CMCSAComcast
Is the business good?
The checks split: earnings fully cash-backed (2.2×), but margins compressing.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.
A balanced mix of margins, efficiency, and leverage. ROE 17% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is CMCSA?
Comcast earns 8.3% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 0.70 points below what the capital costs: growth destroys value
- Operating margin
- 15%
Operating margin · Telecom Services median 14% · 12 months to Q3 2026
- Cash conversion
- 2.25×
Cash conversion · 1.81× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −3.4%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | 17% |
| FY2021 | 18% |
| FY2022 | 12% |
| FY2023 | 19% |
| FY2024 | 19% |
| FY2025 | 17% |
Details›
- Operating margin12 months to Q3 2026
- 15%
- Net margin12 months to Q3 2026
- 9.2%
- Free cash flow margin
- 16%
- Revenue, trailing twelve months
- $123.0B
- Free cash flow, trailing twelve months
- $19.7B
- Net income, trailing twelve months
- $11.3B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 8.3%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from CMCSA and who it buys from, as the companies report it.
None disclosed.
- VISNVistance Networks, Inc.35%
CMCSA is 35% of its revenue · FY2025 10-K
- DYDycom Industries, Inc.7.4%
CMCSA is 7.4% of its revenue · FY2026 10-K
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; CMCSA’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Telecom Services
The closest names by size in the same industry