Comcast (CMCSA)
Market Price (12/15/2025): $27.305 | Market Cap: $101.6 BilSector: Communication Services | Industry: Cable & Satellite
Comcast (CMCSA)
Market Price (12/15/2025): $27.305Market Cap: $101.6 BilSector: Communication ServicesIndustry: Cable & Satellite
Investment Highlights
Why It Matters
Which of these 2 stories sounds closer for this stock?
1. Generates cash flow
The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.
2. Riding a trend
Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 24%, Dividend Yield is 4.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 20%, FCF Yield is 14% | Weak multi-year price returns2Y Excs Rtn is -79%, 3Y Excs Rtn is -87% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 79% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%, CFO LTM is 31 Bil, FCF LTM is 17 Bil | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.7% | |
| Low stock price volatilityVol 12M is 27% | ||
| Megatrend and thematic driversMegatrends include Artificial Intelligence, Digital Content & Streaming, 5G & Advanced Connectivity, Digital Advertising, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 24%, Dividend Yield is 4.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 20%, FCF Yield is 14% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%, CFO LTM is 31 Bil, FCF LTM is 17 Bil |
| Low stock price volatilityVol 12M is 27% |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, Digital Content & Streaming, 5G & Advanced Connectivity, Digital Advertising, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -79%, 3Y Excs Rtn is -87% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 79% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.7% |
Valuation, Metrics & Events
CMCSA Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
Comcast (CMCSA) experienced a significant downturn in its stock performance from approximately August 31, 2025, to December 15, 2025, contributing to its year-to-date decline of -23.68%. Several key factors contributed to this negative movement:
**1. Comcast's Board of Directors approved the spin-off of Versant Media Group.**
On December 3, 2025, Comcast's Board approved the separation of its cable television networks and complementary digital platforms, forming a new independent publicly traded company, Versant Media Group, Inc. This corporate restructuring, with the distribution expected on January 2, 2026, often leads to adjustments in the parent company's stock value as investors re-evaluate the businesses independently.
**2. Multiple financial analysts downgraded Comcast's stock and lowered price targets.**
In early December 2025, analysts expressed a conservative outlook on CMCSA. On December 2, Barclays lowered its price target from $34 to $30 while maintaining a "Hold" rating. Similarly, on December 1, Rosenblatt Securities reduced its price target from $33 to $30, also maintaining a "Hold" rating, citing an anticipated "reset" in Comcast's Connectivity & Platforms segment. Morgan Stanley followed suit on December 10, cutting its price target to $31 from $32, citing shifts in wireless and fiber outlook.
**3. Concerns persisted regarding the Connectivity & Platforms segment, including broadband subscriber losses.**
Analysts highlighted a "reset" in the Connectivity & Platforms segment as a factor influencing the stock. Earlier in 2025, Comcast reported a loss of 199,000 broadband subscribers in Q1 2025, raising investor concerns about competitive pressures in the telecommunications sector. The company also anticipated 2026 to be a "reset year" due to lower average revenue per user (ARPU) from transitioning to simpler broadband packaging and free wireless offers.
**4. Comcast opted not to aggressively pursue a merger with Warner Bros. Discovery.**
On December 8, 2025, Comcast indicated that it did not foresee a "high likelihood" of succeeding with a proposed combination with Warner Bros. Discovery, leading to a decision not to push harder for the transaction. The company stated it was unwilling to overextend financially for the deal. This move could have been perceived negatively by some investors who might have seen a merger as a growth opportunity or strategic realignment.
**5. Declining net income and earnings per share in early 2025 contributed to a bearish sentiment throughout the year.**
While occurring before the specified August-December timeframe, Comcast's first-quarter 2025 results, reported on April 24, 2025, showed a 12.5% decrease in net income attributable to Comcast and a 7.7% decrease in earnings per share (EPS). This initial negative financial performance likely established a bearish tone for the stock throughout the year, with subsequent news and analyst outlooks building on this foundation.
Stock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CMCSA Return | 19% | -2% | -29% | 29% | -12% | -24% | -28% |
| Peers Return | 23% | -9% | -17% | 7% | 22% | -6% | 13% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 16% | 111% |
Monthly Win Rates [3] | |||||||
| CMCSA Win Rate | 58% | 58% | 33% | 67% | 50% | 50% | |
| Peers Win Rate | 55% | 45% | 43% | 57% | 62% | 50% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| CMCSA Max Drawdown | -27% | -7% | -42% | 0% | -15% | -27% | |
| Peers Max Drawdown | -24% | -16% | -31% | -13% | -8% | -18% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: CHTR, T, VZ, DIS, TMUS. See CMCSA Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/12/2025 (YTD)
How Low Can It Go
| Event | CMCSA | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -53.6% | -25.4% |
| % Gain to Breakeven | 115.3% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -31.7% | -33.9% |
| % Gain to Breakeven | 46.5% | 51.3% |
| Time to Breakeven | 223 days | 148 days |
| 2018 Correction | ||
| % Loss | -28.8% | -19.8% |
| % Gain to Breakeven | 40.5% | 24.7% |
| Time to Breakeven | 353 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -62.7% | -56.8% |
| % Gain to Breakeven | 168.0% | 131.3% |
| Time to Breakeven | 1113 days | 1480 days |
Compare to WBD, CHTR, ROKU, CMCSA, CABO
In The Past
Comcast's stock fell -53.6% during the 2022 Inflation Shock from a high on 9/2/2021. A -53.6% loss requires a 115.3% gain to breakeven.
