Stock Analysis on Net
Stock Analysis on Net
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Comcast Corp. (NASDAQ:CMCSA)

Adjusted Financial Ratios

Advanced level


Adjusted Financial Ratios (Summary)

Comcast Corp., adjusted financial ratios

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Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Activity Ratio
Total Asset Turnover
Reported 0.41 0.38 0.45 0.45 0.45
Adjusted 0.42 0.37 0.45 0.44 0.44
Liquidity Ratio
Current Ratio
Reported 0.84 0.79 0.74 0.76 0.68
Adjusted 0.94 0.87 0.82 0.81 0.74
Solvency Ratios
Debt to Equity
Reported 1.24 1.56 0.94 1.13 1.01
Adjusted 0.91 1.12 0.70 0.68 0.61
Debt to Capital
Reported 0.55 0.61 0.48 0.53 0.50
Adjusted 0.48 0.53 0.41 0.41 0.38
Financial Leverage
Reported 3.18 3.51 2.72 3.35 3.19
Adjusted 2.25 2.48 1.97 1.96 1.88
Profitability Ratios
Net Profit Margin
Reported 11.99% 12.41% 26.87% 10.81% 10.96%
Adjusted 14.52% 12.57% 15.25% 13.41% 12.94%
Return on Equity (ROE)
Reported 15.78% 16.38% 33.11% 16.12% 15.62%
Adjusted 13.57% 11.57% 13.37% 11.47% 10.74%
Return on Assets (ROA)
Reported 4.96% 4.66% 12.15% 4.82% 4.90%
Adjusted 6.03% 4.66% 6.80% 5.85% 5.72%

Based on: 10-K (filing date: 2020-01-30), 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).

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 deteriorated from 2017 to 2018 but then improved from 2018 to 2019 not reaching 2017 level.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Comcast Corp.’s adjusted current ratio improved from 2017 to 2018 and from 2018 to 2019.
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 2017 to 2018 but then improved from 2018 to 2019 not reaching 2017 level.
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 2017 to 2018 but then slightly improved from 2018 to 2019.
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 2017 to 2018 but then slightly decreased from 2018 to 2019.
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 deteriorated from 2017 to 2018 but then improved from 2018 to 2019 not reaching 2017 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Comcast Corp.’s adjusted ROE deteriorated from 2017 to 2018 but then improved from 2018 to 2019 exceeding 2017 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Comcast Corp.’s adjusted ROA deteriorated from 2017 to 2018 but then improved from 2018 to 2019 not reaching 2017 level.

Comcast Corp., Financial Ratios: Reported vs. Adjusted


Adjusted Total Asset Turnover

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Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Reported
Selected Financial Data (US$ in millions)
Revenue 108,942  94,507  84,526  80,403  74,510 
Total assets 263,414  251,684  186,949  180,500  166,574 
Activity Ratio
Total asset turnover1 0.41 0.38 0.45 0.45 0.45
Adjusted
Selected Financial Data (US$ in millions)
Adjusted revenue2 109,496  95,155  84,946  80,233  74,897 
Adjusted total assets3 263,833  256,420  190,572  183,939  169,530 
Activity Ratio
Adjusted total asset turnover4 0.42 0.37 0.45 0.44 0.44

Based on: 10-K (filing date: 2020-01-30), 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).

1 2019 Calculation
Total asset turnover = Revenue ÷ Total assets
= 108,942 ÷ 263,414 = 0.41

2 Adjusted revenue. See details »

3 Adjusted total assets. See details »

4 2019 Calculation
Adjusted total asset turnover = Adjusted revenue ÷ Adjusted total assets
= 109,496 ÷ 263,833 = 0.42

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 deteriorated from 2017 to 2018 but then improved from 2018 to 2019 not reaching 2017 level.

Adjusted Current Ratio

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Reported
Selected Financial Data (US$ in millions)
Current assets 25,392  21,848  16,060  16,361  12,303 
Current liabilities 30,292  27,603  21,561  21,535  18,178 
Liquidity Ratio
Current ratio1 0.84 0.79 0.74 0.76 0.68
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 25,811  22,200  16,348  16,611  12,529 
Adjusted current liabilities3 27,524  25,421  20,009  20,403  16,876 
Liquidity Ratio
Adjusted current ratio4 0.94 0.87 0.82 0.81 0.74

Based on: 10-K (filing date: 2020-01-30), 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).

1 2019 Calculation
Current ratio = Current assets ÷ Current liabilities
= 25,392 ÷ 30,292 = 0.84

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2019 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 25,811 ÷ 27,524 = 0.94

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 2017 to 2018 and from 2018 to 2019.

Adjusted Debt to Equity

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Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Reported
Selected Financial Data (US$ in millions)
Total debt 102,217  111,743  64,556  61,046  52,621 
Total Comcast Corporation shareholders’ equity 82,726  71,613  68,606  53,943  52,269 
Solvency Ratio
Debt to equity1 1.24 1.56 0.94 1.13 1.01
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 106,823  116,127  67,891  64,235  55,351 
Adjusted total equity3 117,144  103,371  96,848  93,815  90,293 
Solvency Ratio
Adjusted debt to equity4 0.91 1.12 0.70 0.68 0.61

Based on: 10-K (filing date: 2020-01-30), 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).

