NASDAQ · Communication Services

Comcast Corporation

CMCSA · Telecom Services

$26.99

▼ -0.18 (-0.64%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Comcast Corporation at $26.99.

The business passes 6 of 7 of Graham's defensive criteria — a strong showing that few companies achieve.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 71.7%

Operating Margin 16.7%

Net Income Margin 16.2%

Fin. Health F

Years to Pay Off Debt 4.9 yrs

Working Capital vs Long-Term Debt -$96.9B

Working Capital -$4.0B

Valuation A

Margin of Safety 53.0%

Price-to-Book 0.99x

Cash Flow C

Free Cash Flow $19.2B

CapEx % of Net Income 72.0%

Owner Earnings $50.6B

6/7

Graham Score

Defensive

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $96.4B

Enterprise Value $182.5B

P/E (TTM) 5.29

Dividend Yield 4.86%

Exchange NASDAQ

Key Margins

Gross Profit 71.7%

Operating Margin 16.7%

Net Margin 16.2%

Company Info

Sector Communication Services

Industry Telecom Services

Employees 179000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Comcast Corporation at $26.99.

The business passes 6 of 7 of Graham's defensive criteria — a strong showing that few companies achieve.

At $26.99, the stock trades below its Graham Number of $57.43 — suggesting a margin of safety exists.

The margin of safety of 53.0% exceeds Graham's recommended 33% threshold — a rare opportunity.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock qualifies for Graham's Defensive investor — one seeking safety, stability, and freedom from effort.

