GuruFocus Manual of Stocks™  |  Dec 05, 2021
The Walt Disney Co (NYSE:DIS)
www.gurufocus.com/stock/NYSE:DIS
The Walt Disney Co (NYSE:DIS)
[1]
Modestly Overvalued[5]$ 146.22
Media - Diversified - Entertainment
Market Cap: $ 265,778 Mil
Walt Disney Co together with its subsidiaries is a diversified worldwide entertainment company with operations in four business segments: Media Networks, Parks and Resorts, Studio Entertainment, and Consumer Products & Interactive Media.
Valuation Rank
Score: 2 /10CurrentIndustry MedianHistorical Median
PE Ratio134.1518.3318.34
Forward P/E31.7517.59N/A
PB Ratio31.843.23
PS Ratio3.971.762.97
P/FCF134.7615.0522.13
Shiller P/E30.8319.6928.11
PEG RatioN/A1.271.54
Valuation Analysis
% of Price
NCAV-44.77-31
Tangible Book-3.65-2
Median PS Value113.1277
Price146.22
Dividend & Ownership
Dividend Yield(ttm) %N/A
Dividend Yield(forward) %N/A
PayoutN/A
Dividend Growth(5y) %N/A
Yield on Cost(5y) %N/A
Continuous Div. since2020
Insider Ownership %0.97
Institution Ownership %41.91
Financial Strength
Score: 4 /10CurrentIndustry MedianHistorical Median
Cash-to-Debt0.281.170.20
Equity-to-Asset0.440.510.47
Interest Coverage2.3518.7226.47
Piotroski F-Score656
Profitability Rank
Score: 7 /10CurrentIndustry MedianHistorical Median
Operating Margin %5.434.4922.31
Net Margin %2.962.4415.63
ROE %2.333.1216.33
ROA %0.991.358.47
ROC (Joel Greenblatt) %12.7413.3550.01
Growth (Per Share)
10 Yr5 Yr1 Yr
Revenue Growth (%)6.51.72
EBITDA Growth (%)-1-2073.7
Oprt. Income Growth (%)-4.5-29-4.6
EPS w/o NRI Growth (%)N/AN/AN/A
Free Cash Flow Growth (%)-4.8-30.3-45.3
Book Value Growth (%)9.115.15.3
Quarterly
Sep20Dec20Mar21Jun21Sep21
Revenue1470716249156131702218534
Net Income-71017901918159
EPS-0.390.010.490.50.09
Revenue (YoY) %-23.07-22.17-13.3844.5126.02
Net Income (YoY) %-167.36-99.1995.87-119.45-122.39
EPS (YoY) %-167.24-99.1496-119.16-123.08
Warning Signs
SEVERERevenue per Share: Declined
SEVEREGross Margin %: Declined
SEVEREOperating Margin %: Declined
SEVERELong-Term Debt: Keep issuing new debt
Good Signs
GOODBeneish M-Score: Unlikely manipulator
Insider Trades
InsiderPositionDateTradesCur. Shares
Chapek Robert ACEO08/31/21-105873647
Woodford BrentEVP, Control, F08/13/21-800035005
Iger Robert AExecutive Chair03/08/21-1209461127k
Iger Robert AExecutive Chair02/24/21-1961581199k
Iger Robert AExecutive Chair02/23/21-2200001199k
Mucha Zenia B.SEVP & Chief Co02/18/21-3396922354
Parker Mary JayneSEVP and Chief 02/16/21-743614048
Iger Robert AExecutive Chair02/08/21-2200001199k
Iger Robert AExecutive Chair02/02/21-2371361199k
Mccarthy Christine MSEVP-CFO01/25/21-25000156984
As of 12-05-2021
* All financial numbers are in millions except for per share data, ratios and percentage change.
Gain % SP500 %
1W-1.28-1.21
1M-14.03-2.43
3M-19.220.40
6M-17.038.98
YTD-19.3022.46
1Y-4.5825.39
3Y8.7519.60
5Y9.0817.70
10Y15.7115.98
201.91
86.46
29
28M
14.1M
2011201220132014201520162017201820192020CurrentPerformance
52.9267.6790.94121.69120.07115.84116.94146.39151.64201.91203.02Highest Stock Price
2947.0663.5981.7488.8590.8396.93100.3585.76118.47142.04Lowest Stock Price
94104116082151351163520148576147855175410232100224220307551265778Market Cap
18181813175917091639157815071666180818281831Shares Outstanding-Diluted
16.719.0820.920.8616.2117.3213.9919.63At Loss155.2134.15PE Ratio
2.372.563.373.673.433.583.62.612.683.473PB Ratio
2.252.63.213.332.742.822.973.123.434.593.97PS Ratio
9.1710.6211.1910.969.4810.1210.7114.6251.9238.3733.32EV-to-EBITDA
2012201320142015201620172018201920202021TTMPer Share Data
23.2624.8427.7530.733.9434.9439.4441.7836.1736.8836.87Revenue per Share
3.133.384.264.95.735.698.366.64-1.581.091.09Earnings per Share
2.33.673.684.175.15.536.521.041.991.091.09Free Cash Flow per Share
0.60.750.861.811.421.561.681.760.88----Dividends per Share
5.355.965.675.955.321.937.13-8.22-7.35-3.65-3.65Tangible Book per Share
41.7646.4953.1660.7570.8977.59108.67119.21105.95113.12113.12Median PS Value
19.4121.323.3225.6226.1815.7136.62--------Graham Number
2012201320142015201620172018201920202021TTMIncome Statement
4227845041488135246555632551375943469607653886741867418Revenue
1881020007223932410125639248312670827546215082228722287Gross Profit
44.544.445.945.946.14544.939.632.933.133.1Gross Margin %
994710557108531087711281109581187115716177141862818628Total Operating Expense
88639450115401322414358138731483711830379436593659Operating Income
212123.625.225.825.225175.85.45.4Operating Margin %
5682613675018382939189801259811054-286419951995Net Income
13.413.615.41616.916.321.215.9-4.433Net Margin %
97329969125401413315222142951530314901-9641074116EBIT
1171912161148281648717749170771831419068524992189227EBITDA
14.714.416.618.721.421.22816.1-3.32.32.3ROE %
7.77.99.19.710.49.6137.6-1.511ROA %
2012201320142015201620172018201920202021Sep21Balance Sheet
33873931342142694610401741505418179141595915959Cash & Equivalents
654069677822801990658633933415481127081336713367Total Receivables
74898812418414188182920339578998598193984201549203609203609Total Assets
36141512216445633687617237908857571158665866Short-Term Debt & CLO
1098112776126311277316483191191708438129558285176951769Long-Term Debt & CLO
32940330913596339527447105078545766100095113286110598110598Total Liabilities
3975945429449584452543265413154877388877835838855388553Total Stockholders Equity
4195848150481784865547323450045283293889882639301193011Total Equity
2012201320142015201620172018201920202021TTMCashflow Statement
796694529780113851313612343142956606761855675567Cash Flow from Operations
-4759-4676-3345-4245-5758-4111-5336-4118-3637-3163-3163Cash Flow from Investing
-3015-4087-6527-6095-7499-9368-3577--------Repurchase of Stock
424379633270529403703-2583367711233-3699-3699Net Issuance of Debt
-2985-4214-6710-5801-7220-8959-8843-10908480-4385-4385Cash Flow from Financing
202544-510103735-69691130012499-1951-1951Net Change in Cash
-3784-2796-3311-4265-4773-3623-4465-4876-4022-3578-3578Capital Expenditure
41826656646971208363872098301730359619891989Free Cash Flow
Competitor
TickerCompanyFinancial
Strength
Profitability
Rank
Market Cap
($M)
PE RatioPS RatioNet
Margin %
ROA %ROE %
NAS:NFLXNetflix Inc58266,71554.259.5717.6412.5239.80
NYSE:DISThe Walt Disney Co47265,778134.153.972.960.992.33
NAS:CMCSAComcast Corp48236,57916.702.1212.735.2615.75
NAS:CHTRCharter Communications Inc37121,79230.952.648.402.9919.85
NAS:LBRDALiberty Broadband Corp3328,33647.4038.0578.433.325.10
GuruFocus Manual of Stocks™  |  Dec 05, 2021
The Walt Disney Co (NYSE:DIS)
www.gurufocus.com/stock/NYSE:DIS

