Center arena in Philadelphia, Pennsylvania; and provides streaming service, such as Peacock.Comcast Corporation was founded in 1963 and is headquartered in Philadelphia, Pennsylvania.

Show Full description

1.b. Last Insights on CMCSA

Negative drivers behind Comcast Corporation's recent performance include escalating competition in the streaming market, as evident from the recent report of MLB deals and the sports streaming war. Additionally, the company's theme park business faces stiff competition from Disney, which has a stronger growth runway. Furthermore, the opening of the Universal Epic Universe, a potential growth driver, has not yet materialized, and its impact on the company's performance remains uncertain.

1.c. Company Highlights

2. Comcast's Q4 2025 Earnings: A Strong Performance

Comcast reported total company revenue growth of 1% in the fourth quarter, driven by strength across its six growth businesses, which collectively represent 60% of its revenue and grew at a mid-single-digit rate. The company's earnings per share (EPS) came in at $0.84, beating analyst estimates of $0.729. Free cash flow was $4.4 billion, including a $2 billion cash tax benefit related to an internal corporate reorganization. The company's connectivity and platforms segment continued to advance its new go-to-market strategy, with lower voluntary churn, strong adoption of its five-year price guarantee, and continued uptake of free wireless lines.

Publication Date: Feb -02

📋 Highlights
  • Broadband Strategy Shift: Simplified four speed tiers with all-in pricing, driving 15% lower voluntary churn and 30% increase in gig plus speed adoption.
  • Free Cash Flow Surge: Generated $4.4 billion in Q4 2025, including $2 billion tax benefit, with full-year free cash flow hitting $19.2 billion, a record high.
  • Peacock Growth: Revenue surged 20% to $1.6 billion (8M paid sub gains), ad revenue up 20%, and losses narrowed by $700M YoY to $552M in Q4.
  • Connectivity & Platforms: EBITDA crossed $1 billion for first time, driven by 22% revenue growth in content/experiences and NBA/sports advertising strength.
  • Capital Allocation: Returned $2.7 billion to shareholders (including $1.5B buybacks) while maintaining 2.3x net leverage and $1.32/share dividend.

Segment Performance

In the content and experiences segment, revenue increased 22% and EBITDA grew 24%, with EBITDA crossing the $1 billion level for the first time. This performance was driven by strong results at Universal Orlando, with higher attendance, stronger per caps, and additional operating leverage over time contributing to the success. Peacock revenue grew more than 20% to a record $1.6 billion, driven by strong distribution revenue growth of over 30%. Paid subscribers increased 8 million year over year and 3 million sequentially, reaching 44 million as of December 31.

Valuation and Outlook

Comcast's valuation metrics indicate a relatively attractive price. The company's P/E Ratio is 5.46, and its EV/EBITDA is 2.24, suggesting a reasonable valuation. The Dividend Yield is 4.23%, and the Free Cash Flow Yield is 20.25%, indicating a decent return for investors. For 2026, Comcast expects to convert the vast majority of free lines into paying relationships, providing a meaningful tailwind to convergence revenue growth. Analysts estimate next year's revenue growth at -0.8%, but Comcast's strong performance in its growth businesses and improving EBITDA margin should help drive long-term value creation.

Growth Prospects

Comcast is well-positioned for growth, with a strong presence in connectivity, media, and theme parks. The company's focus on simplifying its broadband offering, strengthening its wireless approach, and investing in its growth businesses should drive long-term success. As Michael J. Cavanagh noted, "We moved with urgency to make decisive management, operational, and structural changes, resetting how we run our businesses and how we compete." With a strong balance sheet and a commitment to returning capital to shareholders, Comcast is poised for continued growth and value creation.

3. NewsRoom

Card image cap

Easter Seals Houston Program to Expand Across the Nation Through Comcast's Billion-Dollar Project Up Initiative

Feb -02

Source: globenewswire.com

Card image cap

Comcast Corporation $CMCSA Shares Bought by Principal Financial Group Inc.

Feb -02

Source: defenseworld.net

Card image cap

UMB Bank n.a. Has $2.70 Million Stock Holdings in Comcast Corporation $CMCSA

Feb -02

Source: defenseworld.net

Card image cap

Yacktman Asset Management LP Lowers Stake in Comcast Corporation $CMCSA

Feb -02

Source: defenseworld.net

Card image cap

Money Concepts Capital Corp Acquires 105,551 Shares of Comcast Corporation $CMCSA

Feb -02

Source: defenseworld.net

Card image cap

Mediolanum International Funds Ltd Purchases 401,764 Shares of Comcast Corporation $CMCSA

Feb -01

Source: defenseworld.net

Card image cap

Access Investment Management LLC Acquires 40,360 Shares of Comcast Corporation $CMCSA

Feb -01

Source: defenseworld.net

Card image cap

CMCSA Q4 Earnings Beat On Theme Parks and Peacock Strength

Jan -30

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.25%)

6. Segments

Connectivity & Platforms - Residential Connectivity & Platforms

Expected Growth: 1.2%

Comcast's Residential Connectivity & Platforms growth of 1.2 is driven by increasing demand for high-speed internet, expanding customer base, and rising adoption of streaming services. The company's Xfinity brand and technological advancements in DOCSIS 3.1 and fiber-optic networks enable it to maintain market share and drive growth in the residential connectivity market.

Content & Experiences - Media

Expected Growth: 1.0%

The 1.0 growth in Comcast's Content & Experiences - Media segment is driven by increased demand for streaming services, growth in theme park attendance, and higher revenue from film and television productions. Additionally, the segment benefits from Comcast's expanding customer base and premium content offerings, including sports and news, which attract and retain viewers, driving advertising and subscription revenue.

