Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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).
Historical Valuation Ratios (Summary)
Comcast Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
A comprehensive review of the valuation ratios indicates a systemic contraction in market multiples across all measured metrics over the period from March 2022 through June 2026. While there was initial volatility and several peaks in 2022 and 2023, the overall trajectory reflects a significant decline in the market's valuation of the equity relative to earnings, operating profit, sales, and book value.
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibited extreme volatility in the first half of the period, climbing from 13.00 in March 2022 to a peak of 31.38 by December 2022. This was followed by a sharp correction in September 2023, where the ratio fell to 10.40. A consistent downward trend persisted thereafter, reaching a period low of 4.40 in September 2025 before a slight recovery to 6.95 by June 2026. This suggests a substantial compression in the earnings multiple.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio followed a trajectory closely aligned with the P/E ratio. It reached its zenith in June 2023 at 12.94 before entering a sustained decline. By June 2026, the ratio reached 4.25, its lowest point in the analyzed timeframe. The decline in this ratio indicates that the market is assigning significantly less value to each unit of operating profit than it did in the 2022-2023 period.
- Price to Sales (P/S) Ratio
- The P/S ratio remained relatively stable between 1.14 and 1.55 from March 2022 through December 2023. However, starting in March 2024, a steady devaluation is observed. The ratio declined from 1.22 in March 2024 to a low of 0.62 by June 2026. This downward shift reflects a decreasing premium paid for the company's revenue generation capabilities.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio peaked at 2.24 in December 2023, indicating the market valued the company at more than double its accounting book value. Subsequent quarters showed a persistent decline, falling below the 1.50 threshold by December 2024. By June 2026, the ratio dropped to 0.87, marking a transition from a market premium to a market discount relative to the company's book value.
In summary, the concurrent decline of all four valuation ratios points to a broad reduction in the equity's valuation multiples. The most pronounced contraction is evident in the P/E and P/BV ratios, with the latter eventually falling below unity, suggesting that the market value of the company ended the period below its reported book value.
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Price to Earnings (P/E)
Comcast Corp., historical P/E calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 3,548,636,573 | 3,572,228,557 | 3,597,845,994 | 3,643,894,505 | 3,692,206,502 | 3,733,703,927 | 3,781,022,601 | 3,826,540,003 | 3,872,501,623 | 3,923,626,048 | 3,971,857,339 | 4,025,079,749 | 4,125,132,924 | 4,168,827,388 | 4,216,056,328 | 4,323,408,694 | 4,413,238,355 | 4,481,316,814 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net income (loss) attributable to Comcast Corporation (in millions) | 3,526) | 2,174) | 2,168) | 3,332) | 11,123) | 3,375) | 4,777) | 3,629) | 3,929) | 3,857) | 3,260) | 4,046) | 4,248) | 3,834) | 3,023) | (4,598) | 3,396) | 3,549) | ||||||
| Earnings per share (EPS)2 | 3.16 | 5.26 | 5.56 | 6.20 | 6.20 | 4.21 | 4.28 | 3.84 | 3.90 | 3.93 | 3.87 | 3.76 | 1.58 | 1.36 | 1.27 | 1.25 | 3.18 | 3.21 | ||||||
| Share price1, 3 | 21.92 | 31.64 | 29.76 | 27.32 | 33.23 | 33.19 | 33.66 | 43.67 | 38.51 | 37.87 | 46.54 | 39.15 | 45.35 | 40.27 | 39.97 | 31.97 | 39.41 | 41.70 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/E ratio4 | 6.95 | 6.01 | 5.35 | 4.40 | 5.36 | 7.89 | 7.86 | 11.39 | 9.88 | 9.64 | 12.01 | 10.40 | 28.75 | 29.69 | 31.38 | 25.58 | 12.39 | 13.00 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||
| Alphabet Inc. | 15.94 | 28.88 | 30.33 | 27.38 | 20.22 | 17.91 | 23.54 | 22.87 | 24.49 | 26.05 | 23.89 | 23.76 | 26.82 | 22.64 | 22.47 | 18.32 | 20.58 | 20.32 | ||||||
| Meta Platforms Inc. | 20.16 | 22.01 | 30.89 | 28.70 | 27.17 | 21.59 | 27.91 | 25.80 | 24.48 | 24.47 | 30.97 | 24.92 | 35.58 | 28.51 | 21.10 | 9.01 | 12.84 | 14.91 | ||||||
| Netflix Inc. | 21.03 | 30.65 | 33.11 | 45.35 | 50.14 | 44.68 | 47.72 | 41.97 | 38.31 | 37.14 | 45.64 | 38.78 | 44.61 | 34.72 | 36.18 | 23.66 | 19.54 | 19.36 | ||||||
| Trade Desk Inc. | — | 25.53 | 25.58 | 50.61 | 103.52 | 71.43 | 90.94 | 212.26 | 171.26 | 212.06 | 206.87 | 246.46 | 306.77 | 410.83 | 609.53 | — | 788.40 | 211.66 | ||||||
| Walt Disney Co. | 16.72 | 15.10 | 15.49 | 17.93 | 20.60 | 35.59 | 39.74 | 32.64 | 113.35 | 60.90 | 73.44 | 71.09 | 44.85 | 61.51 | 54.90 | 65.23 | 72.29 | 86.97 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
EPS
= (Net income (loss) attributable to Comcast CorporationQ2 2026
+ Net income (loss) attributable to Comcast CorporationQ1 2026
+ Net income (loss) attributable to Comcast CorporationQ4 2025
+ Net income (loss) attributable to Comcast CorporationQ3 2025)
÷ No. shares of common stock outstanding
= (3,526,000,000 + 2,174,000,000 + 2,168,000,000 + 3,332,000,000)
÷ 3,548,636,573 = 3.16
3 Closing price as at the filing date of Comcast Corp. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= 21.92 ÷ 3.16 = 6.95
