Stock Analysis on Net

Comcast Corp. (NASDAQ:CMCSA)

Analysis of Operating Leases

Microsoft Excel

An operating lease is treated like a rental contract. Neither the leased asset nor the associated liability is reported on the lessee balance sheet, but the rights may be very similar to the rights of an owner. The lessee only records the lease payments as a rental expense in income statement.


Adjustments to Financial Statements for Operating Leases

Comcast Corp., adjustments to financial statements

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Adjustment to Total Assets
Total assets (as reported) 264,811 257,275 275,905 273,869 263,414
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1
Total assets (adjusted) 264,811 257,275 275,905 273,869 263,414
Adjustment to Total Debt
Total debt (as reported) 97,090 94,811 94,850 103,760 102,217
Add: Operating lease liability (before adoption of FASB Topic 842)2
Add: Current operating lease liabilities (included in Accrued expenses and other current liabilities) 748 675 766 718 715
Add: Noncurrent operating lease liabilities (included in Other noncurrent liabilities) 5,838 6,107 6,473 3,740 3,891
Total debt (adjusted) 103,676 101,593 102,089 108,218 106,823

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1, 2 Equal to total present value of future operating lease payments.


Comcast Corp., Financial Data: Reported vs. Adjusted


Adjusted Financial Ratios for Operating Leases (Summary)

Comcast Corp., adjusted financial ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Total Asset Turnover1
Reported total asset turnover 0.46 0.47 0.42 0.38 0.41
Adjusted total asset turnover 0.46 0.47 0.42 0.38 0.41
Debt to Equity2
Reported debt to equity 1.17 1.17 0.99 1.15 1.24
Adjusted debt to equity 1.25 1.26 1.06 1.20 1.29
Return on Assets3 (ROA)
Reported ROA 5.81% 2.09% 5.13% 3.85% 4.96%
Adjusted ROA 5.81% 2.09% 5.13% 3.85% 4.96%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Comcast Corp. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Adjusted debt to equity A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity. Comcast Corp. adjusted debt to equity ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Comcast Corp. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Comcast Corp., Financial Ratios: Reported vs. Adjusted


Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Revenue 121,572 121,427 116,385 103,564 108,942
Total assets 264,811 257,275 275,905 273,869 263,414
Activity Ratio
Total asset turnover1 0.46 0.47 0.42 0.38 0.41
Adjusted for Operating Leases
Selected Financial Data (US$ in millions)
Revenue 121,572 121,427 116,385 103,564 108,942
Adjusted total assets 264,811 257,275 275,905 273,869 263,414
Activity Ratio
Adjusted total asset turnover2 0.46 0.47 0.42 0.38 0.41

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 Total asset turnover = Revenue ÷ Total assets
= 121,572 ÷ 264,811 = 0.46

2 Adjusted total asset turnover = Revenue ÷ Adjusted total assets
= 121,572 ÷ 264,811 = 0.46

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Comcast Corp. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Total debt 97,090 94,811 94,850 103,760 102,217
Total Comcast Corporation shareholders’ equity 82,703 80,943 96,092 90,323 82,726
Solvency Ratio
Debt to equity1 1.17 1.17 0.99 1.15 1.24
Adjusted for Operating Leases
Selected Financial Data (US$ in millions)
Adjusted total debt 103,676 101,593 102,089 108,218 106,823
Total Comcast Corporation shareholders’ equity 82,703 80,943 96,092 90,323 82,726
Solvency Ratio
Adjusted debt to equity2 1.25 1.26 1.06 1.20 1.29

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 Debt to equity = Total debt ÷ Total Comcast Corporation shareholders’ equity
= 97,090 ÷ 82,703 = 1.17

2 Adjusted debt to equity = Adjusted total debt ÷ Total Comcast Corporation shareholders’ equity
= 103,676 ÷ 82,703 = 1.25

Solvency ratio Description The company
Adjusted debt-to-equity A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity. Comcast Corp. adjusted debt-to-equity ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Comcast Corporation 15,388 5,370 14,159 10,534 13,057
Total assets 264,811 257,275 275,905 273,869 263,414
Profitability Ratio
ROA1 5.81% 2.09% 5.13% 3.85% 4.96%
Adjusted for Operating Leases
Selected Financial Data (US$ in millions)
Net income attributable to Comcast Corporation 15,388 5,370 14,159 10,534 13,057
Adjusted total assets 264,811 257,275 275,905 273,869 263,414
Profitability Ratio
Adjusted ROA2 5.81% 2.09% 5.13% 3.85% 4.96%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 ROA = 100 × Net income attributable to Comcast Corporation ÷ Total assets
= 100 × 15,388 ÷ 264,811 = 5.81%

2 Adjusted ROA = 100 × Net income attributable to Comcast Corporation ÷ Adjusted total assets
= 100 × 15,388 ÷ 264,811 = 5.81%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Comcast Corp. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.