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Latest Trefis Analyses
Trade Ideas
Select past ideas related to CMCSA. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11302025 | PINS | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -0.5% | -0.5% | -0.5% | |
| 11212025 | TMUS | T-Mobile US | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -6.4% | -6.4% | -6.4% |
| 11212025 | Z | Zillow | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 5.0% | 5.0% | 0.0% |
| 11072025 | IRDM | Iridium Communications | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 11.6% | 11.6% | -5.6% |
| 10032025 | TTD | Trade Desk | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | -28.9% | -28.9% | -28.9% |
| 07312025 | CMCSA | Comcast | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -17.2% | -17.2% | -19.5% |
| 01312025 | CMCSA | Comcast | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -1.6% | -16.7% | -19.1% |
| 10312022 | CMCSA | Comcast | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 33.2% | 33.9% | -4.3% |
| 04302022 | CMCSA | Comcast | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -18.4% | 7.3% | -26.7% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11302025 | PINS | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -0.5% | -0.5% | -0.5% | |
| 11212025 | TMUS | T-Mobile US | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -6.4% | -6.4% | -6.4% |
| 11212025 | Z | Zillow | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 5.0% | 5.0% | 0.0% |
| 11072025 | IRDM | Iridium Communications | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 11.6% | 11.6% | -5.6% |
| 10032025 | TTD | Trade Desk | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | -28.9% | -28.9% | -28.9% |
| 07312025 | CMCSA | Comcast | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -17.2% | -17.2% | -19.5% |
| 01312025 | CMCSA | Comcast | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -1.6% | -16.7% | -19.1% |
| 10312022 | CMCSA | Comcast | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 33.2% | 33.9% | -4.3% |
| 04302022 | CMCSA | Comcast | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -18.4% | 7.3% | -26.7% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Comcast
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 76.25 |
| Mkt Cap | 174.4 |
| Rev LTM | 109,304 |
| Op Inc LTM | 20,956 |
| FCF LTM | 15,198 |
| FCF 3Y Avg | 11,686 |
| CFO LTM | 29,028 |
| CFO 3Y Avg | 25,266 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.5% |
| Rev Chg 3Y Avg | 1.2% |
| Rev Chg Q | 1.6% |
| QoQ Delta Rev Chg LTM | 0.4% |
| Op Mgn LTM | 21.0% |
| Op Mgn 3Y Avg | 20.1% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 27.7% |
| CFO/Rev 3Y Avg | 27.0% |
| FCF/Rev LTM | 14.2% |
| FCF/Rev 3Y Avg | 11.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 174.4 |
| P/S | 1.5 |
| P/EBIT | 5.7 |
| P/E | 9.2 |
| P/CFO | 4.9 |
| Total Yield | 12.4% |
| Dividend Yield | 1.0% |
| FCF Yield 3Y Avg | 8.6% |
| D/E | 0.8 |
| Net D/E | 0.7 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -0.7% |
| 3M Rtn | -16.4% |
| 6M Rtn | -12.3% |
| 12M Rtn | -7.6% |
| 3Y Rtn | 28.9% |
| 1M Excs Rtn | -3.3% |
| 3M Excs Rtn | -19.1% |
| 6M Excs Rtn | -26.6% |
| 12M Excs Rtn | -21.6% |
| 3Y Excs Rtn | -44.7% |
Segment Financials
Revenue by Segment
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Residential Connectivity & Platforms | 71,946 | 72,386 | |||
| Media | 25,355 | 26,719 | |||
| Studios | 11,625 | 12,257 | |||
| Business Services Connectivity | 9,255 | 8,819 | |||
| Theme Parks | 8,947 | 7,541 | |||
| Other revenue | 2,827 | ||||
| Eliminations | -8,383 | -9,032 | -3,008 | -2,540 | -2,659 |
| Corporate and Other | 2,662 | 461 | 248 | 333 | |
| Media, Studios and Theme Parks headquarters and other | 75 | ||||
