Stock Analysis on Net

Comcast Corp. (NASDAQ:CMCSA)

$24.99

Analysis of Solvency Ratios
Quarterly Data

Microsoft Excel

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Solvency Ratios (Summary)

Comcast Corp., solvency ratios (quarterly data)

Microsoft Excel
Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Debt Ratios
Debt to equity
Debt to capital
Debt to assets
Financial leverage
Coverage Ratios
Interest coverage

Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).


Debt to Equity Ratio
The debt to equity ratio shows a gradual decline from 1.27 in March 2020 to a low of 0.99 in December 2021, indicating a reduction in leverage relative to equity during this period. From early 2022 onward, the ratio exhibits a slight upward trend fluctuating between 1.00 and 1.18, before tapering off slightly to 1.14 by March 2025. This suggests a stabilization in the company's capital structure with moderate leverage maintained after the initial deleveraging phase.
Debt to Capital Ratio
This ratio decreases from 0.56 in March 2020 to around 0.50 by December 2021, reflecting a reduction in the proportion of debt in total capital during that timeframe. After December 2021, the ratio remains relatively stable, fluctuating narrowly between 0.53 and 0.54 through to the end of the observed period in March 2025, implying consistent capital composition.
Debt to Assets Ratio
The debt to assets ratio shows a modest decline from 0.39 at the start of the period to 0.34 by December 2021, signifying less reliance on debt financing relative to total assets. Post-2021, the ratio sees a slight increase and stabilizes around 0.37 to 0.38, suggesting a consistent leverage level in relation to asset base during the latter periods.
Financial Leverage Ratio
The financial leverage ratio trends downward from 3.22 in March 2020 to a low of 2.87 by December 2021, indicating reduced use of debt financing relative to equity. Subsequently, there is an upward adjustment with a peak around 3.20 in mid-2024 before a minor decline to 3.09 at the end of the period, highlighting some variability but an overall moderate level of financial leverage sustained over recent quarters.
Interest Coverage Ratio
The interest coverage ratio data begins from December 2020 with a value of 4.07 and shows a clear upward trajectory reaching a peak of 6.01 by June 2024. This demonstrates a strengthening ability to cover interest expenses from operating earnings over time. A slight decline follows to 5.32 by March 2025, yet coverage remains robust, suggesting improved financial health and reduced risk related to debt servicing.

Debt Ratios


Coverage Ratios


Debt to Equity

Comcast Corp., debt to equity calculation (quarterly data)

Microsoft Excel
Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Current portion of debt
Noncurrent portion of debt
Total debt
 
Total Comcast Corporation shareholders’ equity
Solvency Ratio
Debt to equity1
Benchmarks
Debt to Equity, Competitors2
Alphabet Inc.
Meta Platforms Inc.
Netflix Inc.
Take-Two Interactive Software Inc.
Walt Disney Co.

Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q1 2025 Calculation
Debt to equity = Total debt ÷ Total Comcast Corporation shareholders’ equity
= ÷ =

2 Click competitor name to see calculations.


The analysis of the quarterly financial data reveals several significant trends regarding the debt levels, shareholders’ equity, and leverage ratio over the observed periods.

Total Debt
Total debt showed a general decreasing trend from March 31, 2020 (US$103,577 million) to December 31, 2021 (US$94,850 million). This decline indicates a gradual reduction in debt obligations during this period. However, starting in 2022, the total debt figure stabilized with minor fluctuations, hovering near the mid-90,000 million range through to the first quarter of 2025. There was a slight upward movement toward the latter periods, culminating in approximately US$99,122 million by March 31, 2025, suggesting some increase in debt but still below the initial 2020 levels.
Total Shareholders’ Equity
Shareholders’ equity exhibited an overall growth trajectory from March 31, 2020, reaching a peak around December 31, 2021, with a value of approximately US$96,092 million. Following this peak, equity values declined notably in 2022 to around US$80,296 million by September 30, 2022, reflecting a considerable decrease in equity during that year. Subsequently, shareholders’ equity partially recovered through 2023 and into early 2024, maintaining a relatively stable range between US$82,000 million and US$86,000 million. The equity figure at the end of the observation, March 31, 2025, stood at approximately US$86,638 million, indicating a recovery but not reaching earlier highs.
Debt to Equity Ratio
The debt to equity ratio decreased steadily from 1.27 at the start of the data set in March 2020 to a low near 0.99 by December 2021, signifying improved leverage and a stronger equity position relative to debt. However, from 2022 onward, the ratio reversed this trend, rising again to 1.16 by the final observation period in March 2025. This uptick points to increased leverage, driven by the simultaneous slight rise in debt and fluctuating equity values during the recent years. The ratio's increase above 1.0 after 2021 highlights a return to higher reliance on debt financing relative to equity.

In summary, there was a period of deleveraging and equity growth through 2021, followed by a phase of equity decline and greater leverage from 2022 to early 2025. The company’s financial structure has exhibited resilience with partial recovery in equity, but the increasing debt-to-equity ratio in recent quarters suggests moderately elevated financial leverage compared to the earlier stages in the data.


