Enterprise Value to FCFF (EV/FCFF)
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- Income Statement
- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Selected Financial Data since 2005
- Current Ratio since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Free Cash Flow to The Firm (FCFF)
Comcast Corp., FCFF calculation
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 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).
The financial information reveals trends in net cash provided by operating activities and free cash flow to the firm (FCFF) over a five-year period. Operating cash flow demonstrates some volatility, while FCFF exhibits a more pronounced pattern of decline followed by recovery.
- Net Cash from Operations
- Net cash provided by operating activities decreased from US$29,146 million in 2021 to US$26,413 million in 2022, representing a decline of approximately 9.3%. A subsequent increase to US$28,501 million occurred in 2023, followed by a slight decrease to US$27,673 million in 2024. The most recent year, 2025, shows a substantial increase to US$33,643 million, indicating a positive trend in operational cash generation.
- Free Cash Flow to the Firm (FCFF)
- FCFF experienced a significant decrease from US$19,921 million in 2021 to US$14,457 million in 2022, a reduction of roughly 27.4%. This downward trend continued, albeit at a slower pace, with FCFF reaching US$15,700 million in 2023 and US$15,651 million in 2024. However, 2025 demonstrates a considerable recovery, with FCFF increasing to US$22,189 million. This represents a substantial improvement and suggests a strengthening of the firm’s ability to generate cash available to all investors.
The divergence between operating cash flow and FCFF suggests that factors beyond core operations, such as capital expenditures or changes in working capital, are influencing the firm’s free cash flow. The substantial increase in both metrics in 2025 warrants further investigation to determine the underlying drivers of this positive performance.
Interest Paid, Net of Tax
Comcast Corp., interest paid, net of tax calculation
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 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).
2 2025 Calculation
Cash payments for interest, tax = Cash payments for interest × EITR
= × =
Analysis reveals fluctuations in both the effective income tax rate and cash payments for interest, net of tax, over the five-year period. A notable divergence exists between these two metrics, suggesting a complex interplay of factors influencing Comcast’s financial position.
- Effective Income Tax Rate (EITR)
- The effective income tax rate experienced significant volatility. It increased substantially from 27.54% in 2021 to 46.95% in 2022, before decreasing to 26.20% in 2023. A further decline to 15.00% was observed in 2024, followed by a partial recovery to 23.70% in 2025. This pattern indicates potential shifts in the composition of taxable income, changes in tax laws, or the utilization of tax credits and deductions.
- Cash Payments for Interest, Net of Tax
- Cash payments for interest, net of tax, decreased from US$2,832 million in 2021 to US$1,811 million in 2022. An increase was then recorded in 2023, reaching US$2,739 million, and continued into 2024 with US$3,108 million. The final year observed, 2025, showed a slight decrease to US$2,954 million. This suggests changes in the company’s debt levels, interest rates on outstanding debt, or the effectiveness of hedging strategies.
The inverse relationship between the EITR and cash payments for interest, net of tax, is particularly noteworthy. The substantial increase in the EITR in 2022 coincided with a decrease in net interest payments. While the EITR decreased in 2023 and 2024, net interest payments increased. This suggests that changes in tax regulations or accounting practices may be impacting the after-tax cost of debt. The slight decrease in net interest payments in 2025, despite a rising EITR, could indicate a stabilization of debt-related costs or a shift in financing strategies.
Further investigation is warranted to understand the specific drivers behind these fluctuations, including a detailed review of the company’s debt portfolio, tax filings, and any relevant accounting policy changes. Understanding these dynamics is crucial for assessing the company’s overall financial health and future profitability.
Enterprise Value to FCFF Ratio, Current
Comcast Corp., current EV/FCFF calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | |
| Free cash flow to the firm (FCFF) | |
| Valuation Ratio | |
| EV/FCFF | |
| Benchmarks | |
| EV/FCFF, Competitors1 | |
| Alphabet Inc. | |
| Meta Platforms Inc. | |
| Netflix Inc. | |
| Trade Desk Inc. | |
| Walt Disney Co. | |
| EV/FCFF, Sector | |
| Media & Entertainment | |
| EV/FCFF, Industry | |
| Communication Services | |
Based on: 10-K (reporting date: 2025-12-31).
1 Click competitor name to see calculations.
If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.
Enterprise Value to FCFF Ratio, Historical
Comcast Corp., historical EV/FCFF calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Enterprise value (EV)1 | ||||||
| Free cash flow to the firm (FCFF)2 | ||||||
| Valuation Ratio | ||||||
| EV/FCFF3 | ||||||
| Benchmarks | ||||||
| EV/FCFF, Competitors4 | ||||||
| Alphabet Inc. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix Inc. | ||||||
| Trade Desk Inc. | ||||||
| Walt Disney Co. | ||||||
| EV/FCFF, Sector | ||||||
| Media & Entertainment | ||||||
| EV/FCFF, Industry | ||||||
| Communication Services | ||||||
Based on: 10-K (reporting date: 2025-12-31), 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).
3 2025 Calculation
EV/FCFF = EV ÷ FCFF
= ÷ =
4 Click competitor name to see calculations.
The Enterprise Value to Free Cash Flow to the Firm (EV/FCFF) ratio exhibits a fluctuating pattern over the five-year period. Initially, the ratio increased before declining significantly in later years.
- Enterprise Value (EV)
- Enterprise Value decreased from US$314,153 million in 2021 to US$196,776 million in 2025. A substantial decrease occurred between 2021 and 2022, followed by a moderate increase in 2023, and further declines in 2024 and 2025.
- Free Cash Flow to the Firm (FCFF)
- Free Cash Flow to the Firm demonstrated volatility. It decreased from US$19,921 million in 2021 to US$14,457 million in 2022, then increased to US$15,700 million in 2023 and remained relatively stable at US$15,651 million in 2024. A notable increase to US$22,189 million is observed in 2025.
- EV/FCFF Ratio
- The EV/FCFF ratio increased from 15.77 in 2021 to 17.93 in 2022, indicating a higher valuation relative to free cash flow. It remained elevated at 17.60 in 2023 before decreasing to 14.03 in 2024. A significant decline to 8.87 is observed in 2025, suggesting a considerably lower valuation relative to free cash flow. This decrease in the ratio in 2025 is primarily driven by the increase in FCFF, while EV continues to decline.
The combined trends suggest that while the enterprise value has generally decreased over the period, the free cash flow to the firm has shown more fluctuation, culminating in a substantial increase in the most recent year. This shift has resulted in a marked decrease in the EV/FCFF ratio, potentially indicating improving financial health or a change in investor perception regarding the company’s future cash flow generation.