COMCAST CORPORATION

CCZ · Communications · FY2025 filings · · Shallow moat ·

Doesn't clear the bar

Shallow moat
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The five investor questions

78

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $116.4B to $123.7B, increasing; diluted EPS 3.04 to 5.39, increasing.

—

Not enough years of gross-margin data to score pricing power.

20

Median ROIC 8.8%, above the 12% hurdle in 10% of years.

28

Net debt/EBITDA 2.4x, interest coverage 5x.

79

Owner earnings changed +11.8%/yr over up to the ten most recent annual observations, share count n/a.

The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
No price data
$18.8B
Unavailable — insufficient owner-earnings data
Unavailable — insufficient growth-model data
$65.50
No price data

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 254% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Oct 20, 2026.

Exactly which 50 companies?

FTNT, IBEX, META, MEDP, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, CPRT, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, DECK, MORN, INTU, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

Missing a usable price or zero-growth estimate: ANF.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 4% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

20 years of fundamentals

The business, in plain English

Across the filed record, revenue grew from $31.1B (FY2007) to $123.7B (FY2025) — about 8.0% a year compounded over 18 years.

It earned 8.5% on invested capital in the latest filed year, FY2025. Across the full 19-year measurable filed record, median ROIC was 8.9%. Over the v3 recent window (10 measurable filed years), median ROIC was 8.8%. The Returns on Capital filter above scores it 20/100.

The balance sheet carried $98.9B of total debt in FY2025 against $24.5B of owner earnings — roughly 4.0 years of owner earnings to retire it all. Balance-Sheet Safety scores it 28/100.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2006–FY2025 · 20 fiscal years, normalized from CCZ’s SEC filings

Sales, as filed$123.7B FY2025
$0$50B$100B2006201320202025
Revenue kept after cost of goods

Not disclosed in CCZ’s filings for these years — we don’t estimate it.

Standard ROIC or separately labeled Operating ROICStandard ROIC 8.7% FY2025

Exact FY and FY-1 financing invested-capital inputs are required.

0%10%2006201320202025
Cash an owner could take out$24.5B FY2025
$0$10B$20B2006201320202025

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How COMCAST CORPORATION makes its money

COMCAST CORPORATION's filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed lineValue% of revenueSource
$123.7B100%
$20.7B17%
Income before tax$25.8B21%
Income tax$6.1B5%
$20.0B16%
Source: · event Dec 31, 2025 · retrieved Oct 20, 2026 · annual-row source set

Flagship explainer

What COMCAST CORPORATION owns — and owes

COMCAST CORPORATION's filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$272.6B100%
Cash and equivalents$9.5B3%
$98.9B36%
Stockholders’ equity$96.9B36%
Source: · event Dec 31, 2025 · retrieved Oct 20, 2026 · annual-row source set

Flagship explainer

What drives COMCAST CORPORATION’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity22%Tax burden78%net income ÷ pretax incomeInterest burden125%pretax ÷ operating incomeOperating margin17%operating income ÷ revenueAsset turnover0.46×revenue ÷ average assetsEquity multiplier2.95×average assets ÷ average equityAs of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$20.0BFY2025
Income before tax$25.8BFY2025
Operating income$20.7BFY2025
$123.7BFY2025
Ending assets$272.6BFY2025
Beginning assets$266.2BFY2024
$96.9BFY2025
$85.6BFY2024
Source: · event Dec 31, 2025 · retrieved Oct 20, 2026 · annual-row source set
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Flagship explainer

Where COMCAST CORPORATION's cash went

COMCAST CORPORATION’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$33.6B100%
Depreciation and amortization$16.2B48%
Source: · event Dec 31, 2025 · retrieved Oct 20, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding COMCAST CORPORATION