Debt to Capital

Comcast Corp., debt to capital calculation (quarterly data)

Microsoft Excel
Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Current portion of debt
Noncurrent portion of debt
Total debt
Total Comcast Corporation shareholders’ equity
Total capital
Solvency Ratio
Debt to capital1
Benchmarks
Debt to Capital, Competitors2
Alphabet Inc.
Meta Platforms Inc.
Netflix Inc.
Take-Two Interactive Software Inc.
Walt Disney Co.

Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q1 2025 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =

2 Click competitor name to see calculations.


Total Debt
The total debt level exhibited an overall gradual decline from March 31, 2020, through March 31, 2024, decreasing from approximately $103.6 billion to around $96.6 billion. However, from mid-2024 onwards, there was a modest increase, with debt rising to about $99.1 billion by the end of March 2025. Notably, there were small fluctuations throughout this period, with occasional minor upticks, but the general trend was a reduction in debt until early 2024, followed by a moderate rebound.
Total Capital
Total capital showed some variability, initially increasing steadily from about $185.1 billion in March 2020 to a peak of roughly $196.3 billion by March 2021. After this peak, total capital mildly decreased and fluctuated around the $175 billion to $181 billion range through 2022 and 2023. From mid-2023 onward, capital experienced moderate growth again, recovering to approximately $185.8 billion by March 2025. This suggests a generally stable capital base with periods of contraction and expansion aligned with broader market or operational factors.
Debt to Capital Ratio
The debt to capital ratio demonstrated a clear downward trend from 0.56 at the start of the period in March 2020 to a low of around 0.50 by December 2020. This decline indicates a reduction in leverage relative to the company’s capital. From early 2021 onward, the ratio stabilized in the range of 0.53 to 0.54, showing a consistent leverage level throughout this later period. The steadiness from 2021 to early 2025 suggests the company maintained a controlled balance between debt and capital, avoiding significant increases in financial risk.
Overall Analysis
The data reveals a strategic effort to reduce total debt in the early part of the analyzed period, improving the debt to capital ratio and potentially lowering financial risk. Despite this, total capital faced some volatility but generally maintained a level sufficient to support operational funding needs. The stabilization of the debt to capital ratio after 2021 reflects a balanced approach to managing leverage, neither aggressively deleveraging nor taking on significantly more debt. The modest increase in debt in late 2024 and early 2025 alongside stable capital may indicate tactical financing decisions possibly related to investment or refinancing strategies.

Debt to Assets

Comcast Corp., debt to assets calculation (quarterly data)

Microsoft Excel
Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Current portion of debt
Noncurrent portion of debt
Total debt
 
Total assets
Solvency Ratio
Debt to assets1
Benchmarks
Debt to Assets, Competitors2
Alphabet Inc.
Meta Platforms Inc.
Netflix Inc.
Take-Two Interactive Software Inc.
Walt Disney Co.

Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q1 2025 Calculation
Debt to assets = Total debt ÷ Total assets
= ÷ =

2 Click competitor name to see calculations.


Total Debt
The total debt shows a generally decreasing trend from March 2020 through March 2025. Starting at approximately $103.6 billion in March 2020, the debt slightly fluctuates, reaching its lowest point in March 2024 at around $96.6 billion. However, there is a modest increase observed between mid-2024 and early 2025, ending near $99.1 billion in March 2025. Overall, the company has managed to reduce its debt level by roughly 4.5% over the five-year period, with some short-term increases.
Total Assets
Total assets initially increase from $262.4 billion in March 2020 to a peak near $278.5 billion in March 2021. Following this peak, assets decline steadily through September 2022, reaching approximately $254.3 billion. After this trough, assets show moderate recovery and appear to stabilize around the $260-$270 billion range through the end of the period. By March 2025, total assets are approximately $267.8 billion, slightly above the initial value but below the earlier peak. This pattern indicates periods of asset acquisition followed by rationalization or depreciation.
Debt to Assets Ratio
The debt to assets ratio exhibits a gradual decline from 0.39 in early 2020 to a minimum near 0.34 in December 2021, reflecting the reduction in leverage during that time. Starting in 2022, the ratio trends slightly upward and stabilizes around 0.37 through the end of the observation period. This suggests that the company’s leverage ratio decreased initially but later returned to levels closer to the original value, indicating a balance between debt management and asset levels. The fluctuations in this ratio align with the movements observed in both debt and asset totals.
Summary Insights
Overall, the company appears to have managed its debt prudently, achieving a moderate reduction over five years while total assets show a period of growth followed by contraction and partial recovery. The leverage ratio reflects these movements, decreasing initially due to debt reduction and asset growth, then returning to a steady state. There is no extreme volatility in the key financial metrics, indicating a relatively stable financial structure with gradual adjustments in debt and asset levels.

Financial Leverage

Comcast Corp., financial leverage calculation (quarterly data)

Microsoft Excel
Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Total assets
Total Comcast Corporation shareholders’ equity
Solvency Ratio
Financial leverage1
Benchmarks
Financial Leverage, Competitors2
Alphabet Inc.
Meta Platforms Inc.
Netflix Inc.
Take-Two Interactive Software Inc.
Walt Disney Co.

Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q1 2025 Calculation
Financial leverage = Total assets ÷ Total Comcast Corporation shareholders’ equity
= ÷ =

2 Click competitor name to see calculations.


Total Assets

The total assets of the company experienced a general upward trend from March 31, 2020, to December 31, 2021, increasing from approximately $262.4 billion to $275.9 billion. However, starting from March 31, 2022, there was a noticeable decline in total assets, falling to a low of around $254.3 billion by September 30, 2022. After this decline, total assets showed a gradual recovery through 2023 and into early 2024, reaching about $269.9 billion by September 30, 2024, before slightly decreasing toward the end of the observed period at $267.8 billion by March 31, 2025. Overall, total assets exhibited some volatility with a peak in late 2021 followed by a dip and partial recovery.

Total Comcast Corporation Shareholders’ Equity

Shareholders’ equity increased steadily from $81.5 billion in March 2020 to a peak of approximately $96.1 billion by December 2021. Subsequently, equity declined sharply to around $80.3 billion by September 2022, representing a significant decrease from the previous peak. During 2023, equity improved moderately reaching near $84.1 billion by June 2023 but showed fluctuations in the following quarters. In early 2024, equity hovered in the mid-$82 to $85 billion range, with a modest increase observed toward the end of the period, finishing at approximately $86.6 billion in March 2025. This trend reflects a recovery phase following the decline experienced after 2021.

Financial Leverage

The financial leverage ratio declined steadily from 3.22 in March 2020 to a low of 2.87 by December 2021, suggesting a reduction in the relative amount of debt compared to equity during this period. Starting in early 2022, the financial leverage ratio increased again, reaching a peak of roughly 3.20 by June 2023, indicating higher leverage or increased indebtedness relative to equity during this timeframe. From mid-2023 through the end of the observation period in March 2025, the leverage ratio showed a slight downward adjustment, ending at approximately 3.09. Overall, financial leverage demonstrates a cycle of deleveraging followed by increased leverage and a modest reduction thereafter.


Interest Coverage

Comcast Corp., interest coverage calculation (quarterly data)

Microsoft Excel
Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Comcast Corporation
Add: Net income attributable to noncontrolling interest
Add: Income tax expense
Add: Interest expense
Earnings before interest and tax (EBIT)
Solvency Ratio
Interest coverage1
Benchmarks
Interest Coverage, Competitors2
Netflix Inc.

Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q1 2025 Calculation
Interest coverage = (EBITQ1 2025 + EBITQ4 2024 + EBITQ3 2024 + EBITQ2 2024) ÷ (Interest expenseQ1 2025 + Interest expenseQ4 2024 + Interest expenseQ3 2024 + Interest expenseQ2 2024)
= ( + + + ) ÷ ( + + + ) =

2 Click competitor name to see calculations.


The quarterly financial data reveals several notable trends and fluctuations in key financial metrics over the examined periods.

Earnings before interest and tax (EBIT)
The EBIT figures exhibited variability across quarters, with several peaks and troughs. From March 2020 through December 2021, EBIT generally demonstrated growth, peaking notably in June and September 2021, before declining towards December 2021. In 2022, the data reflected a significant drop in the third quarter, where EBIT fell into negative territory at -2692 million US dollars, indicating a considerable financial setback during that period. Following this decline, EBIT recovered in subsequent quarters, reaching relatively high values by September 2023. However, a downtrend emerged starting from December 2023 through March 2025, with EBIT decreasing steadily from 5063 million to 5542 million US dollars, though remaining positive during this latter period.
Interest Expense
Interest expense showed relative stability over the periods, fluctuating within a narrow range of approximately 960 million to 1220 million US dollars. The lowest values were noted in the latter part of 2022, while slightly higher values were recorded around 2020 and again in 2025. Overall, there was no pronounced trend of increase or decrease, indicating controlled borrowing costs over time.
Interest Coverage Ratio
The interest coverage ratio, which measures the ability to cover interest expenses with EBIT, indicated an improving trend from mid-2020 through the second half of 2021, reaching values above 5.5. This suggests enhanced capacity to meet interest obligations during this period. However, a sharp decline occurred in late 2022 and early 2023, correlating with the negative EBIT in Q3 2022, reflecting increased financial risk and reduced earnings capability. Subsequently, the ratio improved markedly in 2023, reaching a peak near 6 in mid-2023. Thereafter, a gradual decline ensued, yet the ratio remained above 5 through early 2025, signaling sustained but slightly weakened coverage ability.

In summary, the financial data indicates periods of strong operational performance and earnings growth interrupted by notable volatility, specifically in late 2022 when EBIT turned negative. Interest expenses remained relatively steady, while interest coverage ratios mirrored EBIT trends, emphasizing fluctuating financial strength and risk profiles. The overall pattern suggests resilience post-disturbance but warrants close monitoring of EBIT trends and their impact on credit metrics moving forward.