Common Stock Valuation Ratios (Price Multiples)
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).
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- Income Statement
- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Selected Financial Data since 2005
- Current Ratio since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Current Valuation Ratios
Comcast Corp., current price multiples
| Comcast Corp. | Alphabet Inc. | Meta Platforms Inc. | Netflix Inc. | Trade Desk Inc. | Walt Disney Co. | Media & Entertainment | Communication Services | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||
| Current share price (P) | |||||||||||
| No. shares of common stock outstanding | |||||||||||
| Growth rate (g) | |||||||||||
| Earnings per share (EPS) | |||||||||||
| Next year expected EPS | |||||||||||
| Operating profit per share | |||||||||||
| Sales per share | |||||||||||
| Book value per share (BVPS) | |||||||||||
| Valuation Ratios (Price Multiples) | |||||||||||
| Price to earnings (P/E) | |||||||||||
| Price to next year expected earnings | |||||||||||
| Price-earnings-growth (PEG) | |||||||||||
| Price to operating profit (P/OP) | |||||||||||
| Price to sales (P/S) | |||||||||||
| Price to book value (P/BV) | |||||||||||
Based on: 10-K (reporting date: 2025-12-31).
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
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The valuation ratios demonstrate significant shifts over the five-year period. A consistent decline is observed across all presented metrics, suggesting a decreasing valuation relative to the company’s earnings, operating profit, sales, and book value.
- Price to Earnings (P/E)
- The Price to Earnings ratio exhibits a substantial decrease from 16.01 in 2021 to 5.35 in 2025. This represents a marked contraction in the price investors are willing to pay for each dollar of earnings. The most significant drop occurs between 2022 and 2023, followed by continued declines in subsequent years.
- Price to Operating Profit (P/OP)
- Similar to the P/E ratio, the Price to Operating Profit ratio shows a declining trend, moving from 10.89 in 2021 to 5.18 in 2025. While the decrease is not as dramatic as with the P/E ratio, the consistent downward movement indicates a reduced valuation relative to operating profitability. The rate of decline appears to moderate in the later years of the period.
- Price to Sales (P/S)
- The Price to Sales ratio decreased from 1.95 in 2021 to 0.87 in 2025. This indicates a diminishing valuation relative to revenue generation. A slight increase is noted between 2022 and 2023, but the overall trend remains downward, with the most substantial decrease occurring between 2023 and 2025.
- Price to Book Value (P/BV)
- The Price to Book Value ratio also demonstrates a consistent decline, falling from 2.36 in 2021 to 1.10 in 2025. This suggests a decreasing valuation relative to the company’s net asset value. The largest decrease is observed between 2022 and 2024, with a more moderate decline in the final year.
Collectively, these ratios suggest a growing disconnect between the company’s market price and its underlying financial performance metrics. The consistent declines across all ratios warrant further investigation to determine the underlying causes and potential implications.
Price to Earnings (P/E)
Comcast Corp., historical P/E calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Net income attributable to Comcast Corporation (in millions) | ||||||
| Earnings per share (EPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/E ratio4 | ||||||
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Alphabet Inc. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix Inc. | ||||||
| Trade Desk Inc. | ||||||
| Walt Disney Co. | ||||||
| P/E Ratio, Sector | ||||||
| Media & Entertainment | ||||||
| P/E Ratio, Industry | ||||||
| Communication Services | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
EPS = Net income attributable to Comcast Corporation ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Comcast Corp. Annual Report.
4 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The price to earnings (P/E) ratio exhibits considerable fluctuation over the five-year period. Initially, the ratio increased significantly before declining substantially and then demonstrating a continued downward trend. This movement is closely tied to changes in both share price and earnings per share.
- Share Price
- The share price began at US$49.99 in 2021, decreased to US$39.97 in 2022, and then rose to US$46.54 in 2023. Subsequent years saw further declines, reaching US$33.66 in 2024 and US$29.76 in 2025. This indicates an overall downward trend in share price over the observed period.
