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- Income Statement
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2010
- Total Asset Turnover since 2010
- Analysis of Debt
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Adjusted Financial Ratios (Summary)
Based on: 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), 10-K (reporting date: 2020-12-31).
- Total Asset Turnover
- The reported and adjusted total asset turnover ratios demonstrate a stable and slightly improving pattern, increasing from 0.33 in 2020 to 0.37 by 2022 and maintaining that level through 2024. This suggests consistent efficiency in generating sales from assets over the observed periods.
- Current Ratio
- Both reported and adjusted current ratios indicate a decline from 2020 to 2021, followed by a moderate recovery in 2022; however, the ratios remain below 0.4 throughout, reflecting relatively low short-term liquidity and potential challenges in covering current liabilities with current assets.
- Debt to Equity
- The reported debt to equity ratio escalates sharply from 3.48 in 2020 to a peak of 10.7 in 2022, before steadily declining to 6.14 in 2024. The adjusted figures show a similar trend but are notably lower, rising from 1.71 to 3.06 before decreasing to 2.48. This pattern suggests increased leverage up to 2022, followed by deleveraging efforts in subsequent years, reflecting a shift toward reducing financial risk.
- Debt to Capital
- There is a consistent upward movement in reported debt to capital ratio from 0.78 in 2020 to 0.91 in 2022, then a slight decrease to 0.86 in 2024. The adjusted ratios follow the same pattern but with somewhat lower values, indicating increasing reliance on debt financing initially, followed by moderate improvement in capital structure balance.
- Financial Leverage
- Reported financial leverage rises significantly from 6.06 in 2020 to 15.85 in 2022, before declining to 9.62 by 2024. Adjusted leverage also grows, though at a gentler pace, reaching 4.48 in 2022 and dropping to 3.83 in 2024. This reveals a period of intensified leverage exposure followed by a strategic reduction in leverage.
- Net Profit Margin
- The net profit margin, both reported and adjusted, improves from 2020 to 2022, with reported margins rising from 6.7% to 9.36% and adjusted margins from 8.66% to 11.19%. Although there is a dip in 2023, margins recover in 2024, indicating generally enhanced profitability with some year-to-year variability.
- Return on Equity (ROE)
- Reported ROE exhibits substantial volatility, increasing sharply from 13.53% in 2020 to a high of 55.43% in 2022, then declining to 32.61% in 2024. Adjusted ROE shows a steadier increase up to 18.7% in 2022, followed by a gradual decrease to 14.41% by 2024. This suggests that while equity returns peaked significantly in 2022, they normalized in subsequent years, also reflecting the impact of leverage adjustments.
- Return on Assets (ROA)
- ROA trends upward from 2020 to 2022, peaking at reported 3.5% and adjusted 4.28%, before seeing a moderate decline and stabilization through 2024. This pattern indicates improving asset utilization efficiency and profitability, with slight softness after 2022.
Charter Communications Inc., Financial Ratios: Reported vs. Adjusted
Adjusted Total Asset Turnover
Based on: 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), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Total asset turnover = Revenues ÷ Total assets
= ÷ =
2 Adjusted revenues. See details »
3 Adjusted total assets. See details »
4 2024 Calculation
Adjusted total asset turnover = Adjusted revenues ÷ Adjusted total assets
= ÷ =
- Revenues
- Revenues have shown a consistent upward trend over the five-year period. Starting at 48,097 million USD at the end of 2020, revenues increased steadily each year, reaching 55,085 million USD by the end of 2024. The growth rate appears to have moderated slightly in the later years as the increase from 2023 to 2024 is relatively smaller compared to earlier periods.
- Total Assets
- Total assets exhibited moderate fluctuations but remained generally stable with a slight upward trend. Assets started at 144,206 million USD at the end of 2020, decreased marginally to 142,491 million USD in 2021, then gradually rose to 150,020 million USD by the end of 2024. This indicates a measured expansion in asset base over the period.
- Reported Total Asset Turnover
- The reported total asset turnover ratio improved notably from 0.33 in 2020 to 0.37 in 2022 and then stabilized at 0.37 through 2024. This reflects an improvement in asset efficiency, where the company generated higher revenues per unit of asset following 2021 and maintained that level of efficiency subsequently.
- Adjusted Revenues
- Adjusted revenues closely mirror reported revenues, initiating at 48,074 million USD in 2020 and incrementally increasing to 55,032 million USD by 2024. The parallel movement with reported revenues suggests consistent adjustments without significant divergence, reinforcing the revenue growth pattern observed.
