Stock Analysis on Net
Stock Analysis on Net

Comcast Corp. (NASDAQ:CMCSA)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Comcast Corp., adjusted financial ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Activity Ratio
Total Asset Turnover
Reported 0.46 0.47 0.42 0.38 0.41
Adjusted 0.46 0.47 0.42 0.38 0.42
Liquidity Ratio
Current Ratio
Reported 0.60 0.78 0.85 0.93 0.84
Adjusted 0.67 0.88 0.97 1.07 0.94
Solvency Ratios
Debt to Equity
Reported 1.17 1.17 0.99 1.15 1.24
Adjusted 0.91 0.89 0.77 0.86 0.91
Debt to Capital
Reported 0.54 0.54 0.50 0.53 0.55
Adjusted 0.48 0.47 0.44 0.46 0.48
Financial Leverage
Reported 3.20 3.18 2.87 3.03 3.18
Adjusted 2.33 2.25 2.09 2.19 2.25
Profitability Ratios
Net Profit Margin
Reported 12.66% 4.42% 12.17% 10.17% 11.99%
Adjusted 11.77% -0.50% 13.06% 11.38% 14.52%
Return on Equity (ROE)
Reported 18.61% 6.63% 14.73% 11.66% 15.78%
Adjusted 12.63% -0.53% 11.51% 9.43% 13.57%
Return on Assets (ROA)
Reported 5.81% 2.09% 5.13% 3.85% 4.96%
Adjusted 5.42% -0.23% 5.50% 4.31% 6.03%

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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Comcast Corp. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Comcast Corp. adjusted current ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Comcast Corp. adjusted debt-to-equity ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Comcast Corp. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Comcast Corp. adjusted financial leverage ratio increased from 2021 to 2022 and from 2022 to 2023.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Comcast Corp. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Comcast Corp. adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Comcast Corp. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Comcast Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Revenue 121,572 121,427 116,385 103,564 108,942
Total assets 264,811 257,275 275,905 273,869 263,414
Activity Ratio
Total asset turnover1 0.46 0.47 0.42 0.38 0.41
Adjusted
Selected Financial Data (US$ in millions)
Adjusted revenue2 122,317 120,807 116,407 103,891 109,496
Adjusted total assets3 265,400 257,805 276,281 274,457 263,746
Activity Ratio
Adjusted total asset turnover4 0.46 0.47 0.42 0.38 0.42

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 2023 Calculation
Total asset turnover = Revenue ÷ Total assets
= 121,572 ÷ 264,811 = 0.46

2 Adjusted revenue. See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted total asset turnover = Adjusted revenue ÷ Adjusted total assets
= 122,317 ÷ 265,400 = 0.46

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Comcast Corp. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Current assets 23,987 21,826 24,807 26,741 25,392
Current liabilities 40,198 27,887 29,348 28,796 30,292
Liquidity Ratio
Current ratio1 0.60 0.78 0.85 0.93 0.84
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 24,685 22,561 25,465 27,548 25,811
Adjusted current liabilities3 36,956 25,507 26,308 25,833 27,524
Liquidity Ratio
Adjusted current ratio4 0.67 0.88 0.97 1.07 0.94

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 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 23,987 ÷ 40,198 = 0.60

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2023 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 24,685 ÷ 36,956 = 0.67

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Comcast Corp. adjusted current ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 97,090 94,811 94,850 103,760 102,217
Total Comcast Corporation shareholders’ equity 82,703 80,943 96,092 90,323 82,726
Solvency Ratio
Debt to equity1 1.17 1.17 0.99 1.15 1.24
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 103,676 101,593 102,089 108,218 106,823
Adjusted total equity3 113,919 114,397 132,161 125,370 117,144
Solvency Ratio
Adjusted debt to equity4 0.91 0.89 0.77 0.86 0.91

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 2023 Calculation
Debt to equity = Total debt ÷ Total Comcast Corporation shareholders’ equity
= 97,090 ÷ 82,703 = 1.17

