Comcast Corporation
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Comcast Corporation Financial Snapshot
Operating Performance
Fast Facts
One Comcast Center, Philadelphia, 19103- The company reported revenue of US$55,842 million
Headquarters Address
2838,United States of America during the fiscal year 2011 (2011). The company's
revenue grew at a CAGR of 15.80% during 2007–
Telephone + 12156651700
2011, with an annual growth of 47.20% over 2010. In
2011, the company recorded an operating margin of
Fax + 12159817790 19.20%, as against 21.03% in 2010.
Website www.comcast.com
Revenue and Margins
Ticker Symbol, Stock Exchange CMCSA, NASDAQCMCSK, NASDAQ
Number of Employees 126,000
Fiscal Year End December
Revenue (in US$ million) 55,842
SWOT Analysis
Strengths Weaknesses Return on Equity
Huge customer base High indebtedness The company recorded a return on equity (ROE) of
8.80% for 2011, as compared to its peers, Time
Overdependence on cable Warner Cable Inc. (Ticker: TWC), Time Warner Inc.
Strong top-line performance (Ticker: TWX) and DISH Network Corporation (Ticker:
communications segment
DISH), which recorded ROEs of 22.11%, 9.63% and
Wide range of service offerings 0.00% respectively. The company reported an
operating margin of 19.20% in 2011.
Opportunities Threats
Return on Equity
New offerings Competitive pressures
Strategic agreements Intellectual property risks
Liquidity Position
The company reported a current ratio of 0.65 in 2011,
as compared to its peers, Time Warner Cable Inc.,
Time Warner Inc. and DISH Network Corporation,
which recorded current ratios of 1.19, 1.51 and 1.16
respectively. As of December 2011, the company
recorded cash and short-term investments of worth
US$1,620 million, against US$1,367 million current
debt. The company reported a debt to equity ratio of
0.83 in 2011 as compared to its peers, Time Warner
Cable Inc., Time Warner Inc. and DISH Network
Corporation, which recorded debt to equity ratios of
3.55, 0.65 and -17.83 respectively.
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Comcast Corporation - SWOT Profile Page 1
Comcast Corporation
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TABLE OF CONTENTS
1 Business Analysis ................................................................................................................................... 5
1.1 Company Overview ................................................................................................................................................5
1.2 Business Description ..............................................................................................................................................5
1.3 Major Products and Services .................................................................................................................................7
2 Analysis of Key Performance Indicators ............................................................................................... 8
2.1 Five Year Snapshot: Overview of Financial and Operational Performance Indicators ..........................................8
2.2 Key Financial Performance Indicators .................................................................................................................11
2.2.1 Revenue and Operating Profit .........................................................................................................................11
2.2.2 Asset and Liabilities .........................................................................................................................................12
2.2.3 Net Debt vs. Gearing Ratio ..............................................................................................................................13
2.2.4 Solvency ..........................................................................................................................................................14
2.2.5 Valuation ..........................................................................................................................................................15
2.3 Competitive Benchmarking ..................................................................................................................................16
2.3.1 Market Capitalization .......................................................................................................................................16
2.3.2 Efficiency ..........................................................................................................................................................17
2.3.3 Valuation ..........................................................................................................................................................18
2.3.4 Liquidity ............................................................................................................................................................19
3 SWOT Analysis ...................................................................................................................................... 20
3.1 SWOT Analysis - Overview ..................................................................................................................................20
3.2 Strengths ..............................................................................................................................................................20
3.3 Weaknesses .........................................................................................................................................................20
3.4 Opportunities ........................................................................................................................................................21
3.5 Threats .................................................................................................................................................................21
4 History .................................................................................................................................................... 22
5 Key Employees ...................................................................................................................................... 23
6 Key Employee Biographies................................................................................................................... 24
7 Locations and Subsidiaries .................................................................................................................. 25
7.1 Head Office ..........................................................................................................................................................25
7.2 Other Locations and Subsidiaries ........................................................................................................................25
8 Appendix ................................................................................................................................................ 27
8.1 Methodology .........................................................................................................................................................27
8.2 Ratio Definitions ...................................................................................................................................................27
8.3 Disclaimer.............................................................................................................................................................31
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Comcast Corporation
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List of Tables
Table 1: Major Products and Services ..................................................................................................................................7
Table 2: Key Ratios - Annual ..................................................................................................................................................8
Table 3: Key Ratios - Interim ................................................................................................................................................10
Table 4: Key Capital Market Indicators ................................................................................................................................10
Table 5: History.....................................................................................................................................................................22
Table 6: Key Employees .......................................................................................................................................................23
Table 7: Key Employee Biographies ....................................................................................................................................24
Table 8: Subsidiaries ............................................................................................................................................................25
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List of Figures
Figure 1: Revenue and Operating Profit ...............................................................................................................................11
Figure 2: Financial Position ..................................................................................................................................................12
Figure 3: Net Debt vs. Gearing Ratio ...................................................................................................................................13
Figure 4: Solvency ................................................................................................................................................................14
Figure 5: Valuation ...............................................................................................................................................................15
Figure 6: Market Capitalization .............................................................................................................................................16
Figure 7: Efficiency ...............................................................................................................................................................17
Figure 8: Valuation ...............................................................................................................................................................18
Figure 9: Liquidity .................................................................................................................................................................19
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Comcast Corporation - SWOT Profile Page 4
Comcast Corporation
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1 Business Analysis
1.1 Company Overview
Comcast Corporation (Comcast) a leading provider of video, high-speed Internet and phone services in the US. The
company develops, produces and distributes entertainment, news, sports and other content to global audiences through
NBCUniversal Media, LLC (NBCUniversal). The various services offered by the company include video services, internet
services, Voice Over Internet Protocol (VOIP), regional sports networks and various other channels. The company serves
both residential and commercial customers. As of December 31, 2011, Comcast through its cable systems served over 22
million video customers, 18 million high-speed Internet customers and 9 million voice customers in the US. Comcast is
headquartered in Philadelphia (Pennsylvania), the US.
1.2 Business Description
Comcast Corporation (Comcast) is a leading provider of cable, entertainment and communication products and services
in the US. Its services are catered to both residential and commercial customers.
The company operates its business through five reportable segments: Cable Communications, Cable Networks,
Broadcast Television, Filmed Entertainment and Theme Parks.
Under Cable Communications segment, the company offers varied services including video, high-speed Internet and
phone services. The company provides these services to both residential and business customers. The video services
offered by the company range from limited analog service to a full digital service, and advanced services, which
comprises high-definition television (HDTV) and digital video recorder (DVR). The company’s high-speed internet services
provide Internet access at downstream speeds of up to 105 Mbps. These services also include its Internet portal and
Comcast.net providing multiple e-mail addresses and online storage, along with a variety of content and value-added
features and enhancements. The company also provides high-speed Internet service for business customers including
website hosting service and an online tool to share, coordinate and store documents. In addition, Comcast offers phone
services, which include interconnected Voice over Internet Protocol (VoIP) phone service and domestic long-distance
calling with supporting features such as voice mail, caller ID and call waiting. As of December 31, 2011, the Cable
systems served over 22 million video customers, 18 million high-speed Internet customers and 9 million voice customers
and passed over 52 million homes and businesses in 39 states and the District of Columbia. During FY2011, the Cable
Communications segment contributed 64.87% towards the company’s total revenue.
The company through its Cable Networks