Microsoft Excel LibreOffice Calc

Comcast Corp. (CMCSA)


Adjusted Financial Ratios

Advanced level


Adjusted Financial Ratios (Summary)

Comcast Corp., adjusted financial ratios

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Activity Ratio
Total Asset Turnover
Reported 0.38 0.45 0.45 0.45 0.43
Adjusted 0.37 0.45 0.44 0.44 0.43
Liquidity Ratio
Current Ratio
Reported 0.79 0.74 0.76 0.68 0.78
Adjusted 0.87 0.82 0.81 0.74 0.83
Solvency Ratios
Debt to Equity
Reported 1.56 0.94 1.13 1.01 0.92
Adjusted 1.12 0.70 0.68 0.61 0.57
Debt to Capital
Reported 0.61 0.48 0.53 0.50 0.48
Adjusted 0.53 0.41 0.41 0.38 0.36
Financial Leverage
Reported 3.51 2.72 3.35 3.19 3.02
Adjusted 2.48 1.97 1.96 1.88 1.83
Profitability Ratios
Net Profit Margin
Reported 12.41% 26.87% 10.81% 10.96% 12.18%
Adjusted 12.57% 15.25% 13.41% 12.94% 13.89%
Return on Equity (ROE)
Reported 16.38% 33.11% 16.12% 15.62% 15.90%
Adjusted 11.57% 13.37% 11.47% 10.74% 10.86%
Return on Assets (ROA)
Reported 4.66% 12.15% 4.82% 4.90% 5.26%
Adjusted 4.66% 6.80% 5.85% 5.72% 5.92%

Based on: 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-31), 10-K (filing date: 2017-02-03), 10-K (filing date: 2016-02-05), 10-K (filing date: 2015-02-27).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Comcast Corp.’s adjusted total asset turnover ratio improved from 2016 to 2017 but then deteriorated significantly from 2017 to 2018.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Comcast Corp.’s adjusted current ratio improved from 2016 to 2017 and from 2017 to 2018.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Comcast Corp.’s adjusted debt-to-equity ratio deteriorated from 2016 to 2017 and from 2017 to 2018.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Comcast Corp.’s adjusted debt-to-capital ratio deteriorated from 2016 to 2017 and from 2017 to 2018.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Comcast Corp.’s adjusted financial leverage ratio increased from 2016 to 2017 and from 2017 to 2018.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Comcast Corp.’s adjusted net profit margin ratio improved from 2016 to 2017 but then deteriorated significantly from 2017 to 2018.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Comcast Corp.’s adjusted ROE improved from 2016 to 2017 but then slightly deteriorated from 2017 to 2018 not reaching 2016 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Comcast Corp.’s adjusted ROA improved from 2016 to 2017 but then deteriorated significantly from 2017 to 2018.

Comcast Corp., Financial Ratios: Reported vs. Adjusted


Adjusted Total Asset Turnover

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Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Reported
Selected Financial Data (US$ in millions)
Revenue 94,507  84,526  80,403  74,510  68,775 
Total assets 251,684  186,949  180,500  166,574  159,339 
Activity Ratio
Total asset turnover1 0.38 0.45 0.45 0.45 0.43
Adjusted
Selected Financial Data (US$ in millions)
Adjusted revenue2 95,155  84,946  80,233  74,897  68,792 
Adjusted total assets3 256,420  190,572  183,939  169,530  161,399 
Activity Ratio
Adjusted total asset turnover4 0.37 0.45 0.44 0.44 0.43

Based on: 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-31), 10-K (filing date: 2017-02-03), 10-K (filing date: 2016-02-05), 10-K (filing date: 2015-02-27).

1 2018 Calculation
Total asset turnover = Revenue ÷ Total assets
= 94,507 ÷ 251,684 = 0.38

2 Adjusted revenue. See details »

3 Adjusted total assets. See details »

4 2018 Calculation
Adjusted total asset turnover = Adjusted revenue ÷ Adjusted total assets
= 95,155 ÷ 256,420 = 0.37

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Comcast Corp.’s adjusted total asset turnover ratio improved from 2016 to 2017 but then deteriorated significantly from 2017 to 2018.

