↔️ CMCSA — Company Profile (Educational)¶
Educational site, not investment advice. Market cap / stock price / quarterly financials are volatile — not written here. Links to SEC + Yahoo Finance instead; verify real-time data yourself.
📌 Basics¶
| Dimension | Content | Source |
|---|---|---|
| Core business | Broadband + cable TV (Xfinity) + content studio (NBCUniversal) + DTC (Peacock) + Sky (Europe) + theme parks (Universal) | SEC 10-K |
| Founded / HQ | 1963 / Philadelphia, Pennsylvania, USA | wiki |
| Chairman & Co-CEO / Co-CEO | Brian L. Roberts (founding-family second gen; President since 1990, CEO since 2002, now Chairman & Co-CEO) + Michael J. Cavanagh (Co-CEO effective January 2026; previously CFO/President) | Comcast press release (2025/09/29) + DEF 14A |
| Primary listing | NASDAQ: CMCSA | — |
| Fiscal year | Calendar year (Jan 1 – Dec 31) | — |
💡 Real-time market cap / stock price / Xfinity broadband subs / Peacock subs: see SEC + IR links below
🏭 Industry Chain Coordinates (Part 1-C6 framework)¶
Upstream (Who CMCSA depends on)¶
| Supplier | What flows | Key dependency |
|---|---|---|
| NBCUniversal internal studios | Film / TV / news / sports content | Internal, locked |
| Sports rights (NFL / Olympics / partial NBA 2025+ / Premier League) | NBC + Peacock live | Multi-year contracts, NBA 2025 new contract material |
Network equipment — CSCO / ARRIS (CommScope sub) / NOK |
Cable + broadband hardware | Multi-supplier |
| Power + data centers (Xfinity network) | Operations backbone | Multi-supplier |
Downstream (Who depends on CMCSA)¶
| Customer | Relationship | Customer concentration |
|---|---|---|
| US broadband + cable TV subs (Xfinity ~30M+ scale) | B2C monthly subscription | Extremely fragmented |
| Peacock subscribers | B2C streaming | Extremely fragmented |
| Universal park visitors (Orlando + Hollywood + Japan + Beijing) | B2C tickets | Extremely fragmented |
| 3rd-party streamers / channels (NBC affiliate stations etc.) | B2B channel / studio licensing | CMCSA holds leverage |
Competitors¶
- Broadband / cable:
CHTR(Charter Spectrum) ·T(AT&T Fiber) ·VZFios · fiber overbuilders + 5G FWA - Content studios:
DIS·WBD·PSKY·NFLX·SONY - DTC streaming:
NFLX·DIS+·Max·Paramount+·AMZN·AAPL - Theme parks:
DIS(Walt Disney World, etc.) - News:
DIS(ABC News) ·WBD(CNN) ·FOX(Fox News) ·NYT
💼 Business Model + Value Capture (Part 1-C7 lens)¶
- Revenue mix: Connectivity & Platforms (broadband + cable + Sky) ~70% / Content & Experiences (NBCUniversal + Universal parks) ~30%
- Gross margin: 35-40% overall; broadband + parks profit drivers, Peacock still loss-making
- Pricing power: Broadband near-physical monopoly (cable-to-home + bargaining vs single ISP); parks + content moderate pricing
- Substitution difficulty: High (broadband) — physical wiring moat, but fiber + 5G FWA chipping away; Medium (content) — content declining with cord-cutting
(Quarterly broadband net adds / Peacock subs / park revenue: see latest 10-Q)
🏰 Moat Assessment (Part 3-C2 Buffett 5-step lens)¶
| Type | Strength (0-1) | Source |
|---|---|---|
| Brand | 0.6 | Xfinity / NBC / Universal brands strong but pressured by cord-cutting era |
| Switching cost | 0.6 | Broadband switch requires call + install wait, friction; DTC switch low |
| Network effects | 0.4 | NBCUniversal + Sky + parks cross-business synergy |
| Scale + cost | 0.9 | Physical cable wiring + data centers + park capex non-replicable |
Composite: 2.5 / 4 → Strong physical infrastructure moat, but cord-cutting + streaming wars painful
⚠️ Key Reverse Trigger Conditions (Part 3-C5 anti-thesis lens)¶
- Trigger 1 (quarterly): Broadband net adds < 0 for 3 quarters (fiber / 5G FWA encroachment acceleration)
- Trigger 2 (quarterly): Video customers (cable TV) YoY -8%+ (cord-cutting acceleration)
- Trigger 3 (quarterly): Peacock net adds < 2M / quarter
- Trigger 4 (event): Major sports rights lost again (e.g., Olympics, Premier League)
- Trigger 5 (strategic): NBCUniversal spin-off / sale decision (company has evaluated multiple times)
🔗 Cross-Chapter Teaching Links¶
- Part 1-C6 · 5 Roles in Industry Chain — Downstream D.4 media + content + comm
- Part 1-C7 · Value Capture — Multi-business conglomerate (broadband + content + parks) integration
- Patterns Investing Laws — #6 bundle-unbundle · #11 physical infrastructure moat
📚 SEC Primary Public Filings (look it up yourself)¶
- SEC EDGAR CMCSA all filings — 10-K / 10-Q / 8-K / DEF 14A full history
- Investor Relations page — earnings calendar + historical reports
- Latest 10-K search — full annual financials + segments + risk factors
Real-time stock price: Yahoo Finance CMCSA
Educational — numbers shift; learn the method, not the figures · investment decisions based on your own research + risk tolerance