Comcast (CMCSA) AI Stock Analysis

• Market Cap: $104.27B
• Dividend Yield: 4.42%
• Average Volume (3M): 26.19M
• Price to Earnings (P/E): 5.1
• Beta (1Y): 0.35
• Revenue Growth: 0.20%
• EPS Growth: 61.54%
• Country: US
• Employees: 182,000
• Sector: Communication Services
• Sector Strength: 97
• Industry: Telecommunications Services
• EPS (TTM): 0.84
• Shares Outstanding: 3,588,401,600
• 10 Day Avg. Volume: 25,471,894
• 30 Day Avg. Volume: 26,194,803
• PEG Ratio: 0.17
• Price to Book (P/B): 1.05
• Price to Sales (P/S): 0.82
• P/FCF Ratio: 4.65
• Enterprise Value/Market Cap: 2.00
• Enterprise Value/Revenue: 1.68
• Enterprise Value/Gross Profit: 2.80
• Enterprise Value/Ebitda: 4.49
• 1Y Price Target: $32.45
• Price Target Upside: 11.97% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 18
• EPS Forecast (FY): 3.68
• Revenue Forecast (FY): $122.52B

• Rating: 76 Outperform
• Price Target: $34.00 ▲(17.32% Upside)
• Action: Reiterated Date: 03/17/26
• Date: Action: Reiterated 03/17/26

CMCSA scores well primarily on strong cash generation and profitability, supported by very attractive valuation (low P/E and solid dividend yield). The score is tempered by near-term operational headwinds highlighted on the earnings call (broadband subscriber losses and expected ARPU/EBITDA pressure) and softer near-term technical momentum.

Positive Factors

Free Cash Flow Strength

Comcast's very strong TTM cash generation provides durable funding for capex, dividends, buybacks and strategic investments. High free cash flow supports capital returns and debt service flexibility, cushioning cyclical ad/content swings even as one-time tax benefits make year-to-year comparisons noisier.

Wireless Growth & Convergence

Rapid wireless additions and rising penetration create a durable convergence runway that strengthens subscriber stickiness. As management converts free lines to paid (guidance H2 2026), cross‑sell and bundled ARPU upside should materialize, improving lifetime value and revenue resilience over the medium term.

Network Modernization & Product Simplification

Substantial network modernization and simplified pricing reduce operating costs and technical churn while improving NPS. Fewer trouble calls and faster repairs lower service costs and support margin sustainability; simplified tiers and gig adoption also make upsell and retention more scalable across the residential base.

Negative Factors

Broadband Subscriber & ARPU Pressure

Deliberate migration to simpler, market-based pricing and free wireless promotions has driven broadband net losses and muted ARPU growth. This structural pricing transition will compress Connectivity & Platforms EBITDA in the near term and delay margin recovery until adoption, re-pricing and paid wireless conversions materially lift per-customer revenue.

Streaming Content Costs and Peacock Losses

Peacock’s large quarterly losses from high-cost sports rights create a structural margin headwind as content obligations are often front-loaded. Even with a path to breakeven, upfront amortization and rights commitments can depress media EBITDA and require sustained subscriber monetization and ad demand to offset ongoing content expense.

Versant Spin Reduced Cash Flow & Raised Leverage

The Jan 2026 Versant separation carved out businesses and associated cash flow, lowering Comcast’s diversified media cash generation and modestly increasing leverage. This structural reduction tightens near-term funding flexibility for capex and returns until management executes on deleveraging or replaces lost cash flow sources.

Comcast Business Overview & Revenue Model

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.

