Comcast Corp. (NASDAQ:CMCSA)

The financial indicators over the five-year period reveal several notable trends in operational efficiency, liquidity, leverage, and profitability.

Asset Turnover

Both reported and adjusted total asset turnover ratios increased steadily from 0.38 in 2020 to 0.47 in 2022, followed by a slight decline to 0.46 in 2023 and 2024. This suggests an improvement in the efficiency with which assets generate revenue, stabilizing at a higher level than the initial year.

Current Ratio

The reported current ratio declined consistently from 0.93 in 2020 to 0.60 in 2023, with a modest rebound to 0.68 in 2024. The adjusted current ratio shows a similar downward trend, decreasing from 1.07 in 2020 to 0.67 in 2023 before rising to 0.76 in 2024. These movements indicate a tightening liquidity position over the period, with some improvement in the most recent year but overall lower short-term financial safety margins.

Debt to Equity and Debt to Capital

Reported debt to equity ratio decreased from 1.15 in 2020 to 0.99 in 2021 but then increased to 1.17 in 2022 and remained relatively stable through 2024. Adjusted debt to equity follows a similar pattern but at lower absolute levels, increasing slightly from 0.77 in 2021 to 0.91 by 2024. The reported debt to capital ratio is stable around 0.53 to 0.54, with adjusted figures slightly lower, rising from 0.44 in 2021 to 0.48 in 2024. Overall, leverage levels appear stable to slightly increasing after an initial reduction.

Financial Leverage

Financial leverage ratios show an increase after 2021. The reported ratio dipped from 3.03 in 2020 to 2.87 in 2021, then rose to 3.18 in 2022, peaking at 3.20 in 2023, before a slight decrease to 3.11 in 2024. Adjusted financial leverage exhibits a similar pattern but on a lower scale, increasing from 2.09 in 2021 to 2.33 in 2023 before a minimal decline to 2.29 in 2024. This indicates a modest increase in the use of debt financing relative to equity over time.

Profitability Margins (Net Profit Margin, ROE, ROA)

Profitability measures show considerable volatility. The reported net profit margin increased from 10.17% in 2020 to peak at 12.17% in 2021, then sharply dropped to 4.42% in 2022 before recovering to 13.09% in 2024. Adjusted net profit margin follows the same pattern but dips into negative territory (-0.5%) in 2022, reflecting possible one-time items or changes in adjusted earnings.

Return on equity showed a similar pattern, rising from 11.66% in 2020 to 14.73% in 2021, plummeting to 6.63% in 2022, then increasing substantially to approximately 18.9% in 2024. Adjusted ROE also becomes negative in 2022 (-0.53%), recovering to around 12.5% by 2024. This indicates a considerable variation in shareholder returns, likely driven by fluctuations in profitability and leverage.

Return on assets mirrors these trends, increasing from reported 3.85% in 2020 to 5.13% in 2021, dropping to 2.09% in 2022, and rising again to around 6.08% in 2024. Adjusted ROA is negative in 2022 (-0.23%) but recovers to approximately 5.44% in 2024. This highlights shifts in asset profitability over the period with significant recovery after 2022.

In summary, the data reflect improving asset utilization but challenges in liquidity. Leverage levels have stabilized with slight increases in recent years. Profitability exhibited high volatility, with a marked dip in 2022 but strong recovery by 2024 in both reported and adjusted figures, suggesting transient factors impacted earnings during that year. Overall, operational efficiency and profitability have strengthened towards the end of the period, albeit with reduced short-term liquidity cushions.

Revenue Trends

Revenue demonstrates a steady upward trajectory from 2020 to 2024. It increased from approximately $103.6 billion in 2020 to about $123.7 billion in 2024. Growth was consistent each year, with a slightly slower increase observed between 2022 and 2023, followed by a resumption of growth in 2024.

Total Assets Trends

Total assets remained relatively stable over the period, with minor fluctuations. Assets were valued at around $273.9 billion in 2020, peaking slightly in 2021 at $275.9 billion, then declining to approximately $257.3 billion in 2022. Thereafter, total assets showed recovery, rising to $266.2 billion by 2024 but did not return to the 2020-2021 peak levels.

