Stock Analysis on Net
Stock Analysis on Net

Comcast Corp. (NASDAQ:CMCSA)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Comcast Corp., adjusted financial ratios

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Activity Ratio
Total Asset Turnover
Reported 0.46 0.46 0.47 0.42 0.38
Adjusted 0.46 0.46 0.47 0.42 0.38
Liquidity Ratio
Current Ratio
Reported 0.68 0.60 0.78 0.85 0.93
Adjusted 0.76 0.67 0.88 0.97 1.07
Solvency Ratios
Debt to Equity
Reported 1.16 1.17 1.17 0.99 1.15
Adjusted 0.91 0.91 0.89 0.77 0.86
Debt to Capital
Reported 0.54 0.54 0.54 0.50 0.53
Adjusted 0.48 0.48 0.47 0.44 0.46
Financial Leverage
Reported 3.11 3.20 3.18 2.87 3.03
Adjusted 2.29 2.33 2.25 2.09 2.19
Profitability Ratios
Net Profit Margin
Reported 13.09% 12.66% 4.42% 12.17% 10.17%
Adjusted 11.69% 11.77% -0.50% 13.06% 11.38%
Return on Equity (ROE)
Reported 18.92% 18.61% 6.63% 14.73% 11.66%
Adjusted 12.47% 12.63% -0.53% 11.51% 9.43%
Return on Assets (ROA)
Reported 6.08% 5.81% 2.09% 5.13% 3.85%
Adjusted 5.44% 5.42% -0.23% 5.50% 4.31%

Based on: 10-K (reporting date: 2024-12-31), 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).

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 deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Comcast Corp. adjusted current ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Comcast Corp. adjusted debt-to-equity ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Comcast Corp. adjusted debt-to-capital ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Comcast Corp. adjusted financial leverage ratio increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Comcast Corp. adjusted net profit margin ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Comcast Corp. adjusted ROE improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Comcast Corp. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.

Comcast Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Revenue 123,731 121,572 121,427 116,385 103,564
Total assets 266,211 264,811 257,275 275,905 273,869
Activity Ratio
Total asset turnover1 0.46 0.46 0.47 0.42 0.38
Adjusted
Selected Financial Data (US$ in millions)
Adjusted revenue2 124,043 122,317 120,807 116,407 103,891
Adjusted total assets3 266,840 265,400 257,805 276,281 274,457
Activity Ratio
Adjusted total asset turnover4 0.46 0.46 0.47 0.42 0.38

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Total asset turnover = Revenue ÷ Total assets
= 123,731 ÷ 266,211 = 0.46

2 Adjusted revenue. See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted total asset turnover = Adjusted revenue ÷ Adjusted total assets
= 124,043 ÷ 266,840 = 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 deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Current assets 26,801 23,987 21,826 24,807 26,741
Current liabilities 39,581 40,198 27,887 29,348 28,796
Liquidity Ratio
Current ratio1 0.68 0.60 0.78 0.85 0.93
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 27,539 24,685 22,561 25,465 27,548
Adjusted current liabilities3 36,074 36,956 25,507 26,308 25,833
Liquidity Ratio
Adjusted current ratio4 0.76 0.67 0.88 0.97 1.07

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Current ratio = Current assets ÷ Current liabilities
= 26,801 ÷ 39,581 = 0.68

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2024 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 27,539 ÷ 36,074 = 0.76

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Comcast Corp. adjusted current ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 99,093 97,090 94,811 94,850 103,760
Total Comcast Corporation shareholders’ equity 85,560 82,703 80,943 96,092 90,323
Solvency Ratio
Debt to equity1 1.16 1.17 1.17 0.99 1.15
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 105,413 103,676 101,593 102,089 108,218
Adjusted total equity3 116,303 113,919 114,397 132,161 125,370
Solvency Ratio
Adjusted debt to equity4 0.91 0.91 0.89 0.77 0.86

