EVA is registered trademark of Stern Stewart.

Economic value added or economic profit is the difference between revenues and costs,where costs include not only expenses, but also cost of capital.

Economic Profit
Net Operating Profit after Taxes (NOPAT)
Cash Operating Taxes
Invested Capital
Cost of Capital
Economic Spread Ratio
Economic Profit Margin

Comcast Corp., economic profit calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net operating profit after taxes (NOPAT)¹	16,517)	6,839)	19,205)	14,617)	18,251)
Cost of capital²	10.06%	9.93%	10.08%	9.88%	9.71%
Invested capital³	211,709)	213,605)	229,233)	224,149)	217,322)

Economic profit⁴	(4,771)	(14,375)	(3,899)	(7,535)	(2,849)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ NOPAT. See details »

² Cost of capital. See details »

³ Invested capital. See details »

⁴ 2023 Calculation
Economic profit = NOPAT – Cost of capital × Invested capital
= 16,517 – 10.06% × 211,709 = -4,771

Download chart

Item	Description	The company
Economic profit	Economic profit is a measure of corporate performance computed by taking the spread between the return on invested capital and the cost of capital, and multiplying by the invested capital.	Comcast Corp. economic profit decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.

Comcast Corp., NOPAT calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income attributable to Comcast Corporation	15,388)	5,370)	14,159)	10,534)	13,057)
Deferred income tax expense (benefit)¹	(2,739)	(834)	1,892)	(550)	563)
Increase (decrease) in allowance for credit losses²	(38)	77)	(149)	388)	67)
Increase (decrease) in deferred revenue³	745)	(620)	22)	327)	554)
Increase (decrease) in equity equivalents⁴	(2,032)	(1,377)	1,765)	165)	1,184)
Interest expense	4,087)	3,896)	4,281)	4,588)	4,567)
Interest expense, operating lease liability⁵	270)	269)	285)	160)	172)
Adjusted interest expense	4,357)	4,165)	4,566)	4,748)	4,739)
Tax benefit of interest expense⁶	(915)	(875)	(959)	(997)	(995)
Adjusted interest expense, after taxes⁷	3,442)	3,291)	3,607)	3,751)	3,744)
Net income (loss) attributable to noncontrolling interest	(281)	(445)	(326)	167)	266)
Net operating profit after taxes (NOPAT)	16,517)	6,839)	19,205)	14,617)	18,251)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ Elimination of deferred tax expense. See details »

² Addition of increase (decrease) in allowance for credit losses.

³ Addition of increase (decrease) in deferred revenue.

⁴ Addition of increase (decrease) in equity equivalents to net income attributable to Comcast Corporation.

⁵ 2023 Calculation
Interest expense on capitalized operating leases = Operating lease liability × Discount rate
= 6,586 × 4.10% = 270

⁶ 2023 Calculation
Tax benefit of interest expense = Adjusted interest expense × Statutory income tax rate
= 4,357 × 21.00% = 915

⁷ Addition of after taxes interest expense to net income attributable to Comcast Corporation.

Download chart

Item	Description	The company
NOPAT	Net operating profit after taxes is income from operations, but after removement of taxes calculated on cash basis that are relevant to operating income.	Comcast Corp. NOPAT decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.

Comcast Corp., cash operating taxes calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Income tax expense	5,371)	4,359)	5,259)	3,364)	3,673)
Less: Deferred income tax expense (benefit)	(2,739)	(834)	1,892)	(550)	563)
Add: Tax savings from interest expense	915)	875)	959)	997)	995)
Cash operating taxes	9,025)	6,068)	4,326)	4,911)	4,105)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Download chart

Item	Description	The company
Cash operating taxes	Cash operating taxes are estimated by adjusting income tax expense for changes in deferred taxes and tax benefit from the interest deduction.	Comcast Corp. cash operating taxes increased from 2021 to 2022 and from 2022 to 2023.

