Greenlight Capital disclosed in its Q2 2026 investor letter that it has increased its stake in Comcast (CMCSA). The fund believes that after a roughly 60% decline in its share price over the past five years, Comcast is trading at only 5 times EBITDA at its purchase price of $23.91, and its free cash flow generation and total business value are significantly undervalued. Comcast announced the spin-off of NBCUniversal at the end of Q2, a move Greenlight Capital believes will help highlight the company's intrinsic value. The fund was down 4.3% in Q2 and is up 1.9% year-to-date.