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Comcast
(NASDAQ:CMCSA)
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Rating:72Outperform
Price Target:
$27.00
▲(21.08% Upside)
Action:Reiterated
Date:07/23/26
CMCSA scores well on valuation and cash-flow strength (low P/E, high dividend yield, and robust free cash flow), supporting an above-average overall rating. The score is held back by revenue growth concerns and leverage from the financials, plus mixed near-term operating pressure and buyback uncertainty discussed on the earnings call; technicals are also weak-to-neutral with limited momentum.
Positive Factors
Robust free cash flow generation
Consistently large operating cash flow and rising free cash flow provide durable internal funding for network investment, content financing, debt reduction, and shareholder returns. This cash productivity supports strategic flexibility over the next 2–6 months and beyond, even amid cyclical pressures.
Negative Factors
Elevated leverage limits flexibility
Sustained debt levels above one times equity constrains financial flexibility to fund content, network upgrades, or to absorb shocks. High leverage raises refinancing and interest risks over the medium term and makes delivery on separation capital targets more sensitive to cash flow variability.
Read all positive and negative factors
Positive Factors
Negative Factors
Robust free cash flow generation
Consistently large operating cash flow and rising free cash flow provide durable internal funding for network investment, content financing, debt reduction, and shareholder returns. This cash productivity supports strategic flexibility over the next 2–6 months and beyond, even amid cyclical pressures.
Read all positive factors
Comcast Key Performance Indicators (KPIs)
Any
Revenue by Segment
Shows how much revenue comes from Cable Communications, NBCUniversal, Sky and other units, revealing dependence on subscription vs. advertising cycles and geographic exposure. A diversified mix can smooth earnings, while heavy reliance on ad-driven or cyclical segments increases vulnerability to economic swings.
Shows how much revenue comes from Cable Communications, NBCUniversal, Sky and other units, revealing dependence on subscription vs. advertising cycles and geographic exposure. A diversified mix can smooth earnings, while heavy reliance on ad-driven or cyclical segments increases vulnerability to economic swings.
Data provided by:
The Fly
The FlyComcast (CMCSA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$85.03B
Dividend Yield5.51%
Average Volume (3M)38.89M
Price to Earnings (P/E)7.8
Beta (1Y)0.45
Revenue Growth0.58%
EPS Growth-48.94%
CountryUS
Employees179,000
SectorCommunication Services
Sector Strength97
IndustryTelecommunications Services
Share Statistics
EPS (TTM)3.08
Shares Outstanding3,539,192,100
10 Day Avg. Volume35,401,740
30 Day Avg. Volume38,892,532
Financial Highlights & Ratios
PEG Ratio0.17
Price to Book (P/B)1.05
Price to Sales (P/S)0.82
P/FCF Ratio4.65
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$29.77Price Target Upside33.49% Upside
Rating ConsensusHold
Number of Analyst Covering16
EPS Forecast (FY)3.51
Revenue Forecast (FY)$120.80B
Comcast Business Overview & Revenue Model
Company Description
Comcast Corporation functions as a global media and technology conglomerate. Its diverse operations are segmented across Cable Communications, Media, Studios, Theme Parks, and Sky. The Cable Communications division delivers internet, television, p...
How the Company Makes Money
Comcast primarily makes money by selling connectivity and media/entertainment services and monetizing content through multiple distribution channels. (1) Connectivity (Cable Communications): The largest recurring revenue stream is subscription fee...
Comcast Earnings Call Summary
Earnings Call Date:Jul 23, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Neutral
Mixed results: the quarter showed clear strategic progress and several material positives — record wireless additions and scale, Peacock reaching profitability and strong studios momentum, robust free cash flow — but near-term pressures remain in the Connectivity & Platforms business (ARPU and EBITDA declines), a consolidated adjusted EBITDA decline, and softness in Parks. Management expects the Connectivity headwinds to moderate as free wireless lines monetize and early investments are lapped, while Media and wireless are positioned to drive future growth. The call therefore balances meaningful operational and financial wins against important near-term execution and macro challenges.Positive Updates
Separation Announcement and Strategic Focus
Separation of Comcast into two companies announced three weeks prior with overwhelmingly positive internal and partner reaction; target to complete the separation in ~1 year and to establish investment-grade balance sheets for each company.
Negative Updates
Connectivity & Platforms EBITDA and ARPU Pressure
Connectivity & Platforms EBITDA declined ~5.8% driven by investments in the go-to-market pivot and customer experience; broadband ARPU declined ~3.8% in the quarter, and convergence revenue declined ~3.2% while convergence ARPA fell ~1.5%.
Read all updates
Q2-2026 Updates
Positive
Negative
Separation Announcement and Strategic Focus
Separation of Comcast into two companies announced three weeks prior with overwhelmingly positive internal and partner reaction; target to complete the separation in ~1 year and to establish investment-grade balance sheets for each company.
