The Nasdaq is home to some of the top growth stocks in the world. And the Nasdaq-100 index focuses on an even more exclusive group of stocks -- the top non-financial stocks on the exchange. You might assume there aren't many stocks trading at low valuations, considering that the stock market is soaring to record levels, but that isn't the case.

Three stocks that trade at incredibly low earnings multiples include Comcast (CMCSA -3.67%), Kraft Heinz (KHC -1.50%), and Sirius XM Holdings (SIRI). Below, I'll take a closer look at why these stocks are trading at considerable discounts and whether they could be bargain buys right now.

Comcast

Shares of telecom and media company Comcast are down around 10% this year. While its business is doing well, the company isn't exactly blowing the doors off with revenue growth.

During the first three months of the year, revenue totaled $30.1 billion and rose by just 1.2% year over year. While its Peacock streaming service showed strong year-over-year growth at 55%, its number of paid subscribers comes to just 34 million -- nowhere near the 270 million subscribers of streaming-giant Netflix.

With growth investors focused on artificial intelligence stocks, Comcast's numbers may not be all that attention-grabbing. But there's promise of more growth ahead.

Universal, which is part of Comcast, is planning to open the Universal Epic Universe theme park next year. It's going to leverage many iconic brands, including Donkey Kong and Harry Potter, which could lure some travelers away from Walt Disney theme parks and give Comcast a potential growth catalyst.

Today, you can buy shares of Comcast for just nine times its estimated future profits, which may prove to be a steal of a deal in the long run. What may sweeten the deal even further is its above-average dividend, which yields 3.1%.

Kraft Heinz

Kraft Heinz also hasn't been much of a growth stock over the years. It has some top food brands in its portfolio, but it's rumored to be looking at selling one of them -- Oscar Mayer. While a potential transaction could fetch as much as $5 billion, it would remove a top brand for Kraft and reduce the earnings power of the overall company.

What may be concerning about Kraft is that there may not be a growth catalyst on the horizon to turn the stock's fortunes around. In the first three months of the year, the company's net sales totaled $6.4 billion and were flat from the same quarter last year.

While Kraft has some iconic brands, cash-strapped consumers could trade down to no-name products to save money if economic conditions deteriorate this year. For the past four years, Kraft's annual sales have been stuck within a range of $26 billion and $27 billion.

Kraft's stock does appear cheap, trading at less than 12 times its forward earnings. However, unless you want to buy it for its 4.6% yielding dividend, this may be a stock to pass on despite its seemingly low valuation. Year to date, the stock is down 6%.

Sirius XM

The worst-performing stock on this list by far is Sirius XM, which has lost half of its value this year. The broadcasting company is another business that has been struggling to generate revenue growth in recent years.

In 2023, the company reported just under $9 billion in sales, which was down slightly from the previous year. And its latest results haven't been all that better. In the first three months of 2024, the company's sales rose by just 1% to nearly $2.2 billion. And for the full year, it expects annual revenue to fall to less than $8.8 billion.

The company has a dangerous combination of low cash and high debt, which would make me a bit nervous about owning the stock. As of the end of March, Sirius reported cash and cash equivalents of just $71 million, versus $8.7 billion in long-term debt and $3.1 billion in current liabilities.

Although the stock looks cheap at a forward price-to-earnings multiple of 9, even more of a discount may be warranted in the case of Sirius as its financials aren't in great shape. Unless you have a high tolerance for risk, you're likely better off avoiding this stock.