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

Research summary

A research framework for 8 covered communication services issuers, with explicit attention to financial comparability.

Industry context

Advertising, subscriptions and connectivity produce very different revenue and cash-flow models.

Covered sample

GOOGL, META, NFLX, VZ, DIS, TMUS, T, CMCSA. Selection favors available recent annual USD disclosures; it is not a market-cap ranking.

Financial evidence

The related sector data notes provide company-level observations for revenue growth, profitability, cash conversion and balance-sheet structure. They show the exact sample and period for every calculation.

Valuation context

Company profiles show eligible dated valuation ratios using the September 17, 2026 price snapshot and selected annual accounting denominators. Capitalization-based measures use estimates and are identified as such. These are not live, TTM or forward values. A historical-multiple series and EV/EBITDA are not available. Sector medians describe a selected sample; they do not establish fair value or expected returns.

Risks and uncertainties

Audience migration, content costs, competition, capital intensity and privacy regulation.

What to monitor

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

Sources & dates

Methodology protocol ↗SMS research updates ↗