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Comcast Corp. (CMCSA)


Common Stock Valuation Ratios (Price Multiples)

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Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).


Current Valuation Ratios

Comcast Corp., current price multiples

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Comcast Corp. Charter Communications Inc. Walt Disney Co. Media Consumer Services
Selected Financial Data
Current share price (P) $45.45
No. shares of common stock outstanding 4,549,250,254
Growth rate (g) 14.68%
 
Earnings per share (EPS) $2.58
Next year expected EPS $2.96
Operating profit per share $4.18
Sales per share $20.77
Book value per share (BVPS) $15.74
Valuation Ratios (Price Multiples)
Price to earnings (P/E) 17.63 83.81 21.04 22.49 32.83
Price to next year expected earnings 15.37 45.26 18.41 19.67 28.67
Price-earnings-growth (PEG) 1.20 0.98 1.47 1.57 2.26
Price to operating profit (P/OP) 10.88 19.74 17.91 14.73 21.33
Price to sales (P/S) 2.19 2.36 4.46 2.91 1.71
Price to book value (P/BV) 2.89 2.84 5.43 3.67 7.22

Based on: 10-K (filing date: 2019-01-31).

If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.


Historical Valuation Ratios (Summary)

Comcast Corp., historical price multiples

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Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Price to earnings (P/E) 14.11 8.70 20.56 17.78 18.01
Price to operating profit (P/OP) 8.71 10.98 10.61 9.07 10.12
Price to sales (P/S) 1.75 2.34 2.22 1.95 2.19
Price to book value (P/BV) 2.31 2.88 3.31 2.78 2.86

Based on: 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-31), 10-K (filing date: 2017-02-03), 10-K (filing date: 2016-02-05), 10-K (filing date: 2015-02-27).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Comcast Corp.’s P/E ratio declined from 2016 to 2017 but then slightly increased from 2017 to 2018.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Comcast Corp.’s P/OP ratio increased from 2016 to 2017 but then declined significantly from 2017 to 2018.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Comcast Corp.’s P/S ratio increased from 2016 to 2017 but then declined significantly from 2017 to 2018.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. Comcast Corp.’s P/BV ratio declined from 2016 to 2017 and from 2017 to 2018.

Price to Earnings (P/E)

Comcast Corp., historical P/E calculation, comparison to benchmarks

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Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
No. shares of common stock outstanding1 4,525,962,522 4,644,508,017 4,751,603,386 4,884,796,726 5,082,134,148
Selected Financial Data (US$)
Net income attributable to Comcast Corporation (in millions) 11,731  22,714  8,695  8,163  8,380 
Earnings per share (EPS)2 2.59 4.89 1.83 1.67 1.65
Share price1, 3 36.57 42.53 37.63 29.71 29.69
Valuation Ratio
P/E ratio4 14.11 8.70 20.56 17.78 18.01
Benchmarks
P/E Ratio, Competitors5
Charter Communications Inc. 60.65 9.34 24.77
Walt Disney Co. 13.36 17.28 16.65 23.41 20.31
P/E Ratio, Sector
Media 15.98 10.70 19.55 22.09 20.58
P/E Ratio, Industry
Consumer Services 27.81 23.89 23.11 25.73 24.89

Based on: 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-31), 10-K (filing date: 2017-02-03), 10-K (filing date: 2016-02-05), 10-K (filing date: 2015-02-27).

1 Data adjusted for splits and stock dividends.

2 2018 Calculation
EPS = Net income attributable to Comcast Corporation ÷ No. shares of common stock outstanding
= 11,731,000,000 ÷ 4,525,962,522 = 2.59

3 Closing price as at the filing date of Comcast Corp.’s Annual Report.

4 2018 Calculation
P/E ratio = Share price ÷ EPS
= 36.57 ÷ 2.59 = 14.11

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Comcast Corp.’s P/E ratio declined from 2016 to 2017 but then slightly increased from 2017 to 2018.

