Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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Long-term Activity Ratios (Summary)
Comcast Corp., long-term (investment) activity ratios
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Net fixed asset turnover | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset) | ||||||
| Total asset turnover | ||||||
| Equity turnover |
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).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibited a rising trend from 1.99 in 2020 to a peak of 2.19 in 2022, indicating increasing efficiency in generating revenue from fixed assets during this period. However, there is a subsequent decline to 2.04 in 2023 and further down to 1.98 in 2024, approaching the initial 2020 level. This suggests a reduction in asset utilization efficiency in the most recent years.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- When including operating lease right-of-use assets, the turnover ratio shows a consistent upward movement from 1.86 in 2020 to 1.98 in 2022, paralleling the trend in standard net fixed asset turnover, albeit at a slightly lower level. Following 2022, it declines to 1.86 in 2023 and 1.82 in 2024, indicating a reduction in asset efficiency when considering lease obligations as assets.
- Total Asset Turnover
- The total asset turnover improved steadily over the analyzed period, increasing from 0.38 in 2020 to 0.47 in 2022. It remained relatively stable at 0.46 for both 2023 and 2024. This pattern points to enhanced overall asset utilization from 2020 through 2022, with a plateau in the following years.
- Equity Turnover
- Equity turnover exhibited a marked upward trend from 1.15 in 2020 to 1.5 in 2022, suggesting improved efficiency in leveraging shareholder equity to generate sales. After peaking in 2022, the ratio decreased slightly to 1.47 in 2023 and 1.45 in 2024, maintaining a relatively high level compared to the start of the period.
Net Fixed Asset Turnover
Comcast Corp., net fixed asset turnover 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) | ||||||
| Revenue | ||||||
| Property and equipment, net | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| Alphabet Inc. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix Inc. | ||||||
| Take-Two Interactive Software Inc. | ||||||
| Walt Disney Co. | ||||||
| Net Fixed Asset Turnover, Sector | ||||||
| Media & Entertainment | ||||||
| Net Fixed Asset Turnover, Industry | ||||||
| Communication Services | ||||||
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
Net fixed asset turnover = Revenue ÷ Property and equipment, net
= ÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- The revenue demonstrates a steady upward trend over the five-year period. Beginning at approximately 103.6 billion US dollars in 2020, it increased consistently each year, reaching about 123.7 billion US dollars by the end of 2024. The growth rate shows some moderation in the last two years, with the increase from 2022 to 2023 being minimal, followed by a slight rise in 2024.
- Property and Equipment, Net
- The net value of property and equipment exhibits a continuous increase over the period analyzed. Starting from roughly 52.0 billion US dollars in 2020, it rose steadily each year, reaching approximately 62.5 billion US dollars by the end of 2024. This upward movement indicates ongoing investment in fixed assets, reflecting possible expansion or modernization efforts.
- Net Fixed Asset Turnover Ratio
- This ratio, which measures the efficiency of using fixed assets to generate revenue, shows some variability. The ratio increased from 1.99 in 2020 to a peak of 2.19 in 2022, suggesting improved efficiency during that period. However, it then declined to 2.04 in 2023 and further to 1.98 in 2024, indicating a reduction in asset utilization efficiency in the later years, potentially due to faster asset base growth compared to revenue gains.
- Overall Insights
- Overall, the data indicates consistent revenue growth accompanied by increasing investment in fixed assets. However, the efficiency in utilizing these assets to generate revenue appears to have peaked around 2022 and subsequently declined. This could suggest that recent asset additions have yet to translate fully into proportional revenue increases or that operational efficiency has slightly diminished in utilizing these assets.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Comcast Corp., net fixed asset turnover (including operating lease, right-of-use asset) 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) | ||||||
| Revenue | ||||||
| Property and equipment, net | ||||||
| Operating lease right-of-use assets (included in Other noncurrent assets, net) | ||||||
| Property and equipment, net (including operating lease, right-of-use asset) | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| Alphabet Inc. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix Inc. | ||||||
| Take-Two Interactive Software Inc. | ||||||
| Walt Disney Co. | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Media & Entertainment | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Communication Services | ||||||
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
Net fixed asset turnover (including operating lease, right-of-use asset) = Revenue ÷ Property and equipment, net (including operating lease, right-of-use asset)
= ÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- Revenue shows a consistent upward trajectory from 2020 through 2024. Starting at $103,564 million in 2020, it increased steadily to $123,731 million by the end of 2024. The revenue growth appears to slow slightly between 2022 and 2023 but resumes acceleration in 2024. Overall, this indicates a stable expansion in sales or services over the five-year period.
- Property and Equipment
- The net value of property and equipment, including operating lease right-of-use assets, has risen continuously from $55,779 million in 2020 to $68,072 million in 2024. This reflects ongoing investment or acquisition of fixed assets, suggesting a focus on expanding capital infrastructure or upgrading operational capacity.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibits moderate fluctuations over the period. It increased from 1.86 in 2020 to a peak of 1.98 in 2022, indicating improved efficiency in using fixed assets to generate revenue. However, following this peak, the ratio declined to 1.82 by 2024. This decline may suggest that the relative efficiency in converting fixed assets into revenue has slightly diminished despite the continued rise in overall revenue and asset base.
