Comcast (CMCSA)
NASDAQ:CMCSA
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Comcast
(NASDAQ:CMCSA)
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Rating:75Outperform
Price Target:
$31.00
▲(4.62% Upside)
Action:ReiteratedDate:04/23/26
CMCSA scores well on valuation (very low P/E and ~4.5% yield) and maintains solid underlying financial quality (strong margins and large cash generation), but the overall score is held back by mature/flat growth, leverage, and near-term EBITDA/ARPU pressure highlighted on the earnings call. Technical signals are mixed and do not materially improve conviction.
Positive Factors
Profitability & Cash Generation
High absolute cash generation and strong margins provide durable flexibility to fund network upgrades, content, and shareholder returns over the next 2–6 months. Even with recent FCF softness, elevated OCF/FCF levels support reinvestment, dividend continuity and debt servicing.
Negative Factors
Elevated Leverage
Meaningful leverage constrains financial flexibility and raises refinancing risk if cash flow weakens. With debt sizable versus equity and net leverage near 2.3x, management may need to prioritize deleveraging over growth investments or be limited in opportunistic capital deployment during downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability & Cash Generation
High absolute cash generation and strong margins provide durable flexibility to fund network upgrades, content, and shareholder returns over the next 2–6 months. Even with recent FCF softness, elevated OCF/FCF levels support reinvestment, dividend continuity and debt servicing.
Read all positive factors
Comcast (CMCSA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$95.59B
Dividend Yield4.42%
Average Volume (3M)32.41M
Price to Earnings (P/E)11.9
Beta (1Y)0.42
Revenue Growth1.39%
EPS Growth24.78%
CountryUS
Employees182,000
SectorCommunication Services
Sector Strength97
IndustryTelecommunications Services
Share Statistics
EPS (TTM)0.79
Shares Outstanding3,562,784,200
10 Day Avg. Volume23,729,710
30 Day Avg. Volume32,406,720
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 Cap1.89
Enterprise Value/Revenue1.44
Enterprise Value/Gross Profit2.34
Enterprise Value/Ebitda4.02
Forecast
1Y Price Target
$32.77Price Target Upside10.59% Upside
Rating ConsensusHold
Number of Analyst Covering16
EPS Forecast (FY)3.51
Revenue Forecast (FY)$121.54B
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...
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 i...
Comcast Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down revenue across different business segments, revealing which areas are driving growth and where there might be challenges or opportunities.
Breaks down revenue across different business segments, revealing which areas are driving growth and where there might be challenges or opportunities.
Data provided by:
The Fly
The FlyComcast Earnings Call Summary
Earnings Call Date:Apr 23, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Positive
The call presents a constructive mix of operational progress and near-term financial headwinds. Management reported meaningful early wins — record wireless net adds, improved broadband losses, strong Peacock subscriber growth, robust sports and advertising results, strong parks and studios performance, and solid free cash flow and shareholder returns. However, these positives are offset by near-term margin pressure driven by go-to-market investments (including bundled free wireless lines), first-year NBA rights dilution impacting Media EBITDA and broadband ARPU pressure that likely persists into Q2. Management describes these impacts as intentional investments with monetization and margin recovery expected later in the year, and the narrative emphasized confidence in the strategic pivot and the company’s ability to convert free lines to paid relationships.Positive Updates
Revenue Growth
Consolidated revenue increased 11% year-over-year in Q1 on a pro forma basis, benefiting from NBCUniversal events (Milan Cortina Olympics and Super Bowl). Excluding those events, revenue grew in the low single digits.
Negative Updates
Adjusted EBITDA Decline
Adjusted EBITDA declined 9% year-over-year for the quarter, reflecting investment and the first-year costs of the new NBA contract alongside broadband go-to-market changes.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue Growth
Consolidated revenue increased 11% year-over-year in Q1 on a pro forma basis, benefiting from NBCUniversal events (Milan Cortina Olympics and Super Bowl). Excluding those events, revenue grew in the low single digits.
