Comcast Corp. (NASDAQ:CMCSA)

The financial ratios indicate several notable trends in the company's operational efficiency over the observed periods.

Receivables Turnover

The receivables turnover ratio shows an overall pattern of fluctuation. Starting from 9.03 in March 2020, it rose to a peak of 10.18 by September 2022. Subsequently, it experienced a decline, reaching a low of 8.77 in September 2024, before slightly improving again to 9.59 by March 2025. This suggests variability in the speed at which the company collects its receivables, with periods of improved collection efficiency followed by moderate slowdowns.

Payables Turnover

This ratio demonstrated a generally steady upward trajectory, moving from 2.91 in March 2020 to 3.27 in March 2025. Despite minor fluctuations, the trend indicates a gradual acceleration in the payment of payables, reflecting potentially stronger cash management or supplier payment strategies.

Working Capital Turnover

Data for the working capital turnover ratio is limited, with a single value of 165.1 recorded. Without comparative time series data, no trend analysis can be performed for this metric.

Average Receivable Collection Period

The average number of days to collect receivables generally trended downward from 40 days in March 2020 to a low of 36 days in September 2021 and December 2021, indicating improved collection efficiency. However, from 2022 onward, this period exhibited a mild increase, reaching up to 42 days in September 2024, before improving again to 38 days by March 2025. The fluctuations suggest cyclic variations in collection times, with recent trends indicating a return to earlier efficiency levels.

Average Payables Payment Period

The payables payment period shows a decreasing trend from a high of 125 days in March 2020 to 112 days in September 2024. The period fluctuated but overall indicates a shorter time taken to settle payables over the analyzed timeline. This change might reflect improved supplier relationships or changes in payment policies.

In summary, the company has experienced variability in receivables turnover and collection periods, alternating between improved and slower collection cycles. Payables turnover has steadily increased, and the company appears to be paying its suppliers in shorter periods over time. These patterns suggest a dynamic management of working capital components, balancing between receivables and payables collection and payment strategies.

The financial data reveals several notable trends in revenue, receivables, and receivables turnover over the observed quarterly periods.

Revenue

Revenue exhibits a generally fluctuating pattern throughout the quarters. Beginning with 26,609 million USD in the first quarter of 2020, revenue decreased to 23,715 million USD in the second quarter of 2020 but then showed recovery and growth, peaking in certain quarters such as the fourth quarter of 2021 at 30,336 million USD. Subsequent quarters display some volatility with minor declines followed by rebounds, indicating periodic fluctuations in the company's top-line performance. Later values in early 2024 approximate the 30,000 million USD level, displaying slight downward or upward variance but no drastic changes.

Receivables, net

The net receivables also show an upward trend overall, beginning at 10,800 million USD in the first quarter of 2020 and increasing gradually with some fluctuations to peak around 14,036 million USD in the third quarter of 2024. The receivables amounts tend to correlate with certain revenue trends, with incremental increases often seen alongside revenue growth periods, suggesting consistent credit policies or collections performance. Some quarters reflect minor declines or stabilization, indicating manageable working capital levels.

Receivables Turnover

The receivables turnover ratio, available from the third quarter of 2020 onward, reflects the efficiency in collecting receivables and ranges mostly between approximately 8.77 and 10.18. The highest turnover appeared near 10.18 during the third quarter of 2022, indicating quicker collection efficiency in that period. Subsequently, there is a mild downward trend in turnover ratios, dipping to levels near 8.77 and ranging towards 9.59 in the latest quarters. This suggests a slight relaxation or elongation in the receivables collection cycle as time progresses.

Overall, the data indicates a company maintaining relatively stable revenue levels with moderate growth over the longer term amid quarterly volatility. Receivables show incremental rises consistent with revenue scale, while turnover ratios demonstrate some fluctuation with a tendency toward slower collection speeds in recent periods. These observations may highlight areas for potential focus on working capital management and revenue consistency to optimize financial performance.

The data presents a detailed view of several financial metrics over multiple quarters, revealing distinct patterns and variations in the company's operations and liquidity management.

Programming and Production Expenses

Programming and production expenditures exhibit considerable volatility across the observed periods. There is an initial decline from 8,301 million US dollars in the first quarter of 2020 to 6,817 million in the second quarter of the same year, followed by a resurgence peaking at 10,395 million in the third quarter of 2021. Subsequent quarters display fluctuations without a clear upward or downward trajectory. Notably, the final quarters from 2023 to 2025 show pronounced variability, alternating between lower and higher spending around the 8,500 to 10,200 million range. This variability suggests adaptive adjustments in content costs or production activities possibly aligned with strategic priorities or market conditions.

Accounts Payable and Accrued Expenses Related to Trade Creditors

Trade-related payables steadily increase from 9,963 million in the first quarter of 2020 to a peak of approximately 12,544 million in the fourth quarter of 2022. Beyond this, values largely stabilize within a narrow band around 11,500 to 12,400 million. This upward trend through much of the timeline could indicate an expansion in purchasing activities or prolonged supplier credit terms. The plateauing toward later periods may reflect tighter management of payables or contractual adjustments with suppliers.