Financial Strength[2] (Quarterly data, as of Sep. 2021) : Fair (4/10)

0
1
2
3
4
5
6
7
8
9

Cash-to-Debt : 0.28

Cash-to-Debt Ratio measures the financial strength of a company. It is calculated as a company's cash, cash equivalents, and marketable securities divide by its debt. A high ratio indicates that a company is better able to pay back its debt, and is thus able to take on more debt if necessary.


Equity-to-Asset : 0.44

Equity-to-Asset ratio is calculated as total stockholders equity divided by its total assets. Equity-to-Asset ratio can vary greatly across different industries, as they have different capital structure. A company with smaller Equity-to-Asset ratio (more leveraged) may have higher ROE % because of the leverage.


Debt-to-Equity : 0.65

A high Debt-to-Equity ratio generally means that a company has been aggressive in financing its growth with debt.


Piotroski F-Score : 6

The Piotroski F-Score is used to determine the strength of a firm's financial position, with 9 being the best and 0 being the worst.

0
1
2
3
4
5
6
7
8
9


WACC : 7.78% vs ROIC : 2.04%

The weighted average cost of capital (WACC) is the rate that a company is expected to pay on average to all its security holders to finance its assets. Return on invested capital (ROIC) measures how well a company generates cash flow relative to the capital it has invested in its business.


Dividend Yield : 0.00%

Dividend yield is a way to measure how much cash flow you are getting for each dollar invested in an equity position.

GuruFocus Manual of Stocks™  |  Dec 05, 2021
The Walt Disney Co (NYSE:DIS)
www.gurufocus.com/stock/NYSE:DIS

Profitability[3] (Annual data, as of Sep. 2021) : Good (7/10)

0
1
2
3
4
5
6
7
8
9

Revenue : $18,534 Mil vs Net Income : $159 Mil

Revenue is the amount of money that a company actually receives during a specific period, including discounts and deductions for returned merchandise. Net Income is a company's total profit. Net income is calculated by taking revenues and adjusting for the cost of doing business, depreciation, interest, taxes and other expenses.


Cash & Equivalents : $15,959 Mil vs Long-Term Debt* : $51,769 Mil

Cash & equivalents are the most liquid assets on the balance sheet. Cash equivalents are assets that are readily convertible into cash. Long-Term Debt* consists of loans and obligations lasting over one year.


Operating Margin % : 3.23%

Operating margin % measures how much profit a company makes on a dollar of sales. Operating Margin % is calculated as Operating Income divided by Revenue.


EPS without NRI : $0.09

Earnings Per Share without Non-Recurring Items is the amount of earnings without non-recurring items per outstanding share of the company's stock. In calculating earnings per share without non-recurring items, the dividends of preferred stocks and Non Operating Income need to subtracted from the total net income first.