Asset Turnover Ratio Analysis

The reported total asset turnover ratio improved significantly from 0.38 in 2020 to a peak of 0.47 in 2022, indicating enhanced efficiency in using assets to generate revenue. This was followed by a slight decline and stabilization at 0.46 during 2023 and 2024, suggesting maintained but slightly reduced operational efficiency relative to the peak year.

Adjusted Figures Overview

Adjusted revenue figures closely mirror the reported revenue trends, rising steadily from $103.9 billion in 2020 to $124.0 billion in 2024. Adjusted total assets follow a pattern similar to reported total assets, beginning at $274.5 billion in 2020, dropping to $257.8 billion in 2022, and then recovering to $266.8 billion in 2024. Adjusted total asset turnover ratios replicate the trends seen in reported ratios, peaking in 2022 and stabilizing thereafter.

Summary Insights

The data reveals consistent revenue growth, indicating increasing market presence or pricing power. The asset base experienced a decline mid-period but showed signs of recovery toward the end. The peak in asset turnover ratio in 2022 denotes a period of improved asset utilization efficiency, which slightly declined but remained higher than at the beginning of the period. The alignment between reported and adjusted figures suggests the adjustments do not materially affect the overall trend assessment.

Current Assets

Current assets displayed a declining trend from 26,741 million US dollars in 2020 to 21,826 million US dollars in 2022. Following this, there was a recovery observed in 2023 and 2024, reaching 26,801 million US dollars by the end of 2024, close to the initial level at the beginning of the period.

Current Liabilities

Current liabilities increased gradually from 28,796 million US dollars in 2020 to 29,348 million US dollars in 2021, then slightly decreased to 27,887 million US dollars in 2022. A significant rise occurred in 2023, peaking at 40,198 million US dollars, followed by a marginal decrease to 39,581 million US dollars in 2024.

Reported Current Ratio

The reported current ratio consistently declined from 0.93 in 2020 to 0.6 in 2023, indicating a weakening liquidity position. There was a slight improvement in 2024, with the ratio increasing to 0.68, but the overall trend points to a decrease in the ability to cover short-term liabilities with short-term assets.

Adjusted Current Assets

Adjusted current assets mirrored the trend of current assets, experiencing a decline from 27,548 million US dollars in 2020 to 22,561 million US dollars in 2022, then recovering to 27,539 million US dollars by 2024. This suggests adjustments did not materially alter the overall asset trend.

Adjusted Current Liabilities

Adjusted current liabilities showed a pattern similar to current liabilities, increasing moderately from 25,833 million US dollars in 2020 to 26,308 million US dollars in 2021, then decreasing to 25,507 million US dollars in 2022. A pronounced increase was observed in 2023, reaching 36,956 million US dollars, followed by a slight decline to 36,074 million US dollars in 2024.

Adjusted Current Ratio

The adjusted current ratio declined from 1.07 in 2020 to 0.67 in 2023, reflecting a deteriorating adjusted liquidity profile. Improvement was noted in 2024 with the ratio rising to 0.76; however, the adjusted ratio remained below 1.0 in the later years, indicating that adjusted current liabilities exceed adjusted current assets.

The financial data reveals several key trends relating to debt, equity, and leverage ratios over the five-year period from the end of 2020 through the end of 2024. Both reported and adjusted figures are considered to provide a comprehensive understanding.

Total Debt

Total debt exhibited a decreasing trend initially, declining from US$103,760 million at the end of 2020 to US$94,811 million by the end of 2022. However, from 2022 onwards, there was a gradual increase reaching US$99,093 million by the end of 2024, indicating a modest buildup of debt after a period of reduction.

Total Shareholders’ Equity (Reported)

Reported total equity increased from US$90,323 million in 2020 to a peak of US$96,092 million in 2021, followed by a notable decline to US$80,943 million in 2022. Subsequent years showed moderate recovery levels, ending at US$85,560 million in 2024. This pattern suggests volatility in book equity values, with a significant dip during the middle of the period, which was only partially offset later.

Reported Debt to Equity Ratio

The reported debt to equity ratio was lowest in 2021 at 0.99, reflecting a relatively balanced capital structure at that time. The ratio rose to 1.17 in 2022 and remained stable through 2023, before slightly improving to 1.16 in 2024. This indicates an increase in leverage relative to equity during the mid-period, before a marginal reduction in leverage toward the end of the timeline.