- Earnings Per Share (EPS)
- Earnings per share experienced volatility. It was US$3.12 in 2021, fell sharply to US$1.27 in 2022, and then recovered to US$3.87 in 2023. EPS continued to increase in 2024 to US$4.28 and further to US$5.56 in 2025, demonstrating a strong upward trend in recent years.
- Price to Earnings (P/E) Ratio
- The P/E ratio started at 16.01 in 2021. It increased substantially to 31.38 in 2022, likely due to the significant decrease in earnings per share coupled with a moderate decrease in share price. A considerable decrease was then observed in 2023, with the ratio falling to 12.01 as earnings recovered. This downward trend continued in 2024 and 2025, with the P/E ratio reaching 7.86 and 5.35 respectively, driven by a combination of declining share price and increasing earnings per share. The decreasing P/E ratio suggests that the market is valuing each dollar of earnings at a lower multiple over time.
The interplay between share price and earnings per share is evident in the P/E ratio’s trajectory. The initial increase in the P/E ratio was primarily driven by a decline in earnings, while the subsequent decreases are attributable to both falling share prices and rising earnings. The most recent values suggest a potentially undervalued position relative to historical levels, although further investigation would be required to confirm this.
Price to Operating Profit (P/OP)
Comcast Corp., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Operating income (in millions) | ||||||
| Operating profit per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/OP ratio4 | ||||||
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| Alphabet Inc. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix Inc. | ||||||
| Trade Desk Inc. | ||||||
| Walt Disney Co. | ||||||
| P/OP Ratio, Sector | ||||||
| Media & Entertainment | ||||||
| P/OP Ratio, Industry | ||||||
| Communication Services | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Comcast Corp. Annual Report.
4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The Price to Operating Profit (P/OP) ratio for the analyzed period demonstrates considerable fluctuation. Initially, the ratio exhibited an increase followed by a substantial decline, then a period of relative stabilization. A review of the individual components, share price and operating profit per share, provides context for these movements.
- Share Price Trend
- The share price experienced a decrease from US$49.99 in 2021 to US$39.97 in 2022, representing a decline of approximately 20%. A partial recovery was observed in 2023, with the price reaching US$46.54, but this was followed by further declines in 2024 and 2025, settling at US$29.76. This overall trend suggests increasing investor caution or negative market sentiment towards the stock during the analyzed timeframe.
- Operating Profit Per Share Trend
- Operating profit per share decreased from US$4.59 in 2021 to US$3.33 in 2022, mirroring the share price decline. However, a significant increase was recorded in 2023, reaching US$5.87. This growth continued into 2024, with operating profit per share reaching US$6.16, before slightly decreasing to US$5.75 in 2025. The overall trend indicates improving operational performance, particularly from 2022 onwards.
- P/OP Ratio Analysis
- The P/OP ratio increased from 10.89 in 2021 to 12.00 in 2022, despite the declines in both share price and operating profit per share. This suggests that the share price decreased at a slower rate than operating profit per share. A substantial decrease in the P/OP ratio was then observed, falling to 7.93 in 2023 and further to 5.46 in 2024, and 5.18 in 2025. This decline is attributable to the combination of a decreasing share price and increasing operating profit per share. The stabilization of the P/OP ratio in the final two years suggests a potential equilibrium between price and operational performance, although at a lower valuation multiple than observed in the earlier period.
In summary, the P/OP ratio’s trajectory reflects a period of initial investor optimism followed by increasing skepticism, ultimately resulting in a lower valuation relative to operating profit. The increasing operating profit per share, coupled with a declining share price, drove the observed reduction in the P/OP ratio.
