Comcast Corporation (CMCSA)
POSITIVE基本面
77
价格
$27.21
市值
$95.88B
第一部分 · 这家公司值多少
概览
Comcast is a media and telecommunications conglomerate. Its Xfinity brand sells broadband internet, cable TV and mobile phone service to U.S. households and businesses, while its NBCUniversal arm owns NBC and other television networks, the Peacock streaming service, Universal film and TV studios, and Universal theme parks. Broadband and pay-TV to homes is the core of the business; media, movies and theme parks are separate businesses bolted on around it.
盈利方式
Most revenue is a recurring monthly bill: broadband, video and wireless customers pay Comcast directly, which is why cable connectivity produces the steadiest cash flow. The rest is a mix of advertising and subscription fees earned by NBCUniversal's networks and Peacock, box-office and licensing revenue from Universal's films and shows, and ticket and merchandise spending at its theme parks — businesses with very different economics bundled under one parent.
分部营收
Broadband internet, video and mobile service sold to households under the Xfinity brand — Comcast's largest and steadiest source of revenue.
NBC and cable television networks, the Peacock streaming service, and advertising sold across them.
Universal Pictures films and television production, earning box-office, licensing and streaming revenue from the content it makes.
Internet, networking and phone service sold to businesses, from small shops to large enterprise customers.
Universal theme parks and resorts in Orlando, Hollywood, Japan and Beijing, including the newly opened Epic Universe.
护城河
规模效应 · 狭窄Comcast's cable and fiber lines pass tens of millions of homes that a new entrant would need years and billions of dollars to replicate, giving it a durable edge in broadband. That edge is eroding, though: fiber overbuilders and fixed-wireless home internet from Verizon and T-Mobile increasingly offer a cheaper or faster alternative in the same neighborhoods, and Comcast has been losing broadband subscribers as a result.
需求驱动因素
中度周期性Broadband and pay-TV bills are close to essential household spending and hold up reasonably well in a downturn, which anchors more than half of Comcast's revenue. Advertising, box-office receipts and theme-park attendance are far more sensitive to the economy and to how much people feel like spending on entertainment, so the media and experiences side of the company swings more with the cycle.
主要风险
- Broadband subscriber losses to fiber and fixed wireless — Fiber overbuilders and 5G home internet from Verizon and T-Mobile are taking broadband customers in Comcast's own territory, pressuring the segment that generates the bulk of its profit.
- Cord-cutting erodes traditional pay-TV — Cable video subscribers keep leaving for streaming alternatives, shrinking a business that once anchored Comcast's residential revenue and forcing NBCUniversal to compete for the same audience through Peacock instead.
- Streaming and content spending pressure margins — Building and marketing Peacock against much larger, established streaming rivals requires heavy ongoing content spending, and there is no guarantee the service reaches profitability on the timeline management expects.
- Hit-driven, unpredictable studio results — Universal's film and television revenue depends on the commercial success of individual releases, which is inherently unpredictable and can swing results from one year to the next regardless of broader trends.
- Complexity of an ongoing corporate restructuring — Comcast spun off a group of cable networks into a separate company, Versant, in 2025, and reorganized its segment reporting for 2026; investors should expect the historical comparisons underlying this profile to shift.
看多理由
Buyers argue that Comcast's broadband network remains hard to replicate even as competition intensifies, that Peacock and the newly opened Epic Universe theme park give it fresh growth engines, and that the Versant spin-off lets management focus capital on the higher-return parts of the business.
看空理由
Sellers worry that fiber and fixed-wireless competitors are structurally eroding Comcast's broadband subscriber base, that cord-cutting keeps shrinking traditional pay-TV faster than streaming can replace it, and that funding Peacock's growth will keep pressuring margins for years before it pays off.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
资产负债表与流动性
营收
$124.90B
最近12个月（截至2026/6/30）
净利润
$11.20B
最近12个月（截至2026/6/30）
自由现金流
$21.89B
股东权益合计
$96.90B
负债合计
$175.48B
流动比率
0.80
利息覆盖率
4.16
债务/EBITDA
2.45
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$122.78
当前价格
$27.21
安全边际
+77.8%
公允价值区间
$79.80 - $165.75
估算方法
估值指标
市盈率（P/E）
8.69
ROE
20.6%
市净率（P/B）
0.62
P/FCF
2.73
毛利率
-
ROIC
6.5%
盈利能力雷达图
Value Creation (Economic Moat)
ROIC
6.5%
WACC
6.0%
ROIC − WACC
+0.4 pp
ROIC is roughly in line with the cost of capital — the company is barely covering its capital cost.