Read all positive updates
Company Guidance
The company reiterated that it expects to complete the announced separation in approximately one year and will set capital structures to achieve strong investment‑grade profiles (share repurchases paused as of July 1 through the separation); it also reiterated that Connectivity & Platforms trends should begin to modestly improve starting in Q3 as free wireless lines roll into paid relationships and early cohorts convert (management expects a significant majority to convert as roll‑offs accelerate in H2). Key metrics and near‑term guidance cited on the call: consolidated revenue +5% and adjusted EBITDA -5% (adjusted EPS $1.04); free cash flow $4.6B and $2.1B returned to shareholders this quarter (including $900M of repurchases now paused); Connectivity broadband losses improved by 34,000 YoY to -167,000, broadband ARPU down 3.8%, C&P EBITDA down 5.8%, convergence revenue down 3.2% and convergence ARPA down 1.5%, wireless service revenue +14% with a record 448,000 net line adds (10.2M total lines; ~17% penetration of domestic broadband customers and ~7% of total wireless opportunity; YTD net adds +25%); Business Services revenue +3.7% and EBITDA +5% (underlying ~3% ex‑one‑offs); Media revenue +25% and Media EBITDA +4% with Peacock adding 2M paid subs to 48M and Peacock EBITDA $189M; Studios revenue +25% and EBITDA +$141M; Theme Parks revenue +3% but EBITDA -5% amid short‑term attendance softness (management described the parks weakness as temporary and are monitoring Q3).Comcast Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
64
Positive
Cash Flow
80
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 124.91B | 123.71B | 123.73B | 121.57B | 121.43B | 116.39B |
| Gross Profit | 86.67B | 88.76B | 86.70B | 84.81B | 83.21B | 77.94B |
| EBITDA | 33.63B | 46.39B | 37.61B | 38.90B | 27.00B | 37.18B |
| Net Income | 11.20B | 20.00B | 16.19B | 15.39B | 5.37B | 14.16B |
Balance Sheet | ||||||
| Total Assets | 257.52B | 272.63B | 266.21B | 264.81B | 257.27B | 275.90B |
| Cash, Cash Equivalents and Short-Term Investments | 7.66B | 9.48B | 7.32B | 6.21B | 4.75B | 8.71B |
| Total Debt | 90.38B | 110.44B | 99.09B | 109.51B | 99.98B | 100.02B |
| Total Liabilities | 167.79B | 175.25B | 179.94B | 181.34B | 175.24B | 177.90B |
| Stockholders Equity | 89.77B | 96.90B | 85.56B | 82.70B | 80.94B | 96.09B |
Cash Flow | ||||||
| Free Cash Flow | 20.44B | 21.89B | 15.38B | 12.96B | 12.65B | 17.09B |
| Operating Cash Flow | 32.52B | 33.64B | 27.67B | 28.50B | 26.41B | 29.15B |
| Investing Cash Flow | -14.74B | -16.16B | -15.67B | -7.16B | -14.14B | -13.45B |
| Financing Cash Flow | -19.78B | -14.35B | -10.88B | -19.85B | -16.18B | -18.62B |
Comcast Risk Analysis
Comcast disclosed 20 risk factors in its most recent earnings report. Comcast reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Comcast Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $159.32B | 7.68 | 19.48% | 4.60% | 2.63% | 72.35% | |
73 Outperform | $185.26B | 18.03 | 18.22% | 2.19% | 9.68% | -10.02% | |
72 Outperform | $85.03B | 7.78 | 12.04% | 5.92% | 0.58% | -48.94% | |
69 Neutral | $195.46B | 12.19 | 15.52% | 6.03% | 1.38% | -10.78% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
54 Neutral | $19.40B | 3.72 | 30.43% | ― | -1.50% | 4.45% | |
43 Neutral | $24.37B | 168.13 | -151.68% | ― | -5.60% | -6044.89% |
* Communication Services Sector Average
CMCSA
Comcast
23.96
-5.13
-17.64%
T
AT&T
23.25
-3.18
-12.05%
CHTR
Charter Communications
144.98
-116.77
-44.61%
ECHO
Echostar
84.09
57.76
219.37%
VZ
Verizon
46.81
6.61
16.43%
TMUS
T Mobile US
172.71
-63.84
-26.99%
Comcast Corporate Events
Business Operations and StrategyExecutive/Board ChangesM&A Transactions
Comcast to Spin Off NBCUniversal into Separate Company
Positive
Jun 29, 2026
On June 29, 2026, Comcast announced plans to separate its media assets, including NBCUniversal and Sky, from its connectivity-focused operations via a tax-free spin-off expected to close in about a year. The move will create two independent public...
Executive/Board ChangesShareholder Meetings
Comcast Shareholders Reaffirm Board, Auditor and Pay Structure
Positive
Jun 12, 2026
At Comcast’s annual meeting on June 10, 2026, shareholders elected all nominated directors to one-year terms, reaffirming the current board composition and leadership structure. Investors also ratified Deloitte Touche LLP as independent aud...
Business Operations and StrategyPrivate Placements and Financing
Comcast Expands Cash Tender Offers to Cut Debt
Positive
Jun 3, 2026
On June 3, 2026, Comcast Corporation and its subsidiary Comcast Cable Communications, LLC reported the results of their previously announced cash tender offers for a range of outstanding senior notes maturing between 2027 and 2030. The companies i...
Business Operations and StrategyPrivate Placements and Financing
Comcast Announces Pricing for Senior Notes Tender Offers
Positive
Jun 2, 2026
On June 2, 2026, Comcast Corporation and Comcast Cable Communications, LLC announced the pricing terms for previously launched cash tender offers to purchase any and all of 13 series of outstanding senior notes maturing between 2027 and 2030. The ...
Business Operations and StrategyPrivate Placements and Financing
Comcast Announces Cash Tender Offers to Repurchase Debt
Positive
May 27, 2026
On May 27, 2026, Comcast Corporation and its subsidiary Comcast Cable Communications launched a series of cash tender offers to repurchase any and all of 13 tranches of outstanding senior notes maturing between 2027 and 2030. The program covers bo...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.