Economic Value Added (EVA)
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.
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Current Ratio since 2005
- Analysis of Revenues
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Economic Profit
Comcast Corp., economic profit calculation
US$ in millions
| 12 months ended: | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|---|
| Net operating profit after taxes (NOPAT)1 | ||||||
| Cost of capital2 | ||||||
| Invested capital3 | ||||||
| Economic profit4 | ||||||
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 NOPAT. See details »
2 Cost of capital. See details »
3 Invested capital. See details »
4 2024 Calculation
Economic profit = NOPAT – Cost of capital × Invested capital
= – × =
- Net Operating Profit After Taxes (NOPAT)
- The net operating profit after taxes exhibited significant fluctuations over the analyzed periods. Starting at approximately 14.6 billion USD, it increased steadily to peak near 19.2 billion USD in 2021, followed by a notable decline to around 6.8 billion USD in 2022. After this dip, the profit rebounded to about 16.5 billion USD in 2023 and further increased slightly to approximately 18.8 billion USD in 2024. These dynamics indicate variability in operating profitability, with a particularly pronounced downturn in 2022 before recovery.
- Cost of Capital
- The cost of capital remained relatively stable across the years, fluctuating marginally between 9.98% and 10.96%. The highest point occurred in 2021 at nearly 11%, while the lowest was recorded in 2024, just below 10%. This slight decline toward the end of the period suggests a modest reduction in the cost of financing the company's capital base.
- Invested Capital
- Invested capital demonstrated a mild downward trend over the five-year duration. Starting from approximately 224.1 billion USD in 2020, it rose slightly to 229.2 billion USD in 2021 but then declined steadily to around 213.6 billion USD in 2022 and remained near that level through 2023 and 2024, ending at approximately 215.1 billion USD. The reduction in invested capital after 2021 could be associated with asset divestitures, operational adjustments, or capital efficiency improvements.
- Economic Profit
- The economic profit consistently remained negative throughout the period, indicating that returns failed to exceed the cost of capital. However, there was notable variability in magnitude. The deficit narrowed from about -9.5 billion USD in 2020 to -5.9 billion USD in 2021, before deteriorating sharply to nearly -16.2 billion USD in 2022. After this low point, the economic loss shrank again to roughly -6.6 billion USD in 2023 and further to -2.7 billion USD in 2024. This pattern reflects periods of increasing and then improving value creation, yet profitability remains insufficient to cover the cost of capital fully.
- Overall Observations
- The data reveals an operational profit cycle with a peak followed by a trough and subsequent recovery. The slight reduction in the cost of capital towards the end of the timeline is a favorable development, potentially aiding improved financial performance. The decline in invested capital after 2021 could imply strategic adjustments regarding asset deployment. Despite these efforts, economic profit remains negative, though the extent of losses diminished in the later years, suggesting progress toward better value generation but not yet achieving full economic profitability.
Net Operating Profit after Taxes (NOPAT)
Comcast Corp., NOPAT calculation
US$ in millions
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 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 2024 Calculation
Interest expense on capitalized operating leases = Operating lease liability × Discount rate
= × =
6 2024 Calculation
Tax benefit of interest expense = Adjusted interest expense × Statutory income tax rate
= × 21.00% =
7 Addition of after taxes interest expense to net income attributable to Comcast Corporation.
The financial data reveals notable fluctuations and a generally positive trend in profitability over the five-year period.
- Net Income Attributable to Comcast Corporation
- The net income increased significantly from 10,534 million US dollars in 2020 to 14,159 million US dollars in 2021, indicating a strong growth phase. However, there was a sharp decline in 2022 to 5,370 million US dollars, representing a substantial decrease from the previous year. This drop was followed by a robust recovery in 2023, with net income rising to 15,388 million US dollars, surpassing earlier levels. The upward trend continued in 2024 with net income further increasing to 16,192 million US dollars, reaching the highest point in the five-year span.
- Net Operating Profit After Taxes (NOPAT)
- NOPAT exhibited a similar pattern to net income. It increased from 14,617 million US dollars in 2020 to 19,205 million US dollars in 2021, reflecting improved operational profitability. In 2022, NOPAT dropped sharply to 6,839 million US dollars, mirroring the decline seen in net income. Following the decline, NOPAT rose again to 16,517 million US dollars in 2023, nearly returning to its previous peak. This increase continued into 2024, reaching 18,803 million US dollars, indicating strengthened operational efficiency and profitability.
Overall, the data shows a period of growth through 2021, followed by a significant contraction in 2022. The company demonstrated resilience with a strong recovery in 2023 and further improvement in 2024. Both net income and NOPAT followed consistent trends, suggesting that the fluctuations in net income were largely driven by changes in operational performance. The recovery and subsequent growth imply effective management responses to the downturn experienced in 2022.
