Price to FCFE (P/FCFE)
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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 Equity (FCFE)
Comcast Corp., FCFE 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 indicates a generally positive trend in free cash flow to equity (FCFE) over the observed period. Net cash provided by operating activities demonstrates some fluctuation, while FCFE consistently increases.
- 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. It then recovered to US$28,501 million in 2023 and continued to US$27,673 million in 2024. A significant increase is observed in 2025, reaching US$33,643 million. This suggests operational cash generation is volatile but ultimately improving.
- Free Cash Flow to Equity (FCFE)
- FCFE exhibited a substantial increase from US$8,219 million in 2021 to US$13,744 million in 2022. This growth continued, albeit at a slower pace, reaching US$14,338 million in 2023 and US$15,238 million in 2024. The upward trend culminated in US$16,989 million in 2025. This consistent growth in FCFE suggests increasing capacity to distribute cash to equity holders, fund share repurchases, or pursue strategic investments.
- Relationship between Operating Cash Flow and FCFE
- While operating cash flow fluctuates, FCFE demonstrates a more consistent upward trajectory. This indicates that factors beyond core operations, such as capital expenditure management or changes in debt financing, are contributing to the growth in cash available to equity holders. The divergence between the two metrics warrants further investigation to understand the specific drivers of FCFE growth.
Overall, the observed trends suggest a strengthening financial position with increasing cash flow available to equity investors. The continued growth in FCFE is a positive indicator, despite some volatility in the underlying operating cash flow.
Price to FCFE Ratio, Current
Comcast Corp., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Alphabet Inc. | |
| Meta Platforms Inc. | |
| Netflix Inc. | |
| Trade Desk Inc. | |
| Walt Disney Co. | |
| P/FCFE, Sector | |
| Media & Entertainment | |
| P/FCFE, Industry | |
| Communication Services | |
Based on: 10-K (reporting date: 2025-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Comcast Corp., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Alphabet Inc. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix Inc. | ||||||
| Trade Desk Inc. | ||||||
| Walt Disney Co. | ||||||
| P/FCFE, Sector | ||||||
| Media & Entertainment | ||||||
| P/FCFE, 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).
1 Data adjusted for splits and stock dividends.
3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Comcast Corp. Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The Price to Free Cash Flow to Equity (P/FCFE) ratio exhibits a significant declining trend over the observed period. Initially high, the ratio decreased substantially before stabilizing at a lower level. This movement is closely tied to changes in both share price and free cash flow per share.
- Share Price
- The share price experienced volatility throughout the period. It decreased from US$49.99 in 2021 to US$39.97 in 2022, then increased to US$46.54 in 2023, before declining again to US$33.66 in 2024 and further to US$29.76 in 2025. This suggests potential market fluctuations or company-specific events impacting investor sentiment.
- FCFE per Share
- Free cash flow per share demonstrated a consistent upward trend. Starting at US$1.81 in 2021, it rose to US$3.26 in 2022, continued to US$3.61 in 2023, US$4.03 in 2024, and reached US$4.72 in 2025. This indicates improving cash generation capabilities for equity holders.
- P/FCFE Ratio
- The P/FCFE ratio began at 27.57 in 2021. A substantial decrease was observed in 2022, falling to 12.26. The ratio remained relatively stable at 12.89 in 2023, then continued its downward trajectory to 8.35 in 2024 and 6.30 in 2025. The initial decline was likely driven by the share price decrease in 2022, while the subsequent stabilization and further decline are attributable to a combination of continued share price decreases and increasing FCFE per share. The decreasing ratio suggests that the company’s share price is becoming less expensive relative to the free cash flow available to equity holders.
The divergence between the share price and FCFE per share trends is notable. While the share price fluctuated and ultimately decreased, FCFE per share consistently increased. This suggests a potential disconnect between market valuation and the underlying cash-generating ability of the company.