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 103,676 ÷ 113,919 = 0.91

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Comcast Corp. adjusted debt-to-equity ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 97,090 94,811 94,850 103,760 102,217
Total capital 179,793 175,754 190,942 194,083 184,943
Solvency Ratio
Debt to capital1 0.54 0.54 0.50 0.53 0.55
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 103,676 101,593 102,089 108,218 106,823
Adjusted total capital3 217,595 215,990 234,250 233,588 223,967
Solvency Ratio
Adjusted debt to capital4 0.48 0.47 0.44 0.46 0.48

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 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 97,090 ÷ 179,793 = 0.54

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 103,676 ÷ 217,595 = 0.48

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Comcast Corp. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total assets 264,811 257,275 275,905 273,869 263,414
Total Comcast Corporation shareholders’ equity 82,703 80,943 96,092 90,323 82,726
Solvency Ratio
Financial leverage1 3.20 3.18 2.87 3.03 3.18
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 265,400 257,805 276,281 274,457 263,746
Adjusted total equity3 113,919 114,397 132,161 125,370 117,144
Solvency Ratio
Adjusted financial leverage4 2.33 2.25 2.09 2.19 2.25

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 2023 Calculation
Financial leverage = Total assets ÷ Total Comcast Corporation shareholders’ equity
= 264,811 ÷ 82,703 = 3.20

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 265,400 ÷ 113,919 = 2.33

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Comcast Corp. adjusted financial leverage ratio increased from 2021 to 2022 and from 2022 to 2023.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Comcast Corporation 15,388 5,370 14,159 10,534 13,057
Revenue 121,572 121,427 116,385 103,564 108,942
Profitability Ratio
Net profit margin1 12.66% 4.42% 12.17% 10.17% 11.99%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 14,393 (602) 15,208 11,823 15,896
Adjusted revenue3 122,317 120,807 116,407 103,891 109,496
Profitability Ratio
Adjusted net profit margin4 11.77% -0.50% 13.06% 11.38% 14.52%

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 2023 Calculation
Net profit margin = 100 × Net income attributable to Comcast Corporation ÷ Revenue
= 100 × 15,388 ÷ 121,572 = 12.66%

2 Adjusted net income. See details »

3 Adjusted revenue. See details »

4 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Adjusted revenue
= 100 × 14,393 ÷ 122,317 = 11.77%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Comcast Corp. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Comcast Corporation 15,388 5,370 14,159 10,534 13,057
Total Comcast Corporation shareholders’ equity 82,703 80,943 96,092 90,323 82,726
Profitability Ratio
ROE1 18.61% 6.63% 14.73% 11.66% 15.78%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 14,393 (602) 15,208 11,823 15,896
Adjusted total equity3 113,919 114,397 132,161 125,370 117,144
Profitability Ratio
Adjusted ROE4 12.63% -0.53% 11.51% 9.43% 13.57%

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 2023 Calculation
ROE = 100 × Net income attributable to Comcast Corporation ÷ Total Comcast Corporation shareholders’ equity
= 100 × 15,388 ÷ 82,703 = 18.61%

2 Adjusted net income. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted total equity
= 100 × 14,393 ÷ 113,919 = 12.63%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Comcast Corp. adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Comcast Corporation 15,388 5,370 14,159 10,534 13,057
Total assets 264,811 257,275 275,905 273,869 263,414
Profitability Ratio
ROA1 5.81% 2.09% 5.13% 3.85% 4.96%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 14,393 (602) 15,208 11,823 15,896
Adjusted total assets3 265,400 257,805 276,281 274,457 263,746
Profitability Ratio
Adjusted ROA4 5.42% -0.23% 5.50% 4.31% 6.03%

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 2023 Calculation
ROA = 100 × Net income attributable to Comcast Corporation ÷ Total assets
= 100 × 15,388 ÷ 264,811 = 5.81%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 14,393 ÷ 265,400 = 5.42%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Comcast Corp. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.