Is It Too Early To Buy Comcast Stock

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Comcast (CMCSA) stock has fallen 30% from its highest close of the past year, set in February 2026. Buying now means betting that the overhaul of its connectivity business that management has started will show up in the results. So how cheap has Comcast stock become against its own past?

Comcast Stock Trades Near A Ten-Year Low In Valuation

On September 30, 2026, Comcast's price against its sales was lower than at any other quarter end since December 2016. On that date, the stock also traded at 6.8 times its earnings over the previous twelve months, a multiple it had dropped below at only seven quarter ends during that span.

That discounted valuation accompanies a thinner margin. Over the twelve months ending in September, Comcast posted a 14.7% operating margin, coming in lower than at all but one quarter end in those ten years. Looking at the latest quarter alone, however, the operating margin reached 18.2%, up from 17.7% a year earlier, so profit per dollar of sales held up even as sales fell.

At the same time, the company's broadband business continues to lose customers. Comcast shed 144,000 broadband subscribers in the third quarter, and management said fixed wireless continues to take share while fiber construction remains elevated.

What Is Expected From Comcast's Fourth Quarter?

Analysts expect Comcast to generate about $30.8 billion in fourth-quarter revenue, representing a 4.6% decline from the same quarter a year earlier. This would mark a smaller drop than the 6.1% year-over-year revenue decrease reported in the third quarter, although management called that quarter's revenue flat on a pro forma basis.

Management expects further slight improvement in its underlying financial trends during the fourth quarter. Separately, it expects its theme parks business to return to growth in the second half of 2027.

This improvement must materialize even as Comcast keeps moving its broadband customers to new pricing and offering free wireless lines. The company added 368,000 net wireless lines in the third quarter, and customers taking a free line accounted for about half of its new residential phone lines. Management said it now turns 70% of those free lines into paying relationships.

What Should Comcast Investors Watch In January?

Comcast is expected to report its fourth-quarter results in January 2027. Management also said the separation of NBCUniversal and Sky is on track to finish by the middle of 2027, and that Michael Angelakis will become Comcast CEO next year. Management expects to take a charge of over $1 billion in that quarter, mostly for its transformation efforts.

Shares have moved sharply both ways after recent reports. Measured from the report-day close, the stock gained 4.0% over the next two trading days following its July 2026 report, but fell 13.1% over the same span after its April 2026 report. Across its seven reports from April 2025 to October 2026, the stock rose after three and fell after four, including a 3.5% drop in the two trading days after its October 22 report.

An early buyer must also weather whatever the broader market does. During the 2022 inflation shock, Comcast stock fell 42.0% from peak to low, compared with a 24.0% decline for the S&P 500.

If fourth-quarter revenue falls short of analyst expectations, or if broadband losses expand beyond the third quarter's, buying now would look early. If fourth-quarter revenue exceeds what analysts expect and broadband losses shrink, the improvement management anticipates would already be showing up, and waiting would look late.

Does This Mean You Should Act On CMCSA?

Our purpose is to inform you with unique data so you make the right investment decisions. That said, betting on a single stock is always risky, no matter which direction you choose.

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