5 Click competitor name to see calculations.
The valuation profile exhibits significant volatility and a long-term trend of multiple compression. The Price-to-Earnings (P/E) ratio shifted from a moderate range in early 2022 to a period of extreme expansion, followed by a sustained decline to historically low levels by 2025 and 2026.
- Valuation Expansion and Volatility (2022–2023)
- A sharp increase in the P/E ratio occurred between September 2022 and June 2023, peaking at 31.38 in December 2022. This expansion was not driven by an increase in share price, but rather by a significant contraction in Earnings per Share (EPS), which dropped from 3.18 in June 2022 to 1.25 in September 2022. This suggests a period where the market maintained share price levels despite a temporary collapse in quarterly earnings.
- Earnings Recovery and Multiple Compression (2023–2025)
- Starting in September 2023, a strong recovery in EPS is observed, with values rising from 3.76 to a peak of 6.20 in mid-2025. Concurrently, the P/E ratio entered a phase of aggressive compression, falling from 10.40 in September 2023 to a low of 4.40 by September 2025. This inverse relationship indicates that while profitability improved substantially, the market's willingness to pay a premium for those earnings declined sharply.
- Recent Valuation Trends (2025–2026)
- In the final periods analyzed, the P/E ratio shows a slight upward correction, rising from 4.40 in September 2025 to 6.95 by June 2026. However, this recovery is accompanied by a marked decline in both share price and EPS. The share price fell from 33.23 in March 2025 to 21.92 by June 2026, and EPS retreated from its peak of 6.20 to 3.16. This suggests that the recent increase in the P/E ratio is a result of earnings falling faster than the share price.
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Price to Operating Profit (P/OP)
Comcast Corp., historical P/OP calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 3,548,636,573 | 3,572,228,557 | 3,597,845,994 | 3,643,894,505 | 3,692,206,502 | 3,733,703,927 | 3,781,022,601 | 3,826,540,003 | 3,872,501,623 | 3,923,626,048 | 3,971,857,339 | 4,025,079,749 | 4,125,132,924 | 4,168,827,388 | 4,216,056,328 | 4,323,408,694 | 4,413,238,355 | 4,481,316,814 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Operating income (loss) (in millions) | 5,160) | 4,135) | 3,488) | 5,534) | 5,992) | 5,658) | 4,993) | 5,859) | 6,635) | 5,810) | 4,484) | 6,475) | 6,709) | 5,646) | 4,531) | (2,426) | 6,367) | 5,569) | ||||||
| Operating profit per share2 | 5.16 | 5.36 | 5.75 | 6.09 | 6.09 | 6.20 | 6.16 | 5.96 | 6.04 | 5.98 | 5.87 | 5.80 | 3.51 | 3.39 | 3.33 | 3.31 | 5.03 | 4.76 | ||||||
| Share price1, 3 | 21.92 | 31.64 | 29.76 | 27.32 | 33.23 | 33.19 | 33.66 | 43.67 | 38.51 | 37.87 | 46.54 | 39.15 | 45.35 | 40.27 | 39.97 | 31.97 | 39.41 | 41.70 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/OP ratio4 | 4.25 | 5.90 | 5.18 | 4.49 | 5.45 | 5.35 | 5.46 | 7.33 | 6.37 | 6.33 | 7.93 | 6.75 | 12.94 | 11.89 | 12.00 | 9.64 | 7.83 | 8.75 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||
