Comcast Corporation (CMCSA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+1178.7%

$303.75

vs $23.76 price

Levered DCF

$201.94

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.33

Distress zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	5.18×	9×	11.76×	28.66×	16.29×	22.78×	15.67×	13.15×
P/B	1.05×	1.71×	2.19×	1.9×	2.4×	2.65×	2.47×	2.15×
P/S	0.82×	1.19×	1.49×	1.27×	1.98×	2.31×	1.88×	1.63×
EV / EBITDA	4.37×	6.34×	7.3×	9.23×	8.66×	10.61×	8.88×	8.79×
Gross margin	71.7%	70.1%	69.8%	68.5%	67.0%	68.0%	68.4%	68.6%
Operating margin	16.7%	18.8%	19.2%	18.6%	17.9%	16.9%	19.4%	20.1%
Net margin	16.2%	13.1%	12.7%	4.4%	12.2%	10.2%	12.0%	12.4%
Current ratio	0.88×	0.68×	0.6×	0.78×	0.85×	0.93×	0.84×	0.79×
Debt / equity	1.14×	1.16×	1.32×	1.24×	1.04×	1.21×	1.3×	1.56×
Interest coverage	4.69×	5.64×	5.7×	5.81×	4.86×	3.81×	4.63×	5.37×
Dividend yield	4.8%	3.3%	2.6%	3.1%	2.0%	1.7%	1.8%	2.2%
Payout ratio	24.5%	29.7%	31.0%	88.3%	32.0%	39.3%	28.6%	28.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	20.6%	18.9%	18.6%	6.6%	14.7%	11.7%	15.8%	16.4%
Return on invested capital	6.4%	8.6%	7.6%	5.2%	6.1%	5.4%	7.0%	6.5%
Return on assets	7.3%	6.1%	5.8%	2.1%	5.1%	3.8%	5.0%	4.7%
Free cash flow yield	18.9%	10.5%	7.2%	8.2%	7.4%	5.5%	6.5%	8.2%
Earnings yield	19.6%	11.0%	8.5%	3.5%	6.1%	4.4%	6.4%	7.6%
Enterprise value	$202.8B	$238.4B	$284B	$249.3B	$322B	$336.9B	$306.4B	$262B
Net debt / EBITDA	2.18×	2.44×	2.66×	3.53×	2.46×	3.06×	2.95×	3.62×
Cash conversion cycle (days)	-75	-71	-82	-82	-81	-85	-77	-62