Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin13.1%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin6.9%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
F
Years to Pay Off Debt43.5 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt-$93.7B
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital-$4.5B
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
D
Margin of Safety0.0%
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book0.91x
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Cash Flow
C
Free Cash Flow$3.9B
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income137.5%
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings$9.0B
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
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.
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.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Margin of Safety
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Mr. Market is currently offering Comcast Corporation at $22.43.
The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.
At $22.43, the stock trades at a 23% premium to its Graham Number of $18.29. Graham would consider this price speculative.
There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.
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 is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.
Showing Key Metrics
Income Highlights
Metric
Q1 2026
Q4 2025
Q4 2024
Gross Profit %
65.4%▼
68.1%•
N/A
Operating Margin %
13.1%▲
10.8%•
N/A
Net Income %
6.9%▲
6.7%•
N/A
Diluted EPS
0.60→
0.60•
N/A
Balance Sheet Highlights
Metric
Q1 2026
Q4 2025
Q4 2024
Total Assets
$260.0B
$272.6B
N/A
Total Debt
$94.6B▼
$98.9B•
N/A
Working Capital
-$4.5B▼
-$4.0B•
N/A
Years to Pay Debt
43.52
45.64
N/A
Cash Flow Highlights
Metric
Q1 2026
Q4 2025
Q4 2024
Free Cash Flow
$3.9B▼
$4.4B•
N/A
Owner Earnings
$9.0B
$10.8B
N/A
CapEx % of Net Income
137.5%
206.3%
N/A
Income Statement
2026
2025
2024
Tax Effect Of Unusual Items
21,183
3,133
Tax Rate For Calcs
0
0
Normalized EBITDA
7,611,000
7,397,000
Total Unusual Items
82,000
76,000
Total Unusual Items Excluding Goodwill
82,000
76,000
Net Income From Continuing Operation Net Minority Interest
2,174,000
2,168,000
Reconciled Depreciation
3,865,000
4,187,000
Reconciled Cost Of Revenue
10,885,000
10,306,000
EBITDA
7,693,000
7,473,000
EBIT
3,827,000
3,285,000
Net Interest Income
-1,094,000
-1,126,000
Interest Expense
1,094,000
1,126,000
Normalized Income
2,113,183
2,095,133
Net Income From Continuing And Discontinued Operation
2,174,000
2,168,000
Total Expenses
27,322,000
28,824,000
Total Operating Income As Reported
4,135,000
3,488,000
Diluted Average Shares
3,617,000
3,636,000
Basic Average Shares
3,576,869
3,604,213
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
2,174,000
2,168,000
Net Income Common Stockholders
2,174,000
2,168,000
Net Income
2,174,000
2,168,000
Minority Interests
147,000
97,000
Net Income Including Noncontrolling Interests
2,027,000
2,070,000
Net Income Continuous Operations
2,027,000
2,070,000
Tax Provision
706,000
89,000
Pretax Income
2,733,000
2,159,000
Other Income Expense
-309,000
-203,000
Other Non Operating Income Expenses
41,000
Earnings From Equity Interest
-391,000
-279,000
Gain On Sale Of Security
82,000
76,000
Net Non Operating Interest Income Expense
-1,094,000
-1,126,000
Interest Expense Non Operating
1,094,000
1,126,000
Operating Income
4,135,000
3,486,000
Operating Expense
16,438,000
18,519,000
Other Operating Expenses
10,408,000
11,904,000
Depreciation Amortization Depletion Income Statement
3,866,000
4,188,000
Depreciation And Amortization In Income Statement
3,866,000
4,188,000
Amortization
1,533,000
1,795,000
Amortization Of Intangibles Income Statement
1,533,000
1,795,000
Depreciation Income Statement
2,333,000
2,393,000
Selling General And Administration
2,164,000
2,427,000
Selling And Marketing Expense
2,164,000
2,427,000
Gross Profit
20,573,000
22,005,000
Cost Of Revenue
10,884,000
10,305,000
Total Revenue
31,457,000
32,310,000
Operating Revenue
31,457,000
32,310,000
Balance Sheet
2026
2025
2024
Treasury Shares Number
919,026
919,026
Ordinary Shares Number
3,576,869
3,604,213
Share Issued
4,495,895
4,523,239
Net Debt
85,144,000
89,456,000
Total Debt
94,612,000
98,937,000
Tangible Book Value
-55,956,000
-58,676,000
Invested Capital
