The headline market context is blunt. Comcast’s reported trailing earnings multiple is 5.62x (price / EPS = $33.90 / $6.03), and the company closed FY2024 with a market capitalization near $124.83B. Those valuation figures coexist with strong cash generation (operating cash flow $27.67B; free cash flow $15.49B) and material capital returns — dividends of $4.81B and share repurchases of $9.1B in 2024 — while leverage remains meaningful (year-end net debt $91.77B). The strategic overlay — adding premium live sports to Peacock via NBC — both leverages Comcast’s broadcast franchise and increases near-term content spend. Investors should weigh whether the FCF engine and capital allocation track record provide enough optionality to make such content investments value-accretive over time.

Key takeaways#

Comcast finished FY2024 with robust cash generation and shareholder returns alongside measured but nontrivial leverage. Key quantitative anchors set the frame for analysis: Revenue $123.73B, EBITDA $37.61B, Net Income $16.19B, Free Cash Flow $15.49B, Net Debt $91.77B, Market Cap $124.83B. At these levels Comcast exhibits a high free-cash-flow yield (~12.41%) and a low P/E (5.62x) while committing to strategic content bets expected to cost in the low hundreds of millions annually. For investors the central questions are about the conversion of NBC’s linear reach into Peacock subscribers and ad dollar uplift, and whether incremental rights spending will produce positive ROI versus alternative uses of capital.