Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

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Historical Valuation Ratios (Summary)

Comcast Corp., historical price multiples (quarterly data)

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Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
Price to earnings (P/E) 6.64 6.80 8.70 16.91 19.34 20.57 20.56 17.88 20.15 18.06 17.78 18.63 17.87 17.24 18.01 16.39 19.01 18.23 21.12
Price to operating profit (P/OP) 8.58 8.74 10.98 9.34 10.45 10.85 10.61 9.02 10.14 9.19 9.07 9.58 10.03 9.70 10.12 9.29 9.89 9.40 10.62
Price to sales (P/S) 1.82 1.82 2.34 2.03 2.21 2.29 2.22 1.90 2.16 1.97 1.95 2.07 2.19 2.13 2.19 2.02 2.12 1.98 2.23
Price to book value (P/BV) 2.25 2.28 2.88 3.06 3.38 3.41 3.31 2.80 3.09 2.83 2.78 2.92 2.97 2.83 2.86 2.57 2.75 2.58 2.84 2.48 2.41 2.29
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 Q4 2017 to Q1 2018 and from Q1 2018 to Q2 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 declined from Q4 2017 to Q1 2018 and from Q1 2018 to Q2 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 declined from Q4 2017 to Q1 2018 but then slightly increased from Q1 2018 to Q2 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 Q4 2017 to Q1 2018 and from Q1 2018 to Q2 2018.

Price to Earnings (P/E)

Comcast Corp., historical P/E calculation (quarterly data)

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Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
No. shares of common stock outstanding1 4,581,933,382 4,617,116,267 4,644,508,017 4,673,771,830 4,713,372,385 4,742,956,869 4,751,603,386 4,785,664,788 4,823,651,372 4,854,391,186 4,884,796,726 4,914,459,046 4,984,856,532 5,027,086,324 5,082,134,148 5,152,594,722 5,176,206,070 5,199,608,478 5,213,099,376 5,230,854,578 5,249,823,088 5,266,830,056
Selected Financial Data (USD $)
Net income attributable to Comcast Corporation (in millions) 3,216  3,118  14,985  2,650  2,513  2,566  2,296  2,237  2,028  2,134  1,971  1,996  2,137  2,059  1,925  2,592  1,992  1,871  1,913  1,732  1,734  1,437 
Earnings per share (EPS)3 5.23 5.04 4.89 2.14 2.04 1.92 1.83 1.75 1.69 1.70 1.67 1.65 1.75 1.70 1.65 1.62 1.45 1.39 1.31
Share price1, 2 34.75 34.26 42.53 36.27 39.43 39.59 37.63 31.28 33.96 30.65 29.71 30.77 31.24 29.39 29.69 26.61 27.57 25.42 27.62 23.55 22.54 20.93
P/E ratio4 6.64 6.80 8.70 16.91 19.34 20.57 20.56 17.88 20.15 18.06 17.78 18.63 17.87 17.24 18.01 16.39 19.01 18.23 21.12

1 Data adjusted for splits and stock dividends.

2 Close price on the filing date of Comcast Corp.'s Quarterly or Annual Report.

Q2 2018 Calculations

3 EPS = (Net income attributable to Comcast CorporationQ2 2018 + Net income attributable to Comcast CorporationQ1 2018 + Net income attributable to Comcast CorporationQ4 2017 + Net income attributable to Comcast CorporationQ3 2017) ÷ No. shares of common stock outstanding
= (3,216,000,000 + 3,118,000,000 + 14,985,000,000 + 2,650,000,000) ÷ 4,581,933,382 = 5.23

4 P/E ratio = Share price ÷ EPS
= 34.75 ÷ 5.23 = 6.64

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 Q4 2017 to Q1 2018 and from Q1 2018 to Q2 2018.

Price to Operating Profit (P/OP)

Comcast Corp., historical P/OP calculation (quarterly data)

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Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
No. shares of common stock outstanding1 4,581,933,382 4,617,116,267 4,644,508,017 4,673,771,830 4,713,372,385 4,742,956,869 4,751,603,386 4,785,664,788 4,823,651,372 4,854,391,186 4,884,796,726 4,914,459,046 4,984,856,532 5,027,086,324 5,082,134,148 5,152,594,722 5,176,206,070 5,199,608,478 5,213,099,376 5,230,854,578 5,249,823,088 5,266,830,056
Selected Financial Data (USD $)
Operating income (in millions) 5,014  4,645  4,107  4,792  4,558  4,530  4,264  4,440  4,066  4,089  4,002  4,001  4,105  3,890  3,787  3,745  3,804  3,568  3,647  3,414  3,435  3,067 
Operating profit per share3 4.05 3.92 3.87 3.88 3.77 3.65 3.55 3.47 3.35 3.34 3.28 3.21 3.11 3.03 2.93 2.87 2.79 2.70 2.60
Share price1, 2 34.75 34.26 42.53 36.27 39.43 39.59 37.63 31.28 33.96 30.65 29.71 30.77 31.24 29.39 29.69 26.61 27.57 25.42 27.62 23.55 22.54 20.93
P/OP ratio4 8.58 8.74 10.98 9.34 10.45 10.85 10.61 9.02 10.14 9.19 9.07 9.58 10.03 9.70 10.12 9.29 9.89 9.40 10.62