About Comcast Corporation

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.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	71.7% ▲	70.1%	69.8%	68.5%	N/A
Operating Margin %	16.7% ▼	18.8%	19.2%	18.6%	N/A
Net Income %	16.2% ▲	13.1%	12.7%	4.4%	N/A
Diluted EPS	5.39 ▲	4.14	3.71	1.21	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$272.6B	$266.2B	$264.8B	$257.3B	N/A
Total Debt	$98.9B ↓	$99.1B	$97.1B	$100.0B	N/A
Working Capital	-$4.0B ▲	-$12.8B	-$16.2B	-$6.1B	N/A
Years to Pay Debt	4.95	6.12	6.31	18.62	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$19.2B ▲	$12.5B	$13.0B	$12.6B	N/A
Owner Earnings	$50.6B	$46.1B	$45.3B	$33.0B	N/A
CapEx % of Net Income	72.0%	93.4%	101.0%	256.4%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	2,392,278	-46,950	-34,060	-1,869,630
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	36,292,000	37,922,000	39,031,000	35,904,000
Total Unusual Items	10,094,000	-313,000	-130,000	-8,903,000
Total Unusual Items Excluding Goodwill	10,094,000	-313,000	-130,000	-8,903,000
Net Income From Continuing Operation Net Minority Interest	19,998,000	16,192,000	15,388,000	5,370,000
Reconciled Depreciation	16,210,000	14,802,000	14,336,000	13,821,000
Reconciled Cost Of Revenue	34,952,000	37,025,000	36,762,000	38,213,000
EBITDA	46,386,000	37,609,000	38,901,000	27,001,000
EBIT	30,175,000	22,807,000	24,565,000	13,180,000
Net Interest Income	-4,409,000	-4,134,000	-4,087,000	-3,896,000
Interest Expense	4,409,000	4,134,000	4,087,000	3,896,000
Normalized Income	12,296,278	16,458,050	15,483,940	12,403,370
Net Income From Continuing And Discontinued Operation	19,998,000	16,192,000	15,388,000	5,370,000
Total Expenses	103,037,000	100,433,000	98,259,000	98,803,000
Total Operating Income As Reported	20,672,000	23,297,000	23,314,000	14,041,000
Diluted Average Shares	3,709,000	3,908,000	4,148,000	4,430,000
Basic Average Shares	3,604,213	3,787,746	3,978,762	4,220,119
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	19,998,000	16,192,000	15,388,000	5,370,000
Net Income Common Stockholders	19,998,000	16,192,000	15,388,000	5,370,000
Net Income	19,998,000	16,192,000	15,388,000	5,370,000
Minority Interests	338,000	315,000	282,000	445,000
Net Income Including Noncontrolling Interests	19,660,000	15,877,000	15,107,000	4,925,000
Net Income Continuous Operations	19,660,000	15,877,000	15,107,000	4,925,000
Tax Provision	6,106,000	2,796,000	5,371,000	4,359,000
Pretax Income	25,766,000	18,673,000	20,478,000	9,284,000
Other Income Expense	9,503,000	-491,000	1,251,000	-9,443,000
Other Non Operating Income Expenses		502,000	592,000	-3,000	211,000
Special Income Charges		0	0	-8,583,000	0
Impairment Of Capital Assets		0	0	8,583,000	0
Earnings From Equity Interest	-591,000	-680,000	789,000	-537,000
Gain On Sale Of Security	10,094,000	-313,000	-130,000	-320,000
Net Non Operating Interest Income Expense	-4,409,000	-4,134,000	-4,087,000	-3,896,000
Interest Expense Non Operating	4,409,000	4,134,000	4,087,000	3,896,000
Operating Income	20,670,000	23,298,000	23,313,000	22,624,000
Operating Expense	68,086,000	63,407,000	61,497,000	60,590,000
Other Operating Expenses	43,013,000	40,533,000	39,190,000	38,263,000
Depreciation Amortization Depletion Income Statement	16,211,000	14,801,000	14,336,000	13,821,000
Depreciation And Amortization In Income Statement	16,211,000	14,801,000	14,336,000	13,821,000
Amortization	6,884,000	6,072,000	5,482,000	5,097,000
Amortization Of Intangibles Income Statement	6,884,000	6,072,000	5,482,000	5,097,000
Depreciation Income Statement	9,327,000	8,729,000	8,854,000	8,724,000
Selling General And Administration	8,862,000	8,073,000	7,971,000	8,506,000
Selling And Marketing Expense	8,862,000	8,073,000	7,971,000	8,506,000
General And Administrative Expense			39,190,000	38,263,000	35,619,000
Other Gand A			39,190,000	38,263,000	35,619,000
Gross Profit	88,756,000	86,705,000	84,810,000	83,214,000
Cost Of Revenue	34,951,000	37,026,000	36,762,000	38,213,000
Total Revenue	123,707,000	123,731,000	121,572,000	121,427,000
