Stock Analysis on Net
Stock Analysis on Net

Comcast Corp. (NASDAQ:CMCSA)

Price to FCFE (P/FCFE)

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Free Cash Flow to Equity (FCFE)

Comcast Corp., FCFE calculation

US$ in millions

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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
Net (income) loss attributable to noncontrolling interests (281) (445) (326) 167 266
Net noncash charges 12,386 24,392 16,182 13,470 14,934
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures 1,008 (2,904) (869) 566 (2,560)
Net cash provided by operating activities 28,501 26,413 29,146 24,737 25,697
Capital expenditures (12,242) (10,626) (9,174) (9,179) (9,953)
Cash paid for intangible assets (3,298) (3,141) (2,883) (2,455) (2,475)
Proceeds from (repayments of) short-term borrowings, net (660) 660 — — (1,288)
Proceeds from borrowings 6,052 2,745 2,628 18,644 5,479
Repurchases and repayments of debt (4,015) (2,307) (11,498) (18,777) (14,354)
Free cash flow to equity (FCFE) 14,338 13,744 8,219 12,970 3,106

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).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Comcast Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. Comcast Corp. FCFE increased from 2021 to 2022 and from 2022 to 2023.

Price to FCFE Ratio, Current

Comcast Corp., current P/FCFE calculation, comparison to benchmarks

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No. shares of common stock outstanding 3,923,626,048
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 14,338
FCFE per share 3.65
Current share price (P) 38.57
Valuation Ratio
P/FCFE 10.55
Benchmarks
P/FCFE, Competitors1
Alphabet Inc. 31.23
Meta Platforms Inc. 21.85
Netflix Inc. 34.92
Walt Disney Co. 66.40
P/FCFE, Sector
Media & Entertainment 26.77
P/FCFE, Industry
Communication Services 23.55

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

1 Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Price to FCFE Ratio, Historical

Comcast Corp., historical P/FCFE calculation, comparison to benchmarks

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Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
No. shares of common stock outstanding1 3,971,857,339 4,216,056,328 4,533,230,325 4,580,656,172 4,553,034,645
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 14,338 13,744 8,219 12,970 3,106
FCFE per share3 3.61 3.26 1.81 2.83 0.68
Share price1, 4 46.54 39.97 49.99 51.45 44.14
Valuation Ratio
P/FCFE5 12.89 12.26 27.57 18.17 64.70
Benchmarks
P/FCFE, Competitors6
Alphabet Inc. 25.65 22.91 29.75 26.58 32.39
Meta Platforms Inc. 23.53 17.26 16.84 32.77 28.91
Netflix Inc. 35.64 176.91 — 81.38 116.48
Walt Disney Co. 55.51 — — 18.20 55.35
P/FCFE, Sector
Media & Entertainment 24.75 23.67 29.77 27.24 36.47
P/FCFE, Industry
Communication Services 21.97 31.82 26.52 20.51 33.69

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 Data adjusted for splits and stock dividends.

2 See details »

3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 14,338,000,000 ÷ 3,971,857,339 = 3.61

4 Closing price as at the filing date of Comcast Corp. Annual Report.

5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 46.54 ÷ 3.61 = 12.89

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. Comcast Corp. P/FCFE ratio decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.