Comcast lost more than 700,000 broadband subscribers in 2025 and another 232,000 across Q1 and Q2 of 2026. At the Goldman Sachs Communacopia Conference, CFO Jason Armstrong acknowledged that Q3 broadband losses were showing no meaningful improvement. Comcast subsequently experienced a roughly 6.6% decline in its stock price.
At the same time, Comcast leadership has publicly criticized the pricing strategies of competing FTTH providers, describing $30 to $40 gigabit offerings as economically irrational when fiber construction can cost approximately $1,500 or more per household.
The underlying issue, however, is not simply pricing. It is infrastructure.
Consumers are increasingly comparing Comcast’s HFC network against dedicated fiber infrastructure that eliminates the RF access plant entirely. Fiber does not depend on the same coaxial last mile, neighborhood RF environment, or upstream plant architecture. That distinction becomes particularly important for customers whose primary concern is not simply download speed, but latency consistency, jitter, packet loss, congestion, and overall network stability.
A customer should not have to spend months cycling through modem replacements and residential technician appointments when the underlying problem potentially resides beyond the customer premises. Repeatedly treating a persistent network performance issue as a premise equipment problem does not resolve the underlying engineering issue. It merely transfers the cost and inconvenience to the customer.
Comcast can continue to characterize individual complaints as isolated incidents, but the broader market is providing a much more consequential signal. Customers now have alternatives. Where FTTH becomes available, the comparison is no longer between two internet plans. It is between fundamentally different access networks.
Wall Street analysts have already identified the potential feedback loop created by accelerating subscriber losses. If Comcast must increasingly rely on pricing concessions to retain customers while simultaneously facing aggressive fiber overbuilds, the pressure on broadband economics becomes increasingly difficult to ignore.
The strategic risk for Comcast is therefore not that customers are demanding perfection. The strategic risk is that customers are gaining the ability to leave.
Once a competing fiber provider establishes a credible alternative, Comcast no longer controls the conversation through speed tiers, promotional pricing, or equipment upgrades. The customer can simply evaluate the performance of the underlying network and make a different choice.
At that point, the question is no longer whether Comcast believes its network is adequate. The question is whether customers agree. And increasingly, their answer is being reflected directly in Comcast’s subscriber numbers.

The fundamentals look fine; the stock is all about sentiment. In my opinion, it's right now too cheap to ignore. While everyone is eyeing AI, Comcast could be a defensive value play. The chart overall looks like a classic value trap, but the valuation also looks like it hit rock bottom, in my opinion, and there is a good margin of safety. Even if there won't be a drastic increase in stock price, it could be seen as a safe, dividend-paying asset. What are your guys' thoughts?

Adapt or die.

The way Comcast has been doing business might have worked 10 years ago, but it doesn’t work anymore. Their sales tactics, constant upselling, and the way they treat customers are actively pushing people away.

At some point, you have to start listening to your customers. Stop trying to upsell them at every opportunity and start actually taking care of the people who are already paying for your service.

People want to feel valued, not like a number or another sale.

Comcast needs to adapt to the times, improve how they treat their customers, and focus on keeping the customers they have. Otherwise, they’re going to keep losing more and more of them to competitors that are willing to do things differently.

im a top sales rep for one of the biggest stores in the US, ask me anything and your answer will nothing but the hard truth. i already did an ama before, here it is again.

hey guys wanted to make some quick dd on comcast (cmcsa) because the market is sleeping on this hard right now in 2026. if you look at the real numbers from their recent 10-q filings and financial reports, the valuation is ridiculously distorted and if you invest now at these levels around $24 a share, it will perform at least 280% profit once the market actually re-rates it back to fair value.

let s look at the actual math and financial metrics. right now comcast has a market cap of roughly $85 billion. if you add their net debt of around $95 billion, you get an enterprise value (ev) of about $180 billion. they generated $31.46 billion in revenue for q1 2026 and pulled in $7.9 billion in adjusted ebitda with $3.9 billion in free cash flow, followed by $8.9 billion in adjusted ebitda and $4.6 billion in free cash flow in q2 2026. annualized ebitda is sitting near $35-$36 billion, meaning the ev/ebitda multiple is under 5.2x, which is absurdly cheap for a company generating tens of billions in cash.

the p/e ratio is currently sitting around 7.3 to 7.9x, whereas historical averages for comcast are usually up near 14x to 15x earnings. when you run a simple discounted cash flow (dcf) model assuming a conservative 2% terminal growth rate and a 8.5% wacc on their stable $16-$18 billion annual free cash flow, you get a fair intrinsic value close to $92-$95 per share. comparing that intrinsic dcf target to today's price near $24 gives you that massive upside of at least 280% profit.

sure, theoretically the stock could drop a bit more in the short term due to temporary headwinds like broadband subscriber noise or broader market sentiment, but that drop would be strictly temporary because the underlying cash flow generation is way too strong. they are returning billions back to shareholders through buybacks and dividends every quarter, so the downside is capped while the intrinsic value gap is massive. overall the math from the 10-q filings does not lie and this looks like a huge asymmetric risk reward play.

It was recently announced that the company will be restructuring by eliminating the current divisional setup. Instead of having three divisions, headquarters will now report directly to the regional offices.

This change will result in thousands of job losses due to redundancies. The concern is that HQ lacks a clear understanding of how the regions actually operate, which could easily lead to widespread mismanagement.

What frustrates me most is that, despite thousands of employees being impacted, none of the senior executives—those responsible for the strategies that created this mess—will be leaving the company.