Operating Revenue	123,707,000	123,731,000	121,572,000	121,427,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	919,026	872,791	872,791	872,791
Ordinary Shares Number	3,604,213	3,787,746	3,978,762	4,220,119
Share Issued	4,523,239	4,660,537	4,851,553	5,092,910
Net Debt	89,456,000	91,771,000	90,875,000	95,234,000
Total Debt	98,937,000	99,093,000	97,090,000	99,983,000
Tangible Book Value	-58,676,000	-70,146,000	-76,682,000	-78,782,000
Invested Capital	195,840,000	184,653,000	179,793,000	180,926,000
Working Capital	-3,957,000	-12,780,000	-16,211,000	-6,061,000
Net Tangible Assets	-58,676,000	-70,146,000	-76,682,000	-78,782,000
Common Stock Equity	96,903,000	85,560,000	82,703,000	80,943,000
Total Capitalization	189,882,000	179,746,000	177,724,000	179,183,000
Total Equity Gross Minority Interest	97,376,000	86,274,000	83,467,000	82,038,000
Minority Interest	473,000	714,000	764,000	1,095,000
Stockholders Equity	96,903,000	85,560,000	82,703,000	80,943,000
Other Equity Interest	-1,000	-1,000		-1,000
Gains Losses Not Affecting Retained Earnings	-8,000	-2,043,000	-1,253,000	-2,611,000
Other Equity Adjustments	-8,000	-2,043,000	-1,253,000	-2,611,000
Treasury Stock	7,517,000	7,517,000	7,517,000	7,517,000
Retained Earnings	66,675,000	56,972,000	52,892,000	51,609,000
Additional Paid In Capital	37,709,000	38,102,000	38,533,000	39,412,000
Capital Stock	45,000	47,000	48,000	51,000
Common Stock	45,000	47,000	48,000	51,000
Total Liabilities Net Minority Interest	175,255,000	179,937,000	181,344,000	175,237,000
Total Non Current Liabilities Net Minority Interest	141,731,000	140,356,000	141,146,000	147,350,000
Other Non Current Liabilities	20,964,000	20,943,000	20,122,000	20,396,000
Preferred Securities Outside Stock Equity					519,000
Non Current Deferred Liabilities	27,788,000	25,227,000	26,003,000	28,714,000
Non Current Deferred Taxes Liabilities	27,788,000	25,227,000	26,003,000	28,714,000
Long Term Debt And Capital Lease Obligation	92,979,000	94,186,000	95,021,000	98,240,000
Long Term Debt	92,979,000	94,186,000	95,021,000	98,240,000
Current Liabilities	33,524,000	39,581,000	40,198,000	27,887,000
Other Current Liabilities	1,000		-1,000
Current Deferred Liabilities	4,097,000	12,674,000	12,409,000	2,380,000
Current Deferred Revenue	4,097,000	3,507,000	3,242,000	2,380,000
Current Debt And Capital Lease Obligation	5,958,000	4,907,000	2,069,000	1,743,000
Current Debt	5,958,000	4,907,000	2,069,000	1,743,000
Other Current Borrowings			2,069,000	1,743,000	2,132,000
Payables And Accrued Expenses	23,468,000	22,000,000	25,721,000	23,764,000
Current Accrued Expenses	12,410,000	10,679,000	13,284,000	11,220,000
Payables	11,058,000	11,321,000	12,437,000	12,544,000
Accounts Payable	11,058,000	11,321,000	12,437,000	12,544,000
Total Assets	272,631,000	266,211,000	264,811,000	257,275,000
Total Non Current Assets	243,088,000	239,402,000	240,789,000	235,447,000
Other Non Current Assets	13,877,000	12,501,000	12,333,000	12,497,000
Investments And Advances	7,952,000	8,647,000	9,385,000	7,740,000
Other Investments				7,250,000	8,082,000
Long Term Equity Investment				490,000	605,000
Investments In Other Ventures Under Equity Method				490,000	605,000
Goodwill And Other Intangible Assets	155,579,000	155,706,000	159,385,000	159,725,000
Other Intangible Assets	93,979,000	97,506,000	100,085,000	101,225,000
Goodwill	61,600,000	58,200,000	59,300,000	58,500,000
Net PPE	65,680,000	62,548,000	59,686,000	55,485,000
Accumulated Depreciation	-60,800,000	-59,500,000	-58,700,000	-56,900,000
Gross PPE	126,480,000	122,048,000	118,386,000	112,385,000
Construction In Progress	2,400,000	8,600,000	7,100,000	4,900,000
Other Properties	94,800,000	89,200,000	88,200,000	85,700,000
Machinery Furniture Equipment				43,000,000	41,800,000
Buildings And Improvements	26,900,000	22,100,000	20,900,000	20,100,000
Land And Improvements	2,300,000	2,200,000	2,200,000	1,700,000
Current Assets	29,567,000	26,801,000	23,987,000	21,826,000
Other Current Assets	6,217,000	5,818,000	3,959,000	4,406,000
Receivables	13,869,000	13,661,000	13,813,000	12,671,000
