David Einhorn's Greenlight Bought Comcast at 5 Times EBITDA — Betting the Market Is Wrong About Its Cash Flow

David Einhorn's Greenlight Capital disclosed new positions in Comcast, Fortune Brands, and PayPal in its second-quarter 2026 13F filing. Of the three, Comcast came with the most specific stated rationale: Einhorn said Greenlight's entry price was $23.91 per share, a level the firm says valued the stock at only 5 times EBITDA. Greenlight also exited its position in Weatherford during the same quarter.

Einhorn's stated thesis is a straightforward valuation argument: at that entry multiple, he believes the market is significantly undervaluing Comcast's free cash flow generation relative to what the business actually throws off. A 5-times-EBITDA multiple is a notably low valuation for a company of Comcast's scale and diversification — cable broadband, NBCUniversal's studio and theme park assets, and the Peacock streaming service all sit inside the same consolidated entity, which is part of what makes a single blended multiple like this a genuine value-investor talking point rather than a sector-average observation.

13F filings disclose positions with a reporting lag, so a new stake showing up in the Q2 2026 filing reflects a decision Greenlight made earlier in the quarter, not a same-day reaction to any specific news. What the filing communicates is Einhorn's own read on relative value across large-cap media, and the fact that he sized this as a new position — alongside Fortune Brands and PayPal, while trimming out of Weatherford entirely — rather than an add to an existing holding, signals this represents a fresh conviction call rather than simply averaging down on a name Greenlight already owned.