- Adjusted Total Assets
- Adjusted total assets follow a trend similar to reported total assets, starting at 144,400 million USD in 2020, dipping slightly in 2021, and then increasing each year to reach 150,224 million USD in 2024. The minimal differences between reported and adjusted figures imply that adjustments made are relatively minor and do not substantially alter asset size interpretation.
- Adjusted Total Asset Turnover
- The adjusted total asset turnover ratio also increased from 0.33 in 2020 to 0.37 in 2022, remaining stable thereafter. This consistent pattern with the reported turnover ratio indicates sustained improvement and subsequent stability in asset utilization efficiency over the period analyzed.
Adjusted Current Ratio
Based on: 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), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Adjusted current assets. See details »
3 Adjusted current liabilities. See details »
4 2024 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= ÷ =
The financial data reveals several notable trends in the company's short-term liquidity position over the five-year period ending December 31, 2024.
- Current Assets
- Current assets show moderate fluctuations, starting at US$3,906 million in 2020, declining to US$3,566 million in 2021, before gradually increasing each subsequent year to reach US$4,233 million in 2024. This indicates a recovery and slight growth in liquid assets available within one year.
- Current Liabilities
- Current liabilities exhibit an overall increasing trend, rising from US$9,875 million in 2020 to US$13,486 million in 2024. Although there was a slight decrease from 2021 to 2022, the general trajectory is upward, suggesting growing short-term obligations over time.
- Reported Current Ratio
- The reported current ratio remains well below 1.0 throughout the period, decreasing from 0.40 in 2020 to 0.29 in 2021, partially recovering to 0.33 in 2022, and then stabilizing around 0.31 in the final two years. This indicates the company consistently holds current liabilities that outstrip current assets, potentially pointing to liquidity constraints.
- Adjusted Current Assets
- Adjusted current assets, which likely account for more conservative or refined asset valuations, follow a pattern similar to reported current assets but remain slightly higher in each year. They start at US$4,100 million in 2020, dip in 2021, then increase steadily to US$4,437 million by 2024.
- Adjusted Current Liabilities
- Adjusted current liabilities also show a rising trend but are slightly lower than reported current liabilities across all years. From US$9,439 million in 2020, adjusted liabilities rise to US$13,030 million in 2024, mirroring the overall growth in short-term obligations.
- Adjusted Current Ratio
- The adjusted current ratio is consistently higher than the reported ratio but still remains below 0.5 in all periods. It decreases sharply from 0.43 in 2020 to 0.31 in 2021, then improves to 0.37 in 2022 before slightly declining again and stabilizing around 0.34 in 2024. This suggests that even after adjustments, liquidity remains constrained relative to short-term liabilities.
Overall, the data indicates the company has maintained a relatively consistent short-term liquidity imbalance, with current liabilities significantly exceeding current assets over the five-year span. Although asset values have generally increased in recent years, the growth in liabilities has outpaced this, leading to current ratios well below the typical benchmark of 1.0. The adjusted metrics present a somewhat more favorable view but still confirm the persistence of liquidity pressures. This pattern may imply an ongoing reliance on short-term financing or other working capital challenges that warrant close monitoring.
Adjusted Debt to Equity
Based on: 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), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Debt to equity = Total debt ÷ Total Charter shareholders’ equity
= ÷ =
2 Adjusted total debt. See details »
3 Adjusted total shareholders’ equity. See details »
4 2024 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total shareholders’ equity
= ÷ =
The financial data reveals notable trends in the company’s capital structure over the five-year period from 2020 to 2024. There is a general increase in debt levels, with total debt rising from $82,752 million at the end of 2020 to a peak of $98,202 million in 2023, followed by a modest decrease to $95,763 million in 2024. This indicates a strategy that involved increased leverage over the initial years, with some reduction or stabilization more recently.
Shareholders’ equity, under the reported figures, experienced a decline from $23,805 million in 2020 to a low point of $9,119 million by the end of 2022. This was followed by a gradual recovery to $15,587 million in 2024. The significant drop in equity through 2022 may reflect losses or other equity-reducing events, while the subsequent increase suggests efforts to strengthen the equity base or improved profitability.
The reported debt to equity ratio, calculated directly from the reported debt and equity values, increased sharply from 3.48 in 2020 to 10.7 in 2022. This indicates that debt grew at a much faster rate than equity, resulting in significantly higher financial leverage and potential risk. The ratio then declined to 6.14 by the end of 2024, aligning with the recovery of shareholders' equity and slight decrease in debt, indicating a partial deleveraging.
