Analysis of Profitability Ratios
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
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- Balance Sheet: Assets
- Common-Size Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Profitability Ratios (Summary)
Comcast Corp., profitability ratios
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 financial data reveals several noteworthy trends across the five-year period under review. Profitability indicators show varying degrees of improvement and fluctuation, highlighting both challenges and strengths in operational efficiency and overall financial performance.
- Gross Profit Margin
- The gross profit margin exhibits a generally upward trend, starting at 68.02% in 2020 and rising steadily to reach 70.08% by 2024. This gradual increase suggests improving efficiency in the core business activities or favorable cost management in relation to revenues.
- Operating Profit Margin
- The operating profit margin displays more volatility. Beginning at 16.89% in 2020, it increases to 17.89% in 2021, then dips sharply to 11.56% in 2022, followed by a strong recovery to 19.18% in 2023, with a slight decrease to 18.83% in 2024. This pattern may indicate variability in operating expenses or non-recurring costs impacting operating results in 2022, with subsequent improvements in operating control and profitability.
- Net Profit Margin
- The net profit margin closely follows a pattern similar to operating profit margin but with greater amplitude. It rises from 10.17% in 2020 to a peak of 12.17% in 2021, then declines markedly to 4.42% in 2022. The margin then recovers to 12.66% in 2023 and improves further to 13.09% in 2024. This fluctuation suggests the influence of factors beyond core operations, possibly including taxation, financing costs, or one-time items affecting net profitability particularly in 2022.
- Return on Equity (ROE)
- ROE demonstrates a significant variation, increasing from 11.66% in 2020 to 14.73% in 2021 before dropping sharply to 6.63% in 2022. Subsequently, it rises considerably, reaching 18.61% in 2023 and 18.92% in 2024. The pronounced dip in 2022 indicates a challenging year for shareholders’ returns, but the strong rebound in subsequent years points to improved profitability and/or more efficient use of equity capital.
- Return on Assets (ROA)
- ROA follows a similar trajectory with an increase from 3.85% in 2020 to 5.13% in 2021, a decline to 2.09% in 2022, and a recovery to 5.81% in 2023 that extends to 6.08% in 2024. This reflects the company’s fluctuating ability to generate profits from its asset base, with 2022 representing a notable downturn, followed by a restoration and improvement in asset efficiency.
Overall, the data indicates a challenging period in 2022 across all profitability and return measures, followed by a strong recovery trend into 2023 and 2024. The steady improvement in gross profit margin and the rebounds in margins and return ratios suggest effective management adjustments and an enhanced financial position in the latest years. Continuous monitoring of cost structures and strategic initiatives appear critical to sustaining these positive trends.
Return on Sales
Return on Investment
Gross Profit Margin
Comcast Corp., gross profit margin 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) | ||||||
| Gross profit | ||||||
| Revenue | ||||||
| Profitability Ratio | ||||||
| Gross profit margin1 | ||||||
| Benchmarks | ||||||
| Gross Profit Margin, Competitors2 | ||||||
| Alphabet Inc. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix Inc. | ||||||
| Take-Two Interactive Software Inc. | ||||||
| Walt Disney Co. | ||||||
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
Gross profit margin = 100 × Gross profit ÷ Revenue
= 100 × ÷ =
2 Click competitor name to see calculations.
- Revenue
- The revenue of the company shows a consistent upward trend over the five-year period. Starting at approximately $103.6 billion in 2020, it increased steadily each year, reaching about $123.7 billion by 2024. The growth rate appears to slow slightly in the later years, with minimal growth between 2022 and 2023 but picking up again in 2024.
- Gross Profit
- Gross profit also demonstrates a continuous increase from 2020 to 2024. Beginning at around $70.4 billion in 2020, it rose annually to reach approximately $86.7 billion in 2024. This reflects an overall improvement in the company's profitability in terms of absolute dollar amounts over the period under review.
- Gross Profit Margin
- The gross profit margin exhibits a positive trend, improving moderately from 68.02% in 2020 to 70.08% in 2024. There is a slight dip in 2021 to 66.96%, but the margin recovers from 2022 onwards, steadily increasing each year. This indicates enhanced efficiency in controlling costs relative to revenue, resulting in a higher proportion of revenue being retained as gross profit.