Payables Turnover Ratio

The payables turnover ratio, available from the third quarter of 2020 onward, shows moderately consistent values between 2.9 and 3.27. Minor cyclical fluctuations are evident, but there is no strong directional trend. Ratios mostly hover around 3.0, indicating stable efficiency in paying trade creditors relative to purchases. Slight increases toward the end of the series suggest marginally faster payment cycles in the later periods, reflecting potentially improved liquidity management or negotiation of payment terms.

Overall, the analysis reveals that while programming and production expenses are subject to significant variation, the company's management of trade payables remains controlled and relatively stable over time. The steady payables turnover ratio, coupled with higher payables balances in the middle periods, implies a strategic approach to managing supplier relations and cash flow. The variability in content-related costs versus the steadiness in payables metrics may highlight differentiated operational focuses on content investment while maintaining disciplined financial practices.

Working Capital

The working capital values display considerable fluctuations across the quarters. Initial values from March 2020 to June 2021 predominantly show negative working capital, with some improvement noted in September 2021 where it turned positive to 689 million USD. However, this positive shift was short-lived, as subsequent periods from December 2021 onwards exhibit a continuous and deepening negative trend, reaching as low as -16211 million USD by March 2025. This suggests increasing current liabilities relative to current assets over time, indicating potential liquidity pressures.

Revenue

Revenue demonstrates a general upward trajectory with some volatility. Starting at 26,609 million USD in March 2020, revenue dipped slightly in the following quarters of 2020 but recovered and increased steadily through 2021 and 2022, peaking above 31,253 million USD in December 2023. However, from early 2024 onwards, there is mild volatility with revenues oscillating between approximately 29,887 million USD and 32,070 million USD, without a definitive upward or downward trend. Overall, the revenue level remains relatively stable around the 30,000 million USD mark in the recent quarters.

Working Capital Turnover

Data for working capital turnover ratio is largely missing, with only one figure of 165.1 recorded but without a corresponding quarter. This absence of data prevents a thorough trend analysis of this metric. Given the volatile and predominantly negative working capital, further insights would require additional information on turnover performance.

Summary and Insights

The company’s working capital position has become increasingly negative over the analyzed period, suggesting potential challenges in meeting short-term obligations and managing liquidity efficiently. Despite this, revenue has remained relatively stable with a moderate growth trend through 2021 and 2022, followed by some fluctuations in 2023 and 2024. The increasing negative working capital alongside stable revenue might indicate changes in working capital management, possibly reflecting extended payables or decreased current assets. Without sufficient data on turnover and profitability metrics, it is difficult to determine the overall operational effectiveness, but the negative working capital trend warrants close monitoring to avoid cash flow constraints.

Receivables Turnover Ratio

The receivables turnover ratio shows a generally high level of activity with values ranging from 8.77 to 10.18 over the periods analyzed. Starting in March 2020, the ratio begins at 9.03 and increases steadily to peak at 10.18 in September 2022. Following this peak, there is a gradual decline to a low of 8.77 in September 2024, with a slight recovery observed towards the end of the period, reaching 9.59 by March 2025. This pattern indicates that the efficiency in collecting receivables improved up to late 2022 but then slightly weakened in subsequent quarters, though it remains relatively stable.

Average Receivable Collection Period (Days)

The average receivable collection period ranges between 36 and 42 days. Initially, in March 2020, this metric stands at 40 days, decreases to a low of 36 days during late 2021 and early 2022, reflecting quicker collections during that time frame. However, from the beginning of 2023, there is a trend of increasing days reaching up to 42 days in December 2024, suggesting a lengthening period to collect receivables. By the last quarter of the data, this measure declines slightly to 38 days as of March 2025, signaling a modest improvement.

Overall Observations

The inverse relationship between the receivables turnover ratio and the average collection period is evident, as expected. Improved turnover ratios correspond to shorter collection periods and vice versa. The data highlights a period of improved receivables management efficiency from 2020 until late 2022, followed by some deterioration in 2023 and 2024. Nevertheless, the company maintains a relatively efficient receivables collection system, with ratios and periods remaining within a stable range throughout the observed timeline.

Payables Turnover Ratio

The payables turnover ratio demonstrates a generally stable trend over the observed periods. Starting from March 31, 2020, data is unavailable until March 31, 2021, after which the ratio ranges between 2.91 and 3.27. There is a slight upward movement from 2.91 at March 31, 2021, peaking at 3.27 on September 30, 2024, with minor fluctuations in between. This stability indicates a consistent pace at which payables are managed and paid off relative to purchases.

Average Payables Payment Period

The average payables payment period shows an inverse pattern relative to the payables turnover ratio. From March 31, 2021, the period starts at 125 days and exhibits a gradual shortening trend until it reaches approximately 115 days on September 30, 2024, indicating a quicker payment cycle toward the later part of the timeline. Minor increases occur at some points, but the overall movement suggests an improvement in payment efficiency over time.

Combined Insights

The inverse relationship between the payables turnover ratio and the average payables payment period is evident and expected, reflecting consistent payment behavior. The gradual shortening of the average payment period, coupled with a relatively stable or slightly increasing turnover ratio, suggests enhanced management of payables, possibly improving supplier relationships or optimizing working capital use.