Cash Operating Taxes
Comcast Corp., cash operating taxes calculation
US$ in millions
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).
The financial data over the five-year period reveals fluctuations in both income tax expense and cash operating taxes. Income tax expense exhibited a rising trend from 2020 through 2021, increasing significantly from 3,364 million USD to 5,259 million USD. In 2022, there was a decline to 4,359 million USD, followed by a rebound to 5,371 million USD in 2023. The most recent figure for 2024 shows a pronounced reduction to 2,796 million USD, representing the lowest value in the five-year span.
Cash operating taxes present a less consistent pattern. There was an initial decrease from 4,911 million USD in 2020 to 4,326 million USD in 2021. However, this was followed by a sharp increase in 2022 to 6,068 million USD, and a further substantial rise in 2023, reaching 9,025 million USD. In 2024, cash operating taxes dropped significantly to 4,622 million USD, nearing the levels observed at the start of the period.
- Income Tax Expense Trends
- Overall, income tax expenses experienced volatility with peaks in 2021 and 2023, and a notable trough in 2024, indicating possible changes in taxable income, tax rates, or deductions impacting the tax burden.
- Cash Operating Taxes Trends
- The pattern suggests variability with a dip in 2021, followed by two consecutive years of sharp increases and a steep decline in 2024. This could reflect fluctuations in operating profits, changes in tax regulations, or timing differences in tax payments.
- Comparative Insights
- Both tax-related measures show significant increases in 2023 followed by reductions in 2024, possibly indicating strategic tax planning or extraordinary items affecting tax calculations in those years. The divergence in 2022 and 2023, where cash operating taxes increased sharply yet income tax expense moved relatively moderately, might point to differences between tax liability and cash tax payments during the periods.
Invested Capital
Comcast Corp., invested capital calculation (financing approach)
US$ in millions
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 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.
The financial data presents trends across a five-year period from 2020 to 2024 for key balance sheet items related to debt, equity, and invested capital.
- Total reported debt & leases
- The total reported debt and leases showed a decreasing trend from 2020 to 2022, falling from 108,218 million US dollars to 101,593 million US dollars. However, from 2022 onwards, there was a gradual increase, reaching 105,413 million US dollars by the end of 2024. This indicates some degree of deleveraging followed by a moderate uptrend in debt levels, suggesting a cautious approach to leverage after a period of reduction.
- Total Comcast Corporation shareholders’ equity
- Shareholders’ equity increased from 90,323 million US dollars in 2020 to a peak of 96,092 million US dollars in 2021. Following this peak, there was a sharp decline to 80,943 million US dollars in 2022. Equity subsequently experienced a mild recovery, increasing to 85,560 million US dollars by 2024. This pattern suggests significant changes in retained earnings or other comprehensive income components during 2022, possibly reflecting impactful operational results or adjustments, with partial restoration of equity in later years.
- Invested capital
- Invested capital increased slightly from 224,149 million US dollars in 2020 to 229,233 million US dollars in 2021, then declined steadily to 213,605 million US dollars in 2022 and further to 211,709 million US dollars in 2023. A slight recovery was observed in 2024, with invested capital increasing to 215,148 million US dollars. The overall trend points to a cautious reduction in invested capital post-2021, with a minor resurgence in the most recent year.
In summary, the period is characterized by an initial improvement in equity and invested capital until 2021, followed by a notable decrease in equity and invested capital in 2022, coinciding with the lowest debt level in the analyzed timeframe. The subsequent years show moderate recovery in equity and invested capital alongside a gradual increase in debt levels, indicating strategic adjustments in financial structure after a phase of deleveraging and equity decline.
Cost of Capital
Comcast Corp., cost of capital calculations
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | ÷ | = | × | = | |||||||||
| Debt3 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Operating lease liability4 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Total: | |||||||||||||
Based on: 10-K (reporting date: 2024-12-31).
1 US$ in millions
2 Equity. See details »
3 Debt. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | ÷ | = | × | = | |||||||||
| Debt3 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Operating lease liability4 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Total: | |||||||||||||
Based on: 10-K (reporting date: 2023-12-31).
1 US$ in millions
2 Equity. See details »
3 Debt. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | ÷ | = | × | = | |||||||||
| Debt3 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Operating lease liability4 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Total: | |||||||||||||
Based on: 10-K (reporting date: 2022-12-31).
1 US$ in millions
2 Equity. See details »
3 Debt. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | ÷ | = | × | = | |||||||||
| Debt3 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Operating lease liability4 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Total: | |||||||||||||
Based on: 10-K (reporting date: 2021-12-31).
