# Comcast Stock: 5x Earnings, ~6% Yield, a Spinoff Catalyst — Why We Say BUY While Wall Street Cuts (CMCSA)

Page: https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792/comcast-stock-5x-earnings-6-yield-a-spinoff-catalyst-why-we-say-buy-while-wall-street-cuts-cmcsa
Text version: https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792/comcast-stock-5x-earnings-6-yield-a-spinoff-catalyst-why-we-say-buy-while-wall-street-cuts-cmcsa.md
Podcast: [Charged Alpha Stock Encyclopedia](https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792)
Published: 2026-07-25T00:00:55+00:00
Episode link: https://chargedalpha.podbean.com/e/comcast-stock-5x-earnings-6-yield-a-spinoff-catalyst-%e2%80%94-why-we-say-buy-while-wall-street-cuts-cmcsa/
Audio file: https://mcdn.podbean.com/mf/web/s0uh207d3ui12dx5/audio_d.mp3
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Duration seconds: 847

## Resource

Comcast Corporation (CMCSA) Q2 2026 — Comcast (CMCSA) reported Q2 2026 with a soft headline that was mostly optics: revenue of $29.94B (-1.2% YoY, but +4.7% pro forma after the Versant and German-Sky separations), adjusted EPS of $1.04 (-16.7%, versus a prior-year quarter that included a $9.4B Hulu gain), and adjusted EBITDA of $8.90B (-13.4%; -5.3% pro forma). The number that matters held up: free cash flow rose 2.3% to $4.60B. Under the hood the quarter was better than it looked — a record 448,000 wireless line net adds (total lines 10.2M), Business Services revenue +3.7% at a 56.7% margin, and Peacock's first-ever quarterly profit ($189M EBITDA, a $290M YoY swing, 48M paid subs). The soft spots were real too: 167,000 broadband and 280,000 video customer losses, and softer theme-park profit. Management also announced a tax-free spinoff of NBCUniversal and Sky and paused buybacks to fund it. The stock has been crushed to ~$22 (near a 52-week low, down ~33% from the highs), leaving it at ~5x earnings, a ~15% free-cash-flow yield, and a covered ~6% dividend (18 straight years of raises). Our owner-earnings / DCF pegs fair value near $32 — about 45% above the price and above the Street's ~$28 average, which analysts have been cutting. Our call: BUY, 4/5. Comcast is one of the most hated blue chips in the market — a cash machine so out of favor it trades at barely five times earnings, yields almost 6%, and throws off a ~15% free-cash-flow yield. The bear case is real: its crown-jewel broadband business keeps losing customers to fixed-wireless and SpaceX's Starlink, and the stock has been cut by a third to around $22. But Q2 2026 had far more going on than the ugly headline. On a comparable, pro forma basis revenue actually grew 4.7%, free cash flow rose to $4.6B, wireless…

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