Historical source-based research. Compilation date and financial period are different dates.

Observation

Across 6 eligible communication services companies, the equal-weight median equity as a share of assets was 51.75% for the latest selected annual periods.

Data context

The eligible sample covers 6 of 8 selected companies. The latest selected annual periods span 2025-09-27 to 2025-12-31. Companies have different fiscal year ends. This is a cross-sectional research sample, not a calendar-year index or a representation of the full sector.

Company evidence

GOOGL 69.76% (period 2025-12-31); META 59.35% (period 2025-12-31); NFLX 47.87% (period 2025-12-31); DIS 55.63% (period 2025-09-27); TMUS 27.00% (period 2025-12-31); CMCSA 35.54% (period 2025-12-31).

Distribution

The sample range is 27.00% (TMUS) to 69.76% (GOOGL). The median is computed across company ratios with equal weight; it is not a ratio of aggregate totals. Extreme values can reflect a small denominator or unusual accounting items.

Interpretation

Advertising, subscriptions and connectivity produce very different revenue and cash-flow models. The numerator is shareholdersEquity; the denominator is total assets. Only positive denominators and disclosed numerators qualify. No missing value is replaced with zero.

What to watch

Advertising exposure, subscription economics, network investment and cash conversion.

Research limitations

Audience migration, content costs, competition, capital intensity and privacy regulation. The sample uses a September 18, 2026 source snapshot. It does not establish current market conditions, causal drivers or future returns. Sector labels are editorial and the financial-sector cash-flow measures need particular caution.

Company-level observations / percent / selected annual periods
CompanyValuePeriod end
GOOGL69.76%2025-12-31
META59.35%2025-12-31
NFLX47.87%2025-12-31
DIS55.63%2025-09-27
TMUS27.00%2025-12-31
CMCSA35.54%2025-12-31

Sources & dates

Methodology protocol ↗SMS research updates ↗