CMCSA
Comcast Corporation
Communication Services · Telecom Services · United States · Stock
Score Breakdown
Scored for Dividend Income profile
Sub-scores are 0–20 each; Model Score is weighted by your selected investment goal. How it works →
Why Ranked Here
- The Dividend Candidate label reflects the combination of consistent multi-year dividend growth, a very low payout ratio, and solid profitability margins that together make income generation the company's clearest strength [dividend.dps_trend, dividend.payout_ratio, profitability.net_margin_pct].
- A manageable debt-to-equity ratio of 0.96 and a large, stable asset base of $272.6 billion contribute to the Low risk rating [financial_health.debt_to_equity, financial_health.total_assets].
- The composite score of 60.8 reflects high marks on dividend and profitability offset by weak top-line growth, negative earnings momentum, and no macro theme assignment [growth.revenue.yoy, momentum.net_income_quarterly, theme.none].
Why Not Higher
- Near-zero revenue growth and a sharp multi-quarter decline in net income and operating income weigh heavily on the growth and momentum factors, capping the overall score [growth.revenue.yoy, momentum.net_income_quarterly, momentum.operating_income_quarterly].
- The absence of any macro theme assignment means Comcast receives no additional scoring credit that could otherwise lift the composite [theme.none].
Data Confidence
10 / 10
Very High — full data coverage
Why This Score
Grounded in figures from this company's SEC EDGAR filings — not a restatement of the score itself.
Revenue was essentially flat, moving from FY2024's $123,731,000,000 to FY2025's $123,707,000,000 (-0.0%), while net income rose +23.5% from FY2024 to FY2025 and diluted EPS grew +30.2% over the same period, reaching $5.39 in FY2025.
The model rewarded the strong bottom-line expansion reflected in the +23.5% net income and +30.2% EPS gains from FY2024 to FY2025, but the near-zero top-line growth tempered the overall score, producing a mid-range result.
In FY2025, Comcast posted a net margin of 16.2%, an operating margin of 16.7%, and a return on assets of 7.3%, reflecting solid earnings conversion relative to both revenue and the asset base.
The model rewarded the combination of double-digit net and operating margins alongside a meaningful return on assets in FY2025, placing the company in a high-scoring tier for profitability.
In FY2025, Comcast carried a debt-to-equity ratio of 0.96 against a total asset base of $272,631,000,000, indicating that debt and equity are roughly balanced while the company operates at significant scale.
The model recognized a manageable leverage level with a debt-to-equity ratio below 1.0 in FY2025, though data gaps in other health metrics likely constrained the score from reaching the highest tier.
Quarterly revenue showed modest variation, moving from $30,313,000,000 in 2025Q2 to a peak of $32,309,000,000 in 2025Q4 before declining to $31,457,000,000 in 2026Q1. Net income was highly uneven, spiking to $11,123,000,000 in 2025Q2 then falling sharply to $3,332,000,000 in 2025Q3, $2,168,000,000 in 2025Q4, and $2,174,000,000 in 2026Q1. Operating income similarly declined from $5,992,000,000 in 2025Q2 to $3,488,000,000 in 2025Q4, with a partial recovery to $4,135,000,000 in 2026Q1.
The model penalized the pronounced deceleration in both net income and operating income across the trailing four quarters, with the large 2025Q2 net income figure followed by a steep drop creating a negative momentum signal that weighed on the score.
Comcast has grown its dividends per share every year from $1.08 in FY2022 to $1.16 in FY2023, $1.24 in FY2024, and $1.32 in FY2025, while maintaining a conservative payout ratio of 24.5% in FY2025.
The model rewarded the consistent multi-year dividend growth streak alongside a low payout ratio in FY2025, which signals both commitment to returning capital and ample room to sustain or increase the dividend going forward.
Comcast is not currently assigned to any of the 24 tracked macro themes in the model.
The absence of a macro theme assignment means the company does not receive theme-related scoring credit under the current methodology; this reflects the model's classification state and is not a commentary on the company's business quality.
Research Summary
AI-generated analysis reflects data and conditions as of the report date shown above. Verify any specific figures through primary sources before acting on this analysis.