Price to Sales (P/S)
Comcast Corp., historical P/S calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Revenue (in millions) | ||||||
| Sales per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/S ratio4 | ||||||
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Alphabet Inc. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix Inc. | ||||||
| Trade Desk Inc. | ||||||
| Walt Disney Co. | ||||||
| P/S Ratio, Sector | ||||||
| Media & Entertainment | ||||||
| P/S Ratio, Industry | ||||||
| Communication Services | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Sales per share = Revenue ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Comcast Corp. Annual Report.
4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The price-to-sales ratio exhibited a declining trend over the five-year period. Initially, the ratio stood at 1.95 in 2021, then decreased to 0.87 by 2025. This suggests a decreasing valuation relative to the company’s revenue generation over time.
- Price-to-Sales Ratio Trend
- From 2021 to 2022, the P/S ratio decreased significantly from 1.95 to 1.39, representing a 28.7% decline. This initial drop could be attributed to a variety of factors, including shifts in investor sentiment or changes in market conditions.
- The ratio experienced a modest increase from 1.39 in 2022 to 1.52 in 2023, potentially indicating a temporary stabilization or a slight re-evaluation by investors. However, this was followed by a more substantial decrease.
- Between 2023 and 2024, the P/S ratio fell from 1.52 to 1.03, a decrease of approximately 32.2%. This decline continued into 2025, with the ratio reaching 0.87, representing a further reduction of 29.1% from the prior year.
- Share Price and Sales per Share Relationship
- While the share price decreased overall from US$49.99 in 2021 to US$29.76 in 2025, sales per share consistently increased, moving from US$25.67 to US$34.38 over the same period. This divergence between share price and sales per share is a key driver of the observed decline in the P/S ratio.
- The increasing sales per share, coupled with a decreasing share price, suggests that the market is valuing each dollar of sales at a lower multiple over time. This could indicate concerns about future growth prospects, profitability, or increased risk associated with the company.
The consistent decline in the P/S ratio, alongside increasing sales per share, warrants further investigation into the underlying factors influencing investor valuation. A comprehensive analysis should consider broader market trends, competitive landscape, and company-specific performance indicators.
Price to Book Value (P/BV)
Comcast Corp., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Total Comcast Corporation shareholders’ equity (in millions) | ||||||
| Book value per share (BVPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/BV ratio4 | ||||||
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| Alphabet Inc. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix Inc. | ||||||
| Trade Desk Inc. | ||||||
| Walt Disney Co. | ||||||
| P/BV Ratio, Sector | ||||||
| Media & Entertainment | ||||||
| P/BV Ratio, Industry | ||||||
| Communication Services | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
BVPS = Total Comcast Corporation shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Comcast Corp. Annual Report.
4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The price-to-book value (P/BV) ratio for the period demonstrates a generally decreasing trend, punctuated by some fluctuation. Initial values indicate a relatively stable valuation, followed by a significant decline towards the end of the observed timeframe.
- Overall Trend
- The P/BV ratio experienced a decline from 2.36 in 2021 to 1.10 in 2025. This suggests a decreasing premium that the market places on the net asset value of the company.
- Initial Period (2021-2022)
- From 2021 to 2022, the P/BV ratio decreased from 2.36 to 2.08. This initial decrease, while present, was relatively modest and occurred alongside a decrease in book value per share. The share price also decreased during this period, but at a slower rate than the book value.
- Fluctuation and Subsequent Decline (2022-2024)
- The ratio saw a slight increase to 2.24 in 2023, before experiencing a substantial drop to 1.49 in 2024. This significant decline coincided with a continued decrease in share price and an increase in book value per share. The share price decreased more rapidly than the book value per share during this period.
- Final Period (2024-2025)
- The most pronounced decrease occurred between 2024 and 2025, with the P/BV ratio falling to 1.10. This represents a considerable contraction in valuation relative to book value. Book value per share continued to increase, while the share price experienced a further decline, driving the ratio lower.
The observed trend suggests that the market’s perception of the company’s value, relative to its net asset value, has diminished over the five-year period. The accelerating decline in the P/BV ratio in the later years warrants further investigation to understand the underlying drivers of this change.