Accounts Receivable	13,869,000	13,661,000	13,813,000	12,671,000
Allowance For Doubtful Accounts Receivable	-713,000	-738,000	-698,000	-736,000
Gross Accounts Receivable	14,582,000	14,399,000	14,511,000	13,407,000
Cash Cash Equivalents And Short Term Investments	9,481,000	7,322,000	6,215,000	4,749,000
Cash And Cash Equivalents	9,481,000	7,322,000	6,215,000	4,749,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	19,235,000	12,543,000	12,961,000	12,646,000
Repurchase Of Capital Stock		-9,103,000	-11,291,000	-13,328,000	-4,672,000
Repayment Of Debt	-5,740,000	-3,573,000	-9,190,000	-2,307,000
Issuance Of Debt	3,494,000	6,268,000	6,052,000	2,745,000
Capital Expenditure	-14,408,000	-15,130,000	-15,540,000	-13,767,000
Interest Paid Supplemental Data	3,871,000	3,657,000	3,711,000	3,413,000
Income Tax Paid Supplemental Data	755,000	7,096,000	5,107,000	5,265,000
End Cash Position	10,559,000	7,377,000	6,282,000	4,782,000
Beginning Cash Position	7,377,000	6,282,000	4,782,000	8,778,000
Effect Of Exchange Rate Changes	42,000	-26,000	9,000	-86,000
Changes In Cash	3,140,000	1,121,000	1,491,000	-3,910,000
Financing Cash Flow	-14,346,000	-10,883,000	-19,850,000	-16,184,000
Cash Flow From Continuing Financing Activities	-14,345,000	-10,883,000	-19,850,000	-16,185,000
Net Other Financing Charges	-51,000	339,000	5,000	787,000
Proceeds From Stock Option Exercised	-7,155,000	-9,103,000	-11,291,000	-13,328,000
Cash Dividends Paid	-4,894,000	-4,814,000	-4,766,000	-4,741,000
Common Stock Dividend Paid	-4,894,000	-4,814,000	-4,766,000	-4,741,000
Net Common Stock Issuance		-9,103,000	-11,291,000	-13,328,000	-4,672,000
Common Stock Payments		-9,103,000	-11,291,000	-13,328,000	-4,672,000
Net Issuance Payments Of Debt	-2,246,000	2,695,000	-3,798,000	1,098,000
Net Short Term Debt Issuance	0	0	-660,000	660,000
Net Long Term Debt Issuance	-2,246,000	2,695,000	-3,138,000	438,000
Long Term Debt Payments	-5,740,000	-3,573,000	-9,190,000	-2,307,000
Long Term Debt Issuance	3,494,000	6,268,000	6,052,000	2,745,000
Investing Cash Flow	-16,157,000	-15,670,000	-7,161,000	-14,140,000
Cash Flow From Continuing Investing Activities	-16,158,000	-15,670,000	-7,161,000	-14,140,000
Net Other Investing Changes	200,000	6,000	558,000	246,000
Net Investment Purchase And Sale	-1,302,000	-1,082,000	7,297,000	-2,274,000
Sale Of Investment	0	0	8,610,000	0
Purchase Of Investment	-1,302,000	-1,082,000	-1,313,000	-2,274,000
Net Business Purchase And Sale	-647,000	536,000	524,000	1,655,000
Sale Of Business	670,000	771,000	661,000	1,985,000
Purchase Of Business	-1,317,000	-235,000	-137,000	-330,000
Net Intangibles Purchase And Sale	-2,658,000	-2,949,000	-3,298,000	-3,141,000
Purchase Of Intangibles	-2,658,000	-2,949,000	-3,298,000	-3,141,000
Capital Expenditure Reported	-11,750,000	-12,181,000	-12,242,000	-10,626,000
Operating Cash Flow	33,643,000	27,673,000	28,501,000	26,413,000
Cash Flow From Continuing Operating Activities	33,644,000	27,674,000	28,501,000	26,413,000
Change In Working Capital	2,177,000	-4,943,000	1,008,000	-2,904,000
Change In Other Working Capital	1,994,000	-4,611,000	2,784,000	-1,623,000
Change In Other Current Assets	338,000	290,000	-260,000	-451,000
Change In Payables And Accrued Expense	-20,000	-758,000	-520,000	497,000
Change In Receivables	-135,000	136,000	-996,000	-1,327,000
Other Non Cash Items	487,000	463,000	316,000	309,000
Stock Based Compensation	1,288,000	1,288,000	1,241,000	1,336,000
Asset Impairment Charge		0	0	8,583,000	0
Deferred Tax	2,674,000	-902,000	-2,739,000	-834,000
Deferred Income Tax	2,674,000	-902,000	-2,739,000	-834,000
Depreciation Amortization Depletion	16,210,000	14,802,000	14,336,000	13,821,000
Depreciation And Amortization	16,210,000	14,802,000	14,336,000	13,821,000
Amortization Cash Flow	6,884,000	6,072,000	5,482,000
Amortization Of Intangibles	6,884,000	6,072,000	5,482,000
Depreciation	9,327,000	8,729,000	8,854,000		13,804,000
Operating Gains Losses	-8,853,000	1,088,000	-768,000	1,177,000
Net Income From Continuing Operations	19,660,000	15,877,000	15,107,000	4,925,000