Adjusted Total Debt

Adjusted total debt followed a somewhat different pattern, beginning at US$108,218 million in 2020 and declining steadily to US$101,593 million by 2022. Afterward, a gradual increase was observed, reaching US$105,413 million in 2024. The adjusted debt amounts are consistently higher than reported debt, suggesting certain liabilities or adjustments are included beyond the reported figures.

Adjusted Total Equity

Adjusted equity rose from US$125,370 million in 2020 to a peak of US$132,161 million in 2021, then declined significantly to US$114,397 million in 2022. It stabilized somewhat in 2023 and 2024, ending at US$116,303 million. The trend mirrors the reported equity pattern but on a larger scale, indicating changes in valuations or inclusion of additional adjustments that affect total equity.

Adjusted Debt to Equity Ratio

The adjusted debt to equity ratio decreased from 0.86 in 2020 to 0.77 in 2021, marking the lowest leverage level during the period. It increased again to 0.89 in 2022 and gradually climbed to 0.91 by 2024, showing a steady rise in leverage after 2021. Despite this increase, adjusted leverage remained under 1 throughout, implying that adjusted equity consistently exceeded adjusted debt.

In summary, the data depicts a cycle where leverage ratios reached their lowest in 2021, supported by higher equity and lower debt levels, both reported and adjusted. Following 2021, there was a deterioration in equity and a subsequent uptick in debt, pushing leverage ratios higher until a slight improvement or stabilization near the end of 2024. The fluctuations in equity values suggest exposure to variable market or operational factors influencing capital structure during the period. Adjusted figures provide a more conservative view of financial leverage, indicating that while leverage increased, it remained within controlled levels relative to equity.

Total Debt

The total debt decreased from 103,760 million USD in 2020 to 94,850 million USD in 2021, showing a reduction of approximately 8.6%. However, from 2021 onwards, total debt exhibited a gradual increase, reaching 99,093 million USD by 2024, although it remained below the 2020 level. This indicates a partial recovery in debt levels after an initial reduction.

Total Capital

Total capital experienced a downward trend from 194,083 million USD in 2020 to 175,754 million USD in 2022, marking a decline of about 9.5%. Subsequently, it showed a moderate recovery to 184,653 million USD by 2024. Despite this rebound, total capital in 2024 is still below the 2020 baseline, reflecting some erosion in the company’s capital base over the period.

Reported Debt to Capital Ratio

The reported debt to capital ratio decreased from 0.53 in 2020 to 0.50 in 2021, indicating a slight improvement in the capital structure. However, from 2021 onwards, the ratio increased to 0.54 by 2022 and remained stable through 2024. This stabilization at a higher level suggests a maintained leverage position slightly above the 2021 low.

Adjusted Total Debt

Adjusted total debt followed a decline from 108,218 million USD in 2020 to 102,089 million USD in 2021, paralleling the trend in reported total debt. After 2021, adjusted total debt increased gradually to 105,413 million USD by 2024, indicating a similar pattern of partial recovery, yet not reaching the initial peak value.

Adjusted Total Capital

Adjusted total capital remained relatively stable between 233,588 million USD in 2020 and 234,250 million USD in 2021. However, it declined to 215,990 million USD in 2022, with a modest recovery thereafter, reaching 221,716 million USD in 2024. This shows a decline followed by subtle improvement but remains below the initial levels overall.

Adjusted Debt to Capital Ratio

The adjusted debt to capital ratio decreased from 0.46 in 2020 to 0.44 in 2021, reflecting a reduction in leverage. Then it increased consistently to 0.48 by 2023 and remained at this level in 2024. This upward trajectory signals a moderate increase in leverage relative to adjusted capital over the latter periods.

Total assets

The total assets exhibited a slight increase from 273,869 million USD at the end of 2020 to 275,905 million USD in 2021. This was followed by a noticeable decline to 257,275 million USD in 2022. Subsequently, total assets showed a gradual recovery, reaching 264,811 million USD in 2023 and further increasing to 266,211 million USD in 2024.

