Comcast Corporation (CMCSA)
割安ファンダメンタル
81
株価
$21.82
時価総額
$78.53B
パート1 · 企業の価値
概要
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.
収益の仕組み
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.
セグメント別売上高
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.
競争優位性（moat）
規模の経済 · 狭い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.
需要を左右する要因
中程度の景気循環性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.
主なリスク
- 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.
強気材料
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.
弱気材料
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
Generated on 2026年9月18日 with claude-haiku-4-5 — shared with all users
The other large US cable operator, selling the same residential broadband, video and cable-based mobile bundle (Spectrum versus Xfinity) to the same American households and small businesses.
Named by Comcast itself as a broadband and wireless competitor: its fiber build and its fiber-plus-unlimited-mobile bundles chase the same residential and business connectivity customers.
Competes for the same home-internet and mobile subscribers through Fios fiber and fixed wireless access, and is named as a competitor in Comcast's 10-K.
Named as a wireless competitor and the most aggressive seller of 5G fixed wireless home internet, which takes broadband customers directly out of Comcast's footprint.
Named in the 10-K as a direct-to-consumer streaming competitor: it fights Peacock for the same subscription dollars and the same viewing hours.
Competes with Comcast's Content & Experiences arm on three fronts at once — Disney+ and Hulu against Peacock, its studios against Universal, and its parks against Universal Destinations & Experiences.
貸借対照表と流動性
売上高
$124.90B
直近12か月（2026/6/30まで）
純利益
$11.20B
直近12か月（2026/6/30まで）
フリーキャッシュフロー
$21.89B
自己資本合計
$96.90B
負債合計
$175.48B
流動比率
0.80
利払い倍率
4.16
負債/EBITDA
2.45
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$116.44
現在株価
$21.82
安全マージン
+81.3%
適正価値レンジ
$75.69 - $157.20
使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。
推定方法
バリュエーション指標
P/E レシオ
6.98
ROE
20.6%
P/B レシオ
0.50
P/FCF
2.19
粗利益率
-
ROIC
6.5%
収益性レーダー
価値創造（経済的モート）
ROIC
6.5%
WACC
6.0%
ROIC − WACC
+0.4 pp
ROICはおおむね資本コストと同水準です。企業はかろうじて資本コストを賄えている状態です。
ファンダメンタル分析基準
合格（20）
- EPS shows upward trend
- EPS CAGR 10.95%
- ROIC 6.4%
- P/FCF 2.19
- P/B Ratio 0.50
- 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 0.37
- Earnings Quality (OCF/NI) 2.90
- Share Dilution -5.1%
- Piotroski F-Score 7/9
不合格（6）
- Price CAGR -3.55%
- CapEx intensity
- Low reliance on intangibles
- Revenue Growth 5Y 3.6%
- Analyst Consensus 40% Buy
- Net Margin Trend 9.0% vs 18.4%
データなし（2）
- Gross Margin NaN%
- Dividend Payout NaN%
Piotroski F-スコア
財務健全性が高い
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
機関投資家の保有
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| 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 | - |
監査リスク
10
取締役会リスク
10
報酬リスク
9
株主権利リスク
10
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
業績推移
via SEC EDGAR
Latest News
Recent headlines for CMCSA, sourced from Markets Gazette.
- 23d agoNEGATIVEComcast Shares Slide as CFO Sees Internet Prices ‘Irrational’
Comcast Corporation shares experienced a notable decline on Wednesday following comments from its Chief Financial Officer. The CFO indicated that the company's third-quarter broadband subscriber losses might exceed previous expectations, suggesting an 'irrational' pricing environment in the internet market. This sentiment implies increased competitive pressure and potential erosion of ARPU (Average Revenue Per User). Investors are likely reassessing Comcast's growth trajectory and its ability to maintain market share in a challenging telecom landscape, potentially leading to a downward revision of future earnings estimates.
- 23d agoNEGATIVEComcast Slides After CFO Warns of Broadband User Losses
Comcast Corporation's stock experienced a decline on Wednesday following a warning from its Chief Financial Officer, Jason Armstrong. Armstrong indicated that the company anticipates no improvement in broadband subscriber losses for the current quarter. This outlook suggests that competitive pressures, particularly from rivals offering lower prices, are continuing to erode Comcast's customer base. Investors are likely concerned about the sustained loss of high-margin broadband subscribers, which could impact future revenue and profitability. The news signals ongoing challenges in retaining customers in a competitive market.
- 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.
- 7/1/2026NEUTRALTelecom Shakeup: Comcast, Verizon Make Deals
Comcast announced a significant strategic shift, planning to spin off NBCUniversal and its European media unit, Sky, into a separate, independently traded company. 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 on domestic markets. While these deals signal strategic realignments for major telecom players, their immediate impact on Comcast's stock is neutral as the core business remains intact, pending the valuation and 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.
via Markets Gazette