Operating Profit Margin
Comcast Corp., operating profit margin calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income | ||||||
| Revenue | ||||||
| Profitability Ratio | ||||||
| Operating profit margin1 | ||||||
| Benchmarks | ||||||
| Operating Profit Margin, Competitors2 | ||||||
| Alphabet Inc. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix Inc. | ||||||
| Take-Two Interactive Software Inc. | ||||||
| Walt Disney Co. | ||||||
| Operating Profit Margin, Sector | ||||||
| Media & Entertainment | ||||||
| Operating Profit Margin, 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
Operating profit margin = 100 × Operating income ÷ Revenue
= 100 × ÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- Revenue demonstrated a steady upward trend over the five-year period, increasing from approximately 103.6 billion US dollars in 2020 to about 123.7 billion US dollars in 2024. The growth pace was consistent, with year-on-year increases reflecting positive performance in the company's sales and operational scale.
- Operating Income Dynamics
- Operating income showed notable fluctuations during the period. There was a significant increase from 17.5 billion US dollars in 2020 to a peak of approximately 23.3 billion US dollars in 2023, though 2022 exhibited a marked decline to about 14.0 billion US dollars. This volatility suggests variability in operational efficiency or cost structures across the years despite rising revenue.
- Operating Profit Margin Insights
- The operating profit margin mirrored the variability observed in operating income. Starting at 16.89% in 2020, it improved to 17.89% in 2021, then declined substantially to 11.56% in 2022. A recovery ensued in subsequent years reaching a high of 19.18% in 2023 before slightly decreasing to 18.83% in 2024. This pattern indicates fluctuations in the company's ability to convert revenue into profit, impacted by either changes in costs, pricing strategies, or operational efficiency.
- Overall Performance Summary
- The company exhibited growth in revenue with some instability in profitability metrics. The spike and drop in operating income and operating profit margin around 2022 suggests external or internal factors influenced operational outcomes during that year. Recovery in 2023 and maintenance into 2024 indicate effective management or favorable conditions returning post-2022. The consistent revenue growth alongside variable profitability underscores the need for further examination of cost management, pricing policies, or external economic impacts during the analysis period.
Net Profit Margin
Comcast Corp., net profit margin 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) | ||||||
| Net income attributable to Comcast Corporation | ||||||
| Revenue | ||||||
| Profitability Ratio | ||||||
| Net profit margin1 | ||||||
| Benchmarks | ||||||
| Net Profit Margin, Competitors2 | ||||||
| Alphabet Inc. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix Inc. | ||||||
| Take-Two Interactive Software Inc. | ||||||
| Walt Disney Co. | ||||||
| Net Profit Margin, Sector | ||||||
| Media & Entertainment | ||||||
| Net Profit Margin, 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 profit margin = 100 × Net income attributable to Comcast Corporation ÷ Revenue
= 100 × ÷ =
2 Click competitor name to see calculations.
- Revenue
- Over the five-year period, revenue exhibited a consistent upward trend. Starting from approximately $103.6 billion in 2020, it increased steadily each year, reaching about $123.7 billion by the end of 2024. The growth rate slowed somewhat between 2022 and 2023, but overall, revenue displayed a moderate and continuous increase.
- Net Income Attributable to the Corporation
- Net income showed greater variability compared to revenue during the period under review. After rising from $10.5 billion in 2020 to a peak of $14.2 billion in 2021, it experienced a significant decline in 2022, dropping to roughly $5.4 billion. However, the following years reflected a strong recovery, with net income climbing to $15.4 billion in 2023 and further increasing to $16.2 billion in 2024. This pattern indicates a temporary setback in 2022 followed by robust profitability improvements.
- Net Profit Margin
- The net profit margin largely mirrored the fluctuations observed in net income. It improved from 10.17% in 2020 to 12.17% in 2021, then sharply decreased to 4.42% in 2022, reflecting the net income dip. Subsequently, the margin rebounded to 12.66% in 2023 and reached 13.09% in 2024, surpassing prior years' levels. This suggests enhanced operational efficiency or other factors positively impacting profitability post-2022.
- Overall Trends and Insights
- The data reveal stable revenue growth accompanied by volatility in profitability within the examined timeframe. The year 2022 marked an outlier with a notable decrease in net income and profit margin despite rising revenue, which could imply increased costs, one-time charges, or other adverse factors during that year. The subsequent recovery in 2023 and 2024, with both profitability measures exceeding earlier peaks, indicates a strong rebound and potential improvements in cost control or business performance.