Total Comcast Corporation shareholders' equity

Shareholders' equity rose from 90,323 million USD in 2020 to 96,092 million USD in 2021, indicating a strengthening equity base. However, in 2022, equity sharply declined to 80,943 million USD. A modest rebound was observed in the following years, with equity increasing to 82,703 million USD in 2023 and 85,560 million USD in 2024, though it remained below the 2021 peak.

Reported financial leverage

The reported financial leverage ratio decreased from 3.03 in 2020 to 2.87 in 2021, suggesting a slight reduction in leverage or an improvement in equity relative to debt. However, this trend reversed with an increase to 3.18 in 2022 and a marginal rise to 3.20 in 2023. In 2024, leverage decreased slightly to 3.11, indicating some deleveraging but still higher than the 2021 level.

Adjusted total assets

Adjusted total assets closely followed the trend of reported total assets, starting at 274,457 million USD in 2020 and increasing to 276,281 million USD in 2021. A decline occurred in 2022 to 257,805 million USD. This was followed by increases in 2023 and 2024 to 265,400 million USD and 266,840 million USD, respectively, mirroring the gradual recovery seen in reported total assets.

Adjusted total equity

Adjusted total equity was significantly higher than reported equity values, starting at 125,370 million USD in 2020 and increasing steadily to 132,161 million USD in 2021. A pronounced drop to 114,397 million USD occurred in 2022, similar to the pattern in reported equity. Adjusted equity then stabilized, decreasing slightly to 113,919 million USD in 2023 before modestly increasing again to 116,303 million USD in 2024.

Adjusted financial leverage

The adjusted financial leverage ratio decreased consistently from 2.19 in 2020 to 2.09 in 2021, reflecting a gradual improvement in the equity base relative to assets. In 2022, the ratio increased to 2.25, indicating more leverage. This upward trend continued slightly in 2023, reaching 2.33, but then improved somewhat in 2024 with a reduction to 2.29. The adjusted leverage remains elevated compared to 2021, though better than the peak in 2023.

Net Income Attributable to Comcast Corporation

The net income showed significant fluctuation over the analyzed period. It increased from 10,534 million US dollars in 2020 to a peak of 14,159 million in 2021, followed by a sharp decline to 5,370 million in 2022. Subsequently, it rebounded strongly to reach 15,388 million in 2023 and further to 16,192 million in 2024, indicating recovery and growth after the dip in 2022.

Revenue

Revenue reported a consistent upward trend, growing from 103,564 million US dollars in 2020 to 123,731 million in 2024. The growth rate appears to have slowed somewhat in 2023 and 2024, with relatively marginal increases compared to previous years, suggesting a maturation or stabilization phase in revenue generation.

Reported Net Profit Margin (%)

The reported net profit margin followed a pattern similar to net income, rising from 10.17% in 2020 to 12.17% in 2021, plummeting to 4.42% in 2022, then recovering to 12.66% in 2023 and slightly improving to 13.09% in 2024. This highlights a period of reduced profitability in 2022 followed by a robust recovery.

Adjusted Net Income

Adjusted net income showed growth from 11,823 million in 2020 to 15,208 million in 2021 before turning negative with a loss of 602 million in 2022. After 2022, the figure improved significantly, reaching 14,393 million in 2023 and slightly increasing to 14,503 million in 2024. The negative adjusted net income in 2022 suggests an exceptional or extraordinary expense event during that year.

Adjusted Revenue

Adjusted revenue demonstrated a consistent increase from 103,891 million in 2020 to 124,043 million in 2024. The progression is steady, similar to reported revenue, confirming the company’s ability to grow its revenue base over the five-year period.

Adjusted Net Profit Margin (%)

The adjusted net profit margin increased from 11.38% in 2020 to 13.06% in 2021, then dropped sharply to -0.5% in 2022, indicating a loss when adjustments are taken into account. It rebounded to 11.77% in 2023 and slightly decreased to 11.69% in 2024. This indicates that the deterioration in profitability in 2022 was significant but largely recovered in subsequent years, though the post-recovery margin remains below the 2021 peak.

Net Income Attributable to Comcast Corporation

The net income shows a fluctuating trend over the reported periods. Starting at $10,534 million in 2020, it increased significantly in 2021 to $14,159 million, followed by a sharp decline to $5,370 million in 2022. Subsequently, the net income rebounded strongly, reaching $15,388 million in 2023 and further increasing slightly to $16,192 million in 2024.

