Comcast Corp., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income attributable to Comcast Corporation	15,388)	5,370)	14,159)	10,534)	13,057)
Net (income) loss attributable to noncontrolling interests	(281)	(445)	(326)	167)	266)
Net noncash charges	12,386)	24,392)	16,182)	13,470)	14,934)
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures	1,008)	(2,904)	(869)	566)	(2,560)
Net cash provided by operating activities	28,501)	26,413)	29,146)	24,737)	25,697)
Cash payments for interest, net of tax¹	2,738)	1,811)	2,832)	2,950)	3,335)
Capital expenditures	(12,242)	(10,626)	(9,174)	(9,179)	(9,953)
Cash paid for intangible assets	(3,298)	(3,141)	(2,883)	(2,455)	(2,475)
Free cash flow to the firm (FCFF)	15,699)	14,457)	19,921)	16,053)	16,604)

Based on: 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), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Comcast Corp. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Comcast Corp. FCFF decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

Comcast Corp., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Effective Income Tax Rate (EITR)
EITR¹	26.23%	46.95%	27.54%	23.92%	21.61%
Interest Paid, Net of Tax
Cash payments for interest, before tax	3,711)	3,413)	3,908)	3,878)	4,254)
Less: Cash payments for interest, tax²	973)	1,602)	1,076)	928)	919)
Cash payments for interest, net of tax	2,738)	1,811)	2,832)	2,950)	3,335)

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ See details »

² 2023 Calculation
Cash payments for interest, tax = Cash payments for interest × EITR
= 3,711 × 26.23% = 973

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Comcast Corp., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	242,732)
Free cash flow to the firm (FCFF)	15,699)
Valuation Ratio
EV/FCFF	15.46
Benchmarks
EV/FCFF, Competitors¹
Alphabet Inc.	29.32
Meta Platforms Inc.	24.46
Netflix Inc.	33.14
Walt Disney Co.	36.65
EV/FCFF, Sector
Media & Entertainment	26.75
EV/FCFF, Industry
Communication Services	23.79

Based on: 10-K (reporting date: 2023-12-31).

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.

Comcast Corp., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	276,248)	259,262)	314,153)	329,110)	298,836)
Free cash flow to the firm (FCFF)²	15,699)	14,457)	19,921)	16,053)	16,604)
Valuation Ratio
EV/FCFF³	17.60	17.93	15.77	20.50	18.00
Benchmarks
EV/FCFF, Competitors⁴
Alphabet Inc.	23.84	20.67	27.17	29.53	28.19
Meta Platforms Inc.	26.42	24.09	15.40	29.48	25.83
Netflix Inc.	33.81	77.11	335.37	95.41	—
Walt Disney Co.	31.55	90.23	78.66	63.77	143.18
EV/FCFF, Sector
Media & Entertainment	24.72	23.60	24.79	31.56	32.03
EV/FCFF, Industry
Communication Services	22.31	23.31	31.50	25.72	24.63

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ See details »

² See details »

³ 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 276,248 ÷ 15,699 = 17.60

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Comcast Corp. EV/FCFF ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

Comcast Corp. (NASDAQ:CMCSA)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical