Analysis of Geographic Areas
Comcast Corp. operates in 2 regions: United States and Other.
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Analysis of Revenues
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Area Asset Turnover
Comcast Corp., asset turnover by geographic area
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| Other |
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).
- United States Asset Turnover
- The asset turnover ratio for the United States exhibits a declining trend over the five-year period. Starting at 1.98 in 2020, the ratio increased to 2.21 in 2021 but thereafter consistently decreased, reaching 1.83 by the end of 2024. This pattern indicates a reduction in the efficiency with which the company utilizes its assets to generate revenue in the United States market after 2021.
- Other Geographic Areas Asset Turnover
- The asset turnover ratio for other regions demonstrates a clear upward trend throughout the period. Initially recorded at 2.04 in 2020, the ratio experienced a minor decline in 2021 to 1.98 but then increased steadily each subsequent year, reaching 2.78 by 2024. This increasing ratio suggests improved asset utilization and enhanced revenue generation efficiency in these regions.
- Comparative Observations
- While the United States shows a decline in asset turnover after a peak in 2021, the other regions show progressive improvement from 2021 onwards. By 2024, the asset turnover ratio for other geographic areas surpasses that of the United States by a significant margin, indicating stronger operational performance outside the domestic market during the later years analyzed.
Area Asset Turnover: United States
Comcast Corp.; United States; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | |||||
| Property and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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 2024 Calculation
Area asset turnover = Revenue ÷ Property and equipment, net
= ÷ =
- Revenue Trends
- Revenue demonstrated an overall upward trend from 2020 through 2024, increasing from 80,327 million US dollars in 2020 to 96,237 million US dollars in 2024. Despite a slight decline in 2023 to 94,375 million US dollars, revenue recovered in 2024, indicating resilience and growth potential within the geographic area.
- Property and Equipment, Net Trends
- The net value of property and equipment consistently increased over the period analyzed. Starting at 40,580 million US dollars in 2020, the figure reached 52,600 million US dollars by 2024, reflecting steady capital investment and asset enhancement within the region.
- Area Asset Turnover Trends
- The area asset turnover ratio initially increased from 1.98 in 2020 to a peak of 2.21 in 2021, suggesting improved efficiency in utilizing property and equipment to generate revenue. However, from 2022 onwards, the ratio declined annually, reaching 1.83 in 2024. This decline indicates a reduction in the efficiency of asset usage relative to revenue generation, despite the increasing asset base.
- Summary Insights
- The data indicates consistent revenue growth alongside substantial asset investment. Nevertheless, the efficiency measure, as represented by the area asset turnover ratio, declined after 2021, signaling possible diminishing returns on asset investments or changes in operational dynamics within the United States geographic area. The slight revenue dip in 2023, followed by recovery, and the concurrent asset growth, suggests strategic repositioning or market challenges that were managed effectively.
Area Asset Turnover: Other
Comcast Corp.; Other; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | |||||
| Property and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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 2024 Calculation
Area asset turnover = Revenue ÷ Property and equipment, net
= ÷ =
- Revenue Trend
- Revenue in the "Other" geographic area demonstrates an overall upward trend from 2020 to 2024. Starting at approximately 23,237 million US dollars in 2020, revenue increased to 25,459 million in 2021. Although there was a slight decline to 24,986 million in 2022, the subsequent years saw consistent growth, reaching 27,197 million in 2023 and 27,494 million in 2024. This indicates a general positive trajectory in revenue despite a minor dip in 2022.
- Property and Equipment, Net
- The net value of property and equipment shows a declining trend across the period. Beginning with 11,415 million US dollars in 2020, the value increased to 12,860 million in 2021 but then steadily decreased over the following years to 11,300 million in 2022, 11,000 million in 2023, and further down to 9,900 million in 2024. This suggests divestitures, depreciation, or limited reinvestment in fixed assets in this geographic segment after the peak in 2021.