Dividends per Share : $0.00

Dividends per Share is the amount of dividends that the shareholders of a company receive on a per-share basis. It is calculated using the total dividends paid out to shareholders over one fiscal year and the number of shares outstanding.


Free Cash Flow per Share : $0.83

Free Cash flow per Share is the amount of Free cash flow per outstanding share of the company's stock.

GuruFocus Manual of Stocks™  |  Dec 05, 2021
The Walt Disney Co (NYSE:DIS)
www.gurufocus.com/stock/NYSE:DIS

Valuation (Quarterly data, as of Sep. 2021)

These valuation metrics should give you a sense of reasonable prices, but be careful with them. Always seek to understand why a valuation is changing over time.


Valuation Chart (Current stock price : $146.22)


PE Ratio without NRI : 152.41

The price-to-earnings ratio can be affected by Non Operating Income such as the sale of part of businesses. This may increase for the current year or quarter dramatically. But it cannot be repeated over and over. Therefore PE Ratio without NRI is a more accurate indication of valuation than regular PE Ratio.


PB Ratio : 3.47

The price-to-book ratio measures the valuation of the stock relative to the underlying asset of the company.


PS Ratio : 4.59

The price-to-sales ratio is a valuation ratio that compares a company’s stock price to its revenues. The price-to-sales ratio is an indicator of the value placed on each dollar of a company’s sales or revenues.


Price-to-Free-Cash-Flow : 155.49

Price-to-free-cash-flow is very similar to the valuation metric of price-to-operating-cash-flow but is considered a more exact measure, owing to the fact that it uses free cash flow, which subtracts capital expenditures from a company's total operating cash flow, thereby reflecting the actual cash flow available to fund non-asset-related growth.


EV-to-EBIT : 86.12

Enterprise value of a company divided by its trailing 12 months earnings before interest and taxes (EBIT).

GuruFocus Manual of Stocks™  |  Dec 05, 2021
The Walt Disney Co (NYSE:DIS)
www.gurufocus.com/stock/NYSE:DIS

Valuation Bands

In these charts the 10-year valuation bands of the price-to-earnings ratio (PE Ratio), price-to-book ratio (PB Ratio), price-to-sales ratio (PS Ratio) and price-to-operating-cash-flow ratio (POCF) are drawn together with the historical stock prices. For example, the upper line of the PE band is where the stock price would have been if it were always traded at the maximum PE ratio of the past 10 years. The lower line of the PE band is where the stock price would have been if it were always traded at the lowest PE ratio of the past 10 years. It is always better if the stock price is close to the lower line, which indicates a lower valuation.


Historical Price and PE Band


Historical Price and PS Band


Historical Price and PB Band


Historical Price and Price-to-Operating-Cash-Flow (POCF) Band

GuruFocus Manual of Stocks™  |  Dec 05, 2021
The Walt Disney Co (NYSE:DIS)
www.gurufocus.com/stock/NYSE:DIS

Warning Signs

GuruFocus conducted a thorough checkup using a checklist of 32 items that cover the areas of financial strength, profitability, growth, and valuation of each company. The purpose of Warning Signs is to warn you that the company may have red flags in certain areas, helping to avoid overlooking them. These warning signs do not necessarily mean you should not invest in the stock. But you should be aware of them before you invest.


Severe Warning Signs

Revenue per Share : Declined

The Walt Disney Co revenue per share has been in decline over the past 3 years.

Gross Margin % : Declined

The Walt Disney Co gross margin has been in long term decline. The average rate of decline per year is -7.5%.

Operating Margin % : Declined

The Walt Disney Co operating margin has been in 5-year decline. The average rate of decline per year is -30.2%.

Long-Term Debt : Keep issuing new debt

The Walt Disney Co keeps issuing new debt. Over the past 3 years, it issued USD 11.2 billion of debt.

Good Signs

Beneish M-Score : Unlikely manipulator

Beneish M-Score -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

PB Ratio : Close to 1-year low

The Walt Disney Co stock PB Ratio (=3) is close to 1-year low of 3

PS Ratio : Close to 1-year low

The Walt Disney Co stock PS Ratio (=3.96) is close to 1-year low of 3.96

Medium Warning Signs

Altman Z-Score : Grey

Altman Z-score of 2.13 is in grey area. The implies that the company is in some kind of financial stress. If it is below 1.8, the company may faces bankrupcy risk.

Operating Income : loss

The Walt Disney Co has recorded a loss in operating income at least once over the past 3 years.

Tax Rate : Tax Rate is too low

Company seems to be paying lower tax, which may boast earnings, and may not be sustainable.

ROIC vs. WACC : Return on invested capital is less than weighted average cost of capital.