| Alphabet Inc. | 26.37 | 33.50 | 31.06 | 27.42 | 19.25 | 16.92 | 20.97 | 20.51 | 21.92 | 23.24 | 20.92 | 20.13 | 21.93 | 18.38 | 18.01 | 15.62 | 17.97 | 18.39 | ||||||
| Meta Platforms Inc. | 15.80 | 17.53 | 22.43 | 20.51 | 24.69 | 19.68 | 25.09 | 22.96 | 21.42 | 20.99 | 25.90 | 20.16 | 27.97 | 22.11 | 16.91 | 7.39 | 10.83 | 12.68 | ||||||
| Netflix Inc. | 20.00 | 29.42 | 27.28 | 37.42 | 41.76 | 37.21 | 39.91 | 33.87 | 31.43 | 30.36 | 35.50 | 29.21 | 33.68 | 27.12 | 28.85 | 20.89 | 16.77 | 15.62 | ||||||
| Trade Desk Inc. | — | 18.36 | 19.24 | 42.06 | 90.92 | 64.99 | 83.69 | 173.83 | 142.04 | 169.07 | 184.64 | 241.10 | 269.27 | 295.72 | 286.30 | — | 669.01 | 212.81 | ||||||
| Walt Disney Co. | 14.32 | 14.29 | 14.76 | 17.26 | 15.44 | 21.45 | 23.75 | 19.06 | 39.89 | 29.75 | 33.90 | 34.95 | 26.48 | 32.61 | 26.43 | 31.54 | 35.31 | 53.03 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Operating profit per share
= (Operating income (loss)Q2 2026
+ Operating income (loss)Q1 2026
+ Operating income (loss)Q4 2025
+ Operating income (loss)Q3 2025)
÷ No. shares of common stock outstanding
= (5,160,000,000 + 4,135,000,000 + 3,488,000,000 + 5,534,000,000)
÷ 3,548,636,573 = 5.16
3 Closing price as at the filing date of Comcast Corp. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 21.92 ÷ 5.16 = 4.25
5 Click competitor name to see calculations.
The valuation of the common stock exhibits a significant long-term contraction in the Price to Operating Profit (P/OP) ratio, moving from a period of relative expansion to a sustained decline. This trend is characterized by a divergence between improving operating profitability and a declining share price.
- Share Price Trends
- The share price displayed notable volatility between March 2022 and December 2023, reaching a peak of 46.54 US$ in the final quarter of 2023. However, a consistent downward trajectory is observed from early 2024 through June 2026, with the price ultimately declining to 21.92 US$.
- Operating Profit Performance
- Operating profit per share showed an overall upward trend for the majority of the period. After a low of 3.31 US$ in September 2022, the figure grew steadily, peaking at 6.20 US$ by March 2025. A slight contraction in operating profitability occurred toward the end of the series, ending at 5.16 US$ in June 2026.
- P/OP Ratio Analysis
- The P/OP ratio experienced a period of expansion in 2022 and early 2023, peaking at 12.94 in June 2023. Following this peak, a sharp and sustained compression occurred. The ratio fell below 10.00 in September 2023 and continued to decline, reaching a series low of 4.25 by June 2026.
- Valuation Divergence
- A critical observation is the inverse relationship between the P/OP ratio and operating profit per share from 2023 to 2025. While operating profits per share generally increased from 3.39 US$ to 6.20 US$, the market valuation multiple compressed from 11.89 to 5.35. This indicates that the market attributed progressively less value to each dollar of operating profit over this timeframe.
Overall, the data reveals a valuation environment where fundamental operating growth was offset by a declining share price, resulting in a significant reduction in the P/OP multiple over the observed period.