Comcast Corp., invested capital calculation (financing approach)

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Current portion of long-term debt	2,069)	1,743)	2,132)	3,146)	4,452)
Long-term debt, less current portion	95,021)	93,068)	92,718)	100,614)	97,765)
Operating lease liability¹	6,586)	6,782)	7,239)	4,458)	4,606)
Total reported debt & leases	103,676)	101,593)	102,089)	108,218)	106,823)
Total Comcast Corporation shareholders’ equity	82,703)	80,943)	96,092)	90,323)	82,726)
Net deferred tax (assets) liabilities²	25,894)	28,509)	29,759)	27,832)	28,093)
Allowance for credit losses³	698)	735)	658)	807)	419)
Deferred revenue⁴	3,860)	3,115)	3,735)	3,713)	3,386)
Equity equivalents⁵	30,452)	32,359)	34,152)	32,352)	31,898)
Accumulated other comprehensive (income) loss, net of tax⁶	1,253)	2,611)	(1,480)	(1,884)	(1,047)
Redeemable noncontrolling interests	241)	411)	519)	1,280)	1,372)
Noncontrolling interests	523)	684)	1,398)	1,415)	1,148)
Adjusted total Comcast Corporation shareholders’ equity	115,172)	117,008)	130,681)	123,486)	116,097)
Construction in process⁷	(7,100)	(4,900)	(3,131)	(7,095)	(5,245)
Marketable equity securities⁸	(39)	(96)	(406)	(460)	(353)
Invested capital	211,709)	213,605)	229,233)	224,149)	217,322)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ Addition of capitalized operating leases.

² Elimination of deferred taxes from assets and liabilities. See details »

³ Addition of allowance for doubtful accounts receivable.

⁴ Addition of deferred revenue.

⁵ Addition of equity equivalents to total Comcast Corporation shareholders’ equity.

⁶ Removal of accumulated other comprehensive income.

⁷ Subtraction of construction in process.

⁸ Subtraction of marketable equity securities.

Download chart

Item	Description	The company
Invested capital	Capital is an approximation of the economic book value of all cash invested in going-concern business activities.	Comcast Corp. invested capital decreased from 2021 to 2022 and from 2022 to 2023.

Comcast Corp., cost of capital calculations

Dec 31, 2023

	Capital (fair value)¹	Weights					Cost of capital
Equity²	184,850)	184,850)	÷	283,636)	=	0.65	0.65	×	13.74%	=	8.95%
Long-term debt, including current portion³	92,200)	92,200)	÷	283,636)	=	0.33	0.33	×	4.00% × (1 – 21.00%)	=	1.03%
Operating lease liability⁴	6,586)	6,586)	÷	283,636)	=	0.02	0.02	×	4.10% × (1 – 21.00%)	=	0.08%
Total:	283,636)					1.00					10.06%

Based on: 10-K (reporting date: 2023-12-31).

¹ US$ in millions

² Equity. See details »

³ Long-term debt, including current portion. See details »

⁴ Operating lease liability. See details »

Dec 31, 2022

	Capital (fair value)¹	Weights					Cost of capital
Equity²	168,516)	168,516)	÷	262,198)	=	0.64	0.64	×	13.74%	=	8.83%
Long-term debt, including current portion³	86,900)	86,900)	÷	262,198)	=	0.33	0.33	×	3.90% × (1 – 21.00%)	=	1.02%
Operating lease liability⁴	6,782)	6,782)	÷	262,198)	=	0.03	0.03	×	3.97% × (1 – 21.00%)	=	0.08%
Total:	262,198)					1.00					9.93%

Based on: 10-K (reporting date: 2022-12-31).

¹ US$ in millions

² Equity. See details »

³ Long-term debt, including current portion. See details »

⁴ Operating lease liability. See details »

Dec 31, 2021

	Capital (fair value)¹	Weights					Cost of capital
Equity²	226,616)	226,616)	÷	343,155)	=	0.66	0.66	×	13.74%	=	9.07%
Long-term debt, including current portion³	109,300)	109,300)	÷	343,155)	=	0.32	0.32	×	3.74% × (1 – 21.00%)	=	0.94%
Operating lease liability⁴	7,239)	7,239)	÷	343,155)	=	0.02	0.02	×	3.94% × (1 – 21.00%)	=	0.07%
Total:	343,155)					1.00					10.08%

Based on: 10-K (reporting date: 2021-12-31).

