Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Comcast Corp., long-term (investment) activity ratios
Based on: 10-K (reporting date: 2025-12-31), 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).
An examination of long-term investment activity ratios reveals several noteworthy trends between 2021 and 2025. Generally, the ratios indicate a decreasing efficiency in asset utilization over the period, though the magnitude of change varies by ratio.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio demonstrates a consistent, albeit gradual, decline from 2.15 in 2021 to 1.88 in 2025. This suggests a decreasing ability to generate revenue from its net fixed assets. The rate of decline appears to be accelerating slightly in the later years of the period.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- A similar downward trend is observed when including operating lease right-of-use assets, moving from 1.92 in 2021 to 1.74 in 2025. This indicates that the inclusion of these assets further reduces the efficiency metric, and the trend mirrors that of the standard net fixed asset turnover, suggesting the decline isn’t solely attributable to changes in lease accounting.
- Total Asset Turnover
- The total asset turnover ratio exhibits a more moderate pattern. It increased from 0.42 in 2021 to 0.47 in 2022, then stabilized around 0.46 for 2023 and 2024, before decreasing slightly to 0.45 in 2025. While relatively stable, the final year’s decrease suggests a potential emerging trend of reduced revenue generation per dollar of total assets.
- Equity Turnover
- The equity turnover ratio increased from 1.21 in 2021 to a peak of 1.50 in 2022, then experienced a slight decline to 1.47 in 2023 and 1.45 in 2024, followed by a more pronounced decrease to 1.28 in 2025. This indicates that the company generated less revenue for each dollar of equity in 2025 compared to prior years, potentially signaling a reduced return on equity.
Collectively, these ratios suggest a weakening trend in asset utilization efficiency. While the total asset turnover ratio remained relatively stable for a period, the declines in net fixed asset turnover and equity turnover, particularly in the later years, warrant further investigation. The consistent decrease in fixed asset turnover, even when including operating leases, suggests a broader issue with asset efficiency rather than accounting adjustments.
Net Fixed Asset Turnover
Comcast Corp., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | 123,707) | 123,731) | 121,572) | 121,427) | 116,385) | |
| Property and equipment, net | 65,680) | 62,548) | 59,686) | 55,485) | 54,047) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | 1.88 | 1.98 | 2.04 | 2.19 | 2.15 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| Alphabet Inc. | 1.63 | 2.05 | 2.29 | 2.51 | 2.64 | |
| Meta Platforms Inc. | 1.14 | 1.36 | 1.40 | 1.47 | 2.04 | |
| Netflix Inc. | 22.54 | 24.47 | 22.61 | 22.61 | 22.44 | |
| Trade Desk Inc. | — | 11.68 | 12.06 | 9.08 | 8.81 | |
| Walt Disney Co. | 2.28 | 2.45 | 2.52 | 2.44 | 2.05 | |
| Net Fixed Asset Turnover, Sector | ||||||
| Media & Entertainment | — | 1.96 | 2.10 | 2.25 | 2.42 | |
| Net Fixed Asset Turnover, Industry | ||||||
| Communication Services | — | 1.65 | 1.68 | 1.73 | 1.90 | |
Based on: 10-K (reporting date: 2025-12-31), 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).
1 2025 Calculation
Net fixed asset turnover = Revenue ÷ Property and equipment, net
= 123,707 ÷ 65,680 = 1.88
2 Click competitor name to see calculations.
The net fixed asset turnover ratio decreased consistently over the five-year period. While revenue exhibited modest growth, the growth in property and equipment, net, outpaced it, resulting in a declining efficiency in generating revenue from fixed assets.
- Revenue Trend
- Revenue increased from US$116,385 million in 2021 to US$121,427 million in 2022, representing a growth of approximately 4.3%. Revenue remained relatively stable in 2023 at US$121,572 million, and then increased to US$123,731 million in 2024 and US$123,707 million in 2025. The growth rate slowed considerably in the later years.
- Property, Plant, and Equipment (PP&E) Trend
- Property and equipment, net, increased steadily throughout the period. From US$54,047 million in 2021, it rose to US$55,485 million in 2022, US$59,686 million in 2023, US$62,548 million in 2024, and finally reached US$65,680 million in 2025. This indicates ongoing investment in fixed assets.
- Net Fixed Asset Turnover Ratio Trend
- The net fixed asset turnover ratio began at 2.15 in 2021. It increased slightly to 2.19 in 2022, but then began a consistent decline. The ratio decreased to 2.04 in 2023, further to 1.98 in 2024, and reached 1.88 in 2025. This suggests a diminishing ability to generate sales revenue for each dollar invested in fixed assets.
- Relationship between Revenue and PP&E
- The increasing investment in property and equipment did not translate into a proportional increase in revenue. The rate of growth in PP&E consistently exceeded the rate of growth in revenue, leading to the observed decline in the net fixed asset turnover ratio. This could indicate inefficiencies in asset utilization or potentially over-investment in fixed assets relative to revenue generation.
