Comcast Corp. (NASDAQ:CMCSA)

The common stock valuation ratios exhibit varied trends over the observed period, spanning from March 31, 2022, to December 31, 2025. Generally, a decreasing trend in valuation multiples is apparent in the later periods, suggesting a potential shift in investor sentiment or company performance relative to its price.

Price to Earnings (P/E) Ratio

The Price to Earnings ratio demonstrates significant fluctuation. It initially rose from 13.00 in March 2022 to a peak of 31.38 in December 2022, before declining substantially. This decline continued through 2023 and into 2024, reaching a low of 7.86 in December 2024. A slight recovery is observed in the final two quarters, ending at 5.35 in December 2025. This suggests that earnings growth may not have kept pace with the stock price in the earlier period, followed by a period where earnings potentially outpaced the stock price, or investor expectations shifted downwards.

Price to Operating Profit (P/OP) Ratio

The Price to Operating Profit ratio follows a similar pattern to the P/E ratio, though with less extreme volatility. It increased from 8.75 in March 2022 to 12.00 in December 2022, then decreased to 6.75 by September 2023. The ratio remained relatively stable between 5.46 and 7.93 from December 2023 through September 2025, concluding at 5.18 in December 2025. This indicates a consistent, though moderate, decrease in the price paid for each dollar of operating profit.

Price to Sales (P/S) Ratio

The Price to Sales ratio exhibits a more moderate decline throughout the period. Starting at 1.55 in March 2022, it gradually decreased to 0.87 in December 2025. While fluctuations exist, the overall trend is downward, suggesting that the stock price is becoming less sensitive to revenue generation. The decline is relatively consistent, indicating a sustained shift in market valuation of sales.

Price to Book Value (P/BV) Ratio

The Price to Book Value ratio also demonstrates a declining trend. It began at 1.97 in March 2022 and decreased to 1.10 in December 2025. The ratio experienced some volatility, peaking at 2.24 in December 2022, but ultimately trended downwards. This suggests a decreasing premium investors are willing to pay for the company’s net asset value, potentially reflecting concerns about asset utilization or future profitability. The most significant decline occurs between March 2024 and December 2025.

In summary, the observed valuation ratios generally indicate a decreasing valuation of the common stock over the analyzed period. This trend is most pronounced in the P/E and P/BV ratios, while the P/S and P/OP ratios show more moderate declines. The latter half of the period, particularly from December 2023 onwards, is characterized by stabilization at lower multiples, potentially signaling a re-evaluation of the company’s future prospects.

The price-to-earnings (P/E) ratio exhibited considerable fluctuation throughout the observed period, spanning from March 31, 2022, to December 31, 2025. Initial values indicated a relatively low valuation, followed by periods of expansion and contraction. A general trend towards lower P/E ratios is apparent in the later portion of the timeframe.

Initial Period (Mar 31, 2022 – Dec 31, 2022)

The P/E ratio began at 13.00 and demonstrated a gradual increase, peaking at 31.38 by the end of 2022. This increase coincided with a relatively stable share price and consistent earnings per share (EPS) during the first three quarters, followed by a modest increase in EPS in the final quarter. The rising P/E suggests increasing investor confidence or expectations during this period.

Fluctuating Valuation (Mar 31, 2023 – Dec 31, 2023)

The first half of 2023 showed a continued high valuation, with the P/E ratio remaining above 28. However, a significant decrease to 10.40 was observed by September 30, 2023, driven primarily by a substantial increase in EPS. The ratio then recovered somewhat to 12.01 by December 31, 2023, as EPS remained high but the share price also increased. This period demonstrates a sensitivity of the P/E ratio to changes in EPS.

Downward Trend (Mar 31, 2024 – Dec 31, 2025)

From March 31, 2024, through December 31, 2025, the P/E ratio generally trended downward. Despite fluctuations, the ratio decreased from 9.64 to 5.35. This decline occurred alongside a decrease in share price and, notably, a significant increase in EPS, particularly in the first half of 2025. The decreasing P/E ratio, despite rising earnings, suggests that investors may have become less willing to pay a premium for each dollar of earnings during this period, potentially reflecting broader market conditions or company-specific concerns. The lowest P/E ratio of the observed period, 4.40, occurred on September 30, 2025.

Overall, the P/E ratio demonstrated considerable volatility. While initially increasing, it experienced significant fluctuations and ultimately exhibited a downward trend, particularly in the latter half of the analyzed timeframe. The relationship between share price and EPS appears to be a key driver of these changes.

The Price to Operating Profit (P/OP) ratio for the analyzed period demonstrates considerable fluctuation. Initially, the ratio exhibited a decreasing trend from March 31, 2022, to June 30, 2022, followed by an increase through December 31, 2022. Subsequently, a significant decline occurred in the first half of 2023, before rebounding strongly in the latter half of the year. This volatility continued into 2024 and 2025, with the ratio experiencing both increases and decreases, ultimately concluding at a level comparable to mid-2023.

