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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- Income Statement
- Statement of Comprehensive Income
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Selected Financial Data since 2005
- Debt to Equity since 2005
- Analysis of Debt
- Aggregate Accruals
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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 fluctuations over the analyzed period. It increased from 14,617 million USD in 2020 to a peak of 19,205 million USD in 2021, followed by a significant decline to 6,839 million USD in 2022. Subsequently, there was a recovery with NOPAT rising to 16,517 million USD in 2023 and further to 18,803 million USD in 2024, approaching the earlier high levels.
- Cost of Capital
- The cost of capital demonstrated slight variability but remained relatively stable around the 10% range. The value increased marginally from 10.73% in 2020 to 10.95% in 2021, then showed minor decreases and rises over the following years, ending at a lower 9.97% in 2024 compared to the initial periods.
- Invested Capital
- The invested capital initially increased from 224,149 million USD in 2020 to 229,233 million USD in 2021. However, it subsequently declined to 213,605 million USD in 2022 and remained relatively stable around the 211,709 to 215,148 million USD range in 2023 and 2024, indicating a reduction and stabilization of capital employed in the business.
- Economic Profit
- The economic profit was negative throughout the period, reflecting that the return on invested capital did not exceed the cost of capital. The deficit was highest in 2022 at -16,189 million USD, showing a significant deterioration compared to -9,443 million USD in 2020 and -5,898 million USD in 2021. In 2023 and 2024, the economic loss narrowed to -6,594 million USD and -2,658 million USD respectively, indicating a recovery trend toward profitability, although still below break-even levels.
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. | ||||||
| Charter Communications Inc. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix 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
- Economic profit exhibited significant fluctuations over the analyzed years, starting at a negative value of -9,443 million US dollars in 2020 and improving to -5,898 million US dollars in 2021. However, a sharp decline occurred in 2022 with economic profit dropping to -16,189 million US dollars. Subsequently, there was a substantial recovery in 2023 and 2024, with economic profit improving to -6,594 million and -2,658 million US dollars respectively. Despite the improvements in the latter years, the economic profit remained negative across all periods, indicating persistent economic losses.
- Invested Capital
- Invested capital showed relative stability with minor fluctuations. It increased from 224,149 million US dollars in 2020 to a peak of 229,233 million US dollars in 2021, followed by a decrease to 213,605 million US dollars in 2022. The capital base then stabilized somewhat, declining slightly to 211,709 million US dollars in 2023 before recovering slightly to 215,148 million US dollars in 2024. Overall, invested capital remained within a consistent range without dramatic shifts, indicating stable asset investment levels.
- Economic Spread Ratio
- The economic spread ratio, representing the difference between return on invested capital and cost of capital, remained negative throughout the analyzed period, reflecting economic losses. The ratio was -4.21% in 2020 and improved to -2.57% in 2021. In 2022, a pronounced decline occurred reaching -7.58%, correlating with the significant drop in economic profit. Subsequent years displayed a recovery trend with ratios improving to -3.11% in 2023 and -1.24% in 2024. Although the negative spread ratios indicate a challenge in generating returns above capital costs, the consistent improvement in the last two years suggests some progress toward operational efficiency or profitability enhancements.
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. | ||||||
| Charter Communications Inc. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix 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.
The financial data presents a mixed but notable pattern in economic profit and revenue over the observed five-year period.
- Economic Profit
- There is a substantial fluctuation in economic profit figures, with values consistently negative throughout the period, indicating losses. The loss narrowed from -9443 million USD in 2020 to -5898 million USD in 2021, demonstrating some improvement. However, 2022 saw a significant deterioration to -16189 million USD, which is the worst performance year over the period. This was followed by a recovery trajectory in 2023 and 2024, with losses decreasing to -6594 million USD and -2658 million USD respectively, signaling a positive trend toward reducing economic losses.
- Adjusted Revenue
- Adjusted revenue consistently increased each year, rising from 103891 million USD in 2020 to 124043 million USD in 2024. This steady growth reflects an expanding revenue base, with incremental gains each year, albeit the rate of increase appears moderate in the last two years (2023 and 2024) compared to earlier years.
- Economic Profit Margin
- The economic profit margin, reflecting economic profitability relative to revenue, mirrors the trends seen in economic profit. It starts at -9.09% in 2020, improves to -5.07% in 2021, then sharply declines to -13.4% in 2022, indicating a period of increased relative losses. This margin then recovers in 2023 and 2024 to -5.39% and further to -2.14%, consistent with the reduction in economic loss, indicating better efficiency or profitability in relation to revenue.
Overall, the data shows a company experiencing significant economic losses but with a trend toward recovery in the latter years. The consistent revenue growth indicates operational expansion or increased sales. The sharp downturn in 2022 represents an outlier year of financial stress, from which the company appears to be recovering, as demonstrated by the improving economic profit margin and diminishing losses in 2023 and 2024.