Adjusted Current Ratio

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Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Reported
Selected Financial Data (US$ in millions)
Current assets 21,848  16,060  16,361  12,303  13,531 
Current liabilities 27,603  21,561  21,535  18,178  17,410 
Liquidity Ratio
Current ratio1 0.79 0.74 0.76 0.68 0.78
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 22,200  16,348  16,611  12,529  13,736 
Adjusted current liabilities3 25,421  20,009  20,403  16,876  16,495 
Liquidity Ratio
Adjusted current ratio4 0.87 0.82 0.81 0.74 0.83

Based on: 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-31), 10-K (filing date: 2017-02-03), 10-K (filing date: 2016-02-05), 10-K (filing date: 2015-02-27).

1 2018 Calculation
Current ratio = Current assets ÷ Current liabilities
= 21,848 ÷ 27,603 = 0.79

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2018 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 22,200 ÷ 25,421 = 0.87

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Comcast Corp.’s adjusted current ratio improved from 2016 to 2017 and from 2017 to 2018.

Adjusted Debt to Equity

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Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Reported
Selected Financial Data (US$ in millions)
Total debt 111,743  64,556  61,046  52,621  48,234 
Total Comcast Corporation shareholders’ equity 71,613  68,606  53,943  52,269  52,711 
Solvency Ratio
Debt to equity1 1.56 0.94 1.13 1.01 0.92
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 116,127  67,891  64,235  55,351  50,089 
Adjusted total equity3 103,371  96,848  93,815  90,293  88,018 
Solvency Ratio
Adjusted debt to equity4 1.12 0.70 0.68 0.61 0.57

Based on: 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-31), 10-K (filing date: 2017-02-03), 10-K (filing date: 2016-02-05), 10-K (filing date: 2015-02-27).

1 2018 Calculation
Debt to equity = Total debt ÷ Total Comcast Corporation shareholders’ equity
= 111,743 ÷ 71,613 = 1.56

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2018 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 116,127 ÷ 103,371 = 1.12

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Comcast Corp.’s adjusted debt-to-equity ratio deteriorated from 2016 to 2017 and from 2017 to 2018.

Adjusted Debt to Capital

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Reported
Selected Financial Data (US$ in millions)
Total debt 111,743  64,556  61,046  52,621  48,234 
Total capital 183,356  133,162  114,989  104,890  100,945 
Solvency Ratio
Debt to capital1 0.61 0.48 0.53 0.50 0.48
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 116,127  67,891  64,235  55,351  50,089 
Adjusted total capital3 219,498  164,739  158,050  145,644  138,107 
Solvency Ratio
Adjusted debt to capital4 0.53 0.41 0.41 0.38 0.36

Based on: 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-31), 10-K (filing date: 2017-02-03), 10-K (filing date: 2016-02-05), 10-K (filing date: 2015-02-27).

1 2018 Calculation
Debt to capital = Total debt ÷ Total capital
= 111,743 ÷ 183,356 = 0.61

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2018 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 116,127 ÷ 219,498 = 0.53

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Comcast Corp.’s adjusted debt-to-capital ratio deteriorated from 2016 to 2017 and from 2017 to 2018.

Adjusted Financial Leverage

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Reported
Selected Financial Data (US$ in millions)
Total assets 251,684  186,949  180,500  166,574  159,339 
Total Comcast Corporation shareholders’ equity 71,613  68,606  53,943  52,269  52,711 
Solvency Ratio
Financial leverage1 3.51 2.72 3.35 3.19 3.02
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 256,420  190,572  183,939  169,530  161,399 
Adjusted total equity3 103,371  96,848  93,815  90,293  88,018 
Solvency Ratio
Adjusted financial leverage4 2.48 1.97 1.96 1.88 1.83

Based on: 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-31), 10-K (filing date: 2017-02-03), 10-K (filing date: 2016-02-05), 10-K (filing date: 2015-02-27).

1 2018 Calculation
Financial leverage = Total assets ÷ Total Comcast Corporation shareholders’ equity
= 251,684 ÷ 71,613 = 3.51

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2018 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 256,420 ÷ 103,371 = 2.48

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Comcast Corp.’s adjusted financial leverage ratio increased from 2016 to 2017 and from 2017 to 2018.

Adjusted Net Profit Margin

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Comcast Corporation 11,731  22,714  8,695  8,163  8,380 
Revenue 94,507  84,526  80,403  74,510  68,775 
Profitability Ratio
Net profit margin1 12.41% 26.87% 10.81% 10.96% 12.18%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 11,959  12,952  10,763  9,693  9,556 
Adjusted revenue3 95,155  84,946  80,233  74,897  68,792 
Profitability Ratio
Adjusted net profit margin4 12.57% 15.25% 13.41% 12.94% 13.89%

Based on: 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-31), 10-K (filing date: 2017-02-03), 10-K (filing date: 2016-02-05), 10-K (filing date: 2015-02-27).

1 2018 Calculation
Net profit margin = 100 × Net income attributable to Comcast Corporation ÷ Revenue
= 100 × 11,731 ÷ 94,507 = 12.41%

2 Adjusted net income. See details »

3 Adjusted revenue. See details »

4 2018 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Adjusted revenue
= 100 × 11,959 ÷ 95,155 = 12.57%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Comcast Corp.’s adjusted net profit margin ratio improved from 2016 to 2017 but then deteriorated significantly from 2017 to 2018.

Adjusted Return on Equity (ROE)

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Comcast Corporation 11,731  22,714  8,695  8,163  8,380 
Total Comcast Corporation shareholders’ equity 71,613  68,606  53,943  52,269  52,711 
Profitability Ratio
ROE1 16.38% 33.11% 16.12% 15.62% 15.90%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 11,959  12,952  10,763  9,693  9,556 
Adjusted total equity3 103,371  96,848  93,815  90,293  88,018 
Profitability Ratio
Adjusted ROE4 11.57% 13.37% 11.47% 10.74% 10.86%

Based on: 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-31), 10-K (filing date: 2017-02-03), 10-K (filing date: 2016-02-05), 10-K (filing date: 2015-02-27).

1 2018 Calculation
ROE = 100 × Net income attributable to Comcast Corporation ÷ Total Comcast Corporation shareholders’ equity
= 100 × 11,731 ÷ 71,613 = 16.38%

2 Adjusted net income. See details »

3 Adjusted total equity. See details »

4 2018 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted total equity
= 100 × 11,959 ÷ 103,371 = 11.57%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Comcast Corp.’s adjusted ROE improved from 2016 to 2017 but then slightly deteriorated from 2017 to 2018 not reaching 2016 level.

Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Comcast Corporation 11,731  22,714  8,695  8,163  8,380 
Total assets 251,684  186,949  180,500  166,574  159,339 
Profitability Ratio
ROA1 4.66% 12.15% 4.82% 4.90% 5.26%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 11,959  12,952  10,763  9,693  9,556 
Adjusted total assets3 256,420  190,572  183,939  169,530  161,399 
Profitability Ratio
Adjusted ROA4 4.66% 6.80% 5.85% 5.72% 5.92%

Based on: 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-31), 10-K (filing date: 2017-02-03), 10-K (filing date: 2016-02-05), 10-K (filing date: 2015-02-27).

1 2018 Calculation
ROA = 100 × Net income attributable to Comcast Corporation ÷ Total assets
= 100 × 11,731 ÷ 251,684 = 4.66%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2018 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 11,959 ÷ 256,420 = 4.66%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Comcast Corp.’s adjusted ROA improved from 2016 to 2017 but then deteriorated significantly from 2017 to 2018.