1 2019 Calculation
Debt to equity = Total debt ÷ Total Comcast Corporation shareholders’ equity
= 102,217 ÷ 82,726 = 1.24

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2019 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 106,823 ÷ 117,144 = 0.91

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 2017 to 2018 but then improved from 2018 to 2019 not reaching 2017 level.

Adjusted Debt to Capital

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Reported
Selected Financial Data (US$ in millions)
Total debt 102,217  111,743  64,556  61,046  52,621 
Total capital 184,943  183,356  133,162  114,989  104,890 
Solvency Ratio
Debt to capital1 0.55 0.61 0.48 0.53 0.50
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 106,823  116,127  67,891  64,235  55,351 
Adjusted total capital3 223,967  219,498  164,739  158,050  145,644 
Solvency Ratio
Adjusted debt to capital4 0.48 0.53 0.41 0.41 0.38

Based on: 10-K (filing date: 2020-01-30), 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).

1 2019 Calculation
Debt to capital = Total debt ÷ Total capital
= 102,217 ÷ 184,943 = 0.55

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2019 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 106,823 ÷ 223,967 = 0.48

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 2017 to 2018 but then slightly improved from 2018 to 2019.

Adjusted Financial Leverage

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Reported
Selected Financial Data (US$ in millions)
Total assets 263,414  251,684  186,949  180,500  166,574 
Total Comcast Corporation shareholders’ equity 82,726  71,613  68,606  53,943  52,269 
Solvency Ratio
Financial leverage1 3.18 3.51 2.72 3.35 3.19
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 263,833  256,420  190,572  183,939  169,530 
Adjusted total equity3 117,144  103,371  96,848  93,815  90,293 
Solvency Ratio
Adjusted financial leverage4 2.25 2.48 1.97 1.96 1.88

Based on: 10-K (filing date: 2020-01-30), 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).

1 2019 Calculation
Financial leverage = Total assets ÷ Total Comcast Corporation shareholders’ equity
= 263,414 ÷ 82,726 = 3.18

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2019 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 263,833 ÷ 117,144 = 2.25

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 2017 to 2018 but then slightly decreased from 2018 to 2019.

Adjusted Net Profit Margin

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Comcast Corporation 13,057  11,731  22,714  8,695  8,163 
Revenue 108,942  94,507  84,526  80,403  74,510 
Profitability Ratio
Net profit margin1 11.99% 12.41% 26.87% 10.81% 10.96%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 15,896  11,959  12,952  10,763  9,693 
Adjusted revenue3 109,496  95,155  84,946  80,233  74,897 
Profitability Ratio
Adjusted net profit margin4 14.52% 12.57% 15.25% 13.41% 12.94%

Based on: 10-K (filing date: 2020-01-30), 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).

1 2019 Calculation
Net profit margin = 100 × Net income attributable to Comcast Corporation ÷ Revenue
= 100 × 13,057 ÷ 108,942 = 11.99%

2 Adjusted net income. See details »

3 Adjusted revenue. See details »

4 2019 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Adjusted revenue
= 100 × 15,896 ÷ 109,496 = 14.52%

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 deteriorated from 2017 to 2018 but then improved from 2018 to 2019 not reaching 2017 level.

Adjusted Return on Equity (ROE)

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Comcast Corporation 13,057  11,731  22,714  8,695  8,163 
Total Comcast Corporation shareholders’ equity 82,726  71,613  68,606  53,943  52,269 
Profitability Ratio
ROE1 15.78% 16.38% 33.11% 16.12% 15.62%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 15,896  11,959  12,952  10,763  9,693 
Adjusted total equity3 117,144  103,371  96,848  93,815  90,293 
Profitability Ratio
Adjusted ROE4 13.57% 11.57% 13.37% 11.47% 10.74%

Based on: 10-K (filing date: 2020-01-30), 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).

1 2019 Calculation
ROE = 100 × Net income attributable to Comcast Corporation ÷ Total Comcast Corporation shareholders’ equity
= 100 × 13,057 ÷ 82,726 = 15.78%

2 Adjusted net income. See details »

3 Adjusted total equity. See details »

4 2019 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted total equity
= 100 × 15,896 ÷ 117,144 = 13.57%

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 deteriorated from 2017 to 2018 but then improved from 2018 to 2019 exceeding 2017 level.

Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Comcast Corporation 13,057  11,731  22,714  8,695  8,163 
Total assets 263,414  251,684  186,949  180,500  166,574 
Profitability Ratio
ROA1 4.96% 4.66% 12.15% 4.82% 4.90%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 15,896  11,959  12,952  10,763  9,693 
Adjusted total assets3 263,833  256,420  190,572  183,939  169,530 
Profitability Ratio
Adjusted ROA4 6.03% 4.66% 6.80% 5.85% 5.72%

Based on: 10-K (filing date: 2020-01-30), 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).

1 2019 Calculation
ROA = 100 × Net income attributable to Comcast Corporation ÷ Total assets
= 100 × 13,057 ÷ 263,414 = 4.96%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2019 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 15,896 ÷ 263,833 = 6.03%

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 deteriorated from 2017 to 2018 but then improved from 2018 to 2019 not reaching 2017 level.