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Debt to equity = Total debt ÷ Total Comcast Corporation shareholders’ equity
= 99,093 ÷ 85,560 = 1.16

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 105,413 ÷ 116,303 = 0.91

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Comcast Corp. adjusted debt-to-equity ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 99,093 97,090 94,811 94,850 103,760
Total capital 184,653 179,793 175,754 190,942 194,083
Solvency Ratio
Debt to capital1 0.54 0.54 0.54 0.50 0.53
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 105,413 103,676 101,593 102,089 108,218
Adjusted total capital3 221,716 217,595 215,990 234,250 233,588
Solvency Ratio
Adjusted debt to capital4 0.48 0.48 0.47 0.44 0.46

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 99,093 ÷ 184,653 = 0.54

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2024 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 105,413 ÷ 221,716 = 0.48

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Comcast Corp. adjusted debt-to-capital ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total assets 266,211 264,811 257,275 275,905 273,869
Total Comcast Corporation shareholders’ equity 85,560 82,703 80,943 96,092 90,323
Solvency Ratio
Financial leverage1 3.11 3.20 3.18 2.87 3.03
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 266,840 265,400 257,805 276,281 274,457
Adjusted total equity3 116,303 113,919 114,397 132,161 125,370
Solvency Ratio
Adjusted financial leverage4 2.29 2.33 2.25 2.09 2.19

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Financial leverage = Total assets ÷ Total Comcast Corporation shareholders’ equity
= 266,211 ÷ 85,560 = 3.11

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 266,840 ÷ 116,303 = 2.29

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Comcast Corp. adjusted financial leverage ratio increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Comcast Corporation 16,192 15,388 5,370 14,159 10,534
Revenue 123,731 121,572 121,427 116,385 103,564
Profitability Ratio
Net profit margin1 13.09% 12.66% 4.42% 12.17% 10.17%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 14,503 14,393 (602) 15,208 11,823
Adjusted revenue3 124,043 122,317 120,807 116,407 103,891
Profitability Ratio
Adjusted net profit margin4 11.69% 11.77% -0.50% 13.06% 11.38%

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Net profit margin = 100 × Net income attributable to Comcast Corporation ÷ Revenue
= 100 × 16,192 ÷ 123,731 = 13.09%

2 Adjusted net income. See details »

3 Adjusted revenue. See details »

4 2024 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Adjusted revenue
= 100 × 14,503 ÷ 124,043 = 11.69%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Comcast Corp. adjusted net profit margin ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Comcast Corporation 16,192 15,388 5,370 14,159 10,534
Total Comcast Corporation shareholders’ equity 85,560 82,703 80,943 96,092 90,323
Profitability Ratio
ROE1 18.92% 18.61% 6.63% 14.73% 11.66%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 14,503 14,393 (602) 15,208 11,823
Adjusted total equity3 116,303 113,919 114,397 132,161 125,370
Profitability Ratio
Adjusted ROE4 12.47% 12.63% -0.53% 11.51% 9.43%

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
ROE = 100 × Net income attributable to Comcast Corporation ÷ Total Comcast Corporation shareholders’ equity
= 100 × 16,192 ÷ 85,560 = 18.92%

2 Adjusted net income. See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted total equity
= 100 × 14,503 ÷ 116,303 = 12.47%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Comcast Corp. adjusted ROE improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Comcast Corporation 16,192 15,388 5,370 14,159 10,534
Total assets 266,211 264,811 257,275 275,905 273,869
Profitability Ratio
ROA1 6.08% 5.81% 2.09% 5.13% 3.85%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 14,503 14,393 (602) 15,208 11,823
Adjusted total assets3 266,840 265,400 257,805 276,281 274,457
Profitability Ratio
Adjusted ROA4 5.44% 5.42% -0.23% 5.50% 4.31%

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
ROA = 100 × Net income attributable to Comcast Corporation ÷ Total assets
= 100 × 16,192 ÷ 266,211 = 6.08%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 14,503 ÷ 266,840 = 5.44%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Comcast Corp. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.