Stock Analysis on Net

Comcast Corp. (NASDAQ:CMCSA)

Price to FCFE (P/FCFE) 

Microsoft Excel

Free Cash Flow to Equity (FCFE)

Comcast Corp., FCFE calculation

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Net income attributable to Comcast Corporation 14,159  10,534  13,057  11,731  22,714 
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock (326) 167  266  131  186 
Net noncash charges 16,182  13,470  14,934  12,732  (1)
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures (869) 566  (2,560) (297) (1,496)
Net cash provided by operating activities 29,146  24,737  25,697  24,297  21,403 
Capital expenditures (9,174) (9,179) (9,953) (9,774) (9,550)
Cash paid for intangible assets (2,883) (2,455) (2,475) (1,935) (1,747)
Construction of Universal Beijing Resort (976) (1,498) (1,116) (460) (71)
Purchase of spectrum —  (459) —  —  — 
Proceeds from (repayments of) short-term borrowings, net —  —  (1,288) 379  (1,905)
Proceeds from borrowings 2,628  18,644  5,479  44,781  11,466 
Repurchases and repayments of debt (11,498) (18,777) (14,354) (8,798) (6,364)
Free cash flow to equity (FCFE) 7,243  11,013  1,990  48,490  13,232 

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Comcast Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. Comcast Corp. FCFE increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.

Price to FCFE Ratio, Current

Comcast Corp., current P/FCFE calculation, comparison to benchmarks

Microsoft Excel
No. shares of common stock outstanding 4,413,238,355
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 7,243 
FCFE per share 1.64
Current share price (P) 30.43
Valuation Ratio
P/FCFE 18.54
Benchmarks
P/FCFE, Competitors1
Alphabet Inc. 19.45
Charter Communications Inc. 2.90
Meta Platforms Inc. 9.54
Netflix Inc.
Twitter Inc. 752.81
Walt Disney Co.
P/FCFE, Sector
Media & Entertainment 16.98
P/FCFE, Industry
Communication Services 16.11

Based on: 10-K (reporting date: 2021-12-31).

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

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
No. shares of common stock outstanding1 4,533,230,325 4,580,656,172 4,553,034,645 4,525,962,522 4,644,508,017
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 7,243  11,013  1,990  48,490  13,232 
FCFE per share3 1.60 2.40 0.44 10.71 2.85
Share price1, 4 49.99 51.45 44.14 36.57 42.53
Valuation Ratio
P/FCFE5 31.29 21.40 100.99 3.41 14.93
Benchmarks
P/FCFE, Competitors6
Alphabet Inc. 29.75 26.58 32.39 34.99 31.54
Charter Communications Inc. 5.88 11.52 10.04 13.17 7.75
Meta Platforms Inc. 16.84 32.77 28.91 30.97 32.08
Netflix Inc. 81.38 116.48 134.01 120.00
Twitter Inc. 667.85 52.52 66.06 12.86 42.99
Walt Disney Co. 18.20 55.35 23.22 12.49
P/FCFE, Sector
Media & Entertainment 26.95 26.55 33.19 18.04 23.67
P/FCFE, Industry
Communication Services 24.63 20.42 31.51 19.07 16.71

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2021 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 7,243,000,000 ÷ 4,533,230,325 = 1.60

4 Closing price as at the filing date of Comcast Corp. Annual Report.

5 2021 Calculation
P/FCFE = Share price ÷ FCFE per share
= 49.99 ÷ 1.60 = 31.29

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. Comcast Corp. P/FCFE ratio decreased from 2019 to 2020 but then slightly increased from 2020 to 2021.