1 Data adjusted for splits and stock dividends.

2 Close price on the filing date of Comcast Corp.'s Quarterly or Annual Report.

Q2 2018 Calculations

3 Operating profit per share = (Operating incomeQ2 2018 + Operating incomeQ1 2018 + Operating incomeQ4 2017 + Operating incomeQ3 2017) ÷ No. shares of common stock outstanding
= (5,014,000,000 + 4,645,000,000 + 4,107,000,000 + 4,792,000,000) ÷ 4,581,933,382 = 4.05

4 P/OP ratio = Share price ÷ Operating profit per share
= 34.75 ÷ 4.05 = 8.58

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 declined from Q4 2017 to Q1 2018 and from Q1 2018 to Q2 2018.

Price to Sales (P/S)

Comcast Corp., historical P/S calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
No. shares of common stock outstanding1 4,581,933,382 4,617,116,267 4,644,508,017 4,673,771,830 4,713,372,385 4,742,956,869 4,751,603,386 4,785,664,788 4,823,651,372 4,854,391,186 4,884,796,726 4,914,459,046 4,984,856,532 5,027,086,324 5,082,134,148 5,152,594,722 5,176,206,070 5,199,608,478 5,213,099,376 5,230,854,578 5,249,823,088 5,266,830,056
Selected Financial Data (USD $)
Revenue (in millions) 21,735  22,791  21,915  20,983  21,165  20,463  21,025  21,319  19,269  18,790  19,245  18,669  18,743  17,853  17,732  16,791  16,844  17,408  16,926  16,151  16,270  15,310 
Sales per share3 19.08 18.81 18.20 17.89 17.82 17.30 16.92 16.43 15.75 15.54 15.25 14.85 14.27 13.77 13.53 13.19 13.01 12.84 12.40
Share price1, 2 34.75 34.26 42.53 36.27 39.43 39.59 37.63 31.28 33.96 30.65 29.71 30.77 31.24 29.39 29.69 26.61 27.57 25.42 27.62 23.55 22.54 20.93
P/S ratio4 1.82 1.82 2.34 2.03 2.21 2.29 2.22 1.90 2.16 1.97 1.95 2.07 2.19 2.13 2.19 2.02 2.12 1.98 2.23

1 Data adjusted for splits and stock dividends.

2 Close price on the filing date of Comcast Corp.'s Quarterly or Annual Report.

Q2 2018 Calculations

3 Sales per share = (RevenueQ2 2018 + RevenueQ1 2018 + RevenueQ4 2017 + RevenueQ3 2017) ÷ No. shares of common stock outstanding
= (21,735,000,000 + 22,791,000,000 + 21,915,000,000 + 20,983,000,000) ÷ 4,581,933,382 = 19.08

4 P/S ratio = Share price ÷ Sales per share
= 34.75 ÷ 19.08 = 1.82

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 declined from Q4 2017 to Q1 2018 but then slightly increased from Q1 2018 to Q2 2018.

Price to Book Value (P/BV)

Comcast Corp., historical P/BV calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
No. shares of common stock outstanding1 4,581,933,382 4,617,116,267 4,644,508,017 4,673,771,830 4,713,372,385 4,742,956,869 4,751,603,386 4,785,664,788 4,823,651,372 4,854,391,186 4,884,796,726 4,914,459,046 4,984,856,532 5,027,086,324 5,082,134,148 5,152,594,722 5,176,206,070 5,199,608,478 5,213,099,376 5,230,854,578 5,249,823,088 5,266,830,056
Selected Financial Data (USD $)
Total Comcast Corporation shareholders' equity (in millions) 70,694  69,482  68,606  55,427  55,005  55,059  53,943  53,481  53,098  52,642  52,269  51,716  52,400  52,171  52,711  53,298  51,971  51,268  50,694  49,718  49,091  48,190 
Book value per share (BVPS)3 15.43 15.05 14.77 11.86 11.67 11.61 11.35 11.18 11.01 10.84 10.70 10.52 10.51 10.38 10.37 10.34 10.04 9.86 9.72 9.50 9.35 9.15
Share price1, 2 34.75 34.26 42.53 36.27 39.43 39.59 37.63 31.28 33.96 30.65 29.71 30.77 31.24 29.39 29.69 26.61 27.57 25.42 27.62 23.55 22.54 20.93
P/BV ratio4 2.25 2.28 2.88 3.06 3.38 3.41 3.31 2.80 3.09 2.83 2.78 2.92 2.97 2.83 2.86 2.57 2.75 2.58 2.84 2.48 2.41 2.29

1 Data adjusted for splits and stock dividends.

2 Close price on the filing date of Comcast Corp.'s Quarterly or Annual Report.

Q2 2018 Calculations

3 BVPS = Total Comcast Corporation shareholders' equity ÷ No. shares of common stock outstanding
= 70,694,000,000 ÷ 4,581,933,382 = 15.43

4 P/BV ratio = Share price ÷ BVPS
= 34.75 ÷ 15.43 = 2.25

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 Q4 2017 to Q1 2018 and from Q1 2018 to Q2 2018.