Initial Decline and Subsequent Increase (Mar 31, 2022 – Dec 31, 2022)

The P/OP ratio began at 8.75 in March 2022, decreasing to 7.83 by June 2022. It then increased to 9.64 by September 2022 and peaked at 12.00 by the end of the year. This initial decline may suggest a period of market correction or shifting investor sentiment, followed by renewed confidence or positive performance indicators.

Significant Volatility (Jan 1, 2023 – Dec 31, 2023)

A substantial decrease was observed in the first half of 2023, with the P/OP ratio falling to 11.89 and 12.94 respectively. However, the ratio recovered significantly in the latter half of 2023, reaching 6.75 in September and 7.93 in December. This period indicates a potentially turbulent market environment or significant changes in the company’s operating performance and investor expectations.

Continued Fluctuations and Recent Trend (Jan 1, 2024 – Dec 31, 2025)

From 2024 through 2025, the P/OP ratio continued to fluctuate, ranging from a low of 4.49 to a high of 7.33. The ratio ended the period at 5.18, a level similar to that observed in late 2023. This suggests a stabilization, albeit at a lower level than earlier periods, or a continued state of uncertainty influencing valuation.

The observed pattern suggests that the market valuation, relative to operating profit, has been sensitive to various factors throughout the analyzed period. The considerable swings in the P/OP ratio warrant further investigation into the underlying drivers of these changes, including company-specific performance, broader economic conditions, and investor sentiment.

The price-to-sales ratio exhibited fluctuations over the observed period, spanning from March 31, 2022, to December 31, 2025. An initial decline was followed by periods of relative stability and subsequent shifts, indicating a dynamic valuation landscape.

Initial Trend (Mar 31, 2022 – Sep 30, 2022)

The price-to-sales ratio began at 1.55 and generally decreased through September 30, 2022, reaching a low of 1.14. This suggests a decreasing premium investors were willing to pay for each dollar of sales during this timeframe.

Subsequent Fluctuations (Dec 31, 2022 – Dec 31, 2023)

From December 31, 2022, to December 31, 2023, the ratio experienced volatility, moving between 1.39 and 1.52. This period demonstrates a lack of a clear directional trend, potentially reflecting changing market conditions or investor sentiment.

Downward Trend (Mar 31, 2024 – Sep 30, 2025)

Starting March 31, 2024, a noticeable downward trend emerged. The ratio decreased from 1.22 to 0.81 by September 30, 2025. This indicates a significant reduction in the valuation relative to sales, potentially driven by concerns about future revenue growth or increased competition.

Final Period (Dec 31, 2025)

A slight increase was observed in the final period, with the ratio reaching 0.87 on December 31, 2025. While representing a minor uptick, it does not negate the overall downward trajectory observed in the preceding quarters.

Sales per Share Trend

Throughout the period, sales per share consistently increased, moving from 26.82 to 34.38. This upward trend in sales per share contrasts with the fluctuating and ultimately declining price-to-sales ratio, suggesting that the market’s valuation of the company’s sales diminished despite growing sales figures.

In summary, the price-to-sales ratio demonstrated an initial decline, a period of fluctuation, and a subsequent downward trend. The consistent growth in sales per share alongside the decreasing ratio suggests a changing investor perception of the company’s ability to translate sales into shareholder value.

The price-to-book value (P/BV) ratio for the analyzed period demonstrates fluctuations, generally trending downwards over the observed timeframe. Initial values indicate a P/BV around 1.9, followed by a period of variability before a more pronounced decline towards the end of the period.

Initial Period (Mar 31, 2022 – Dec 31, 2022)

The P/BV ratio began at 1.97 and experienced a slight decrease to 1.90, followed by a dip to 1.72. A subsequent increase to 2.08 was observed by the end of this period, indicating some volatility but remaining relatively stable around the two times book value mark.

First Decline & Stabilization (Mar 31, 2023 – Sep 30, 2023)

The ratio initially rose to 2.22 before decreasing to 1.91. This suggests a period of initial positive momentum followed by a correction. The ratio remained relatively stable for two quarters.

Subsequent Decline (Dec 31, 2023 – Dec 31, 2025)

A more significant downward trend is apparent, beginning with a value of 2.24 and decreasing to 1.10 by December 31, 2025. The lowest point was reached in September 30, 2025, at 1.03. This indicates a substantial decrease in the market’s valuation of the company’s net assets relative to its share price.

Book Value Per Share Trend

Throughout the period, book value per share generally increased, moving from 21.13 to 26.93. This upward trend in book value contrasts with the declining P/BV ratio, suggesting that the decrease in the ratio is primarily driven by share price performance rather than changes in the underlying asset value.

Share Price Trend

The share price exhibited considerable fluctuation. While there were periods of increase, such as from March 31, 2023 to June 30, 2023 (from 40.27 to 45.35), the overall trend from its peak to the end of the period shows a decline, contributing to the decreasing P/BV ratio.

In summary, the P/BV ratio experienced a notable decline over the analyzed period, despite a concurrent increase in book value per share. This suggests a weakening market perception of the company’s value relative to its net asset base, potentially influenced by share price volatility.