Content & Experiences - Studios

Expected Growth: 1.3%

The 1.3 growth in Content & Experiences - Studios from Comcast Corporation is driven by increased demand for streaming services, successful releases of popular content, and strategic partnerships. The segment's growth is also fueled by the company's expanding slate of original programming, growing international distribution, and rising advertising revenue.

Connectivity & Platforms - Business Services Connectivity

Expected Growth: 1.1%

Comcast's Connectivity & Platforms - Business Services Connectivity growth of 1.1 is driven by increasing demand for high-speed internet, rising adoption of cloud-based services, and expansion of digital transformation initiatives among businesses, leading to higher connectivity needs and platform utilization.

Content & Experiences - Theme Parks

Expected Growth: 1.5%

The 1.5 growth in Comcast's Content & Experiences - Theme Parks segment is driven by increased attendance, particularly at Universal Studios, due to new attractions and experiences. Additionally, higher consumer spending on food, merchandise, and hotel stays contribute to revenue growth, while effective pricing strategies and cost management also play a role.

Unallocated Other Revenue

Expected Growth: 0.8%

The 0.8 growth in Unallocated Other Revenue from Comcast Corporation is driven by increased advertising revenue, growth in licensing and other business services. This uptick is likely due to diversified revenue streams and expanded content offerings, capitalizing on consumer demand for digital services and advertising opportunities.

Eliminations

Expected Growth: 0.0%

The 0.0% growth in eliminations from Comcast Corporation suggests that there are no significant changes in inter-segment transactions or costs eliminations. This stability implies that the company's business segments are likely operating with consistent internal dynamics, and there are no major shifts in revenue or expense allocations between segments.

7. Detailed Products

Xfinity TV

A cable television service providing access to live TV, on-demand content, and DVR capabilities

Xfinity Internet

A high-speed internet service providing fast and reliable connectivity for browsing, streaming, and online gaming

Xfinity Mobile

A wireless phone service providing unlimited data, talk, and text plans

Comcast Business Internet

A high-speed internet service designed for businesses, providing fast and reliable connectivity

Comcast Business TV

A cable television service designed for businesses, providing access to live TV, on-demand content, and digital signage

Sky Broadband

A high-speed internet service providing fast and reliable connectivity in the UK

Sky TV

A satellite television service providing access to live TV, on-demand content, and DVR capabilities in the UK

Comcast Cable

A cable television service providing access to live TV, on-demand content, and DVR capabilities in various markets

Xfinity Home

A home security and automation service providing customers with control over their home's security, lighting, and temperature

Comcast Enterprise

A suite of services designed for large businesses, providing internet, TV, and voice services

8. Comcast Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

Comcast Corporation faces a moderate threat of substitutes. While traditional cable and satellite TV services are being replaced by streaming services, Comcast has its own streaming platform, Xfinity Stream, and has also invested in emerging technologies such as Xfinity Mobile. However, the rise of cord-cutting and competition from popular streaming services like Netflix, Hulu, and Amazon Prime Video still poses a threat.

Bargaining Power Of Customers

Comcast's customers have relatively low bargaining power due to the company's large customer base and the essential nature of its services. While customers can choose from various service providers, switching costs can be high, and Comcast's diverse offerings, including internet, TV, and phone services, make it a one-stop-shop for many customers.

Bargaining Power Of Suppliers

Comcast has a large and diversified supplier base, which reduces the bargaining power of individual suppliers. The company also has significant negotiating power due to its large volume of purchases and long-term contracts. This enables Comcast to maintain control over its supply chain and costs.

Threat Of New Entrants

The threat of new entrants in the industry is relatively low due to high barriers to entry, including significant capital requirements, regulatory hurdles, and the need for extensive infrastructure investments. Comcast's established brand and large customer base also make it difficult for new entrants to compete.

Intensity Of Rivalry

The intensity of rivalry in the industry is high, with Comcast competing against established players such as AT&T, Verizon, and Charter Communications. The competition is fueled by the increasing demand for streaming services, the need for faster internet speeds, and the convergence of telecommunications and media services. This intense rivalry drives innovation, pricing competition, and marketing efforts.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 53.66%
Debt Cost 4.28%
Equity Weight 46.34%
Equity Cost 9.05%
WACC 6.49%
Leverage 115.82%

11. Quality Control: Comcast Corporation passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
AT&T

A-Score: 7.0/10

Value: 7.5

Growth: 2.6

Quality: 5.5

Yield: 9.0

Momentum: 8.0

Volatility: 9.7

1-Year Total Return ->

View Full Report
Stock-Card
Verizon

A-Score: 6.9/10

Value: 8.0

Growth: 3.1

Quality: 5.8

Yield: 10.0

Momentum: 4.5

Volatility: 10.0

1-Year Total Return ->

View Full Report
Stock-Card
Comcast

A-Score: 6.1/10

Value: 8.6

Growth: 5.2

Quality: 6.6

Yield: 7.0

Momentum: 1.0

Volatility: 8.3

1-Year Total Return ->

View Full Report
Stock-Card
Alphabet

A-Score: 5.8/10

Value: 1.0

Growth: 8.2

Quality: 8.2

Yield: 0.0

Momentum: 10.0

Volatility: 7.3

1-Year Total Return ->

View Full Report
Stock-Card
T-Mobile US

A-Score: 5.2/10

Value: 4.5

Growth: 7.1

Quality: 5.8

Yield: 2.0

Momentum: 3.0

Volatility: 9.0

1-Year Total Return ->

View Full Report
Stock-Card
Charter

A-Score: 4.6/10

Value: 8.1

Growth: 7.7

Quality: 5.3

Yield: 0.0

Momentum: 1.0

Volatility: 5.7

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

29.59$

Current Price

29.59$

Potential

-0.00%

Expected Cash-Flows