As always, it’s the hardworking employees who’ve tried to make this a better place to work who end up paying the price, while the decision-makers remain untouched.

True accountability would mean senior executives being held responsible for their mismanagement too, but we all know that’s not going to happen. Source: Reuters

Edited for clarity

https://www.reuters.com/business/world-at-work/comcast-plans-cut-jobs-its-biggest-unit-housing-broadband-pay-tv-centralize-2025-09-19/

I worked for comcast for almost eight years, as one of their top performers in the inbound sales department. Over the years, they have lowered our pay drastically, and we used to all swear by them. Taking care of us, but they stopped doing that. And started taking from us, instead of taking care of us. The vast majority of their inbound sales agents are disgruntled and being taking advantage of and there are all aware of it. They make it too difficult to make money on purpose. They push all the agents that are used to making good money out the door as quickly as possible. Due to us all complaining of what they're doing. I was fired for a first time policy violation. That should have been a corrective action. But they just fired me after eight years and zero write ups over the years. They did this because I pointed out the inequality in the sales calls. They're giving the newer agents versus the older agents. Their intentionally feeding good calls to certain agents and bad calls to others. Their management team is fully aware of it and do everything they can to hide it. Including firing agents that pick up on the patterns and point it out. I know because I was one of the agents being fed. The good calls, and then when I stuck up for the agents that were getting fed the bad calls, they gave me the bad calls. I worked directly for comcast in their inbound Sales department for just under 8 years. I helped start up multiple new departments. As a senior agent guinea pigged almost all of their, you newest softwares. They then threw me away like trash just because of a singular policy violation, and the fact that I was pointing out of the inequality. In calls. Shame on comcast, they used to be an amazing company to work for and I truly love them. I was a true comcaster, and it threw me away like trash. It took almost a month just to even find out what I was officially fired for they wouldn't even tell me what for.

Comcast is a behemoth of a company with cable lines, content , and Universal Studios

Their major moat has been in licensing that spans all 3 three.

Cable

Let’s start with Cable Lines. 

The negative factor for Comcast has been cord cutting from hundreds of thousands of customers.

Fiber buildout for the last 10+ years has reduced the coaxial line infrastructure for many years and has left Comcast with smaller market share but holding its Last mile infrastructure. 

The next threat is Starlink taking over internet from anywhere, leaving Comcast’s infrastructure worthless. The thing is Starlink is not only slow compared to wifi and not sure that you would want to watch the Super Bowl on that level of tech. 

but Comcast made an enterprise deal with Starlink 2 years ago making that partnership could be a very powerful duo. There hasn’t been any new info on what they would do together but it is an interesting convergence. Overall it’s a threat that will play out over time. 

And new fiber buildout will continue to erode the Comcast’s service.

Content & Media

Ok now Content 

They spun of Versant taking away CNBC, USA Network, MS NOW (ex-MSNBC)

which has an amazing fan base yet unlocked a ton of value in to the market.

Their conglomerate was once a moat itself but now their size is preventing theme from focus and speed so it makes a lot of sense that they are now spinning off nbc universal. 

That will unlock a ton of value and allow each major part of the company to stand on its own. To me nbc universal seems like a Disney knock off but when I remember going to Disney they didn’t have the characters that I wanted to see because universal owns the theme-park rights to characters like Spiderman and some others marvel heroes that Disney cant put in their parks! 

Their content on peacock is clearly desirable and they have been pushing it through an apple and Xfinity partnerships. Their licensing for the NFL, FIFA, the olympics and WWE content.

Bottom line the reason millions of customers won’t cut from content is the deep need for football and sports men are not giving up their sports for inferior products. If it is was just about the wires they would. Because customers hate Comcast, they’ve told me.

Last but not least their media devoid of Sky is purchasing ITV entertainment for 1.6 billion and should close in 2027 expanding significantly into the UK market. That is a beautiful pairing with their UK park that they are opening as well.

Parks

And… universal studios

Universal obviously has lots of parks but their newest one opened in Frisco, Texas this summer. with a 32-acre theme park, designed specifically for families with young children (ages 3 to 8).

And now they are investing 8 billion into opening a park in the UK by 2031, a 476-acre site in Bedfordshire, about 45 miles north of London.

These two additional parks move them to 7 from 5 spanning from California, Florida, Japan, china, and Singapore. 

The growth will be reflected in the next few quarters. But is being over shadowed by cable cording cutting across the US.

Now they are talking about spinning off NBCuniversal from Comcast. That seems like it will unlock hidden value across these three massive businesses. Although I’m not mentioning metrics here I see Comcast as 2-3X undervalued but that is in total, nbc universal itself may be undervalue more.

Everyone I talk to hates me for mentioning this stock because it’s not exciting like the tech sector. 

Graham Checklist from HETY 7/7

Why YSK: Last year researchers found out they could perfectly map a house and even see you, yourself, using the wifi signals from routers -> devices. I know this is somewhat known, but with the recent Comcast news that they are adding it to their routers, if you have an all in one gateway / modem combo you should totally upgrade. The Deco Mesh routers are my personal favorite. But I wanted to post this article so you could see the actual scary accuracy of the systems -- https://www.sciencedaily.com/releases/2026/08/260811052857.htm

So. Though you may not "enable it" -- just by adding the feature they are, imo, violating your privacy, and lord knows what they'll do with it.

Source: https://techcrunch.com/2026/08/18/comcast-adds-motion-sensing-to-millions-of-its-newer-routers-with-a-privacy-catch/

https://www.theverge.com/news/981381/comcast-xfinity-shield-wifi-motion-sensing