- Summary of Insights
- The company demonstrates strong growth in revenue and fixed asset investment, implying expansion or enhancement of operational capacity. However, the decrease in net fixed asset turnover in the last two years signals potential challenges in maintaining asset utilization efficiency. This could be attributed to accelerated asset acquisition outpacing revenue gains or other operational factors. Continuous monitoring of asset efficiency relative to revenue will be critical to ensuring sustainable financial performance.
Total Asset Turnover
Comcast Corp., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | ||||||
| Total assets | ||||||
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | ||||||
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| Alphabet Inc. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix Inc. | ||||||
| Take-Two Interactive Software Inc. | ||||||
| Walt Disney Co. | ||||||
| Total Asset Turnover, Sector | ||||||
| Media & Entertainment | ||||||
| Total Asset Turnover, Industry | ||||||
| Communication Services | ||||||
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
Total asset turnover = Revenue ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
The financial data indicates the company's revenue has shown a steady upward trend over the observed five-year period. Starting from approximately $103.6 billion in 2020, revenue increased consistently each year, reaching about $123.7 billion by the end of 2024. This suggests a general expansion in sales or service income over time.
Total assets experienced some fluctuation in the same timeframe. From $273.9 billion at the end of 2020, assets slightly increased to around $275.9 billion in 2021 but then decreased notably to approximately $257.3 billion by the end of 2022. Following this decline, total assets have gradually risen again, reaching $266.2 billion in 2024. This pattern may reflect adjustments in investment, asset disposals, or changes in capital structure.
The total asset turnover ratio, which measures the efficiency of the company in utilizing its assets to generate revenue, improved from 0.38 in 2020 to a peak of 0.47 in 2022. Although it slightly decreased to 0.46 in 2023 and remained steady through 2024, the overall increase from the start to the end of the period demonstrates enhanced asset utilization efficiency. This suggests the company became more effective in generating revenue relative to its asset base over these years.
- Revenue
- Steady increase from $103.6 billion to $123.7 billion over five years, indicating continual growth in sales or services.
- Total Assets
- Initial slight rise followed by a decline in 2022, then gradual recovery, showing some volatility and potential strategic reallocation of assets.
- Total Asset Turnover Ratio
- Improved from 0.38 to 0.47 by 2022, then stabilizing at 0.46, reflecting improved efficiency in using assets to generate revenue.
Equity Turnover
Comcast Corp., equity turnover calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | ||||||
| Total Comcast Corporation shareholders’ equity | ||||||
| Long-term Activity Ratio | ||||||
| Equity turnover1 | ||||||
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| Alphabet Inc. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix Inc. | ||||||
| Take-Two Interactive Software Inc. | ||||||
| Walt Disney Co. | ||||||
| Equity Turnover, Sector | ||||||
| Media & Entertainment | ||||||
| Equity Turnover, Industry | ||||||
| Communication Services | ||||||
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
Equity turnover = Revenue ÷ Total Comcast Corporation shareholders’ equity
= ÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- Revenue has shown a consistent upward trend over the five-year period. Starting at $103,564 million in 2020, it increased steadily each year, reaching $123,731 million by the end of 2024. The growth rate from 2020 to 2024 indicates moderate but stable expansion.
- Total Shareholders’ Equity
- Shareholders’ equity experienced a rise from 2020 to 2021, increasing from $90,323 million to $96,092 million. However, in 2022, there was a significant decline to $80,943 million. This was followed by a gradual recovery in 2023 and 2024, with equity rising to $82,703 million and $85,560 million respectively. Despite the partial recovery, equity in 2024 remains below the 2020 and 2021 levels, suggesting possible equity restructuring, losses, or other capital changes during 2022.
- Equity Turnover Ratio
- The equity turnover ratio, which measures how efficiently the company uses shareholders' equity to generate revenue, increased substantially from 1.15 in 2020 to a peak of 1.50 in 2022. Following this peak, it slightly declined to 1.47 in 2023 and then to 1.45 in 2024. This pattern indicates enhanced operational efficiency up to 2022, with a minor decrease in efficiency in the following two years, but remaining at a higher level than in 2020 and 2021.
- Overall Analysis
- Over the analyzed period, revenue growth was steady and positive. Shareholders’ equity displayed more volatility, particularly with a notable drop in 2022, followed by partial recovery. The equity turnover ratio improved significantly by 2022, reflecting better utilization of equity to generate sales, though with a slight reduction thereafter. These observations suggest that while the company is growing its revenue base steadily, changes in equity levels, possibly due to external factors or internal financial adjustments, impacted the capital structure, with operational efficiency peaking in 2022 and remaining relatively high through 2024.