Comcast delivered essentially flat revenue in FY2025 [growth.revenue.yoy] but achieved strong bottom-line expansion, with net income rising 23.5% and diluted EPS growing 30.2% to $5.39 [growth.net_income.yoy, growth.eps_diluted.yoy], supported by solid double-digit margins and a 7.3% return on assets [profitability.net_margin_pct, profitability.operating_margin_pct, profitability.roa_pct]. The company maintains a conservative balance sheet with a debt-to-equity ratio of 0.96 [financial_health.debt_to_equity] and has grown its dividend every year from $1.08 in FY2022 to $1.32 in FY2025 at a payout ratio of just 24.5% [dividend.dps_trend, dividend.payout_ratio], earning it a Dividend Candidate label. Near-term momentum is a concern, however, as quarterly net income dropped sharply from $11,123,000,000 in 2025Q2 to $2,174,000,000 in 2026Q1 [momentum.net_income_quarterly], and the absence of a macro theme assignment limits additional scoring upside [theme.none].
Plain English
Comcast barely grew its sales last year but made noticeably more profit per share, pays a steadily rising dividend it can easily afford, and carries a manageable debt load — though its quarterly earnings have been very uneven lately, which is a yellow flag worth watching [growth.eps_diluted.yoy, dividend.dps_trend, financial_health.debt_to_equity, momentum.net_income_quarterly].
Bull Case vs. Bear Case
Bull Case
- Consistent dividend growth from $1.08 in FY2022 to $1.32 in FY2025, paired with a low 24.5% payout ratio, signals both a reliable income stream and significant room to keep raising the dividend [dividend.dps_trend, dividend.payout_ratio].
- Strong profitability metrics — a 16.2% net margin, 16.7% operating margin, and 7.3% return on assets in FY2025 — demonstrate that the business converts revenue into earnings efficiently [profitability.net_margin_pct, profitability.operating_margin_pct, profitability.roa_pct].
- Net income surged 23.5% and diluted EPS jumped 30.2% year-over-year to $5.39 in FY2025, showing meaningful bottom-line improvement even without top-line growth [growth.net_income.yoy, growth.eps_diluted.yoy].
Bear Case
- Revenue was essentially unchanged at roughly $123.7 billion in FY2025, indicating the company is struggling to grow its top line [growth.revenue.yoy].
- Quarterly net income collapsed from $11,123,000,000 in 2025Q2 to just $2,174,000,000 in 2026Q1, a steep and sustained decline that raises questions about earnings quality and near-term trajectory [momentum.net_income_quarterly].
- Comcast is not assigned to any of the 24 tracked macro themes, meaning it receives no tailwind credit from structural growth trends in the current model [theme.none].
What Could Change the Picture
Bullish Triggers
- A return to consistent quarterly net income and operating income growth — reversing the sharp post-2025Q2 decline — would meaningfully improve the momentum score and overall composite [momentum.net_income_quarterly, momentum.operating_income_quarterly].
- Sustained top-line acceleration beyond the current near-zero revenue growth rate would strengthen the growth factor and support a higher overall assessment [growth.revenue.yoy].
Bearish Triggers
- If the payout ratio rises significantly from its current 24.5% level without corresponding earnings growth, the dividend's sustainability could come into question [dividend.payout_ratio, growth.net_income.yoy].
- A deterioration in the debt-to-equity ratio above 1.0 — currently at 0.96 — would signal increasing leverage risk given the company's already large asset base [financial_health.debt_to_equity, financial_health.total_assets].
Risk Profile
Low RiskComcast's debt-to-equity ratio of 0.96 in FY2025 indicates leverage is roughly balanced with equity, supporting the Low risk rating [financial_health.debt_to_equity]. However, the pronounced volatility in quarterly net income — swinging from $11,123,000,000 in 2025Q2 to $2,174,000,000 in 2026Q1 — introduces earnings predictability risk that investors should monitor [momentum.net_income_quarterly].
This report is for educational and research purposes only. It does not constitute financial, investment, legal, or tax advice — always conduct your own due diligence before making investment decisions.