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Price to Sales (P/S)
Comcast Corp., historical P/S calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 3,548,636,573 | 3,572,228,557 | 3,597,845,994 | 3,643,894,505 | 3,692,206,502 | 3,733,703,927 | 3,781,022,601 | 3,826,540,003 | 3,872,501,623 | 3,923,626,048 | 3,971,857,339 | 4,025,079,749 | 4,125,132,924 | 4,168,827,388 | 4,216,056,328 | 4,323,408,694 | 4,413,238,355 | 4,481,316,814 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Revenue (in millions) | 29,940) | 31,457) | 32,309) | 31,198) | 30,313) | 29,887) | 31,915) | 32,070) | 29,688) | 30,058) | 31,253) | 30,115) | 30,513) | 29,691) | 30,552) | 29,849) | 30,016) | 31,010) | ||||||
| Sales per share2 | 35.20 | 35.07 | 34.38 | 33.84 | 33.63 | 33.09 | 32.72 | 32.16 | 31.28 | 31.08 | 30.61 | 30.03 | 29.24 | 28.81 | 28.80 | 28.04 | 27.57 | 26.82 | ||||||
| Share price1, 3 | 21.92 | 31.64 | 29.76 | 27.32 | 33.23 | 33.19 | 33.66 | 43.67 | 38.51 | 37.87 | 46.54 | 39.15 | 45.35 | 40.27 | 39.97 | 31.97 | 39.41 | 41.70 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/S ratio4 | 0.62 | 0.90 | 0.87 | 0.81 | 0.99 | 1.00 | 1.03 | 1.36 | 1.23 | 1.22 | 1.52 | 1.30 | 1.55 | 1.40 | 1.39 | 1.14 | 1.43 | 1.55 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||
| Alphabet Inc. | 8.73 | 10.95 | 9.95 | 8.82 | 6.29 | 5.53 | 6.73 | 6.34 | 6.54 | 6.75 | 5.74 | 5.34 | 5.65 | 4.66 | 4.76 | 4.35 | 5.33 | 5.60 | ||||||
| Meta Platforms Inc. | 6.02 | 7.23 | 9.29 | 8.87 | 10.87 | 8.45 | 10.58 | 9.17 | 8.41 | 7.84 | 8.98 | 5.84 | 6.65 | 5.21 | 4.20 | 2.20 | 3.62 | 4.65 | ||||||
| Netflix Inc. | 5.94 | 8.74 | 8.05 | 10.91 | 12.32 | 10.31 | 10.66 | 8.69 | 7.49 | 6.84 | 7.32 | 5.36 | 5.90 | 4.57 | 5.14 | 3.79 | 3.21 | 3.19 | ||||||
| Trade Desk Inc. | — | 3.72 | 3.91 | 7.95 | 16.12 | 11.46 | 14.62 | 28.32 | 19.95 | 20.77 | 19.02 | 20.57 | 22.90 | 19.30 | 20.62 | 13.17 | 19.16 | 16.47 | ||||||
| Walt Disney Co. | 1.93 | 1.93 | 2.03 | 2.19 | 1.95 | 2.16 | 2.16 | 1.73 | 2.15 | 2.04 | 1.94 | 1.82 | 2.12 | 2.42 | 2.09 | 2.53 | 2.50 | 3.67 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Sales per share
= (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
÷ No. shares of common stock outstanding
= (29,940,000,000 + 31,457,000,000 + 32,309,000,000 + 31,198,000,000)
÷ 3,548,636,573 = 35.20
3 Closing price as at the filing date of Comcast Corp. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 21.92 ÷ 35.20 = 0.62
5 Click competitor name to see calculations.
An analysis of the valuation metrics reveals a diverging trend between operational revenue growth and market valuation. While sales per share have maintained a consistent upward trajectory, the share price has experienced significant volatility and a subsequent long-term decline, resulting in a sustained compression of the Price-to-Sales (P/S) ratio over the observed period.
- Revenue Performance per Share
- Sales per share exhibited steady and uninterrupted growth, rising from 26.82 US$ in March 2022 to 35.20 US$ by June 2026. This consistent increase indicates a positive trend in revenue generation relative to the share count throughout the entire duration of the analysis.
- Share Price Trajectory
- The share price displayed significant volatility, reaching a peak of 46.54 US$ in December 2023. Following this peak, a pronounced downward trend emerged, with the price falling to 21.92 US$ by June 2026. This decline occurred despite the concurrent increase in sales per share, suggesting that market sentiment decoupled from top-line growth.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio underwent a significant contraction, moving from a high of 1.55 in March 2022 and June 2023 to a low of 0.62 by June 2026. The valuation remained relatively stable between 1.14 and 1.55 during 2022 and 2023, but entered a period of steady erosion starting in 2024. The ratio fell below the 1.00 threshold in June 2025, indicating that the market began valuing the company at less than one dollar for every dollar of sales generated. This compression highlights a significant reduction in the valuation multiple assigned to the company's revenue streams.
