Comcast Corp. (NASDAQ:CMCSA)

The solvency position, as indicated by the presented ratios, demonstrates a generally stable profile with some notable fluctuations over the observed period. A slight increase in leverage is initially observed, followed by a trend towards decreased leverage in the later quarters. The company’s ability to cover its interest expense has also exhibited variability, with a recent positive trend.

Debt to Equity

The debt to equity ratio experienced an increasing trend from 1.00 in March 2022 to 1.18 in September 2023, indicating a growing reliance on debt financing relative to equity. However, from September 2023 through December 2025, the ratio decreased to 1.02, suggesting a reduction in this reliance. The most significant decrease occurred between March 2024 and June 2025.

Debt to Capital

The debt to capital ratio remained remarkably consistent throughout the analyzed period, fluctuating minimally around 0.54. A slight decrease to 0.51 is observed in the final two quarters, but the overall stability suggests a consistent capital structure.

Debt to Assets

The debt to assets ratio showed a gradual increase from 0.35 in March 2022 to 0.38 in September 2024. This indicates a growing proportion of assets financed by debt. The ratio then stabilized and slightly decreased to 0.36 by December 2025.

Financial Leverage

Financial leverage, as measured by the ratio, increased from 2.89 in March 2022 to a peak of 3.20 in December 2023. This signifies an increased use of debt to amplify returns. Subsequently, the ratio decreased to 2.81 by December 2025, indicating a reduction in the degree of leverage employed. The decline is more pronounced in the latter half of the period.

Interest Coverage

The interest coverage ratio experienced a decline from 5.57 in March 2022 to a low of 3.35 in September 2022. It then demonstrated improvement, reaching 6.01 in December 2023. A slight decrease is observed through March 2025, but the ratio remains above 5.0. The final two quarters show a further decline to 6.84, though still representing a healthy ability to meet interest obligations. The overall trend suggests improved capacity to service debt interest payments, particularly in the period between September 2022 and December 2023.

In summary, the company initially increased its leverage, but subsequently demonstrated a trend towards deleveraging in the later periods. The interest coverage ratio, while volatile, generally indicates a strong ability to meet interest obligations, with recent performance remaining positive.

The debt to equity ratio for the analyzed period demonstrates a generally increasing trend initially, followed by a stabilization and then a slight decrease. Throughout the observed timeframe, the ratio remains relatively consistent, fluctuating primarily between 1.00 and 1.18.

Initial Trend (Mar 31, 2022 – Sep 30, 2022)

The debt to equity ratio experienced an increase from 1.00 to 1.15. This indicates a growing reliance on debt financing relative to equity during this period. Total debt decreased slightly while shareholders’ equity experienced a more substantial decline, contributing to the ratio’s increase.

Stabilization and Slight Decline (Dec 31, 2022 – Dec 31, 2023)

From December 2022 through December 2023, the ratio remained relatively stable, fluctuating between 1.16 and 1.18. Both total debt and shareholders’ equity exhibited limited movement, resulting in a consistent debt to equity ratio.

Recent Trend (Mar 31, 2024 – Dec 31, 2025)

A slight downward trend is observed in the ratio from March 2024 to December 2025, decreasing from 1.17 to 1.02. This suggests a reduction in the company’s reliance on debt financing relative to equity. Shareholders’ equity increased significantly, while total debt remained relatively constant, driving the decrease in the ratio.

Overall Observations

The company consistently maintained a debt to equity ratio near or above 1.00 throughout the analyzed period. This suggests that debt financing represents a significant portion of the company’s capital structure. The recent decrease in the ratio indicates a strengthening of the equity position relative to debt.

The fluctuations in shareholders’ equity appear to have a more pronounced impact on the debt to equity ratio than changes in total debt. This suggests that equity financing and related activities are key drivers of the company’s capital structure.

The Debt to Capital ratio for the analyzed period demonstrates a generally stable pattern, with some initial fluctuation followed by sustained consistency. Total debt exhibits a moderate increase over the observed timeframe, while total capital also shows an overall upward trend, albeit with more pronounced quarterly variations.

Initial Trend (Mar 31, 2022 – Dec 31, 2022)

The Debt to Capital ratio initially increased from 0.50 in March 2022 to 0.54 by December 2022. This increase coincided with a slight decrease in total capital and a subsequent increase in total debt during the same period. This suggests a growing reliance on debt financing relative to the company’s capital structure in the initial part of the analyzed period.

Stabilization (Jan 1, 2023 – Dec 31, 2024)

From January 2023 through December 2024, the Debt to Capital ratio remained consistently at 0.54. Despite fluctuations in both total debt and total capital, these movements appear to have offset each other, maintaining a stable leverage position. Total debt experienced incremental increases, but these were matched by increases in total capital.

Recent Trend (Jan 1, 2025 – Jun 30, 2025)

The ratio experienced a slight decrease, moving from 0.54 in January 2025 to 0.51 in June 2025. This decrease is attributable to a faster growth rate in total capital compared to total debt. While total debt remained relatively stable, total capital increased more significantly, leading to a lower proportion of debt financing.

Total Debt

Total debt increased from US$94,560 million in March 2022 to US$98,937 million in December 2025. The largest single-quarter increase occurred between March 2024 and June 2024, rising from US$96,573 million to US$98,128 million. The most recent quarterly change shows a slight decrease.

Total Capital

Total capital increased from US$189,253 million in March 2022 to US$195,840 million in December 2025. The most substantial increase in total capital occurred between March 2025 and June 2025, rising from US$185,760 million to US$198,379 million. This increase contributed to the observed decrease in the Debt to Capital ratio during that period.