Read all positive updates
Company Guidance
The company gave forward-looking color that broadband ARPU pressure should intensify modestly in Q2 but begin to ease as the year exits as free wireless lines monetize, with management expecting a “significant majority” of free lines to convert to paid in H2 and to provide a tailwind to convergence revenue and ARPA (convergence ARPA today ~ $85); Q1 operating metrics included broadband net losses improving ~117,000 YoY to a ~65,000 net loss, broadband ARPU down ~3.1%, convergence revenue down 2.8% and convergence ARPA down 0.8% (wireless service revenue +15%), 435,000 net wireless lines added (record quarterly), 9.7 million total lines (16% penetration of the residential broadband base), monthly data usage +10%, connects up for the first time in >4 years, and improving voluntary churn and NPS; company-wide revenue rose 11% (ex-event growth low-single-digits), adjusted EBITDA declined 9% (Connectivity & Platforms EBITDA down ~4.7%), Media saw roughly $2.0–$2.2 billion incremental event revenue (Legendary February), Peacock added ~2M net subs with revenue up >70% and paid subs ~46M (Peacock EBITDA loss ~$432M but expected to approach profitability next quarter as Q1 represented peak NBA-related dilution), Parks revenue +24% and EBITDA +33% (adjusted >7%), free cash flow was $3.9B with $2.5B returned to shareholders this quarter (including $1.25B repurchases and $1.2B dividends), and management reaffirmed a path to ~2.3x net leverage as VERSANT falls out of the trailing calculation.Comcast Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
68
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 125.28B | 123.71B | 123.73B | 121.57B | 121.43B | 116.39B |
| Gross Profit | 77.26B | 74.31B | 71.90B | 70.47B | 69.39B | 64.13B |
| EBITDA | 45.00B | 46.38B | 37.61B | 38.90B | 27.00B | 36.97B |
| Net Income | 18.60B | 19.80B | 16.19B | 15.39B | 5.37B | 14.16B |
Balance Sheet | ||||||
| Total Assets | 260.00B | 272.63B | 266.21B | 264.81B | 257.27B | 275.90B |
| Cash, Cash Equivalents and Short-Term Investments | 9.47B | 9.48B | 7.32B | 6.21B | 4.75B | 8.71B |
| Total Debt | 94.61B | 110.44B | 99.09B | 109.51B | 99.98B | 100.02B |
| Total Liabilities | 171.67B | 175.25B | 179.94B | 181.34B | 175.24B | 177.90B |
| Stockholders Equity | 88.27B | 96.90B | 85.56B | 82.70B | 80.94B | 96.09B |
Cash Flow | ||||||
| Free Cash Flow | 20.39B | 21.89B | 15.49B | 12.96B | 12.65B | 17.09B |
| Operating Cash Flow | 32.24B | 33.64B | 27.67B | 28.50B | 26.41B | 29.15B |
| Investing Cash Flow | -16.12B | -16.16B | -15.67B | -7.16B | -14.14B | -13.45B |
| Financing Cash Flow | -15.28B | -14.35B | -10.88B | -19.85B | -16.18B | -18.62B |
Comcast Technical Analysis
Positive
29.63
Price Trends
29.77
Negative
28.36
Positive
28.60
Positive
Market Momentum
-0.19
Negative
60.16
Neutral
89.18
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CMCSA, the sentiment is Positive. The current price of 29.63 is above the 20-day moving average (MA) of 28.35, below the 50-day MA of 29.77, and above the 200-day MA of 28.60, indicating a neutral trend. The MACD of -0.19 indicates Negative momentum. The RSI at 60.16 is Neutral, neither overbought nor oversold. The STOCH value of 89.18 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CMCSA.
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 1 New Risks
1.
If the Separation does not qualify as non-taxable, we and/or holders of our common stock could be subject to significant tax liability. Q4, 2025
Comcast Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $95.59B | 11.94 | 19.63% | 4.42% | 1.39% | 24.78% | |
69 Neutral | $196.59B | 10.46 | 16.78% | 6.60% | 2.85% | -2.51% | |
68 Neutral | $179.45B | 21.11 | 11.35% | 1.10% | 3.83% | 120.34% | |
67 Neutral | $178.92B | 13.24 | 19.37% | 4.56% | 2.92% | 83.12% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
55 Neutral | $3.85B | -0.56 | ― | ― | ― | ― | |
52 Neutral | $21.97B | 5.82 | 30.84% | ― | -0.92% | 3.13% |
* Communication Services Sector Average
CMCSA
Comcast
26.76
-3.93
-12.82%
T
AT&T
25.75
-0.79
-2.99%
CHTR
Charter Communications
158.65
-233.21
-59.51%
LBTYA
Liberty Global A
11.40
0.45
4.11%
VZ
Verizon
46.61
5.33
12.91%
DIS
Walt Disney
101.30
11.34
12.61%
Comcast Corporate Events
Business Operations and StrategyFinancial Disclosures
Comcast Updates Reporting Structure After Versant Spin-Off
Positive
Mar 16, 2026
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 compan...
Business Operations and StrategyExecutive/Board Changes
Comcast Expands Board Oversight with New Audit Committee Appointment
Positive
Feb 27, 2026
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 fo...
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.