Companys's return on invested capital is less than weighted average cost of capital. It might not be capital efficient
GuruFocus Manual of Stocks™  |  Dec 05, 2021
The Walt Disney Co (NYSE:DIS)
www.gurufocus.com/stock/NYSE:DIS

Competitive Comparison


5 Year Price Change Comparison


Financial Strength

CompanyFinancial StrengthCash-to-DebtEquity-to-AssetDebt-to-EquityInterest CoveragePiotroski F-ScoreAltman Z-ScoreBeneish M-ScoreWACC %ROIC %
NAS:ROKURoku Inc7/104.190.690.1993.18715.04-1.7410.1731.65
NAS:DISHDISH Network Corp5/100.310.361.14764.0461.47-2.637.617.60
NAS:NFLXNetflix Inc5/100.490.361.016.0067.47-1.735.4815.48
NAS:CMCSAComcast Corp4/100.120.351.024.7471.80-2.576.195.71
NAS:LBTYALiberty Global PLC4/100.200.550.632.0052.20-2.286.664.20
NYSE:DISThe Walt Disney Co4/100.280.440.652.3562.13-2.587.782.04
NAS:VIACViacomCBS Inc4/100.250.370.944.7551.56-2.338.399.51
NAS:CHTRCharter Communications Inc3/100.010.125.212.6171.100.005.805.95
NAS:LBRDALiberty Broadband Corp3/100.080.600.370.0042.7739.086.87-0.09
NYSE:LYVLive Nation Entertainment Inc3/100.64-0.03-18.010.0050.91-2.118.58-7.76

Profitability

CompanyProfitability RankOperating
Margin %
Net Margin %ROE %ROA %Price-to-Free-Cash-FlowROC (Joel Greenblatt) %3-Year Revenue Growth %3-Year EBITDA Growth %3-Year EPS w/o NRI Growth %
NAS:CMCSAComcast Corp8/1017.5012.7315.755.2616.2945.768.004.80-21.70
NAS:NFLXNetflix Inc8/1022.7617.6439.8012.521819.12670.6128.1029.0069.40
NAS:VIACViacomCBS Inc8/1017.5112.0018.366.1018.9091.39-0.10-5.10-9.60
NAS:CHTRCharter Communications Inc7/1020.268.4019.852.9916.7429.0817.9019.80-23.30
NAS:DISHDISH Network Corp7/1019.3314.4018.666.6813.51132.75-1.305.30-9.50
NYSE:DISThe Walt Disney Co7/105.432.962.330.99134.7612.74-2.20-25.40-49.00
NAS:LBTYALiberty Global PLC5/1017.1795.0862.9922.356.26184.8614.40-6.501.90
NAS:LBRDALiberty Broadband Corp3/10-2.2578.435.103.320.0070.1457.60-45.30-42.00
NAS:ROKURoku Inc3/1010.9411.2213.989.28107.4550.42-7.500.0060.30
NYSE:LYVLive Nation Entertainment Inc2/10-17.95-23.570.00-7.7328.50-24.20-43.000.00-156.70

Valuation

CompanyPE RatioPB RatioPS RatioPrice-to-Intrinsic-Value-Projected-FCFPrice-to-Intrinsic-Value-DCF (Earnings Based)Price-to-Median-PS-ValuePrice-to-Peter-Lynch-Fair-ValuePrice-to-Graham-NumberEarnings Yield (Joel Greenblatt) %Forward Rate of Return (Yacktman) %
NYSE:LYVLive Nation Entertainment IncAt Loss0.005.8721.070.007.480.000.00-2.3715.02
NAS:LBTYALiberty Global PLC1.320.571.270.270.000.740.120.2548.5429.50
NAS:VIACViacomCBS Inc6.080.980.720.570.240.400.002.1913.8110.62
NAS:DISHDISH Network Corp7.471.101.081.250.000.730.000.0012.36-0.15
NAS:CMCSAComcast Corp16.702.472.121.050.511.042.350.007.4012.36
NAS:CHTRCharter Communications Inc30.957.152.6412.142.101.251.730.004.7421.23
NAS:LBRDALiberty Broadband Corp47.402.5238.053.390.000.000.002.532.32-18.19
NAS:NFLXNetflix Inc54.2517.429.570.001.291.342.170.002.5119.52
NAS:ROKURoku Inc101.2610.2811.100.000.000.000.007.121.090.00
NYSE:DISThe Walt Disney Co134.153.003.972.110.001.290.000.001.34-24.30
GuruFocus Manual of Stocks™  |  Dec 05, 2021
The Walt Disney Co (NYSE:DIS)
www.gurufocus.com/stock/NYSE:DIS

Peter Lynch Chart[4]

GuruFocus Manual of Stocks™  |  Dec 05, 2021
The Walt Disney Co (NYSE:DIS)
www.gurufocus.com/stock/NYSE:DIS