1 US$ in millions
2 Equity. See details »
3 Debt. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | ÷ | = | × | = | |||||||||
| Debt3 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Operating lease liability4 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Total: | |||||||||||||
Based on: 10-K (reporting date: 2020-12-31).
1 US$ in millions
2 Equity. See details »
3 Debt. See details »
4 Operating lease liability. See details »
Economic Spread Ratio
Comcast Corp., economic spread ratio calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Economic profit1 | ||||||
| Invested capital2 | ||||||
| Performance Ratio | ||||||
| Economic spread ratio3 | ||||||
| Benchmarks | ||||||
| Economic Spread Ratio, Competitors4 | ||||||
| Alphabet Inc. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix Inc. | ||||||
| Trade Desk Inc. | ||||||
| Walt Disney Co. | ||||||
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 Economic profit. See details »
2 Invested capital. See details »
3 2024 Calculation
Economic spread ratio = 100 × Economic profit ÷ Invested capital
= 100 × ÷ =
4 Click competitor name to see calculations.
- Economic Profit
- The economic profit demonstrated significant fluctuations over the analyzed years. Starting from a substantial negative value near -9.47 billion US dollars in 2020, it showed a marked improvement in 2021 with a reduction in loss magnitude to approximately -5.92 billion. However, in 2022, there was a sharp deterioration, with economic profit worsening to nearly -16.21 billion. Following this, the company experienced an improvement trend in 2023 and 2024, reducing losses to about -6.62 billion and further down to roughly -2.68 billion respectively, signaling a recovery in underlying profitability.
- Invested Capital
- Invested capital exhibited a relatively stable trend with minor fluctuations throughout the examined period. It reached a peak around 229.2 billion US dollars in 2021, then slightly decreased to approximately 213.6 billion and 211.7 billion in 2022 and 2023 respectively, before experiencing a marginal increase to about 215.1 billion in 2024. This relatively stable capital base provides a consistent asset platform against which economic performance can be assessed.
- Economic Spread Ratio
- The economic spread ratio showed a pattern consistent with economic profit, beginning at -4.22% in 2020 and improving to -2.58% in 2021. In 2022, the ratio sharply declined to -7.59%, indicating a significant reduction in the spread between returns on invested capital and its cost. Subsequent years showed recovery, with the ratio improving to -3.13% in 2023 and further to -1.25% in 2024. Despite the improvements, the ratio remained negative across all periods, implying the company consistently operated below the threshold required to generate positive economic value.
Economic Profit Margin
Comcast Corp., economic profit margin calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Economic profit1 | ||||||
| Revenue | ||||||
| Add: Increase (decrease) in deferred revenue | ||||||
| Adjusted revenue | ||||||
| Performance Ratio | ||||||
| Economic profit margin2 | ||||||
| Benchmarks | ||||||
| Economic Profit Margin, Competitors3 | ||||||
| Alphabet Inc. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix Inc. | ||||||
| Trade Desk Inc. | ||||||
| Walt Disney Co. | ||||||
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 Economic profit. See details »
2 2024 Calculation
Economic profit margin = 100 × Economic profit ÷ Adjusted revenue
= 100 × ÷ =
3 Click competitor name to see calculations.
- Adjusted Revenue
- The adjusted revenue shows a consistent upward trend over the five-year period. It increased from approximately 103.9 billion US dollars in 2020 to about 124 billion US dollars in 2024. This indicates steady growth in the company’s core income-generating activities.
- Economic Profit
- The economic profit demonstrates considerable volatility and negative values throughout the period. It started at a negative 9.467 billion US dollars in 2020 and improved to a less negative 2.679 billion US dollars in 2024, despite experiencing a notable decline to a negative 16.212 billion US dollars in 2022. This suggests persistent challenges in generating true economic value above cost of capital, though some improvement is evident in the most recent years.
- Economic Profit Margin
- The economic profit margin follows a similar pattern to the economic profit, remaining negative but with some fluctuations. It decreased sharply to -13.42% in 2022, reflecting the largest economic profit loss relative to revenue in the observed period. Subsequently, there is a substantial recovery trend leading to a margin of -2.16% in 2024. This smaller negative margin indicates a trend towards improved operational efficiency or cost management relative to revenue generation.
- Overall Assessment
- The overall financial data reveals that while revenue growth has been stable and positive, economic profit and its related margin indicate ongoing difficulties in achieving profitability beyond the cost of capital. The easing negativity in recent years may suggest successful efforts in improving financial performance and capital utilization efficiency, but the persistent negative economic profit underscores the need for continued focus on cost control or enhanced operational effectiveness.