Comcast (CMCSA)
NASDAQ:CMCSA
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Comcast
(NASDAQ:CMCSA)
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Rating:76Outperform
Price Target:
$34.00
▲(22.35% Upside)
Action:ReiteratedDate: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.
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.
Read all positive and negative factors
Positive Factors
Negative 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.
Read all positive factors
Comcast (CMCSA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$99.98B
Dividend Yield4.42%
Average Volume (3M)33.95M
Price to Earnings (P/E)5.1
Beta (1Y)0.36
Revenue Growth0.20%
EPS Growth61.54%
CountryUS
Employees182,000
SectorCommunication Services
Sector Strength97
IndustryTelecommunications Services
Share Statistics
EPS (TTM)0.84
Shares Outstanding3,588,401,600
10 Day Avg. Volume48,349,258
30 Day Avg. Volume33,953,465
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 Cap2.03
Enterprise Value/Revenue1.64
Enterprise Value/Gross Profit2.73
Enterprise Value/Ebitda4.37
Forecast
1Y Price Target
$31.93Price Target Upside14.91% Upside
Rating ConsensusHold
Number of Analyst Covering17
EPS Forecast (FY)3.53
Revenue Forecast (FY)$121.25B
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:Jan 29, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 23, 2026
Earnings Call Sentiment Positive
The call highlighted substantial strategic progress across multiple growth engines — record free cash flow (helped by a one-time tax benefit), strong wireless net additions and penetration, meaningful parks and Peacock momentum, and measurable benefits from network modernization — while also acknowledging near-term headwinds: a significant quarterly EBITDA and EPS decline, broadband subscriber losses and ARPU pressure tied to a major pricing and packaging transition, upfront sports-related EBITDA dilution at Peacock, and intensified competitive dynamics. Management framed the negatives as deliberate investments to position the company for durable long-term growth and expects performance to improve as investments are lapped and free wireless lines convert to paid relationships.Positive Updates
Record Free Cash Flow
Full-year free cash flow of $19.2 billion, the highest year on record, driven by lower cash taxes, favorable working capital, and lower capital spending.
Negative Updates
Quarterly Profitability Pressure
Adjusted EBITDA declined ~10% in the quarter and adjusted EPS declined ~12%, reflecting investment-led dilution across businesses and new sports rights costs.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Free Cash Flow
Full-year free cash flow of $19.2 billion, the highest year on record, driven by lower cash taxes, favorable working capital, and lower capital spending.
Read all positive updates
Company Guidance
Management guided that 2026 will be the largest broadband investment year in Comcast’s history, targeting migration of the majority of residential broadband customers to simplified, market‑based pricing and four nationwide speed tiers (all‑in pricing, five‑year price guarantee) by year‑end; they warned of further broadband ARPU pressure and incremental Connectivity & Platforms EBITDA pressure over the next couple of quarters (context: Q4 broadband ARPU +1.1% and Q4 net broadband losses of 181,000) but expect improvement in the back half as those investments lap. On wireless, they expect a meaningful portion of customers currently on free lines to convert to paid relationships in H2 2026, which should boost convergence revenue (company ended 2025 with >9.0M total lines, ~15% penetration of the residential base, and ~1.5M net lines added in 2025). Peacock should continue meaningful EBITDA improvement toward breakeven in 2026 (44M paid subs, Q4 Peacock revenue $1.6B, Q4 loss $552M, full‑year loss improvement ≈$700M), while parks and studios ramp content and Epic Universe contributes through the full year. Financials: 2025 free cash flow was $19.2B (including a ~$2B one‑time tax benefit), 2026 tax benefits are expected to be significantly lower; total capital spending is expected to be roughly similar to 2025 (~$14.4B total, including ~$10.5B at Connectivity & Platforms and ~$3.6B at Content & Experiences), net leverage ended 2025 at 2.3x (to rise slightly after the Versant spin with an intent to return to 2.3x), the dividend is maintained at $1.32/share, and capital returns will continue (nearly $12B returned in 2025, including ~ $7B repurchases).Comcast Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
70
Positive
Cash Flow
86
Very Positive
| 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
Negative
27.79
Price Trends
29.87
Negative
28.08
Negative
28.73
Negative
Market Momentum
-0.61
Positive
35.18
Neutral
12.21
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 27.79 is below the 20-day moving average (MA) of 28.83, below the 50-day MA of 29.87, and below the 200-day MA of 28.73, indicating a bearish trend. The MACD of -0.61 indicates Positive momentum. The RSI at 35.18 is Neutral, neither overbought nor oversold. The STOCH value of 12.21 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $99.98B | 5.14 | 20.98% | 4.42% | 0.20% | 61.54% | |
72 Outperform | $205.06B | 10.02 | 16.62% | 6.60% | 2.42% | 102.17% | |
68 Neutral | $169.68B | 21.11 | 11.35% | 1.10% | 3.61% | 152.34% | |
67 Neutral | $196.30B | 8.14 | 20.35% | 4.56% | 1.98% | 150.68% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
57 Neutral | $31.81B | 5.66 | 31.24% | ― | 0.42% | 13.46% | |
55 Neutral | $4.08B | -0.56 | ― | ― | ― | ― |
* Communication Services Sector Average
CMCSA
Comcast
27.79
-3.78
-11.98%
T
AT&T
28.04
2.68
10.56%
CHTR
Charter Communications
223.80
-123.18
-35.50%
LBTYA
Liberty Global A
12.37
1.73
16.26%
VZ
Verizon
48.62
8.48
21.12%
DIS
Walt Disney
95.78
5.34
5.90%
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...
Business Operations and StrategyDelistings and Listing ChangesM&A Transactions
Comcast Completes Spin-Off of Versant Media Group
Positive
Jan 5, 2026
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 ent...
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.