When adjusted figures are considered, the trends are somewhat less extreme but follow a similar pattern. Adjusted total debt increased steadily from $84,097 million in 2020 to nearly $99,620 million in 2023 before slightly decreasing to $97,176 million in 2024. Adjusted total shareholders’ equity decreased from $49,054 million in 2020 to $32,337 million in 2022, then recovered to $39,212 million by 2024.
The adjusted debt to equity ratio rose from 1.71 in 2020 to 3.06 in 2022, showing increasing leverage but not to the extent indicated by the reported ratio. This ratio declined to 2.48 in 2024, reinforcing the narrative of gradual deleveraging and stabilization of financial risk. The adjustments appear to provide a more balanced view of the capital structure, smoothing out volatility seen in reported equity figures.
Overall, the data reflects a period of increasing leverage through 2022, with a peak in financial risk as indicated by the debt to equity ratios. Since 2023, there is evidence of strategic moves to reduce debt levels and bolster equity, moderating the leverage and potentially improving the company's financial stability. The adjusted figures further support the interpretation that while leverage increased, the company maintained a relatively moderate adjusted debt to equity position, which may be more reflective of its underlying financial health.
Adjusted Debt to Capital
Based on: 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), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =
2 Adjusted total debt. See details »
3 Adjusted total capital. See details »
4 2024 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= ÷ =
- Total Debt
- The total debt showed a general upward trend from 82,752 million US dollars in 2020 to a peak of 98,202 million in 2023, followed by a slight decline to 95,763 million in 2024. This indicates a gradual increase in borrowing over the observed period, with a modest reduction in the final year.
- Total Capital
- Total capital remained relatively stable, fluctuating slightly between 105,611 million in 2021 and 111,350 million in 2024. There was a minor increase overall from 106,557 million in 2020 to 111,350 million in 2024, suggesting modest growth in the company's capital base.
- Reported Debt to Capital Ratio
- The reported debt to capital ratio rose significantly from 0.78 in 2020 to a peak of 0.91 in 2022. It then slightly decreased to 0.86 by 2024. This pattern reflects increased leverage up to 2022, followed by some degree of deleveraging in subsequent years.
- Adjusted Total Debt
- Adjusted total debt followed a similar increasing pattern as reported total debt, starting at 84,097 million in 2020 and reaching 99,620 million in 2023 before declining slightly to 97,176 million in 2024. The adjustments imply additional considerations increasing the debt figures beyond the reported values.
- Adjusted Total Capital
- The adjusted total capital displayed mild fluctuations but an overall upward trend, moving from 133,151 million in 2020 to 136,388 million in 2024. This suggests growth in the capital base after adjustments, maintaining a relatively stable level throughout the period.
- Adjusted Debt to Capital Ratio
- The adjusted debt to capital ratio increased steadily from 0.63 in 2020 to 0.75 in 2022 and then decreased slightly to 0.71 by 2024. This indicates rising leverage when considering adjusted figures up to 2022 and a moderate reduction afterward, mirroring the trend seen in the reported ratios.
Adjusted Financial Leverage
Based on: 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), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Financial leverage = Total assets ÷ Total Charter shareholders’ equity
= ÷ =
2 Adjusted total assets. See details »
3 Adjusted total shareholders’ equity. See details »
4 2024 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total shareholders’ equity
= ÷ =
The financial data reveals several notable trends over the five-year period from 2020 to 2024.
- Total assets
- Total assets exhibit a gradual upward trend, increasing from approximately 144 billion US dollars in 2020 to about 150 billion US dollars in 2024. This steady growth suggests a consistent expansion or reinvestment in asset base over the analyzed period.
- Total Charter shareholders’ equity
- Reported shareholders’ equity shows a marked decline from 23.8 billion US dollars in 2020 to a low of around 9.1 billion US dollars in 2022, followed by a modest recovery to roughly 15.6 billion US dollars by 2024. This pattern indicates some degree of financial strain or loss during the middle years, with partial recuperation in later years.
- Reported financial leverage
- Financial leverage based on reported equity surged significantly from slightly above 6 times in 2020 to a peak near 16 times in 2022. Subsequently, it decreased steadily to under 10 times by 2024. The spike aligns with the decline in reported equity, suggesting increased reliance on debt or liabilities relative to equity during the mid-period, followed by deleveraging or improved capitalization.