Per Share Data



Per Share Data

Sep06
Sep07
Sep08
Sep09
Sep10
Sep11
Sep12
Sep13
Sep14
Sep15
Sep16
Sep17
Sep18
Sep19
Sep20
Sep21
TTM Fiscal Period
16.26
16.97
19.43
19.28
19.54
21.42
23.26
24.84
27.75
30.7
33.94
34.94
39.44
41.78
36.17
36.88
36.87
Revenue per Share
3.27
3.95
4.88
4.2
4.52
5.41
6.45
6.71
8.43
9.65
10.83
10.82
12.15
11.45
2.9
5.04
5.05
EBITDA per Share
2.58
3.24
4.07
3.33
3.64
4.44
5.35
5.5
7.13
8.27
9.29
9.06
10.16
8.94
-0.05
2.25
2.25
EBIT per Share
1.64
2.25
2.28
1.76
2.03
2.52
3.13
3.38
4.26
4.9
5.73
5.69
8.36
6.64
-1.58
1.09
1.09
Earnings per Share (Diluted)
1.6
2.24
2.28
1.76
2.03
2.52
3.13
3.38
4.26
4.9
5.73
5.69
8.36
6.26
-1.57
1.11
1.11
EPS without NRI
2.04
2.28
2.08
1.86
2.17
2.26
2.73
3.49
3.77
4.29
5.58
5.3
6.72
3.41
-1.13
2.63
2.63
Owner Earnings per Share (TTM)
2.28
1.84
1.99
1.9
2.29
1.8
2.3
3.67
3.68
4.17
5.1
5.53
6.52
1.04
1.99
1.09
1.09
Free Cash Flow per Share
2.92
2.59
2.8
2.84
3.38
3.66
4.38
5.21
5.56
6.66
8.02
7.82
9.49
3.97
4.21
3.05
3.04
Operating Cash Flow per Share
1.17
1.87
1.65
1.88
1.44
1.81
1.88
2.18
2.01
2.67
2.88
2.68
2.77
3.04
9.91
8.78
8.78
Cash per Share
0.27
0.31
0.35
0.35
0.35
0.4
0.6
0.75
0.86
1.81
1.42
1.56
1.68
1.76
0.88
--
-- Dividends per Share
15.42
15.67
17.73
18.55
19.78
21.22
22.09
25.24
26.45
27.83
27.04
27.54
32.52
49.9
46.25
48.71
48.71
Book Value per Share
0.57
0.54
4.62
5.39
4.4
4.61
5.35
5.96
5.67
5.95
5.32
1.93
7.13
-8.22
-7.35
-3.65
-3.65
Tangible Book per Share
6.55
7.87
8.16
7.11
6.7
8.1
8.11
7.94
8.7
10.84
12.61
16.86
13.92
26.38
34.06
31.7
31.7
Total Debt per Share
30.33
34.39
30.69
27.46
33.1
30.16
52.28
64.49
89.03
102
92.86
98.57
117
130
124
169
146
Month End Stock Price

Ratios

Sep06
Sep07
Sep08
Sep09
Sep10
Sep11
Sep12
Sep13
Sep14
Sep15
Sep16
Sep17
Sep18
Sep19
Sep20
Sep21
TTM Fiscal Period
11.63
14.98
14.04
10.01
11.12
12.84
14.73
14.41
16.6
18.73
21.39
21.23
27.97
16.06
-3.32
2.32
2.33
ROE %
5.9
6.84
8.12
6.76
6.66
9.04
6.22
5.63
4.93
5.1
6.24
5.93
7.77
6.15
-1.24
0.67
0.78
ROE % Adjusted to Book Value
5.96
7.75
7.17
5.27
5.99
6.8
7.73
7.86
9.07
9.73
10.42
9.56
12.96
7.56
-1.45
0.98
0.99
ROA %
300
421
93.39
36.27
43.69
58.42
64.01
60.25
73.62
87.45
104
158
185
Neg. E
--
Neg. E
Neg. E Return-on-Tangible-Equity
11.76
15.47
12.68
8.5
10.01
11.6
12.97
13.44
15.73
16.43
17
15.67
21.37
14.64
-2.93
1.87
1.88
Return-on-Tangible-Asset
31.13
39.2
44.57
34.96
39.43
43.11
44.84
44.52
54.6
57.63
57.62
51.28
52.82
48.74
-0.3
12.7
12.74
ROC (Joel Greenblatt) %
11.42
13.65
15.78
11.89
12.6
14.34
15.94
15.15
17.87
19.81
20.7
18.89
19.5
12.24
-0.06
2.36
2.36
ROCE %
6.82
7.76
8.53
6.55
7.41
7.88
8.87
9.34
10.28
10.92
11.62
10.87
14.56
6.87
2.99
2.03
2.04
ROIC %
9.64
6.86
6.64
8.43
8.23
8.21
7.78
9.1
8.2
10.58
9.3
9.22
8.7
5.5
6.31
7.87
7.78
WACC %
--
--
3.46
4.23
3.56
3.23
3.27
2.42
2.02
1.65
1.89
2.23
2.49
2.88
3.04
2.59
2.69
Effective Interest Rate on Debt %
15.87
19.1
19.67
15.76
17.67
19.03
44.49
44.42
45.88
45.94
46.09
45.04
44.94
39.57
32.89
33.06
33.06
Gross Margin %
15.87
19.1
19.67
15.76
17.67
19.03
20.96
20.98
23.64
25.21
25.81
25.16
24.96
17
5.8
5.43
5.43
Operating Margin %
10
13.2
11.7
9.15
10.41
11.76
13.44
13.62
15.37
15.98
16.88
16.29
21.2
15.88
-4.38
2.96
2.96
Net Margin %
14.04
10.86
10.22
9.86
11.74
8.4
9.89
14.78
13.25
13.57
15.03
15.82
16.54
2.49
5.5
2.95
2.95
FCF Margin %
0.43
0.5
0.46
0.38
0.34
0.38
0.37
0.32
0.33
0.39
0.47
0.61
0.43
0.53
0.74
0.65
0.65
Debt-to-Equity
0.53
0.51
0.52
0.53
0.54
0.52
0.53
0.56
0.53
0.51
0.47
0.43
0.5
0.46
0.42
0.44
0.44
Equity-to-Asset
0.23
0.25
0.24
0.21
0.18
0.2
0.2
0.18
0.18
0.2
0.22
0.26
0.21
0.24
0.31
0.28
0.28
Debt-to-Asset
0.45
0.47
0.46
0.44
0.43
0.45
0.44
0.41
0.43
0.45
0.49
0.53
0.46
0.52
0.56
0.54
0.54
Liabilities-to-Assets
9.46
11.22
12.06
9.07
10.17
11.01
25.59
25.63
27.08
27.97
28.45
26.44
27.48
18.83
10.88
11
11.04
Gross-Profit-to-Asset %
0.6
0.59
0.61
0.58
0.58
0.58
0.58
0.58
0.59
0.61
0.62
0.59
0.61
0.48
0.33
0.33
0.33
Asset Turnover
0.17
0.14
0.15
0.2
0.17
0.16
0.19
0.22
0.2
0.37
0.25
0.27
0.2
0.28
--
--
-- Dividend Payout Ratio
50.25
50.05
50.18
54.25
52.3
50.88
52.92
52.7
52.8
52.32
52.72
53.19
48.76
55.58
67.62
60.84
67.58
Days Sales Outstanding
72.35
62.97
50.13
50.08
49.01
49.38
71.27
69.39
70.94
69.97
75.23
79.28
71.43
88
112
119
119
Days Payable
8.48
8.48
10.6
14.35
15.8
16.74
24.36
22.05
21.14
20.24
18.02
16.64
15.42
13.19
13.44
11.78
11.56
Days Inventory
-13.62
-4.44
10.65
18.52
19.09
18.24
6.01
5.36
3
2.59
-4.49
-9.45
-7.25
-19.23
-31.07
-46.83
-40.31
Cash Conversion Cycle
43.02
43.04
34.45
25.43
23.1
21.81
14.99
16.56
17.26
18.04
20.26
21.94
23.67
27.66
27.15
30.98
31.59
Inventory Turnover
0.84
0.81
0.8
0.84
0.82
0.81
0.56
0.56
0.54
0.54
0.54
0.55
0.55
0.6
0.67
0.67
0.67
COGS-to-Revenue
0.02
0.02
0.02
0.03
0.04
0.04
0.04
0.03
0.03
0.03
0.03
0.03
0.02
0.02
0.03
0.02
0.02
Inventory-to-Revenue
0.04
0.04
0.04
0.05
0.06
0.09
0.09
0.06
0.07
0.08
0.09
0.07
0.08
0.07
0.06
0.05
0.05
Capex-to-Revenue
* All financial numbers are in millions except for per share data, ratios and percentage change. When Return-on-Tangible-Equity displays Neg. E, it means the the tangible equity is negative.
GuruFocus Manual of Stocks™  |  Dec 05, 2021
The Walt Disney Co (NYSE:DIS)
www.gurufocus.com/stock/NYSE:DIS

