Enterprise Value to EBITDA (EV/EBITDA)
Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Comcast Corp., EBITDA calculation
US$ in millions
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 Income Attributable to Comcast Corporation
- The net income exhibited a general upward trend from 2020 to 2024, with a notable dip in 2022. Starting at 10,534 million USD in 2020, it rose significantly to 14,159 million USD in 2021. However, in 2022, the net income declined sharply to 5,370 million USD, representing a substantial decrease. Recovery was observed in subsequent years, with net income climbing to 15,388 million USD in 2023 and further increasing to 16,192 million USD in 2024, reaching the highest level in the period analyzed.
- Earnings Before Tax (EBT)
- EBT mirrored a somewhat similar trend to net income. It increased from 14,065 million USD in 2020 to a peak of 19,093 million USD in 2021, then fell considerably to 9,284 million USD in 2022. In 2023, EBT surged back to 20,478 million USD, its highest value across the periods, followed by a slight decrease to 18,673 million USD in 2024. Overall, EBT demonstrated volatility but maintained higher values in the latter years compared to the beginning of the period.
- Earnings Before Interest and Tax (EBIT)
- EBIT showed strong growth from 2020 through 2021, increasing from 18,653 million USD to 23,374 million USD. In 2022, EBIT declined notably to 13,180 million USD, consistent with the dip observed in other profitability measures. The subsequent recovery in 2023 brought EBIT to 24,565 million USD, followed by a slight decrease to 22,807 million USD in 2024. The trend indicates resilience with a significant rebound after the low point in 2022.
- Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)
- EBITDA followed a similar pattern, starting at 31,753 million USD in 2020 and rising to 37,178 million USD in 2021. It dropped to 27,001 million USD in 2022, representing the most pronounced decline among the metrics reported. The recovery was strong in 2023, with EBITDA reaching a new high of 38,901 million USD, followed by a slight reduction to 37,609 million USD in 2024. This indicates operational earnings showed flexibility and strong recovery momentum.
Enterprise Value to EBITDA Ratio, Current
Comcast Corp., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | 224,497) |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | 37,609) |
| Valuation Ratio | |
| EV/EBITDA | 5.97 |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| Alphabet Inc. | 15.43 |
| Meta Platforms Inc. | 20.49 |
| Netflix Inc. | 20.46 |
| Take-Two Interactive Software Inc. | — |
| Walt Disney Co. | 18.00 |
| EV/EBITDA, Sector | |
| Media & Entertainment | 16.51 |
| EV/EBITDA, Industry | |
| Communication Services | 14.05 |
Based on: 10-K (reporting date: 2024-12-31).
1 Click competitor name to see calculations.
If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.
Enterprise Value to EBITDA Ratio, Historical
Comcast Corp., historical EV/EBITDA 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) | ||||||
| Enterprise value (EV)1 | 219,518) | 276,248) | 259,262) | 314,153) | 329,110) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | 37,609) | 38,901) | 27,001) | 37,178) | 31,753) | |
| Valuation Ratio | ||||||
| EV/EBITDA3 | 5.84 | 7.10 | 9.60 | 8.45 | 10.36 | |
| Benchmarks | ||||||
| EV/EBITDA, Competitors4 | ||||||
| Alphabet Inc. | 16.81 | 17.01 | 14.66 | 18.08 | 20.84 | |
| Meta Platforms Inc. | 19.48 | 19.72 | 12.19 | 10.85 | 17.31 | |
| Netflix Inc. | 16.03 | 11.85 | 8.40 | 9.51 | 16.57 | |
| Take-Two Interactive Software Inc. | — | 38.51 | 14.86 | 19.06 | 19.30 | |
| Walt Disney Co. | 16.57 | 17.34 | 17.80 | 34.53 | 60.13 | |
| EV/EBITDA, Sector | ||||||
| Media & Entertainment | 16.32 | 15.63 | 12.92 | 14.63 | 18.68 | |
| EV/EBITDA, Industry | ||||||
| Communication Services | 13.87 | 12.96 | 11.75 | 11.59 | 14.52 | |
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).
3 2024 Calculation
EV/EBITDA = EV ÷ EBITDA
= 219,518 ÷ 37,609 = 5.84
4 Click competitor name to see calculations.
The analysis of the annual financial data reveals notable trends in enterprise value (EV), EBITDA, and the EV/EBITDA ratio over the five-year period.
- Enterprise Value (EV)
- The enterprise value shows a decreasing trend overall, starting at $329,110 million in 2020 and declining to $219,518 million by 2024. There is a slight recovery observed in 2023 with EV increasing to $276,248 million from $259,262 million in 2022, but this is followed by a significant decline in 2024. This decreasing trend implies a reduction in the market valuation or net debt-adjusted value of the company over the period.
- EBITDA
- EBITDA demonstrates considerable fluctuations during the five years. It initially rises from $31,753 million in 2020 to $37,178 million in 2021, indicating improved operational profitability. However, there is a sharp decline to $27,001 million in 2022. After this decrease, EBITDA recovers substantially to $38,901 million in 2023, before slightly decreasing to $37,609 million in 2024. These swings suggest periods of volatility in the company’s earnings capacity before interest, taxes, depreciation, and amortization.
- EV/EBITDA Ratio
- The EV/EBITDA ratio exhibits a clear decreasing pattern from 10.36 in 2020 to 5.84 in 2024. This consistent decline indicates the enterprise value is decreasing at a faster rate than EBITDA, or that EBITDA growth is outpacing the decline in EV, thus implying improved valuation multiples or potentially an undervaluation of earnings performance over time. The ratio experiences a temporary rise in 2022 to 9.6, reflecting the dip in EBITDA that year, before continuing its downward trend.