How the Company Makes Money

Comcast generates revenue primarily through (1) subscription and service fees from connectivity and pay-TV, (2) advertising sales across its media networks and platforms, (3) content production and distribution, and (4) theme park admissions and in-park spending. 1) Connectivity (Comcast Cable / Xfinity) — subscription and service revenue: - Broadband internet: A core revenue driver comes from monthly internet service subscriptions sold to residential customers, typically priced by speed tiers and sometimes bundled with other services. - Video (pay-TV): Comcast earns recurring subscription fees from cable TV packages, including fees for premium channels, set-top boxes/equipment, and related services. - Voice: Monthly fees for residential voice service contribute additional subscription revenue. - Business services: Comcast sells internet, networking, voice, and related managed services to small and mid-sized businesses and enterprises, generating recurring service revenue. - Wireless (Xfinity Mobile): Comcast earns service revenue from mobile plans (generally sold using a wholesale access model on a third-party network) and device sales; margins are influenced by customer acquisition/retention, device financing, and wholesale network costs. - Equipment and other fees: Modem/router rentals, installation, and other ancillary fees add to revenue. 2) Media and content (NBCUniversal) — advertising, distribution, and content monetization: - Advertising: NBCUniversal sells advertising across its broadcast network (NBC), cable networks, and other owned media properties; pricing depends on audience reach, ratings, and the overall ad market. - Distribution/affiliate fees: NBCUniversal receives fees from cable, satellite, and digital distributors for carrying its cable networks and in some cases retransmission consent payments tied to its broadcast stations. - Studios (film/TV): Revenue comes from producing and distributing films and television content, including theatrical releases, licensing to third-party platforms, syndication, and other distribution arrangements. - Streaming: Peacock monetizes through subscription fees (for paid tiers) and advertising (for ad-supported viewing), with revenue dependent on subscriber levels, engagement, and ad demand. 3) Sky — subscription, advertising, and related services (Europe): - Sky generates revenue from pay-TV subscriptions, broadband and voice services, and in some cases mobile-related offerings, along with advertising sales and content distribution. 4) Theme parks (NBCUniversal Theme Parks) — consumer spending: - Theme parks earn revenue from ticket sales, hotels (where applicable), food and beverage, merchandise, and other in-park experiences. Key factors influencing earnings include the scale and retention of broadband subscribers, advertising market conditions, content performance and licensing economics, streaming subscriber growth and monetization, and attendance/spending trends at theme parks. Significant partnerships that can affect revenue include wholesale network arrangements supporting Comcast’s wireless offering and distribution relationships for NBCUniversal/Sky channels and content.

Comcast Financial Statement Overview

Summary

Strong profitability and cash generation support the score (TTM gross margin ~60%, net margin ~16%, operating cash flow ~$33.6B and free cash flow ~$21.9B, both up vs 2024). Offsetting factors include largely flat revenue across 2023–2025 and historical earnings volatility (notably the 2022 net income dip), plus mixed leverage signals (historically higher debt-to-equity vs a much lower TTM reading).

Income Statement

Profitability and consistency are solid: TTM (Trailing-Twelve-Months) gross margin is ~60% and net margin is ~16%, with net income rising versus 2024. Revenue has been essentially flat from 2023–2025 (TTM revenue roughly in line with 2024), but the TTM revenue growth rate shown (0.32) points to a meaningful recent re-acceleration. The main weakness is volatility in profitability across the period, highlighted by the sharp net income dip in 2022 (net margin ~4%), which underscores earnings sensitivity to one-time items and cost pressure.

Balance Sheet

Balance sheet quality looks improved in TTM (Trailing-Twelve-Months) with low leverage shown (debt-to-equity ~0.06) and strong shareholder returns (return on equity ~21%). However, prior annual periods (2020–2024) show materially higher leverage (debt-to-equity roughly ~1.0–1.24), indicating leverage has historically been a meaningful part of the capital structure. Equity is sizable, but the sharp shift in debt levels between 2024 and TTM warrants caution when interpreting the latest leverage snapshot.

Cash Flow

Cash generation is a key strength: TTM (Trailing-Twelve-Months) operating cash flow is ~$33.6B and free cash flow is ~$21.9B, both up versus 2024, with a strong free cash flow growth figure provided (4.417). Free cash flow covers a healthy portion of earnings (free cash flow is ~65% of net income in TTM), supporting flexibility for debt service, buybacks, and reinvestment. The main weakness is that operating cash flow relative to net income is only about 1.0x in TTM (and sub-1.0x in several prior years), suggesting earnings quality is good but not consistently “cash over-earning.”

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	123.71B	123.73B	121.57B	121.43B	116.39B
Gross Profit	74.31B	71.90B	70.47B	69.39B	64.13B
EBITDA	46.38B	37.61B	38.90B	27.00B	36.97B
Net Income	19.80B	16.19B	15.39B	5.37B	14.16B
Balance Sheet
Total Assets	272.63B	266.21B	264.81B	257.27B	275.90B
Cash, Cash Equivalents and Short-Term Investments	9.48B	7.32B	6.21B	4.75B	8.71B
Total Debt	110.44B	99.09B	109.51B	99.98B	100.02B
Total Liabilities	175.25B	179.94B	181.34B	175.24B	177.90B
Stockholders Equity	96.90B	85.56B	82.70B	80.94B	96.09B
Cash Flow
Free Cash Flow	21.89B	15.49B	12.96B	12.65B	17.09B
Operating Cash Flow	33.64B	27.67B	28.50B	26.41B	29.15B
Investing Cash Flow	-16.16B	-15.67B	-7.16B	-14.14B	-13.45B
Financing Cash Flow	-14.35B	-10.88B	-19.85B	-16.18B	-18.62B

Comcast Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 28.98
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CMCSA, the sentiment is Negative. The current price of 28.98 is below the 20-day moving average (MA) of 30.78, below the 50-day MA of 30.16, and below the 200-day MA of 29.24, indicating a bearish trend. The MACD of -0.27 indicates Positive momentum. The RSI at 36.62 is Neutral, neither overbought nor oversold. The STOCH value of 6.14 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CMCSA.

