Enterprise Value (EV)
Current Enterprise Value (EV)
Comcast Corp., current enterprise value calculation
| Current share price (P) | $31.37 |
| No. shares of common stock outstanding | 3,597,845,994 |
| US$ in millions | |
| Common equity (market value)1 | 112,864) |
| Add: Preferred stock; issued, zero (per books) | —) |
| Add: Noncontrolling interests (per books) | 248) |
| Total equity | 113,112) |
| Add: Current portion of debt (per books) | 5,958) |
| Add: Noncurrent portion of debt (per books) | 92,979) |
| Total equity and debt | 212,049) |
| Less: Cash and cash equivalents | 9,481) |
| Enterprise value (EV) | 202,568) |
Based on: 10-K (reporting date: 2025-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 31.37 × 3,597,845,994
Historical Enterprise Value (EV)
Comcast Corp., EV calculation
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 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Comcast Corp. Annual Report.
3 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 29.76 × 3,597,845,994
An examination of the financial information reveals a generally decreasing trend in enterprise value over the five-year period. While fluctuations occur, the overall trajectory points towards a reduction in the company’s total value as assessed by the market.
- Enterprise Value Trend
- Enterprise value decreased from US$314,153 million in 2021 to US$196,776 million in 2025. A significant drop occurred between 2021 and 2022, followed by a slight recovery in 2023, before resuming a downward trend through 2025. The rate of decline appears to be accelerating in the later years of the period.
- Common Equity (Market Value)
- The market value of common equity experienced a substantial decrease from US$226,616 million in 2021 to US$107,072 million in 2025. This decline mirrors the trend in enterprise value, suggesting that changes in market perception of the equity component are a significant driver of the overall valuation changes. A notable decrease occurred between 2021 and 2022, with a partial recovery in 2023, followed by further declines.
- Total Equity
- Total equity followed a similar pattern to common equity, decreasing from US$228,014 million in 2021 to US$107,320 million in 2025. The consistency between the trends in common equity and total equity suggests that changes in retained earnings or other equity accounts are not significantly offsetting the decline in market value.
- Total Equity and Debt
- Total equity and debt decreased from US$322,864 million in 2021 to US$206,257 million in 2025. While the absolute value is higher than enterprise value, the trend is consistent. The decrease indicates a reduction in the company’s overall capital structure, potentially through debt repayment or equity reduction. The rate of decline appears to be moderating in the most recent year.
The relationship between enterprise value and the underlying equity and debt components suggests that the observed valuation changes are primarily driven by market sentiment and potentially operational performance, rather than significant shifts in the company’s capital structure. The consistent downward trend warrants further investigation into the factors influencing investor perception and the company’s financial performance.