The continued decrease in the net fixed asset turnover ratio warrants further investigation to determine the underlying causes and potential strategies to improve asset utilization efficiency.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Comcast Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | 123,707) | 123,731) | 121,572) | 121,427) | 116,385) | |
| Property and equipment, net | 65,680) | 62,548) | 59,686) | 55,485) | 54,047) | |
| Operating lease right-of-use assets (included in Other noncurrent assets, net) | 5,287) | 5,524) | 5,786) | 5,997) | 6,467) | |
| Property and equipment, net (including operating lease, right-of-use asset) | 70,967) | 68,072) | 65,472) | 61,482) | 60,514) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 1.74 | 1.82 | 1.86 | 1.98 | 1.92 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| Alphabet Inc. | 1.54 | 1.90 | 2.07 | 2.23 | 2.33 | |
| Meta Platforms Inc. | 1.02 | 1.21 | 1.23 | 1.26 | 1.69 | |
| Netflix Inc. | 10.73 | 10.55 | 9.45 | 8.72 | 7.88 | |
| Trade Desk Inc. | — | 5.17 | 5.42 | 4.00 | 3.23 | |
| Walt Disney Co. | 2.11 | 2.25 | 2.25 | 2.18 | 1.83 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Media & Entertainment | — | 1.78 | 1.88 | 1.97 | 2.09 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Communication Services | — | 1.42 | 1.42 | 1.43 | 1.54 | |
Based on: 10-K (reporting date: 2025-12-31), 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).
1 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Revenue ÷ Property and equipment, net (including operating lease, right-of-use asset)
= 123,707 ÷ 70,967 = 1.74
2 Click competitor name to see calculations.
The analysis reveals a fluctuating pattern in net fixed asset turnover over the five-year period. While revenue demonstrates modest growth, the value of property and equipment, net of accumulated depreciation and including operating lease right-of-use assets, consistently increased. This combination results in a declining trend in the net fixed asset turnover ratio.
- Revenue
- Revenue experienced an initial increase from US$116,385 million in 2021 to US$121,427 million in 2022. Growth then slowed, with a marginal increase to US$121,572 million in 2023, followed by further gains to US$123,731 million in 2024, and a slight decrease to US$123,707 million in 2025. Overall, revenue growth remained relatively stable, but did not accelerate significantly.
- Property and Equipment, Net (including operating lease, right-of-use asset)
- The value of property and equipment, net, exhibited a consistent upward trend throughout the period. It rose from US$60,514 million in 2021 to US$61,482 million in 2022, then to US$65,472 million in 2023, US$68,072 million in 2024, and finally to US$70,967 million in 2025. This indicates ongoing investment in fixed assets.
- Net Fixed Asset Turnover (including operating lease, right-of-use asset)
- The net fixed asset turnover ratio began at 1.92 in 2021, increased to 1.98 in 2022, and then commenced a downward trend. The ratio decreased to 1.86 in 2023, further to 1.82 in 2024, and concluded at 1.74 in 2025. This decline suggests that the company is generating less revenue for each dollar invested in fixed assets, potentially indicating diminishing returns on asset investment or a shift in business strategy requiring more capital-intensive operations.
The observed decrease in net fixed asset turnover, despite revenue growth, warrants further investigation. Potential factors contributing to this trend could include increased capital expenditures, a change in the composition of assets, or a slower rate of revenue growth relative to asset investment. Continued monitoring of this ratio is recommended to assess the long-term implications for operational efficiency and profitability.
Total Asset Turnover
Comcast Corp., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | 123,707) | 123,731) | 121,572) | 121,427) | 116,385) | |
| Total assets | 272,631) | 266,211) | 264,811) | 257,275) | 275,905) | |
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | 0.45 | 0.46 | 0.46 | 0.47 | 0.42 | |
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| Alphabet Inc. | 0.68 | 0.78 | 0.76 | 0.77 | 0.72 | |
| Meta Platforms Inc. | 0.55 | 0.60 | 0.59 | 0.63 | 0.71 | |
| Netflix Inc. | 0.81 | 0.73 | 0.69 | 0.65 | 0.67 | |
| Trade Desk Inc. | — | 0.40 | 0.40 | 0.36 | 0.33 | |
| Walt Disney Co. | 0.48 | 0.47 | 0.43 | 0.41 | 0.33 | |
| Total Asset Turnover, Sector | ||||||
| Media & Entertainment | — | 0.62 | 0.60 | 0.60 | 0.56 | |
| Total Asset Turnover, Industry | ||||||
| Communication Services | — | 0.50 | 0.48 | 0.47 | 0.45 | |
Based on: 10-K (reporting date: 2025-12-31), 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).