¹ US$ in millions

² Equity. See details »

³ Long-term debt, including current portion. See details »

⁴ Operating lease liability. See details »

Dec 31, 2020

	Capital (fair value)¹	Weights					Cost of capital
Equity²	235,675)	235,675)	÷	365,733)	=	0.64	0.64	×	13.74%	=	8.85%
Long-term debt, including current portion³	125,600)	125,600)	÷	365,733)	=	0.34	0.34	×	3.67% × (1 – 21.00%)	=	1.00%
Operating lease liability⁴	4,458)	4,458)	÷	365,733)	=	0.01	0.01	×	3.58% × (1 – 21.00%)	=	0.03%
Total:	365,733)					1.00					9.88%

Based on: 10-K (reporting date: 2020-12-31).

¹ US$ in millions

² Equity. See details »

³ Long-term debt, including current portion. See details »

⁴ Operating lease liability. See details »

Dec 31, 2019

	Capital (fair value)¹	Weights					Cost of capital
Equity²	200,971)	200,971)	÷	321,377)	=	0.63	0.63	×	13.74%	=	8.59%
Long-term debt, including current portion³	115,800)	115,800)	÷	321,377)	=	0.36	0.36	×	3.78% × (1 – 21.00%)	=	1.08%
Operating lease liability⁴	4,606)	4,606)	÷	321,377)	=	0.01	0.01	×	3.74% × (1 – 21.00%)	=	0.04%
Total:	321,377)					1.00					9.71%

Based on: 10-K (reporting date: 2019-12-31).

¹ US$ in millions

² Equity. See details »

³ Long-term debt, including current portion. See details »

⁴ Operating lease liability. See details »

Comcast Corp., economic spread ratio calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Economic profit¹	(4,771)	(14,375)	(3,899)	(7,535)	(2,849)
Invested capital²	211,709)	213,605)	229,233)	224,149)	217,322)
Performance Ratio
Economic spread ratio³	-2.25%	-6.73%	-1.70%	-3.36%	-1.31%
Benchmarks
Economic Spread Ratio, Competitors⁴
Alphabet Inc.	19.18%	16.08%	38.37%	19.61%	18.67%
Meta Platforms Inc.	12.53%	6.16%	28.61%	19.82%	12.93%
Netflix Inc.	0.36%	-0.92%	3.40%	-1.98%	-3.81%
Walt Disney Co.	-11.31%	-9.17%	-11.95%	-14.23%	-4.03%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ Economic profit. See details »

² Invested capital. See details »

³ 2023 Calculation
Economic spread ratio = 100 × Economic profit ÷ Invested capital
= 100 × -4,771 ÷ 211,709 = -2.25%

⁴ Click competitor name to see calculations.

Download chart

Performance ratio	Description	The company
Economic spread ratio	The ratio of economic profit to invested capital, also equal to the difference between return on invested capital (ROIC) and cost of capital.	Comcast Corp. economic spread ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Comcast Corp., economic profit margin calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Economic profit¹	(4,771)	(14,375)	(3,899)	(7,535)	(2,849)

Revenue	121,572)	121,427)	116,385)	103,564)	108,942)
Add: Increase (decrease) in deferred revenue	745)	(620)	22)	327)	554)
Adjusted revenue	122,317)	120,807)	116,407)	103,891)	109,496)
Performance Ratio
Economic profit margin²	-3.90%	-11.90%	-3.35%	-7.25%	-2.60%
Benchmarks
Economic Profit Margin, Competitors³
Alphabet Inc.	11.82%	9.91%	22.01%	13.13%	11.59%
Meta Platforms Inc.	13.11%	5.38%	22.47%	18.65%	11.96%
Netflix Inc.	0.40%	-1.09%	3.97%	-2.34%	-4.53%
Walt Disney Co.	-22.08%	-18.88%	-30.45%	-38.28%	-9.64%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ Economic profit. See details »

² 2023 Calculation
Economic profit margin = 100 × Economic profit ÷ Adjusted revenue
= 100 × -4,771 ÷ 122,317 = -3.90%

³ Click competitor name to see calculations.

Download chart

Performance ratio	Description	The company
Economic profit margin	The ratio of economic profit to sales. It is the company profit margin covering income efficiency and asset management. Economic profit margin is not biased in favor of capital-intensive business models, because any added capital is a cost to the economic profit margin.	Comcast Corp. economic profit margin deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Comcast Corp. (NASDAQ:CMCSA)

Economic Value Added (EVA)

Economic Profit

Net Operating Profit after Taxes (NOPAT)

Cash Operating Taxes

Invested Capital

Cost of Capital

Economic Spread Ratio

Economic Profit Margin