Enterprise Value to FCFF (EV/FCFF)
Paying user area
Try for free
Comcast Corp. pages available for free this week:
- 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
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Comcast Corp. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Free Cash Flow to The Firm (FCFF)
Comcast Corp., FCFF calculation
US$ 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 cash provided by operating activities
- The value of net cash provided by operating activities shows an overall upward trend from 24,737 million USD in 2020 to a peak of 29,146 million USD in 2021. This was followed by a decline to 26,413 million USD in 2022. Subsequently, there was an increase again to 28,501 million USD in 2023, before a slight decline to 27,673 million USD in 2024. Despite the fluctuations, the net cash generated from operations remained relatively strong and above the 2020 level, indicating resilient operational cash flow generation over the period.
- Free cash flow to the firm (FCFF)
- The free cash flow to the firm (FCFF) displayed a somewhat more volatile pattern relative to operating cash flow. It rose steadily from 16,053 million USD in 2020 to a high of 19,921 million USD in 2021, demonstrating a positive year-over-year growth. However, in 2022, there was a significant reduction to 14,457 million USD. The FCFF then improved slightly to 15,699 million USD in 2023 but marginally decreased to 15,653 million USD in 2024. This indicates that although the firm maintained positive free cash flow throughout the period, there were fluctuations that suggest variations in capital expenditures, working capital, or other cash outflows impacting the firm's free cash availability.
- Overall Analysis
- Both net cash provided by operating activities and free cash flow to the firm peaked in 2021, followed by declines in 2022. While operating cash flows showed a relatively quicker recovery in the subsequent years, FCFF remained somewhat subdued compared to the 2021 peak. This pattern may suggest increased investments or changes in working capital after 2021, affecting the free cash flow more significantly. Nonetheless, the sustained positive cash flow levels indicate a fundamentally stable cash generation capacity across the analyzed period.
Interest Paid, Net of Tax
Comcast Corp., interest paid, net of tax 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).
2 2024 Calculation
Cash payments for interest, tax = Cash payments for interest × EITR
= × =
- Effective income tax rate (EITR)
- The effective income tax rate experienced considerable fluctuation over the five-year period. Initially, the rate increased from 23.92% in 2020 to 27.54% in 2021. In 2022, there was a notable spike to 46.95%, indicating a significant rise in the tax burden that year. This was followed by a sharp decline to 26.23% in 2023, and a further decrease to 14.97% in 2024, representing the lowest rate in the observed period. The data reflects a volatile tax environment or changes in tax strategy impacting the company's effective tax rate substantially.
- Cash payments for interest, net of tax
- Cash payments related to interest, net of tax, showed a downward trend initially, decreasing from $2,950 million in 2020 to $2,832 million in 2021, and more sharply to $1,811 million in 2022. This was followed by a recovery phase, with payments increasing to $2,738 million in 2023 and further to $3,110 million in 2024, exceeding the initial 2020 level. This pattern may reflect changes in borrowing costs, debt levels, or refinancing activities, with the sharp reduction in 2022 suggesting a possible deleveraging or lower interest expense, and the subsequent increase indicating increased borrowing or higher interest rates.
Enterprise Value to FCFF Ratio, Current
Comcast Corp., current EV/FCFF calculation, comparison to benchmarks
| Selected Financial Data (US$ 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. | |
| Take-Two Interactive Software Inc. | |
| Walt Disney Co. | |
| EV/FCFF, Sector | |
| Media & Entertainment | |
| EV/FCFF, Industry | |
| Communication Services | |
Based on: 10-K (reporting date: 2024-12-31).
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, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| 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. | ||||||
| Take-Two Interactive Software Inc. | ||||||
| Walt Disney Co. | ||||||
| EV/FCFF, Sector | ||||||
| Media & Entertainment | ||||||
| EV/FCFF, 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).
3 2024 Calculation
EV/FCFF = EV ÷ FCFF
= ÷ =
4 Click competitor name to see calculations.
An analysis of the financial trends over the five-year period reveals notable changes in enterprise value, free cash flow to the firm, and their corresponding valuation multiple. The enterprise value (EV) experienced a general downward trajectory, decreasing from US$329,110 million at the end of 2020 to US$219,518 million by the end of 2024. This represents a significant decline, though there was a temporary uptick in 2023 following the lowest point reached in 2022.
Free cash flow to the firm (FCFF) demonstrated some level of variability within the same timeframe. Starting at US$16,053 million in 2020, it increased to a peak of US$19,921 million by 2021. Thereafter, FCFF declined in 2022 to US$14,457 million but then showed a moderate recovery in 2023 and stabilized in 2024, remaining just above US$15,600 million. This pattern suggests periods of both expansion and contraction in the company’s cash generation capacity.
The ratio of enterprise value to free cash flow to the firm (EV/FCFF) decreased overall, moving from a high of 20.5 in 2020 down to 14.02 in 2024. The ratio dipped notably in 2021 to 15.77, rose again in 2022 and 2023 to just below 18, and then declined sharply in the final year. The downward trend in this ratio can be interpreted as the market applying a lower valuation multiple to the company's free cash flow over time, which may reflect changes in investor sentiment, risk perception, or growth expectations.
- Enterprise Value
- Overall decline of approximately 33% over the five years, with a slight rebound in 2023.
- Free Cash Flow to the Firm
- Initial growth followed by a dip and partial recovery, ending slightly below the initial 2020 level.
- EV/FCFF Ratio
- Declined from 20.5 to 14.02, indicating a contraction in market valuation relative to free cash flow.
In summary, the data reflects a reduction in the market valuation of the company’s overall enterprise, paired with a somewhat volatile but relatively stable free cash flow situation in the latter years. The declining EV/FCFF ratio points to a market reassessment of the company's financial prospects or risk characteristics throughout the period analyzed.