Financial Satement



Income Statement

Sep06
Sep07
Sep08
Sep09
Sep10
Sep11
Sep12
Sep13
Sep14
Sep15
Sep16
Sep17
Sep18
Sep19
Sep20
Sep21
TTM Fiscal Period
33747
35510
37843
36149
38063
40893
42278
45041
48813
52465
55632
55137
59434
69607
65388
67418
67418
Revenue
28392
28729
30400
30452
31337
33112
23468
25034
26420
28364
29993
30306
32726
42061
43880
45131
45131
Cost of Goods Sold
5355
6781
7443
5697
6726
7781
18810
20007
22393
24101
25639
24831
26708
27546
21508
22287
22287
Gross Profit
15.87
19.1
19.67
15.76
17.67
19.03
44.49
44.42
45.88
45.94
46.09
45.04
44.94
39.57
32.89
33.06
33.06
Gross Margin %
--
--
--
--
--
--
7960
8365
8565
8523
8754
8176
8860
11549
12369
13517
13517
Selling, General, & Admin. Expense
--
--
--
--
--
--
1987
2192
2288
2354
2527
2782
3011
4167
5345
5111
5111
Other Operating Expense
--
--
--
--
--
--
9947
10557
10853
10877
11281
10958
11871
15716
17714
18628
18628
Total Operating Expense
5355
6781
7443
5697
6726
7781
8863
9450
11540
13224
14358
13873
14837
11830
3794
3659
3659
Operating Income
15.87
19.1
19.67
15.76
17.67
19.03
20.96
20.98
23.64
25.21
25.81
25.16
24.96
17
5.8
5.43
5.43
Operating Margin %
--
--
--
122
47
92
103
114
317
148
94
122
108
268
156
140
141
  Interest Income
--
--
-524
-588
-456
-435
-472
-349
-294
-265
-354
-507
-574
-978
-1647
-1546
-1555
  Interest Expense
--
--
-524
-466
-409
-343
-393
-235
23
-117
-260
-385
-574
-978
-1491
-1406
-1405
Net Interest Income
-31
944
483
427
310
605
790
405
683
761
770
300
466
3071
-4046
308
307
Other Income (Expense)
5324
7725
7402
5658
6627
8043
9260
9620
12246
13868
14868
13788
14729
13923
-1743
2561
2561
Pre-Tax Income
-1837
-2874
-2673
-2049
-2314
-2785
-3087
-2984
-4242
-5016
-5078
-4422
-1663
-3026
-699
-25
-25
Tax Provision
34.5
37.2
36.11
36.21
34.92
34.63
33.34
31.02
34.64
36.17
34.15
32.07
11.29
21.73
-40.1
0.98
0.98
Tax Rate %
3304
4674
4729
3609
4313
5258
6173
6636
8004
8852
9790
9366
13066
10897
-2442
2536
2536
Net Income (Continuing Operations)
70
13
--
--
--
--
--
--
--
--
--
--
--
687
-32
-29
-29
Net Income (Discontinued Operations)
-183
-177
-302
-302
-350
-451
-491
-500
-503
-470
-399
-386
-468
-530
-390
-512
-512
  Other Income (Minority Interest)
3374
4687
4427
3307
3963
4807
5682
6136
7501
8382
9391
8980
12598
11054
-2864
1995
1995
Net Income
10
13.2
11.7
9.15
10.41
11.76
13.44
13.62
15.37
15.98
16.88
16.29
21.2
15.88
-4.38
2.96
2.96
Net Margin %
1.68
2.34
2.34
1.78
2.07
2.56
3.17
3.42
4.31
4.95
5.76
5.73
8.4
6.68
-1.58
1.1
1.1
EPS (Basic)
1.64
2.25
2.28
1.76
2.03
2.52
3.13
3.38
4.26
4.9
5.73
5.69
8.36
6.64
-1.58
1.09
1.09
EPS (Diluted)
2076
2092
1948
1875
1948
1909
1818
1813
1759
1709
1639
1578
1507
1666
1808
1828
1831
Shares Outstanding (Diluted Average)
5355
6781
7926
6246
7083
8478
9732
9969
12540
14133
15222
14295
15303
14901
-96
4107
4116
EBIT
1437
1491
1582
1631
1713
1841
1987
2192
2288
2354
2527
2782
3011
4167
5345
5111
5111
Depreciation, Depletion and Amortization
6792
8272
9508
7877
8796
10319
11719
12161
14828
16487
17749
17077
18314
19068
5249
9218
9227
EBITDA

