We publish no single base value for Comcast. Our valuation methods put it between $20.00 and $47.65 a share. The valuation code's reason: no point fair value: the two anchors behind it compound the same growth rate and differ only in how they end — a perpetuity at the terminal rate against a multiple on the final year — so the midpoint between them measures terminal treatment rather than what the business is worth. The published range is the same reading with the false precision removed: read it as the span the method supports, and treat neither edge as a point estimate.
| Method | Value | vs price | Basis |
|---|---|---|---|
| Discounted cash flow | $47.65 | +92.1% | free cash flow $17.09bn, growth -6.1% for 5 years, then fading to 3% over 5 more, discounted at 8.96%; stress floor $43.91 |
| Exit multiple (P/E) | $20.00 | -19.4% | earnings per share $3.50 valued at 10× (the 10× floor; the stock's own median P/E is 7.9×) in 5 years, discounted back |
| Sum of the parts | — | — | no sum of the parts: this run holds no segment disclosure for the name |
| Price to sales | — | — | not reached: the cash-flow or earnings methods produced an anchor, so this fallback was not run |
| Tangible book | — | — | used only for lenders, where book value is the business |
| Price to FFO (REITs) | — | — | used only for REITs |
Each working is rebuilt by code from the valuation's own figures and checked against the published value.
The discount rate:
| Risk-free rate | 5.13% (10-year US Treasury yield) |
| Company's own beta | 0.72 (5 years of monthly returns against the S&P 500; standard error 0.21) |
| Peer beta | 1.00 (median of 19 S&P 500 Communication Services companies) |
| Blend of own and peers | 0.77 (82% own, 18% peers, weighted by how precisely the company's own beta is measured) |
| Adjusted beta | 0.85 (0.67 × 0.77 + 0.33, pulled toward the market's 1.0) |
| Equity risk premium | 4.5% |
| Discount rate = risk-free + adjusted beta × premium | 8.96% |
Free cash flow grows -6.10% a year for 5 years, then fades in equal steps toward 3% over 5 more; each year is discounted by 1 ÷ (1 + rate)^year:
| Year | Growth | Free cash flow | Discount factor | Present value |
|---|---|---|---|---|
| Now | — | $17.09bn | — | — |
| Year 1 | -6.10% | $16.04bn | 0.9178 | $14.72bn |
| Year 2 | -6.10% | $15.06bn | 0.8424 | $12.69bn |
| Year 3 | -6.10% | $14.15bn | 0.7731 | $10.94bn |
| Year 4 | -6.10% | $13.28bn | 0.7096 | $9.43bn |
| Year 5 | -6.10% | $12.47bn | 0.6513 | $8.12bn |
| Year 6 | -4.58% | $11.90bn | 0.5977 | $7.11bn |
| Year 7 | -3.07% | $11.54bn | 0.5486 | $6.33bn |
| Year 8 | -1.55% | $11.36bn | 0.5035 | $5.72bn |
| Year 9 | -0.03% | $11.35bn | 0.4621 | $5.25bn |
| Year 10 | 1.48% | $11.52bn | 0.4242 | $4.89bn |
| Terminal value = year-10 cash flow × (1 + 3%) ÷ (8.96% − 3%) | $199.28bn |
| Terminal value in today's money | $84.53bn |
| Present value of years 1–10 | $85.19bn |
| Total present value | $169.72bn |
| Shares outstanding | 3.56bn |
| Value per share = total ÷ shares | $47.65 |
How the DCF value moves with the discount rate and the starting growth (the middle cell is the published value):
| Discount rate | Growth -11.1% | Growth -6.1% | Growth -1.1% |
|---|---|---|---|
| 7.96% | $40.91 | $56.20 | $77.11 |
| 8.96% | $35.12 | $47.65 | $64.66 |
| 9.96% | $30.95 | $41.51 | $55.77 |
The same DCF at each beta, starting growth unchanged:
| Beta | Value | Discount rate | DCF value |
|---|---|---|---|
| Company's own beta | 0.72 | 8.37% | $52.27 |
| Peer beta | 1.00 | 9.63% | $43.31 |
| Adjusted beta (used) | 0.85 | 8.96% | $47.65 |
Earnings per share grow on the same fading path as the DCF:
| Year | Growth | Earnings per share |
|---|---|---|
| Now | — | $3.50 |
| Year 1 | -6.10% | $3.29 |
| Year 2 | -3.82% | $3.16 |
| Year 3 | -2.12% | $3.09 |
| Year 4 | -0.84% | $3.07 |
| Year 5 | 0.12% | $3.07 |
| Earnings per share in year 5 | $3.07 |
| Exit P/E (the 10× floor; the stock's own median P/E is 7.9×) | 10× |
| Value in 5 years = earnings × P/E | $30.70 |
| Discounted at 8.96% over 5 years: ÷ 1.5355 | $20.00 |
We publish no single base value for Comcast. Our valuation methods put it between $20.00 and $47.65 a share. The valuation code's reason: no point fair value: the two anchors behind it compound the same growth rate and differ only in how they end — a perpetuity at the terminal rate against a multiple on the final year — so the midpoint between them measures terminal treatment rather than what the business is worth. The published range is the same reading with the false precision removed: read it as the span the method supports, and treat neither edge as a point estimate.
One-year price simulation: a 10% chance the price is below $17.09 and a 10% chance it is above $38.72 in a year; a 55% chance it is higher than today's $24.80, from 31.75% volatility. The simulation assumes the price drifts up at our discount rate of 8.96% a year.
At $24.80 the price implies free cash flow growing -16.9% a year for five years and then fading toward 3% over five more; its revenue has grown -6.1%.
| Week | Price | Base value |
|---|---|---|
| 2 Oct 2026 | $21.57 | — |
| 9 Oct 2026 | $20.66 | — |
| 16 Oct 2026 | $21.90 | — |
| 23 Oct 2026 | $22.69 | — |
| 30 Oct 2026 | $23.22 | — |
| 6 Nov 2026 | $24.39 | — |
| 12 Nov 2026 | $24.80 | — |
Data as of 12 Nov 2026; financials to 30 Sep 2026. Sources: company filings via EODHD, SEC EDGAR, US Treasury. How these values are computed. Not investment advice.
Run a full Desk Run on CMCSA · Comcast company page · Call and put prices