Comcast Corp. (CMCSA) intrinsic value & 10-year financials
Comcast Corp. (CMCSA) has a Graham intrinsic value of $113.93 per share. At $21.90 on Oct 17, 2026, the stock trades 81% below that value. Over the last 10 fiscal years revenue grew 4.9% a year to $123.7B, with an average return on invested capital of 9.6%.
- Graham intrinsic value
- $113.93
- Share price (Oct 17, 2026)
- $21.90
- Price vs Graham value
- 81% below
- Market cap
- $81.2B
- Revenue (FY2025)
- $123.7B
- Revenue growth (10-yr CAGR)
- 4.9%
- ROIC (10-yr avg)
- 9.6%
- Free cash flow (FY2025)
- $21.9B
CMCSA 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $123.7B | $20.0B | $5.39 | $21.9B | 16.7% | 9.0% |
| FY2024 | $123.7B | $16.2B | $4.14 | $15.5B | 18.8% | 11.5% |
| FY2023 | $121.6B | $15.4B | $3.71 | $16.3B | 19.2% | 10.0% |
| FY2022 | $121.4B | $5.4B | $1.21 | $15.8B | 11.6% | 4.4% |
| FY2021 | $116.4B | $14.2B | $3.04 | $20.0B | 17.9% | 8.4% |
| FY2020 | $103.6B | $10.5B | $2.28 | $15.6B | 16.9% | 7.5% |
| FY2019 | $108.9B | $13.1B | $2.83 | $15.7B | 19.4% | 9.4% |
| FY2018 | $94.5B | $11.7B | $2.53 | $14.5B | 20.1% | 9.8% |
| FY2017 | $84.5B | $22.7B | $4.75 | $11.9B | 21.3% | 15.6% |
| FY2016 | $80.4B | $8.7B | $1.78 | $10.1B | 21.0% | 9.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Comcast has demonstrated mature, steady growth, with revenue compounding at 4.9% annually over the past decade.
Comcast returns on capital have been average, hovering around 9.5% ROIC over the decade.
Over the decade, Comcast shows that management has aggressively returned capital to shareholders by retiring 23.9% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Comcast is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $113.93 per share.