Cashflow Statement

Sep06
Sep07
Sep08
Sep09
Sep10
Sep11
Sep12
Sep13
Sep14
Sep15
Sep16
Sep17
Sep18
Sep19
Sep20
Sep21
TTM Fiscal Period
3374
4687
4729
3609
4313
5258
6173
6636
8004
8852
9790
9366
13066
10897
-2442
2536
2536
Net Income From Continuing Operations
1437
1491
1582
1631
1713
1841
1987
2192
2288
2354
2527
2782
3011
4167
5345
5111
5111
Depreciation, Depletion and Amortization
-85
-355
-594
468
-686
-518
-108
-374
-480
-211
-393
107
-720
55
1943
-357
-357
  Change In Receivables
-63
52
-329
-117
-127
-199
18
51
-81
1
186
-5
-17
-223
14
252
252
  Change In Inventory
304
77
438
-242
649
-367
-608
367
536
-49
40
-368
235
191
-2293
2410
2410
  Change In Payables And Accrued Expense
785
190
-64
-565
-102
277
-445
10
-1211
-345
-1142
-919
-335
-5667
-309
-111
-111
  Change In Other Working Capital
941
-36
-549
-456
-266
-807
-1143
54
-1236
-604
-1309
-1185
-837
-5644
-645
2194
2194
Change In Working Capital
-139
-260
-128
323
133
127
472
92
517
-102
1214
334
-1573
117
-392
-1241
-1241
Deferred Tax
--
--
402
457
391
423
408
402
408
410
393
364
393
711
525
600
600
Stock Based Compensation
--
--
39
279
132
16
22
--
--
--
--
--
--
--
4953
--
-- Asset Impairment Charge
28
10
--
--
--
--
--
--
--
--
--
--
--
622
2
1
1
Cash from Discontinued Operating Activities
417
-471
-629
-524
162
136
47
76
-201
475
521
682
235
-4264
272
-3634
-3634
Cash Flow from Others
6058
5421
5446
5319
6578
6994
7966
9452
9780
11385
13136
12343
14295
6606
7618
5567
5567
Cash Flow from Operations
-1319
-1566
-1578
-1753
-2110
-3559
-3784
-2796
-3311
-4265
-4773
-3623
-4465
-4876
-4022
-3578
-3578
Purchase Of Property, Plant, Equipment
--
1
--
--
--
--
--
--
--
--
--
--
--
--
--
--
-- Sale Of Property, Plant, Equipment
--
--
-660
-176
-2493
-184
-1088
-2443
-402
--
-850
-417
-1581
-9901
--
--
-- Purchase Of Business
--
--
--
185
170
564
110
479
395
166
45
--
--
--
--
--
-- Sale Of Business
1154
1535
84
46
--
--
--
--
--
--
--
--
--
--
--
--
-- Sale Of Investment
-7
-3
--
--
--
--
--
--
--
--
--
--
--
10978
213
8
-- Cash From Discontinued Investing Activities
-55
-588
-8
-57
-90
-107
3
84
-27
-146
-180
-71
710
-319
172
407
415
Cash From Other Investing Activities
-227
-621
-2162
-1755
-4523
-3286
-4759
-4676
-3345
-4245
-5758
-4111
-5336
-4118
-3637
-3163
-3163
Cash Flow from Investing
1259
1245
636
--
--
--
--
--
--
--
--
--
--
--
--
--
-- Issuance of Stock
-6898
-6923
-4453
-138
-2669
-4993
-3015
-4087
-6527
-6095
-7499
-9368
-3577
--
--
--
-- Repurchase of Stock
941
2696
1706
1750
1190
2743
4246
3931
2281
4926
6065
6067
1056
42558
18120
64
229
  Issuance of Debt
--
--
-1178
-3602
-1371
-1096
-3822
-3552
-1648
-2221
-3125
-2364
-3639
-38881
-6887
-3763
-3928
  Payments of Debt
941
2696
528
-1852
-181
1647
424
379
633
2705
2940
3703
-2583
3677
11233
-3699
-3699
Net Issuance of Debt
-519
-637
-664
-648
-653
-756
-1076
-1324
-1508
-3063
-2313
-2445
-2515
-2895
-1587
--
-- Cash Flow for Dividends
74
78
--
-510
840
869
682
818
692
652
-348
-849
-168
-1872
-1166
-686
-686
Other Financing
-5143
-3541
-3953
-3148
-2663
-3233
-2985
-4214
-6710
-5801
-7220
-8959
-8843
-1090
8480
-4385
-4385
Cash Flow from Financing
--
--
--
--
-87
-12
-20
-18
-235
-302
-123
31
-25
-98
38
30
30
Effect of Exchange Rate Changes
688
1259
-669
416
-695
463
202
544
-510
1037
35
-696
91
1300
12499
-1951
-1951
Net Change in Cash
-1319
-1566
-1578
-1753
-2110
-3559
-3784
-2796
-3311
-4265
-4773
-3623
-4465
-4876
-4022
-3578
-3578
Capital Expenditure
4739
3855
3868
3566
4468
3435
4182
6656
6469
7120
8363
8720
9830
1730
3596
1989
1989
Free Cash Flow
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  Dec 05, 2021
The Walt Disney Co (NYSE:DIS)
www.gurufocus.com/stock/NYSE:DIS

