Stock Analysis on Net

Comcast Corp. (NASDAQ:CMCSA)

Return on Capital (ROC)

Microsoft Excel

Return on capital (ROC) is after tax rate of return on net business assets. ROIC is unaffected by changes in interest rates or company debt and equity structure. It measures business productivity performance.


Return on Invested Capital (ROIC)

Comcast Corp., ROIC calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Net operating profit after taxes (NOPAT)1 16,517 6,839 19,205 14,617 18,251
Invested capital2 211,709 213,605 229,233 224,149 217,322
Performance Ratio
ROIC3 7.80% 3.20% 8.38% 6.52% 8.40%
Benchmarks
ROIC, Competitors4
Alphabet Inc. 33.24% 30.10% 52.45% 33.62% 32.72%
Meta Platforms Inc. 27.09% 20.47% 43.26% 34.56% 27.63%
Netflix Inc. 14.92% 13.33% 17.47% 12.41% 10.33%
Walt Disney Co. 1.96% 3.85% 1.28% -1.18% 9.58%

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 NOPAT. See details »

2 Invested capital. See details »

3 2023 Calculation
ROIC = 100 × NOPAT ÷ Invested capital
= 100 × 16,517 ÷ 211,709 = 7.80%

4 Click competitor name to see calculations.

Performance ratio Description The company
ROIC A measure of the periodic, after tax, cash-on-cash yield earned in the business. Comcast Corp. ROIC deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Decomposition of ROIC

Comcast Corp., decomposition of ROIC

Microsoft Excel
ROIC = OPM1 × TO2 × 1 – CTR3
Dec 31, 2023 7.80% = 20.88% × 0.58 × 64.67%
Dec 31, 2022 3.20% = 10.68% × 0.57 × 52.99%
Dec 31, 2021 8.38% = 20.21% × 0.51 × 81.62%
Dec 31, 2020 6.52% = 18.80% × 0.46 × 74.85%
Dec 31, 2019 8.40% = 20.42% × 0.50 × 81.64%

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 Operating profit margin (OPM). See calculations »

2 Turnover of capital (TO). See calculations »

3 Effective cash tax rate (CTR). See calculations »

The primary reason for the increase in return on invested capital (ROIC) over 2023 year is the increase in profitability measured by operating profit margin (OPM) ratio.


Operating Profit Margin (OPM)

Comcast Corp., OPM calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Net operating profit after taxes (NOPAT)1 16,517 6,839 19,205 14,617 18,251
Add: Cash operating taxes2 9,025 6,068 4,326 4,911 4,105
Net operating profit before taxes (NOPBT) 25,542 12,906 23,531 19,528 22,356
 
Revenue 121,572 121,427 116,385 103,564 108,942
Add: Increase (decrease) in deferred revenue 745 (620) 22 327 554
Adjusted revenue 122,317 120,807 116,407 103,891 109,496
Profitability Ratio
OPM3 20.88% 10.68% 20.21% 18.80% 20.42%
Benchmarks
OPM, Competitors4
Alphabet Inc. 26.55% 25.43% 34.97% 25.81% 23.20%
Meta Platforms Inc. 34.35% 25.55% 40.15% 38.27% 34.39%
Netflix Inc. 21.13% 19.29% 22.76% 16.83% 14.43%
Walt Disney Co. 7.31% 10.16% 5.56% -1.10% 24.76%

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 NOPAT. See details »

2 Cash operating taxes. See details »

3 2023 Calculation
OPM = 100 × NOPBT ÷ Adjusted revenue
= 100 × 25,542 ÷ 122,317 = 20.88%

4 Click competitor name to see calculations.

Profitability ratio Description The company
OPM The operating profit margin (OPM) is the ratio of pretax economic earnings, or NOPBT, to sales. Comcast Corp. OPM deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Turnover of Capital (TO)

Comcast Corp., TO calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Revenue 121,572 121,427 116,385 103,564 108,942
Add: Increase (decrease) in deferred revenue 745 (620) 22 327 554
Adjusted revenue 122,317 120,807 116,407 103,891 109,496
 
Invested capital1 211,709 213,605 229,233 224,149 217,322
Efficiency Ratio
TO2 0.58 0.57 0.51 0.46 0.50
Benchmarks
TO, Competitors3
Alphabet Inc. 1.62 1.62 1.74 1.49 1.61
Meta Platforms Inc. 0.96 1.15 1.27 1.06 1.08
Netflix Inc. 0.89 0.84 0.86 0.85 0.84
Walt Disney Co. 0.51 0.49 0.39 0.37 0.42

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 Invested capital. See details »

2 2023 Calculation
TO = Adjusted revenue ÷ Invested capital
= 122,317 ÷ 211,709 = 0.58

3 Click competitor name to see calculations.

Efficiency ratio Description The company
TO The turnover of capital (TO) is the ratio of sales to invested capital. Capital turnover is a function of the efficiency of working capital management and of net fixed assets. Comcast Corp. TO improved from 2021 to 2022 and from 2022 to 2023.

Effective Cash Tax Rate (CTR)

Comcast Corp., CTR calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Net operating profit after taxes (NOPAT)1 16,517 6,839 19,205 14,617 18,251
Add: Cash operating taxes2 9,025 6,068 4,326 4,911 4,105
Net operating profit before taxes (NOPBT) 25,542 12,906 23,531 19,528 22,356
Tax Rate
CTR3 35.33% 47.01% 18.38% 25.15% 18.36%
Benchmarks
CTR, Competitors4
Alphabet Inc. 22.86% 27.09% 13.97% 12.78% 12.46%
Meta Platforms Inc. 17.45% 30.06% 15.37% 15.06% 25.65%
Netflix Inc. 21.00% 17.55% 10.36% 12.87% 14.95%
Walt Disney Co. 47.64% 22.01% 41.25% 7.41%

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).

1 NOPAT. See details »

2 Cash operating taxes. See details »

3 2023 Calculation
CTR = 100 × Cash operating taxes ÷ NOPBT
= 100 × 9,025 ÷ 25,542 = 35.33%

4 Click competitor name to see calculations.

Tax rate Description The company
CTR Effective cash tax rate on operating income. Comcast Corp. CTR increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.