182,886,000
195,840,000
Working Capital
-4,486,000
-3,957,000
Net Tangible Assets
-55,956,000
-58,676,000
Common Stock Equity
88,274,000
96,903,000
Total Capitalization
177,492,000
189,882,000
Total Equity Gross Minority Interest
88,540,000
97,376,000
Minority Interest
266,000
473,000
Stockholders Equity
88,274,000
96,903,000
Other Equity Interest
-1,000
-1,000
Gains Losses Not Affecting Retained Earnings
-399,000
-8,000
Other Equity Adjustments
-399,000
-8,000
Treasury Stock
7,517,000
7,517,000
Retained Earnings
58,602,000
66,675,000
Additional Paid In Capital
37,543,000
37,709,000
Capital Stock
45,000
45,000
Common Stock
45,000
45,000
Total Liabilities Net Minority Interest
171,462,000
175,255,000
Total Non Current Liabilities Net Minority Interest
138,154,000
141,731,000
Other Non Current Liabilities
20,709,000
20,964,000
Non Current Deferred Liabilities
28,227,000
27,788,000
Non Current Deferred Taxes Liabilities
28,227,000
27,788,000
Long Term Debt And Capital Lease Obligation
89,218,000
92,979,000
Long Term Debt
89,218,000
92,979,000
Current Liabilities
33,308,000
33,524,000
Other Current Liabilities
-1,000
1,000
Current Deferred Liabilities
4,006,000
4,097,000
Current Deferred Revenue
4,006,000
4,097,000
Current Debt And Capital Lease Obligation
5,394,000
5,958,000
Current Debt
5,394,000
5,958,000
Other Current Borrowings
5,394,000
Payables And Accrued Expenses
23,909,000
23,468,000
Current Accrued Expenses
11,932,000
12,410,000
Payables
11,977,000
11,058,000
Accounts Payable
11,977,000
11,058,000
Total Assets
260,002,000
272,631,000
Total Non Current Assets
231,206,000
243,088,000
Other Non Current Assets
14,054,000
13,877,000
Investments And Advances
7,450,000
7,952,000
Goodwill And Other Intangible Assets
144,230,000
155,579,000
Other Intangible Assets
90,830,000
93,979,000
Goodwill
53,400,000
61,600,000
Net PPE
65,472,000
65,680,000
Accumulated Depreciation
-61,274,000
-60,800,000
Gross PPE
126,746,000
126,480,000
Construction In Progress
2,400,000
8,600,000
Other Properties
94,800,000
89,200,000
Buildings And Improvements
26,900,000
22,100,000
Land And Improvements
2,300,000
2,200,000
Current Assets
28,822,000
29,567,000
Other Current Assets
5,276,000
6,217,000
Receivables
14,078,000
13,869,000
Accounts Receivable
14,078,000
13,869,000
Allowance For Doubtful Accounts Receivable
-697,000
-713,000
Gross Accounts Receivable
14,775,000
14,582,000
Cash Cash Equivalents And Short Term Investments
9,468,000
9,481,000
Cash And Cash Equivalents
9,468,000
9,481,000
Cash Flow
2026
2025
2024
Free Cash Flow
3,901,000
4,368,000
Repurchase Of Capital Stock
-1,502,000
-1,537,000
Repayment Of Debt
-3,182,000
-1,374,000
Issuance Of Debt
1,990,000
1,000,000
Capital Expenditure
-2,990,000
-4,473,000
Interest Paid Supplemental Data
1,189,000
1,154,000
Income Tax Paid Supplemental Data
-1,623,000
1,108,000
End Cash Position
9,517,000
10,559,000
Beginning Cash Position
10,559,000
9,371,000
Effect Of Exchange Rate Changes
-6,000
7,000
Changes In Cash
-1,036,000
1,181,000
Financing Cash Flow
-5,008,000
-3,222,000
Cash Flow From Continuing Financing Activities
-5,008,000
-3,221,000
Net Other Financing Charges
-1,066,000
-102,000
Proceeds From Stock Option Exercised
-1,502,000
-1,537,000
Cash Dividends Paid
-1,248,000
-1,209,000
Common Stock Dividend Paid
-1,248,000
-1,209,000
Net Common Stock Issuance
-1,502,000
-1,537,000
Common Stock Payments
-1,502,000
-1,537,000
Net Issuance Payments Of Debt
-1,192,000
-374,000
Net Long Term Debt Issuance
-1,192,000
-374,000
Long Term Debt Payments
-3,182,000
-1,374,000
Long Term Debt Issuance
1,990,000
1,000,000
Investing Cash Flow
-2,919,000
-4,437,000
Cash Flow From Continuing Investing Activities
-2,919,000
-4,439,000
Net Other Investing Changes
276,000
121,000
Net Investment Purchase And Sale
-237,000
-76,000
Purchase Of Investment
-237,000
-76,000
Net Business Purchase And Sale
32,000
-9,000
Sale Of Business
32,000
26,000
Purchase Of Business
0
-35,000
Net Intangibles Purchase And Sale
-639,000
-724,000
Purchase Of Intangibles
-639,000
-724,000
Capital Expenditure Reported
-2,351,000
-3,749,000
Operating Cash Flow
6,891,000
8,841,000
Cash Flow From Continuing Operating Activities
6,891,000
8,843,000
Change In Working Capital
-555,000
2,330,000
Change In Other Working Capital
-673,000
2,560,000
Change In Other Current Assets