- Adjusted total assets
- The adjusted total assets numbers are closely aligned with the reported total assets, showing a similar incremental increase from around 144.4 billion US dollars in 2020 to 150.2 billion US dollars in 2024. This consistency supports the stability of the asset base when accounting adjustments are considered.
- Adjusted total shareholders’ equity
- The adjusted equity figures, however, are substantially higher than reported equity, starting at nearly 49.1 billion US dollars in 2020 and declining to about 32.3 billion US dollars in 2022 before partially recovering to 39.2 billion US dollars in 2024. Although the trend is similar to reported equity (a decline followed by recovery), adjusted equity presents a more favorable capital position throughout the period.
- Adjusted financial leverage
- Adjusted financial leverage trends show a rise from just under 3 times in 2020 to about 4.5 times in 2022, then a slight decline to below 4 times by 2024. The lower leverage ratios compared to the reported leverage suggest that adjustments result in a more moderate assessment of financial risk and indebtedness.
In summary, the company experienced a period of reduced equity and elevated leverage around 2021-2023, indicative of increased financial risk or operational challenges. Despite this, the adjusted measures provide a less severe view of the capital structure. By 2024, signs of recovery are evident, with improved equity and deleveraging trends, all occurring against a backdrop of steady asset growth.
Adjusted Net Profit Margin
Based on: 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), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Net profit margin = 100 × Net income attributable to Charter shareholders ÷ Revenues
= 100 × ÷ =
2 Adjusted consolidated net income. See details »
3 Adjusted revenues. See details »
4 2024 Calculation
Adjusted net profit margin = 100 × Adjusted consolidated net income ÷ Adjusted revenues
= 100 × ÷ =
- Net Income Attributable to Charter Shareholders
- The net income shows an upward trend from 2020 to 2022, increasing from $3,222 million to $5,055 million. However, there is a decline in 2023 to $4,557 million, followed by a recovery in 2024 reaching $5,083 million. This pattern suggests some volatility with a dip in 2023 before rebounding.
- Revenues
- Revenues have steadily increased each year from $48,097 million in 2020 to $55,085 million in 2024. The growth rate appears moderate but consistent throughout the period, indicating stable top-line expansion.
- Reported Net Profit Margin
- The reported net profit margin improved from 6.7% in 2020 to a peak of 9.36% in 2022. It then declined to 8.35% in 2023, before rising again to 9.23% in 2024. This fluctuation mirrors the net income trend, reflecting profitability variations impacting overall margin stability.
- Adjusted Consolidated Net Income
- Adjusted net income increased significantly from $4,161 million in 2020 to $6,105 million in 2021. It then slightly declined to $6,048 million in 2022 and dropped further in 2023 to $5,228 million, before recovering to $5,649 million in 2024. The adjusted figures indicate similar dynamics to the reported net income but suggest the presence of adjustments affecting profitability trends.
- Adjusted Revenues
- Adjusted revenues follow the same increasing trajectory as reported revenues, growing from $48,074 million in 2020 to $55,032 million in 2024. This consistency supports the reliability of revenue growth with minimal impact from adjustments.
- Adjusted Net Profit Margin
- The adjusted net profit margin shows a notable increase from 8.66% in 2020 to 11.81% in 2021. It declines to 11.19% in 2022, then more sharply to 9.57% in 2023, with a partial recovery to 10.26% in 2024. Despite fluctuations, margins remain above 8.5% across all years, indicating sustained profitability when accounting for adjustments.
Adjusted Return on Equity (ROE)
Based on: 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), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
ROE = 100 × Net income attributable to Charter shareholders ÷ Total Charter shareholders’ equity
= 100 × ÷ =
2 Adjusted consolidated net income. See details »
3 Adjusted total shareholders’ equity. See details »
4 2024 Calculation
Adjusted ROE = 100 × Adjusted consolidated net income ÷ Adjusted total shareholders’ equity
= 100 × ÷ =
- Net income attributable to Charter shareholders
- The net income demonstrated an overall upward trend from 2020 through 2024, starting at $3,222 million in 2020 and rising to $5,083 million in 2024. Peak net income was observed in 2022 at $5,055 million, followed by a slight decline in 2023 to $4,557 million and a recovery in 2024.
- Total Charter shareholders’ equity
- This metric showed a significant decline between 2020 and 2022, falling from $23,805 million to $9,119 million. The equity subsequently increased in the following years, reaching $15,587 million by 2024, indicating some recovery but still below the initial 2020 level.