These metrics estimate what Comcast Corporation is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$57.43

Margin of Safety

53.0%

Market Cap ÷ Company Value

1.95

P/B Ratio

0.99

Warren's Owner Earnings

$50.6B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

6/7 — Defensive Investor

✅ Adequate Size

$123.7B

vs > $1.5B revenue

❌ Strong Financial Condition

0.88x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

4.86%

vs Uninterrupted dividends

✅ Earnings Growth

+345.5% EPS growth

vs > 33% EPS growth

✅ Moderate P/E Ratio

5.3x

vs P/E ≤ 15.0x

✅ Moderate Price-to-Book

0.99x P/B (P/E×P/B: 5.3)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-40.89

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$64.46

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	72.0%	93.4%	101.0%	256.4%	N/A
Repurchase of Capital Stock	N/A	-$9.1B	-$11.3B	-$13.3B	-$4.7B
Free Cash Flow	$19.2B ▲	$12.5B ▼	$13.0B ▲	$12.6B •	N/A •
Warren's Owner Earnings	$50.6B	$46.1B	$45.3B	$33.0B	N/A

Peers & Industry Comparison

Telecom Services — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
CMCSA	$26.99	$96.4B	5.29	71.7%	16.2%	$123.7B
T AT&T Inc.	$26.02	$180.8B	8.6	59.4%	16.9%	$126.5B
VZ Verizon Communications Inc.	$47.47	$198.2B	11.6	58.9%	12.5%	$139.1B
TMUS T-Mobile US, Inc.	$194.03	$210.0B	20.6	63.3%	11.6%	$90.5B
CHTR Charter Communications, Inc.	$165.44	$23.4B	4.5	55.3%	9.0%	$54.6B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.75%

Low — management has little skin in the game

Return on Equity (ROE)

20.6%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

7.3%

Strong — management uses assets efficiently

Debt Trend YoY

-0.2% YoY

Debt is declining — management is deleveraging

Leadership Team

Brian Roberts

Chairman & Co-CEO

Age 65

Pay: $11,675,337

0.058% of net income

Michael Cavanagh

Co-CEO & Director

Age 59

Pay: $11,415,529

0.057% of net income

Jason Armstrong

Chief Financial Officer

Age 48

Pay: $6,680,574

0.033% of net income

David Watson

Vice Chairman

Age 67

Pay: $9,336,534

0.047% of net income

Marci Ryvicker

Executive Vice President of Investor Relations

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	10.37%	369,311,219
Blackrock Inc.	8.86%	315,783,631
State Street Corporation	5.24%	186,805,081
Capital World Investors	3.94%	140,343,399
Dodge & Cox Inc.	3.17%	112,967,514
Geode Capital Management, LLC	2.52%	89,913,362
NORGES BANK	2.35%	83,594,032
FMR, LLC	1.88%	67,086,562

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.69

Low volatility — more stable than the market

Short Interest

2.4% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

1.07x

Moderate leverage

Current Ratio

0.86x

Weak liquidity — current liabilities exceed current assets

52-Week Price Range

Low: $24.13 Current: $26.99 High: $34.36

Currently at 28% of 52-week range

360investing