375,000
506,000
Change In Payables And Accrued Expense
1,119,000
115,000
Change In Receivables
-1,376,000
-851,000
Other Non Cash Items
134,000
127,000
Stock Based Compensation
427,000
274,000
Deferred Tax
730,000
-576,000
Deferred Income Tax
730,000
-576,000
Depreciation Amortization Depletion
3,865,000
4,187,000
Depreciation And Amortization
3,865,000
4,187,000
Amortization Cash Flow
1,533,000
1,795,000
Amortization Of Intangibles
1,533,000
1,795,000
Depreciation
2,333,000
2,393,000
Operating Gains Losses
263,000
429,000
Net Income From Continuing Operations
2,027,000
2,070,000
📊Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarter vs Same Quarter Last Year
YoY strips seasonality
Revenue Growth (YoY)
Prior year: $29.9B▲ $31.5B+5.3%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 71.8%▼ 65.4%-6.4pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: 13.8%▼ 13.1%-0.7pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: 11.3%▼ 6.9%-4.4pp
Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
✅ Adequate Size
Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.
$31.5B/qtr (≈$125.8B ann.)
vs > $1.5B annualised revenue
❌ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
0.87x current ratio
vs ≥ 2.0x
✅ Free Cash Flow
Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.
$3.9B
vs Positive
Operating Cash Flow
$6.9B
Latest quarter · Buffett's cash reality check
ROIC
1.4%
Based on latest annual operating income
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Market Cap / Net Assets
0.9x
Net Assets: $88.5B
Asset Context — Telecom Services
Platform and internet businesses derive value from network effects, user data, and brand — intangibles that accounting rules don't capitalise. A low or negative Net Assets figure is expected and not a risk signal. ROIC and FCF per share are more relevant valuation anchors.
"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
0.74%
Low — management has little skin in the game
Return on Equity (ROE)
2.5%
Weak — poor returns on equity
Return on Assets (ROA)
0.8%
Poor — assets are not generating adequate returns
Share Buybacks (Latest Year)
$7.2B
Management is returning capital to shareholders via buybacks
Debt Trend YoY
-4.4% YoY
Debt is declining — management is deleveraging
Leadership Team
Brian Roberts
Chairman & Co-CEO
Age 65
Pay: $11,675,337
0.537% of net income
Michael Cavanagh
Co-CEO & Director
Age 59
Pay: $11,415,529
0.525% of net income
Jason Armstrong
Chief Financial Officer
Age 48
Pay: $6,680,574
0.307% of net income
David Watson
Vice Chairman
Age 67
Pay: $9,336,534
0.429% of net income
Marci Ryvicker
Executive Vice President of Investor Relations
Top Institutional Holders
Institution
% Owned
Shares
Blackrock Inc.
8.84%
314,985,765
Vanguard Capital Management LLC
6.54%
233,154,772
State Street Corporation
5.13%
182,735,113
Capital World Investors
5.11%
182,141,779
Charles Schwab Investment Management, Inc.
3.41%
121,558,654
Dodge & Cox Inc.
3.17%
113,108,244
Capital Research Global Investors
2.51%
89,574,393
Geode Capital Management, LLC
2.47%
88,110,009
⚠️Current ratio below 1 — liquidity risk
Risk Analysis
Beta (Market Risk)
0.66
Low volatility — more stable than the market
Short Interest
2.7% 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: $22.38Current: $22.43High: $34.36
Currently at 0% of 52-week range
Comcast Corporation (CMCSA) fundamental analysis — Overall grade D based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: $18.29. Margin of safety: 0%. Gross profit margin: 65.4%. Operating margin: 13.1%. Net margin: 6.9%. Market cap: $80.1B. Sector: Communication Services. Industry: Telecom Services. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
Disclaimer: 360investing is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice. All data is sourced from public third-party providers
and may be delayed, inaccurate, or incomplete. Past performance is not indicative of future results. Analysis, scores, and valuations are algorithmic and do not represent professional investment recommendations. Always conduct your own due
diligence and consult a qualified financial adviser before making any investment decision. Use of this tool constitutes acceptance that 360investing and its operators bear no liability for decisions made based on information presented here.