- Area Asset Turnover Ratio
- The area asset turnover ratio illustrates a strong upward trend from 2020 through 2024, indicating improving efficiency in asset utilization within the "Other" region. The ratio started at 2.04 in 2020 and slightly decreased to 1.98 in 2021. However, it subsequently increased significantly to 2.21 in 2022, 2.47 in 2023, and 2.78 in 2024. This enhancement implies that revenue generation relative to net assets is increasing over time, likely reflecting better management or higher productivity of assets.
- Overall Insights
- The data shows that despite a reduction in net property and equipment after 2021, the revenue continues to grow and the asset turnover ratio improves markedly. This combination suggests greater operational efficiency and potentially strategic asset optimization. The slight revenue dip in 2022 appears to be temporary, with recovery and growth continuing thereafter. Taken together, these trends indicate a strengthening performance in the "Other" geographic area over the five-year period under review.
Revenue
Comcast Corp., revenue by geographic area
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| Other | |||||
| Total |
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 revenue data indicates an overall upward trend in total geographic area revenue over the five-year period.
- United States Revenue
- Revenues from the United States exhibit consistent growth from 2020 to 2022, increasing from approximately 80.3 billion US dollars in 2020 to 96.4 billion US dollars in 2022. However, there is a slight decline observed in 2023, where revenue dips to about 94.4 billion US dollars, followed by a modest recovery to around 96.2 billion US dollars in 2024. Despite this minor fluctuation, the overall trend remains positive, showing significant revenue size and relatively stable performance in this region.
- Other Geographic Areas Revenue
- Revenue from other geographic areas shows a generally positive trajectory with some fluctuations. Starting at roughly 23.2 billion US dollars in 2020, revenue increased to 25.5 billion US dollars in 2021 before slightly declining to 25.0 billion US dollars in 2022. Subsequently, revenues rose again, reaching nearly 27.2 billion US dollars in 2023 and further increasing to approximately 27.5 billion US dollars in 2024. This suggests moderate but steady growth outside the United States, with some minor short-term variability.
- Total Revenue
- The total revenue, combining all geographic areas, reflects these individual trends with a steady increase from 103.6 billion US dollars in 2020 to 123.7 billion US dollars in 2024. The growth rate appears to slow slightly after 2022, with revenue plateauing between 2022 and 2023 before resuming a modest increase in 2024. This total revenue trend highlights the dominant contribution of the United States market along with consistent contributions from other regions, collectively driving revenue growth over the analyzed period.
In summary, the data reveals robust revenue growth overall, driven primarily by the United States market with steady support from other geographic areas. Slight fluctuations in revenue in the later years suggest some variability but no sustained negative impact on the total business revenue trajectory.
Property and equipment, net
Comcast Corp., property and equipment, net by geographic area
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| Other | |||||
| Total |
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 data reflects the annual property and equipment, net values for two geographic areas, the United States and Other regions, over a five-year period ending in 2024. The values are expressed in millions of US dollars.
- United States
- The net property and equipment values for the United States show a consistent upward trend throughout the five-year span. Starting from approximately $40.6 billion in 2020, the figure increases gradually each year, reaching $52.6 billion in 2024. This represents a growth of nearly 30% over the period, indicating ongoing capital investment or lower depreciation relative to additions in this region.
- Other
- The values attributable to Other geographic areas display more variability. Beginning at around $11.4 billion in 2020, the value rises to approximately $12.9 billion in 2021 but then declines in subsequent years. By 2024, the net property and equipment value in these regions decreases to $9.9 billion, which is a reduction of about 13% from 2020. This downward trend might suggest asset disposals, impairments, or less investment activity outside the United States.
- Total
- The total net property and equipment values, aggregating both regions, increase from about $52.0 billion in 2020 to $62.5 billion in 2024. This overall rise of nearly 20% indicates net growth in the company’s physical asset base over the period. The growth is primarily driven by the performance in the United States, as the Other regions’ values do not contribute positively in later years.
In summary, the data reveals strong and steady growth of property and equipment in the United States, contrasted by a declining trend in other geographic areas. Consequently, total net property and equipment values demonstrate a moderate increase, largely supported by the significant contributions from the United States segment.