Overall, the company has maintained a relatively consistent Debt to Capital ratio throughout the analyzed period. The recent slight decrease suggests a potential shift towards a less leveraged capital structure, although the change is modest. Continued monitoring of these trends will be important to assess the long-term implications for the company’s financial health.

The debt-to-assets ratio for the analyzed period demonstrates a generally stable trend with a slight increase over time. Initially, the ratio stood at 0.35 for the first two quarters analyzed. A gradual increase is then observed, reaching 0.37 by the end of 2022 and remaining at that level for the following six quarters through March 31, 2024. A slight increase to 0.38 is noted in the quarter ending September 30, 2024, before decreasing slightly to 0.37 by the end of 2024. The ratio continues to decline modestly, reaching 0.36 for the final two quarters of the analyzed period.

Total Debt

Total debt exhibits a generally increasing trend throughout the period, rising from US$94.560 billion to US$98.937 billion. While fluctuations occur, the overall direction is upward, although the rate of increase appears to slow in the latter part of the period. There is a peak of US$98.128 billion in June 2024.

Total Assets

Total assets show a more moderate pattern of change. The value initially decreases from US$274.074 billion to US$254.308 billion, then experiences a period of growth, peaking at US$273.850 billion in June 2025. The final value reported is US$272.631 billion, indicating a slight decrease from the peak.

Debt to Assets Ratio – Overall Trend

The consistent increase in total debt, coupled with the more variable movement in total assets, contributes to the observed increase in the debt-to-assets ratio. The ratio’s stabilization around 0.37 suggests a balance between debt accumulation and asset growth for a significant portion of the analyzed timeframe. The slight decrease in the ratio towards the end of the period indicates a potential shift towards a more conservative financial structure, or faster asset growth relative to debt.

The observed fluctuations, while present, are relatively small, suggesting a consistent approach to financial leverage. The ratio remains within a narrow band, indicating a controlled level of debt relative to the company’s asset base.

Financial leverage for the analyzed period demonstrates a generally stable, though fluctuating, pattern. Initially, the ratio exhibits a slight increase before trending downwards towards the end of the observed timeframe. A closer examination reveals a period of relative consistency followed by a more pronounced decrease in the latter quarters.

Overall Trend

The financial leverage ratio begins at 2.89 and generally increases to a peak of 3.20 before declining to 2.81 by the end of the period. This suggests an initial increase in the proportion of assets financed by debt, followed by a reduction in that proportion.

Initial Period (Mar 31, 2022 – Dec 31, 2022)

From March 31, 2022, to December 31, 2022, the ratio experiences a modest increase, moving from 2.89 to 3.20. This indicates a growing reliance on financial leverage during this timeframe. The increase is not substantial, suggesting a controlled approach to debt financing.

Stabilization and Decline (Mar 31, 2023 – Dec 31, 2024)

The period between March 31, 2023, and December 31, 2024, shows relative stability with fluctuations between 3.09 and 3.20. However, a slight downward trend is observable. This suggests a potential shift in financing strategy or improved equity position.

Final Period (Mar 31, 2025 – Dec 31, 2025)

The final year demonstrates a clear downward trend, with the ratio decreasing from 2.83 to 2.81. This indicates a reduction in financial leverage, potentially due to increased equity or decreased debt. The change is relatively small, but consistent.

Relationship to Equity

The decrease in financial leverage in the later periods coincides with an increase in total shareholders’ equity. This suggests that the reduction in leverage is driven by growth in equity, rather than a decrease in total assets or debt. The growth in equity provides a stronger financial foundation and reduces the company’s reliance on debt financing.

In summary, the financial leverage ratio indicates a period of moderate increase followed by a gradual decline, ultimately resulting in a lower ratio at the end of the analyzed period. This trend is correlated with growth in shareholders’ equity, suggesting a strengthening financial position.

The interest coverage ratio for the analyzed period demonstrates fluctuations, generally indicating a stable, though variable, ability to meet interest obligations from earnings. Initial values are relatively strong, followed by a period of decline, then recovery, and finally a period of increased volatility.

Overall Trend

The interest coverage ratio began at 5.57 and exhibited a slight decrease to 5.43 before a substantial drop to 3.35. It then recovered to 3.50 and continued to improve, peaking at 6.01. Following this peak, the ratio experienced moderate fluctuations, ranging from 5.52 to 5.99, before a more significant increase to 7.46. The most recent periods show a decline to 6.84 and then 3.285.

Initial Period (Mar 31, 2022 – Dec 31, 2022)

From March 31, 2022, to December 31, 2022, the interest coverage ratio decreased from 5.57 to 3.38. This decline suggests a weakening ability to cover interest expenses with earnings during this timeframe. The most significant decrease occurred between June 30, 2022, and September 30, 2022, coinciding with a substantial negative value for Earnings Before Interest and Tax (EBIT).

Recovery and Stabilization (Mar 31, 2023 – Dec 31, 2023)

The period from March 31, 2023, to December 31, 2023, shows a recovery and stabilization of the ratio. It increased from 3.50 to 6.01, indicating improved earnings relative to interest expense. The ratio remained relatively stable between September 30, 2023, and December 31, 2023, fluctuating between 5.97 and 6.01.

Recent Volatility (Mar 31, 2024 – Dec 31, 2025)

The most recent period, from March 31, 2024, to December 31, 2025, is characterized by increased volatility. The ratio rose sharply to 7.46 in June 2025, driven by a significant increase in EBIT, but then decreased substantially to 3.285 by December 31, 2025. This suggests a considerable fluctuation in earnings capacity to cover interest obligations.

Interest Expense

Interest expense remained relatively stable throughout the analyzed period, ranging between US$960 million and US$1,128 million. This stability suggests that changes in the interest coverage ratio are primarily driven by fluctuations in EBIT rather than changes in the cost of borrowing.