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

8 holding0 exited10 not holding18/19 resolved1 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Brave Warrior Advisors31,094 shares$763358 · 0% of eligible reported 13FUnchanged · 0 shares (0%)
Dodge & Cox115,903,125 shares$2.8B · 1% of eligible reported 13FAdded to position · +2,794,881 shares (2%)
First Eagle76,345,970 shares$1.9B · 2% of eligible reported 13FAdded to position · +38,565,333 shares (102%)
Gardner Russo & Quinn2,193,660 shares$53.9M · 1% of eligible reported 13FTrimmed · -59,446 shares (−3%)
Markel / Markel-Gayner802,074 shares$19.7M · 0% of eligible reported 13FTrimmed · -159,806 shares (−17%)
Oakmark / Harris Associates7,173,464 shares$176M · 0% of eligible reported 13FTrimmed · -19,274,599 shares (−73%)
Tweedy, Browne31,330 shares$769152 · 0% of eligible reported 13FTrimmed · -166 shares (−1%)
Yacktman Asset Management1,170,500 shares$28.7M · 0% of eligible reported 13FAdded to position · +3,000 shares (0%)
Abrams CapitalNo position reportedNo position reported
Akre CapitalNo position reportedNo position reported
Baupost GroupNo position reportedNo position reported
Berkshire HathawayNo position reportedNo position reported
FundsmithNo position reportedNo position reported
Gates Foundation TrustNo position reportedNo position reported
Mairs & PowerNo position reportedNo position reported
Polen CapitalNo position reportedNo position reported
Sequoia / Ruane CunniffNo position reportedNo position reported
Southeastern Asset ManagementNo position reportedNo position reported
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source:
37 SEC filings
  1. 13F-HR · Q1 2026Filing detailsAccession 0000813917-26-000038 · filed May 15, 2026
  2. 13F-HR · Q2 2026Filing detailsAccession 0000813917-26-000042 · filed Aug 14, 2026
  3. 13F-HR · Q1 2026Filing detailsAccession 0000860643-26-000003 · filed May 13, 2026
  4. 13F-HR · Q2 2026Filing detailsAccession 0000860643-26-000005 · filed Aug 13, 2026
  5. 13F-HR · Q1 2026Filing detailsAccession 0000905567-26-000002 · filed May 1, 2026
  6. 13F-HR · Q2 2026Filing detailsAccession 0000905567-26-000003 · filed Aug 11, 2026
  7. 13F-HR · Q1 2026Filing detailsAccession 0000919574-26-003132 · filed May 15, 2026
  8. 13F-HR · Q2 2026Filing detailsAccession 0000919574-26-005176 · filed Aug 14, 2026
  9. 13F-HR · Q1 2026Filing detailsAccession 0001061768-26-000007 · filed May 14, 2026
  10. 13F-HR · Q2 2026Filing detailsAccession 0001061768-26-000010 · filed Aug 13, 2026
  11. 13F-HR · Q1 2026Filing detailsAccession 0001096343-26-000044 · filed May 1, 2026
  12. 13F-HR · Q2 2026Filing detailsAccession 0001096343-26-000065 · filed Jul 31, 2026
  13. 13F-HR · Q1 2026Filing detailsAccession 0001104659-26-062592 · filed May 15, 2026
  14. 13F-HR · Q2 2026Filing detailsAccession 0001104659-26-097175 · filed Aug 14, 2026
  15. 13F-HR · Q1 2026Filing detailsAccession 0001112520-26-000009 · filed May 14, 2026
  16. 13F-HR · Q2 2026Filing detailsAccession 0001112520-26-000014 · filed Aug 14, 2026
  17. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001819 · filed May 14, 2026
  18. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001911 · filed May 14, 2026
  19. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001966 · filed May 14, 2026
  20. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-002294 · filed May 15, 2026
  21. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003035 · filed Aug 4, 2026
  22. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003402 · filed Aug 13, 2026
  23. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003496 · filed Aug 14, 2026
  24. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003728 · filed Aug 14, 2026
  25. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-208439 · filed May 6, 2026
  26. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-223352 · filed May 14, 2026
  27. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-226661 · filed May 15, 2026
  28. 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-340443 · filed Aug 7, 2026
  29. 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-349535 · filed Aug 13, 2026
  30. 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-352200 · filed Aug 14, 2026
  31. 13F-HR/A · Q1 2026 · Amendment RESTATEMENTFiling detailsAccession 0001325447-26-000018 · filed May 14, 2026
  32. 13F-HR · Q2 2026Filing detailsAccession 0001325447-26-000020 · filed Aug 5, 2026
  33. 13F-HR/A · Q2 2026 · Amendment NEW HOLDINGSFiling detailsAccession 0001325447-26-000033 · filed Aug 24, 2026
  34. 13F-HR · Q1 2026Filing detailsAccession 0001398344-26-009296 · filed May 15, 2026
  35. 13F-HR · Q2 2026Filing detailsAccession 0001398344-26-014641 · filed Aug 14, 2026
  36. 13F-HR · Q1 2026Filing detailsAccession 0001569205-26-000005 · filed May 15, 2026
  37. 13F-HR · Q2 2026Filing detailsAccession 0001569205-26-000012 · filed Aug 14, 2026
· event Jun 30, 2026 · retrieved Oct 20, 2026

Flagship explainer

What COMCAST CORPORATION insiders reported

We could not retrieve insider activity for this rendering; no zero-activity claim is shown.

Unavailable: Form 4 activity could not be retrieved for this rendering.

Moat Score history

16 logged readings since Sep 4, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale51.5 / 100
0406080100WideNarrowShallowNo moatSep 4, 2026Oct 20, 2026

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

None yet — CCZ has read Shallow moat for every logged capture since Sep 4, 2026.

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for CCZ.

Communications context

#28 of 136 scored Communications companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #26ADEA ADEIA INC.54.0 out of 100, Shallow moatShallow moat
  2. #27CPHC Canterbury Park Holding Corp52.4 out of 100, Shallow moatShallow moat
  3. #29NMAX NEWSMAX INC.51.5 out of 100, Shallow moatShallow moat
  4. #30SIRI SIRIUS XM HOLDINGS INC.51.2 out of 100, Shallow moatShallow moat

Compare CCZ with its nearest peers →All Communications companies on the Index →

Common questions about CCZ

Does COMCAST CORPORATION have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores COMCAST CORPORATION (CCZ) 51.5 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 78, pricing power not measurable from the filings, returns on capital 20, balance-sheet safety 28, capital allocation 79.
How has CCZ's Moat Score changed over time?
The record logs 16 readings since Sep 4, 2026; the latest reads 51.5 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.