Return on Equity (ROE)
Comcast Corp., ROE calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net income attributable to Comcast Corporation | ||||||
| Total Comcast Corporation shareholders’ equity | ||||||
| Profitability Ratio | ||||||
| ROE1 | ||||||
| Benchmarks | ||||||
| ROE, Competitors2 | ||||||
| Alphabet Inc. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix Inc. | ||||||
| Take-Two Interactive Software Inc. | ||||||
| Walt Disney Co. | ||||||
| ROE, Sector | ||||||
| Media & Entertainment | ||||||
| ROE, 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
ROE = 100 × Net income attributable to Comcast Corporation ÷ Total Comcast Corporation shareholders’ equity
= 100 × ÷ =
2 Click competitor name to see calculations.
The analysis of the annual financial data reveals significant fluctuations and trends in the net income, shareholders' equity, and return on equity (ROE) over the five-year period.
- Net Income
- Net income attributable to the corporation exhibited a mixed trend. From 2020 to 2021, there was a notable increase from approximately $10.5 billion to $14.2 billion, representing substantial growth. However, in 2022, net income declined sharply to about $5.4 billion, indicating a significant downturn. In subsequent years, 2023 and 2024, net income recovered strongly, exceeding previous highs by reaching $15.4 billion and $16.2 billion respectively, demonstrating resilience and robust profitability towards the end of the period.
- Total Shareholders’ Equity
- Shareholders’ equity showed a generally declining trend after an initial increase. From 2020 to 2021, equity rose modestly from $90.3 billion to $96.1 billion. In 2022, it decreased markedly to $80.9 billion and remained relatively stable but slightly increased in the following years to $82.7 billion in 2023 and $85.6 billion in 2024. This pattern suggests some capital erosion or distribution, possibly influenced by the net income volatility or other balance sheet adjustments.
- Return on Equity (ROE)
- ROE followed a volatile pattern aligning with net income trends. It increased from 11.66% in 2020 to 14.73% in 2021, then dropped sharply to 6.63% in 2022, reflecting the dip in profitability. However, a significant recovery occurred in 2023 with ROE jumping to 18.61%, and a slight further increase to 18.92% in 2024. This indicates a more efficient generation of earnings relative to equity during the latter years, suggesting improved operational performance or capital utilization.
Return on Assets (ROA)
Comcast Corp., ROA calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net income attributable to Comcast Corporation | ||||||
| Total assets | ||||||
| Profitability Ratio | ||||||
| ROA1 | ||||||
| Benchmarks | ||||||
| ROA, Competitors2 | ||||||
| Alphabet Inc. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix Inc. | ||||||
| Take-Two Interactive Software Inc. | ||||||
| Walt Disney Co. | ||||||
| ROA, Sector | ||||||
| Media & Entertainment | ||||||
| ROA, 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
ROA = 100 × Net income attributable to Comcast Corporation ÷ Total assets
= 100 × ÷ =
2 Click competitor name to see calculations.
The financial data demonstrates notable fluctuations and overall growth in key performance indicators over the five-year period.
- Net Income Attributable to Comcast Corporation
- The net income shows significant variation with a strong upward trend from 2020 to 2021, rising from $10,534 million to $14,159 million. However, in 2022 there is a sharp decline to $5,370 million, indicating a substantial decrease in profitability. The subsequent years, 2023 and 2024, reveal a robust recovery and growth, with net income increasing to $15,388 million and $16,192 million respectively, surpassing previous highs.
- Total Assets
- Total assets have remained relatively stable with minor fluctuations. Starting at $273,869 million in 2020, assets slightly increased in 2021 to $275,905 million, then decreased in 2022 to $257,275 million. Thereafter, a gradual recovery is observed with assets growing to $264,811 million in 2023 and $266,211 million in 2024. This pattern reflects moderate asset stability with some contraction occurring in 2022.
- Return on Assets (ROA)
- The return on assets exhibits volatility that corresponds closely with net income trends. ROA rose from 3.85% in 2020 to 5.13% in 2021, then sharply declined to 2.09% in 2022, indicating reduced efficiency in generating profit from assets. This ratio improved significantly in 2023 to 5.81% and further increased to 6.08% in 2024, representing enhanced asset profitability and operational effectiveness in those years.
Overall, the data indicates a cycle of strong profitability growth, a pronounced dip in 2022, followed by a recovery phase with increasing net income and improved returns on assets. Total asset levels have been largely stable with a slight dip mid-period and subsequent recovery, which may have influenced the transient decrease in profitability metrics.