Total Comcast Corporation Shareholders’ Equity

The shareholders’ equity experienced moderate variation over the years. It rose from $90,323 million in 2020 to a peak of $96,092 million in 2021, then decreased to $80,943 million in 2022. After 2022, equity values saw a slight recovery, increasing to $82,703 million in 2023 and $85,560 million in 2024, though not returning to the 2021 peak.

Reported Return on Equity (ROE)

The reported ROE demonstrated significant volatility. Starting at 11.66% in 2020, it rose to 14.73% in 2021, fell sharply to 6.63% in 2022, then surged to 18.61% in 2023 and slightly increased further to 18.92% in 2024. This pattern mirrors the fluctuations observed in net income, indicating sensitivity of reported ROE to net income changes.

Adjusted Net Income

The adjusted net income also exhibited considerable fluctuations. It increased from $11,823 million in 2020 to $15,208 million in 2021, turned negative in 2022 with a value of -$602 million, and then recovered substantially to $14,393 million in 2023 and maintained a similar level of $14,503 million in 2024. The negative adjusted net income in 2022 is a notable anomaly within the series.

Adjusted Total Equity

Adjusted total equity followed a declining trend after 2021. It increased from $125,370 million in 2020 to $132,161 million in 2021 but then consistently declined to $114,397 million in 2022 and further to $113,919 million in 2023. In 2024, there was a minor increase to $116,303 million, but overall, equity did not return to its earlier high points.

Adjusted Return on Equity (ROE)

The adjusted ROE reflects the volatility seen in adjusted net income. It rose from 9.43% in 2020 to 11.51% in 2021, dropped into negative territory at -0.53% in 2022, then reverted to positive levels at 12.63% in 2023 and remained steady at 12.47% in 2024. This indicates that the company’s adjusted profitability relative to equity was negatively impacted in 2022 but recovered subsequently.

An analysis of the financial data over the five-year period reveals several notable trends and fluctuations. Net income attributable to the company experienced significant variations, increasing from 10,534 million US dollars in 2020 to a peak of 14,159 million in 2021, followed by a sharp decline to 5,370 million in 2022. Subsequently, net income recovered strongly, reaching 15,388 million in 2023 and slightly increasing to 16,192 million in 2024.

Total assets showed a relatively stable pattern, with a slight decrease observed in 2022 (257,275 million) compared to the previous two years, followed by moderate growth in 2023 and 2024, ending at 266,211 million US dollars.

Reported Return on Assets (ROA)

The reported ROA followed a similar trend to net income, increasing from 3.85% in 2020 to 5.13% in 2021, dropping sharply to 2.09% in 2022, and then rebounding to 5.81% in 2023 and 6.08% in 2024. This indicates fluctuations in profitability relative to the asset base, with a notable dip in 2022.

Adjusted Net Income

Adjusted net income generally aligns with the reported net income trend, increasing from 11,823 million in 2020 to 15,208 million in 2021. However, it shows a significant anomaly in 2022 where the value is negative (-602 million), indicating an adjusted loss during that year. The adjusted net income then returned to positive territory in 2023 and 2024, with values of 14,393 million and 14,503 million respectively, slightly below the peaks observed in 2021.

Adjusted Total Assets

Adjusted total assets closely track the trend of reported total assets, with a decrease in 2022 to 257,805 million from higher levels in prior years, followed by a recovery in the subsequent two years, ending at 266,840 million in 2024.

Adjusted Return on Assets (ROA)

The adjusted ROA mirrors the adjusted net income trend, showing positive and strong returns in 2020 (4.31%) and 2021 (5.5%), turning negative in 2022 at -0.23%, which reflects the adjusted net loss in that year. In 2023 and 2024, adjusted ROA recovered to 5.42% and 5.44%, respectively, indicating restored adjusted profitability relative to assets.

Overall, the data indicate a volatile financial performance in 2022, marked by significant declines in net and adjusted net income, and corresponding drops in profitability ratios. This was accompanied by a slight contraction in the asset base. The subsequent years show recovery and improvement, with profitability metrics rebounding to the higher levels seen in the early period, supported by stabilization and modest growth in assets.