- Reported Return on Equity (ROE)
- Reported ROE increased substantially from 13.53% in 2020 to a peak of 55.43% in 2022. After 2022, it declined in 2023 to 41.11% and further to 32.61% in 2024. This volatility is heavily influenced by the marked reduction in shareholders’ equity during the early years, with elevated ROE values reflecting lower equity bases rather than proportional net income increases.
- Adjusted consolidated net income
- The adjusted consolidated net income exhibited a rise from $4,161 million in 2020 to a high of $6,105 million in 2021. This was followed by a slight decrease to $6,048 million in 2022 and a downward trend in 2023 to $5,228 million, before a moderate recovery to $5,649 million in 2024. Overall, adjusted net income remained relatively stable with moderate fluctuations after the initial increase.
- Adjusted total shareholders’ equity
- Adjusted shareholders’ equity declined significantly from $49,054 million in 2020 to $32,337 million in 2022. It then experienced a gradual recovery to $39,212 million by 2024. Despite this recovery, the equity remains considerably lower than the starting point, mirroring the pattern observed in total shareholders' equity but at a higher absolute level.
- Adjusted Return on Equity (ROE)
- Adjusted ROE doubled from 8.48% in 2020 to 18.70% in 2022, reflecting improved profitability relative to the adjusted equity base. However, after 2022, it declined to 15.18% in 2023 and further to 14.41% in 2024, indicating a downward adjustment in profitability ratios despite the partial recovery of equity. The adjusted ROE presents a more moderate and consistent trend compared to the reported ROE.
- Summary Insights
- The data reveals that Charter Communications experienced volatility in shareholders' equity, with a marked decrease from 2020 through 2022, followed by partial recovery. Net income trends indicate overall growth but with fluctuations post-2021. The reported ROE values are significantly influenced by the decline in equity, leading to pronounced peaks not aligned perfectly with net income changes. Adjusted metrics provide a smoother and possibly more reliable performance indication, showing profitability improvements until 2022, and a mild downturn thereafter. The divergence between reported and adjusted figures suggests the presence of accounting adjustments or non-recurring items affecting equity and income recognition.
Adjusted Return on Assets (ROA)
Based on: 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), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
ROA = 100 × Net income attributable to Charter shareholders ÷ Total assets
= 100 × ÷ =
2 Adjusted consolidated net income. See details »
3 Adjusted total assets. See details »
4 2024 Calculation
Adjusted ROA = 100 × Adjusted consolidated net income ÷ Adjusted total assets
= 100 × ÷ =
- Net income attributable to Charter shareholders
- The net income showed a generally positive trend over the five years, increasing from $3,222 million in 2020 to $5,083 million in 2024. There was a notable rise from 2020 to 2021, followed by continued growth in 2022. However, a decline appeared in 2023 before recovering again in 2024.
- Total assets
- Total assets remained relatively stable but exhibited a gradual increase over the period, starting at $144,206 million in 2020 and reaching $150,020 million in 2024. The asset base slightly contracted from 2020 to 2021, then consistently expanded through 2024.
- Reported Return on Assets (ROA)
- The reported ROA followed an upward trend initially, rising from 2.23% in 2020 to a peak of 3.5% in 2022. Thereafter, it decreased to 3.1% in 2023 before recovering to 3.39% in 2024. This trend suggests fluctuating efficiency in generating profit from assets but generally improved performance compared to 2020.
- Adjusted consolidated net income
- Adjusted net income demonstrated a strong increase from $4,161 million in 2020 to a peak of $6,105 million in 2021, followed by a slight decline in 2022 and a more pronounced decrease in 2023. A moderate recovery occurred in 2024 with adjusted net income increasing to $5,649 million. This pattern resembles the trend in net income attributable to shareholders but with higher volatility in adjusted figures.
- Adjusted total assets
- Adjusted total assets showed a consistent upward trajectory from $144,400 million in 2020 to $150,224 million in 2024. The gradual increase indicates modest asset growth over the period under review.
- Adjusted Return on Assets (Adjusted ROA)
- The adjusted ROA rose sharply from 2.88% in 2020 to 4.28% in 2021, then declined modestly to 4.18% in 2022 and more significantly to 3.55% in 2023. In 2024, there was a slight upward correction to 3.76%. Overall, adjusted ROA reflected enhanced asset profitability through 2021, followed by pressures diminishing returns but still maintaining a higher level than the initial year.