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Price to Book Value (P/BV)
Comcast Corp., historical P/BV calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 3,548,636,573 | 3,572,228,557 | 3,597,845,994 | 3,643,894,505 | 3,692,206,502 | 3,733,703,927 | 3,781,022,601 | 3,826,540,003 | 3,872,501,623 | 3,923,626,048 | 3,971,857,339 | 4,025,079,749 | 4,125,132,924 | 4,168,827,388 | 4,216,056,328 | 4,323,408,694 | 4,413,238,355 | 4,481,316,814 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Total Comcast Corporation shareholders’ equity (in millions) | 89,763) | 88,274) | 96,903) | 97,081) | 96,851) | 86,638) | 85,560) | 85,774) | 83,219) | 82,549) | 82,703) | 82,625) | 84,119) | 82,421) | 80,943) | 80,296) | 91,426) | 94,693) | ||||||
| Book value per share (BVPS)2 | 25.30 | 24.71 | 26.93 | 26.64 | 26.23 | 23.20 | 22.63 | 22.42 | 21.49 | 21.04 | 20.82 | 20.53 | 20.39 | 19.77 | 19.20 | 18.57 | 20.72 | 21.13 | ||||||
| Share price1, 3 | 21.92 | 31.64 | 29.76 | 27.32 | 33.23 | 33.19 | 33.66 | 43.67 | 38.51 | 37.87 | 46.54 | 39.15 | 45.35 | 40.27 | 39.97 | 31.97 | 39.41 | 41.70 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/BV ratio4 | 0.87 | 1.28 | 1.10 | 1.03 | 1.27 | 1.43 | 1.49 | 1.95 | 1.79 | 1.80 | 2.24 | 1.91 | 2.22 | 2.04 | 2.08 | 1.72 | 1.90 | 1.97 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||
| Alphabet Inc. | 6.08 | 9.67 | 9.65 | 8.79 | 6.44 | 5.76 | 7.25 | 6.86 | 7.14 | 7.33 | 6.22 | 5.80 | 6.12 | 5.08 | 5.26 | 4.84 | 5.80 | 5.96 | ||||||
| Meta Platforms Inc. | 5.26 | 6.37 | 8.60 | 8.66 | 9.96 | 7.78 | 9.53 | 8.71 | 8.03 | 7.49 | 7.91 | 5.19 | 5.98 | 4.90 | 3.89 | 2.09 | 3.43 | 4.52 | ||||||
| Netflix Inc. | 9.52 | 13.17 | 13.66 | 18.23 | 20.59 | 17.24 | 16.80 | 14.37 | 12.29 | 11.19 | 11.99 | 7.94 | 8.30 | 6.68 | 7.82 | 5.81 | 5.22 | 5.53 | ||||||
| Trade Desk Inc. | — | 4.50 | 4.56 | 8.53 | 16.02 | 10.84 | 12.12 | 24.91 | 18.04 | 19.70 | 17.10 | 17.47 | 19.15 | 16.36 | 15.38 | 10.20 | 14.95 | 12.90 | ||||||
| Walt Disney Co. | 1.73 | 1.71 | 1.75 | 1.90 | 1.76 | 1.96 | 1.96 | 1.55 | 1.94 | 1.81 | 1.74 | 1.64 | 1.89 | 2.12 | 1.82 | 2.22 | 2.11 | 2.98 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
BVPS = Total Comcast Corporation shareholders’ equity ÷ No. shares of common stock outstanding
= 89,763,000,000 ÷ 3,548,636,573 = 25.30
3 Closing price as at the filing date of Comcast Corp. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 21.92 ÷ 25.30 = 0.87
5 Click competitor name to see calculations.
The financial metrics demonstrate a divergence between the market valuation and the underlying book value, resulting in a significant compression of the Price to Book Value (P/BV) ratio over the analyzed period.
- Share Price Trajectory
- The share price exhibited notable volatility between March 2022 and December 2023, reaching a peak of 46.54 in the fourth quarter of 2023. Following this peak, a sustained downward trend emerged, with the price declining to 33.66 by December 2024 and continuing to fall to a period low of 21.92 by June 2026.
- Book Value Per Share (BVPS) Expansion
- The book value per share maintained a generally positive growth trajectory. After an initial dip to 18.57 in September 2022, the BVPS increased steadily, peaking at 26.93 in December 2025. Although a slight decrease occurred in March 2026, the value recovered to 25.30 by June 2026, representing a substantial increase from the 2022 baseline.
- P/BV Ratio Interpretation
- The P/BV ratio experienced a transition from a premium valuation to a discount valuation. From March 2022 through December 2023, the ratio fluctuated between 1.72 and 2.24. A consistent decline began in March 2024 (1.80), accelerating through 2025. By June 2026, the ratio fell to 0.87, signaling that the market price had dropped below the accounting book value per share.
The overall trend indicates that while the company's intrinsic book value improved over time, investor sentiment or market conditions drove the share price downward, leading to a significant reduction in the valuation multiple.
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