| Cable Communications | 64,328 | 60,051 | 58,082 | ||
| NBCUniversal (National Broadcasting Company Universal)-Eliminations | -3,048 | -2,006 | -316 | ||
| NBCUniversal (National Broadcasting Company Universal)-Headquarters and Other | 87 | 53 | 83 | ||
| NBCUniversal (National Broadcasting Company Universal)-Media | 22,780 | 18,936 | |||
| NBCUniversal (National Broadcasting Company Universal)-Studios | 9,449 | 8,134 | |||
| NBCUniversal (National Broadcasting Company Universal)-Theme Parks | 5,051 | 2,094 | 5,933 | ||
| Sky | 20,285 | 18,594 | 19,219 | ||
| NBCUniversal (National Broadcasting Company Universal)-Broadcast Television | 10,261 | ||||
| NBCUniversal (National Broadcasting Company Universal)-Cable Networks | 11,513 | ||||
| NBCUniversal (National Broadcasting Company Universal)-Filmed Entertainment | 6,493 | ||||
| Total | 121,572 | 121,427 | 116,385 | 103,564 | 108,942 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Residential Connectivity & Platforms | 26,948 | 26,111 | |||
| Business Services Connectivity | 5,291 | 5,060 | |||
| Theme Parks | 3,345 | 2,683 | |||
| Media | 2,955 | 3,598 | |||
| Studios | 1,269 | 961 | |||
| Eliminations | 105 | -66 | -65 | 32 | 1 |
| Media, Studios and Theme Parks headquarters and other | -946 | -881 | |||
| Corporate and Other | -1,318 | -1,008 | -1,505 | -1,791 | -1,011 |
| Amortization | -5,482 | -5,097 | |||
| Depreciation | -8,854 | -8,724 | |||
| Adjustments | -13 | -87 | -233 | ||
| Goodwill and long-lived asset impairments | -8,583 | ||||
| Cable Communications | 20,286 | 17,517 | 15,272 | ||
| NBCUniversal (National Broadcasting Company Universal)-Eliminations | -205 | -220 | -1 | ||
| NBCUniversal (National Broadcasting Company Universal)-Headquarters and Other | -1,318 | -1,038 | -1,151 | ||
| NBCUniversal (National Broadcasting Company Universal)-Media | 3,539 | 4,581 | |||
| NBCUniversal (National Broadcasting Company Universal)-Studios | 831 | 974 | |||
| NBCUniversal (National Broadcasting Company Universal)-Theme Parks | 361 | -1,249 | 1,759 | ||
| Sky | -1,020 | -1,080 | 400 | ||
| Adjustment for Sky transaction-related costs | -180 | ||||
| NBCUniversal (National Broadcasting Company Universal)-Broadcast Television | 1,573 | ||||
| NBCUniversal (National Broadcasting Company Universal)-Cable Networks | 3,709 | ||||
| NBCUniversal (National Broadcasting Company Universal)-Filmed Entertainment | 754 | ||||
| Total | 23,313 | 14,041 | 20,817 | 17,493 | 21,125 |
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/30/2025 | -4.2% | -2.1% | -6.8% |
| 7/31/2025 | 2.2% | -1.0% | 3.3% |
| 4/24/2025 | -3.7% | -0.8% | 0.3% |
| 1/30/2025 | -11.0% | -9.2% | -4.0% |
| 10/31/2024 | 3.4% | 6.9% | 2.2% |
| 7/23/2024 | -2.6% | 2.9% | 1.3% |
| 4/25/2024 | -5.8% | -5.0% | -3.8% |
| 1/25/2024 | 3.4% | 6.3% | -4.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 10 | 13 |
| # Negative | 13 | 14 | 11 |
| Median Positive | 3.4% | 4.3% | 3.3% |
| Median Negative | -3.8% | -2.9% | -3.8% |
| Max Positive | 10.3% | 12.0% | 23.3% |
| Max Negative | -11.0% | -11.3% | -13.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 10302025 | 10-Q 9/30/2025 |
| 6302025 | 7312025 | 10-Q 6/30/2025 |
| 3312025 | 4242025 | 10-Q 3/31/2025 |
| 12312024 | 1312025 | 10-K 12/31/2024 |
| 9302024 | 10312024 | 10-Q 9/30/2024 |
| 6302024 | 7232024 | 10-Q 6/30/2024 |
| 3312024 | 4252024 | 10-Q 3/31/2024 |
| 12312023 | 1312024 | 10-K 12/31/2023 |
| 9302023 | 10262023 | 10-Q 9/30/2023 |
| 6302023 | 7272023 | 10-Q 6/30/2023 |
| 3312023 | 4272023 | 10-Q 3/31/2023 |
| 12312022 | 2032023 | 10-K 12/31/2022 |
| 9302022 | 10272022 | 10-Q 9/30/2022 |
| 6302022 | 7282022 | 10-Q 6/30/2022 |
| 3312022 | 4282022 | 10-Q 3/31/2022 |
| 12312021 | 2022022 | 10-K 12/31/2021 |
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