Price to Operating Profit (P/OP)

Comcast Corp., historical P/OP calculation, comparison to benchmarks

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Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
No. shares of common stock outstanding1 4,525,962,522 4,644,508,017 4,751,603,386 4,884,796,726 5,082,134,148
Selected Financial Data (US$)
Operating income (in millions) 19,009  17,987  16,859  15,998  14,904 
Operating profit per share2 4.20 3.87 3.55 3.28 2.93
Share price1, 3 36.57 42.53 37.63 29.71 29.69
Valuation Ratio
P/OP ratio4 8.71 10.98 10.61 9.07 10.12
Benchmarks
P/OP Ratio, Competitors5
Charter Communications Inc. 14.29 22.51 35.52 16.26 20.50
Walt Disney Co. 11.37 11.26 11.01 14.90 13.36
P/OP Ratio, Sector
Media 10.46 12.41 12.60 11.87 11.85
P/OP Ratio, Industry
Consumer Services 18.06 17.54 15.21 14.60 13.87

Based on: 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-31), 10-K (filing date: 2017-02-03), 10-K (filing date: 2016-02-05), 10-K (filing date: 2015-02-27).

1 Data adjusted for splits and stock dividends.

2 2018 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= 19,009,000,000 ÷ 4,525,962,522 = 4.20

3 Closing price as at the filing date of Comcast Corp.’s Annual Report.

4 2018 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 36.57 ÷ 4.20 = 8.71

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Comcast Corp.’s P/OP ratio increased from 2016 to 2017 but then declined significantly from 2017 to 2018.

Price to Sales (P/S)

Comcast Corp., historical P/S calculation, comparison to benchmarks

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Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
No. shares of common stock outstanding1 4,525,962,522 4,644,508,017 4,751,603,386 4,884,796,726 5,082,134,148
Selected Financial Data (US$)
Revenue (in millions) 94,507  84,526  80,403  74,510  68,775 
Sales per share2 20.88 18.20 16.92 15.25 13.53
Share price1, 3 36.57 42.53 37.63 29.71 29.69
Valuation Ratio
P/S ratio4 1.75 2.34 2.22 1.95 2.19
Benchmarks
P/S Ratio, Competitors5
Charter Communications Inc. 1.71 2.22 3.01 1.86 2.19
Walt Disney Co. 2.83 2.81 2.81 3.74 3.12
P/S Ratio, Sector
Media 2.07 2.46 2.56 2.63 2.55
P/S Ratio, Industry
Consumer Services 1.45 1.46 1.29 1.26 1.14

Based on: 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-31), 10-K (filing date: 2017-02-03), 10-K (filing date: 2016-02-05), 10-K (filing date: 2015-02-27).

1 Data adjusted for splits and stock dividends.

2 2018 Calculation
Sales per share = Revenue ÷ No. shares of common stock outstanding
= 94,507,000,000 ÷ 4,525,962,522 = 20.88

3 Closing price as at the filing date of Comcast Corp.’s Annual Report.

4 2018 Calculation
P/S ratio = Share price ÷ Sales per share
= 36.57 ÷ 20.88 = 1.75

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Comcast Corp.’s P/S ratio increased from 2016 to 2017 but then declined significantly from 2017 to 2018.

Price to Book Value (P/BV)

Comcast Corp., historical P/BV calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
No. shares of common stock outstanding1 4,525,962,522 4,644,508,017 4,751,603,386 4,884,796,726 5,082,134,148
Selected Financial Data (US$)
Total Comcast Corporation shareholders’ equity (in millions) 71,613  68,606  53,943  52,269  52,711 
Book value per share (BVPS)2 15.82 14.77 11.35 10.70 10.37
Share price1, 3 36.57 42.53 37.63 29.71 29.69
Valuation Ratio
P/BV ratio4 2.31 2.88 3.31 2.78 2.86
Benchmarks
P/BV Ratio, Competitors5
Charter Communications Inc. 2.06 2.36 2.17 136.37
Walt Disney Co. 3.45 3.76 3.61 4.41 3.39
P/BV Ratio, Sector
Media 2.61 2.99 3.08 3.72 3.30
P/BV Ratio, Industry
Consumer Services 6.12 6.14 5.19 5.34 4.40

Based on: 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-31), 10-K (filing date: 2017-02-03), 10-K (filing date: 2016-02-05), 10-K (filing date: 2015-02-27).

1 Data adjusted for splits and stock dividends.

2 2018 Calculation
BVPS = Total Comcast Corporation shareholders’ equity ÷ No. shares of common stock outstanding
= 71,613,000,000 ÷ 4,525,962,522 = 15.82

3 Closing price as at the filing date of Comcast Corp.’s Annual Report.

4 2018 Calculation
P/BV ratio = Share price ÷ BVPS
= 36.57 ÷ 15.82 = 2.31

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. Comcast Corp.’s P/BV ratio declined from 2016 to 2017 and from 2017 to 2018.