Comcast Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CMCSA	76 Outperform	$104.27B	5.14	20.98%	4.42%	0.20%	61.54%
VZ	72 Outperform	$208.69B	10.02	16.62%	6.60%	2.42%	102.17%
DIS	69 Neutral	$175.73B	21.11	11.35%	1.10%	3.61%	152.34%
T	67 Neutral	$194.20B	8.14	20.35%	4.56%	1.98%	150.68%
LBTYA	61 Neutral	$3.95B	-0.56	―	―	―	―
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
CHTR	57 Neutral	$30.08B	5.66	31.24%	―	0.42%	13.46%

Comcast Corporate Events

Comcast Updates Reporting Structure After Versant Spin-Off

Beginning in the first quarter of 2026, Comcast implemented a revised reporting structure and customer metrics, recasting historical financials to reflect the January 2, 2026 separation of Versant Media Group as an independent Nasdaq-listed company under ticker VSNT. The company is presenting certain non-GAAP pro forma measures as if the separation had occurred on January 1, 2024, and is realigning segments by excluding Versant from Media, shifting regional sports networks to Corporate, moving Xumo into Residential Connectivity & Platforms, reallocating shared expenses, and expanding disclosure of residential connectivity relationships and new wireless and convergence revenue metrics to better reflect its ongoing operations.

These changes are intended to enhance comparability across periods and give investors clearer visibility into Comcast’s core residential connectivity and wireless growth drivers. The updated segmentation and metric presentation may also sharpen management focus on higher-growth connectivity businesses, while isolating legacy media and sports assets and providing stakeholders with a more transparent view of post-separation performance trends.

The most recent analyst rating on (CMCSA) stock is a Hold with a $34.00 price target. To see the full list of analyst forecasts on Comcast stock, see the CMCSA Stock Forecast page.

Comcast Expands Board Oversight with New Audit Committee Appointment

Comcast said that on February 25, 2026, its board of directors appointed Gordon Smith to serve on the board’s Audit Committee, following his earlier appointment as a director on February 4, 2026. The move signals Comcast’s continued focus on board-level financial oversight and governance, which may influence how the company manages risk, compliance and financial reporting for investors and other stakeholders.

The most recent analyst rating on (CMCSA) stock is a Sell with a $27.00 price target. To see the full list of analyst forecasts on Comcast stock, see the CMCSA Stock Forecast page.

Comcast Completes Spin-Off of Versant Media Group

On January 5, 2026, Comcast announced it had completed the previously disclosed separation of Versant Media Group, Inc., effective as of 11:59 p.m. Eastern Time on January 2, 2026, turning Versant into an independent, publicly traded media and entertainment company listed on Nasdaq under the ticker VSNT. Comcast distributed 100% of Versant’s Class A and Class B common stock to Comcast shareholders of record as of December 16, 2025, on a one-for-25 share basis, with fractional shares settled in cash, leaving Comcast with no remaining ownership stake in Versant and effectively carving out a portfolio of cable networks and digital assets—including CNBC, USA Network, Golf Channel, E!, SYFY, Fandango, Rotten Tomatoes, GolfNow, and GolfPass—into a standalone entity that may sharpen strategic focus for both companies and alter competitive dynamics across news, sports, and entertainment niches.

The most recent analyst rating on (CMCSA) stock is a Buy with a $33.00 price target. To see the full list of analyst forecasts on Comcast stock, see the CMCSA Stock Forecast page.

Comcast Finalizes New Co-CEO Employment Agreement for Cavanagh

On December 19, 2025, Comcast entered into a new employment agreement with Michael J. Cavanagh in connection with his planned elevation to Co-Chief Executive Officer on January 2, 2026, securing his role through January 1, 2029. The deal includes a $2.75 million annual base salary, an annual performance-based cash bonus target equal to 300% of his salary, and a performance-based restricted stock unit grant valued at about $35 million that cliff vests after three years subject to time and performance conditions, with detailed vesting protections in the event of resignation for good reason, termination without cause, death, or disability, underscoring Comcast’s long-term commitment to leadership continuity and performance-linked executive compensation.

The most recent analyst rating on (CMCSA) stock is a Sell with a $29.00 price target. To see the full list of analyst forecasts on Comcast stock, see the CMCSA Stock Forecast page.