1 2025 Calculation
Total asset turnover = Revenue ÷ Total assets
= 123,707 ÷ 272,631 = 0.45
2 Click competitor name to see calculations.
The total asset turnover ratio exhibits a generally stable pattern over the five-year period, with minor fluctuations. Initial observation reveals an increase followed by a slight decline, ultimately settling at a value comparable to the beginning of the period.
- Total Asset Turnover Trend
- The ratio increased from 0.42 in 2021 to 0.47 in 2022, indicating improved efficiency in utilizing assets to generate revenue. This represents the largest single-year increase in the observed period. Subsequently, the ratio decreased to 0.46 in 2023 and remained at that level through 2024. A further slight decrease to 0.45 is noted in 2025.
While the ratio experienced an initial positive movement, the subsequent stabilization and minor decline suggest a leveling off of asset utilization efficiency. The values remain within a narrow range, indicating consistent, though not dramatically improving, performance in converting assets into sales. The relatively stable figures from 2023 to 2025 suggest that changes in revenue and total assets are occurring in a proportional manner during those years.
- Revenue and Asset Relationship
- Revenue demonstrated moderate growth over the period, increasing from US$116,385 million in 2021 to US$123,731 million in 2024, before experiencing a slight decrease to US$123,707 million in 2025. Total assets decreased in 2022, then increased through 2025. The interplay between these two figures largely explains the observed fluctuations in the total asset turnover ratio.
The observed trend suggests that while the company effectively utilized its assets to generate revenue in 2022, the efficiency has remained relatively constant in the following years, despite changes in the overall asset base and revenue levels. Further investigation into the components of both revenue and total assets may provide additional insights into the drivers of these trends.
Equity Turnover
Comcast Corp., equity turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | 123,707) | 123,731) | 121,572) | 121,427) | 116,385) | |
| Total Comcast Corporation shareholders’ equity | 96,903) | 85,560) | 82,703) | 80,943) | 96,092) | |
| Long-term Activity Ratio | ||||||
| Equity turnover1 | 1.28 | 1.45 | 1.47 | 1.50 | 1.21 | |
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| Alphabet Inc. | 0.97 | 1.08 | 1.08 | 1.10 | 1.02 | |
| Meta Platforms Inc. | 0.93 | 0.90 | 0.88 | 0.93 | 0.94 | |
| Netflix Inc. | 1.70 | 1.58 | 1.64 | 1.52 | 1.87 | |
| Trade Desk Inc. | — | 0.83 | 0.90 | 0.75 | 0.78 | |
| Walt Disney Co. | 0.86 | 0.91 | 0.90 | 0.87 | 0.76 | |
| Equity Turnover, Sector | ||||||
| Media & Entertainment | — | 1.07 | 1.07 | 1.10 | 1.02 | |
| Equity Turnover, Industry | ||||||
| Communication Services | — | 1.12 | 1.13 | 1.16 | 1.09 | |
Based on: 10-K (reporting date: 2025-12-31), 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).
1 2025 Calculation
Equity turnover = Revenue ÷ Total Comcast Corporation shareholders’ equity
= 123,707 ÷ 96,903 = 1.28
2 Click competitor name to see calculations.
The equity turnover ratio for the analyzed period demonstrates fluctuations, generally remaining within a relatively narrow range. Revenue exhibited a consistent increase from 2021 to 2024, followed by a slight decrease in 2025. Shareholders’ equity experienced a decrease from 2021 to 2022, then stabilized and increased through 2025.
- Equity Turnover
- The equity turnover ratio increased from 1.21 in 2021 to 1.50 in 2022, indicating a more efficient utilization of equity to generate revenue. A slight decrease to 1.47 was observed in 2023, followed by a further decrease to 1.45 in 2024. The ratio concluded the period at 1.28 in 2025, representing a return towards the level observed in 2021. This suggests a diminishing efficiency in revenue generation relative to equity over the latter part of the analyzed timeframe.
The initial increase in equity turnover coincided with a period of revenue growth and a decrease in shareholders’ equity. The subsequent stabilization and slight decline in the ratio, despite continued revenue growth through 2024, suggests that the company began reinvesting equity or experiencing changes in asset utilization. The decrease in the ratio in 2025, coupled with a slight revenue decline, reinforces this observation. The fluctuations in equity turnover warrant further investigation into the underlying drivers of revenue and equity changes.
- Revenue Trend
- Revenue consistently increased from US$116,385 million in 2021 to US$123,731 million in 2024. However, a marginal decrease to US$123,707 million was recorded in 2025. This indicates a period of strong growth followed by stabilization and a minor contraction.
- Shareholders’ Equity Trend
- Total shareholders’ equity decreased significantly from US$96,092 million in 2021 to US$80,943 million in 2022. It then experienced a period of recovery, reaching US$96,903 million in 2025. This suggests potential shifts in capital structure, including share repurchases, dividend payouts, or retained earnings policies during the analyzed period.