基本面分析标准
通过（20）
- EPS shows upward trend
- EPS CAGR 10.95%
- ROIC 6.4%
- P/FCF 2.73
- P/B Ratio 0.62
- Debt/Equity ratio
- Operating Margin 14.7%
- Positive Free Cash Flow
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Price below Graham Number
- DCF valuation (Undervalued)
- ROE 12.0%
- Earnings Surprise avg 4.2%
- PEG Ratio 0.44
- Earnings Quality (OCF/NI) 2.90
- Share Dilution -5.1%
- Piotroski F-Score 7/9
未通过（6）
- Price CAGR -1.85%
- CapEx intensity
- Low reliance on intangibles
- Revenue Growth 5Y 3.6%
- Analyst Consensus 40% Buy
- Net Margin Trend 9.0% vs 18.4%
不可用（2）
- Gross Margin NaN%
- Dividend Payout NaN%
Piotroski F-评分
财务状况强健
盈利质量
高质量：盈利有现金流支撑
股权稀释
正在回购股份，对股东友好
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Mr. Brian L. Roberts | Chairman & Co-CEO | 65 |
| Mr. Michael J. Cavanagh J.D. | Co-CEO & Director | 59 |
| Mr. Jason S. Armstrong C.F.A. | Chief Financial Officer | 48 |
| Mr. Thomas J. Reid | Chief Legal Officer & Secretary | 61 |
| Ms. Jennifer Khoury Newcomb | Chief Communications Officer | 51 |
| Mr. David N. Watson | Vice Chairman | 67 |
| Mr. Daniel C. Murdock | Executive VP, Chief Accounting Officer & Controller | 51 |
| Ms. Marci Ryvicker | Executive Vice President of Investor Relations | - |
| Mr. Robert L. Eatroff | Executive Vice President of Global Corporate Development & Strategy | 59 |
| Mr. Samuel H. Schwartz | Chief Business Development Officer -Connectivity & Platforms | - |
审计风险
10
董事会风险
10
薪酬风险
9
股东权利风险
10
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
Latest News
Recent headlines for CMCSA, sourced from Markets Gazette.
- 7/6/2026NEUTRALJust a week after spin-off plan, Comcast says it will buy British broadcaster
Comcast Corporation has announced its intention to acquire a British broadcaster, a move that comes just one week after the company revealed plans to spin off NBCUniversal. This strategic acquisition signals a potential shift in Comcast's global media strategy, aiming to expand its international footprint. While the terms of the deal and the specific target broadcaster have not yet been disclosed, the news introduces an element of strategic uncertainty for investors. The market will be closely watching for details on financing and the potential impact on Comcast's existing business segments and its previously announced NBCUniversal spin-off.
- 7/2/2026NEUTRALTrump stopped talking about these media stocks, but his portfolio didn’t stop trading them
Despite Donald Trump's public silence on certain media stocks, his portfolio has reportedly maintained trading activity in Comcast and Warner Bros. Discovery. This news emerges amidst ongoing speculation about potential mergers and acquisitions within the media sector. While the specific trading volumes and timing are not detailed, the continued involvement suggests a strategic interest, possibly anticipating sector consolidation or valuing these companies independently of Trump's public commentary. Investors should monitor M&A developments and the broader media landscape for potential impacts on these holdings.
- 7/1/2026NEUTRALHeadline: Telecom Shakeup: Comcast, Verizon Make Deals
Comcast announced a significant strategic shift, planning to spin off its NBCUniversal and Sky media units into a separate, publicly traded entity. This move allows Comcast to concentrate on its core cable TV, broadband, and wireless operations. Concurrently, Verizon is forming a joint venture with BT Group for their international businesses, aiming to divest low-margin units and refocus domestically. While these are major corporate restructurings, their immediate impact on the parent companies' stock prices is uncertain, as the market assesses the long-term value of these strategic realignments and the future performance of the spun-off entities.
- 6/30/2026NEUTRALWill the Comcast-NBCU spinoff pay off for investors? Here’s what history has to say.
Comcast plans to spin off its NBCUniversal division, aiming to unlock value for shareholders by separating its cable and broadband operations from its media and entertainment assets. While Comcast anticipates this strategic move will benefit both entities, historical precedents for similar media spinoffs present a mixed track record. Investors will be closely watching the execution of this plan and its impact on the distinct business segments, as past instances have yielded varied results, making the long-term outcome uncertain.
- 6/29/2026NEUTRALComcast to Spinoff NBCUniversal & Sky | Closing Bell
Bloomberg Television's 'Closing Bell' program covered market close activities, with a specific mention of Comcast's potential spin-off of NBCUniversal and Sky. While the news indicates a significant strategic shift for Comcast, the article itself provides no further details on the terms, timeline, or financial implications of such a spin-off. Therefore, the immediate market impact remains uncertain pending further announcements. Investors will be looking for clarity on how this potential separation could affect Comcast's core business and the valuation of its media assets.
- 6/29/2026POSITIVEComcast’s stock having best day in 18 years after plan to spinoff NBCUniversal
Comcast announced plans to spin off its NBCUniversal media division into a standalone entity, a move that has sent its stock soaring, marking its best trading day in 18 years. This strategic separation aims to unlock value by allowing each business to focus on its core strengths and capital allocation. Investors are reacting positively to the potential for increased agility and focused growth strategies within both Comcast's broadband and media segments. The market anticipates that this restructuring will lead to improved operational efficiencies and potentially higher shareholder returns.
via Markets Gazette