Financial Satement


Balance Sheet

Sep06
Sep07
Sep08
Sep09
Sep10
Sep11
Sep12
Sep13
Sep14
Sep15
Sep16
Sep17
Sep18
Sep19
Sep20
Sep21
TTM Fiscal Period
2411
3670
3001
3417
2722
3185
3387
3931
3421
4269
4610
4017
4150
5418
17914
15959
15959
  Cash And Cash Equivalents
2411
3670
3001
3417
2722
3185
3387
3931
3421
4269
4610
4017
4150
5418
17914
15959
15959
Cash, Cash Equivalents, Marketable Securities
4707
5032
5373
--
5454
5947
6313
6694
7428
7613
8458
7611
8268
12930
11299
11177
11177
  Accounts Receivable
--
--
--
4854
330
235
227
273
394
406
607
1022
1066
2551
1409
2190
2190
  Other Current Receivables
4707
5032
5373
4854
5784
6182
6540
6967
7822
8019
9065
8633
9334
15481
12708
13367
13367
Total Receivables
694
641
1124
1271
1442
1595
1537
1487
1574
1571
1390
1373
1392
1649
1583
1331
1331
  Inventories, Other
694
641
1124
1271
1442
1595
1537
1487
1574
1571
1390
1373
1392
1649
1583
1331
1331
Total Inventories
1750
1971
2168
2347
2277
2795
2245
1724
2352
2899
1901
1866
1949
5576
3046
3000
3000
Other Current Assets
9562
11314
11666
11889
12225
13757
13709
14109
15169
16758
16966
15889
16825
28124
35251
33657
33657
Total Current Assets
--
--
2249
2554
2513
2435
2723
2849
2696
2643
4280
3202
2899
3224
3903
3935
3935
Investments And Advances
1192
4802
4937
4792
4782
4854
5055
5336
5504
1250
5842
6848
7035
1165
1035
1131
1131
  Land And Improvements
--
15357
15444
15929
15998
17662
--
--
--
--
--
--
--
--
--
--
--   Buildings And Improvements
--
11272
11739
12228
12575
13476
14317
15135
15701
--
16912
18908
19400
--
--
--
--   Machinery, Furniture, Equipment
913
1147
1169
1350
2180
2625
2453
2476
3553
6028
2684
2145
3942
4264
4449
4521
4521
  Construction In Progress
28843
--
553
693
644
650
20374
21892
22296
42745
28760
29542
29927
58589
62111
64892
64892
  Other Gross PPE
30948
32578
33842
34992
36179
39267
42199
44839
47054
50023
54198
57443
60304
64018
67595
70544
70544
Gross Property, Plant and Equipment
-13781
-15145
-16310
-17395
-18373
-19572
-20687
-22459
-23722
-24844
-26849
-29037
-30764
-32415
-35517
-37920
-37920
  Accumulated Depreciation
17167
17433
17532
17597
17806
19695
21512
22380
23332
25179
27349
28406
29540
31603
32078
32624
32624
Property, Plant and Equipment
30647
29702
23893
23930
29181
29266
30125
34694
35315
34998
34759
38421
38081
103508
96862
95186
95186
Intangible Assets
22505
22085
21465
21683
24100
24145
25110
27324
27881
27826
27810
31426
31269
80293
77689
78071
78071
  Goodwill
2622
2479
7157
7147
7481
6971
6829
7209
7629
8604
8679
9871
11253
27525
33455
38207
38207
Other Long Term Assets
50436
49614
50831
51228
56981
58367
61189
67132
68972
71424
75067
79900
81773
165860
166298
169952
169952
Total Long-Term Assets
59998
60928
62497
63117
69206
72124
74898
81241
84141
88182
92033
95789
98598
193984
201549
203609
203609
Total Assets
5917
3996
4355
4002
4413
4546
4619
4899
5371
5504
6860
6305
6503
13778
13183
16357
16357
  Accounts Payable
--
--
--
355
--
348
--
--
--
--
--
--
--
--
--
--
--   Other Current Payables
--
1953
1625
1259
--
--
1774
1904
2224
2340
2270
2550
2976
3984
3618
4537
4537
  Current Accrued Expense
5917
5949
5980
5616
4413
4894
6393
6803
7595
7844
9130
8855
9479
17762
16801
20894
20894
Accounts Payable & Accrued Expense
2682
3280
3529
1206
2350
3055
3614
1512
2164
4563
3687
6172
3790
8857
5711
5866
5866
  Short-Term Debt
2682
3280
3529
1206
2350
3055
3614
1512
2164
4563
3687
6172
3790
8857
5711
5866
5866
Short-Term Debt & Capital Lease Obligation
--
--
2082
2112
2541
2671
2806
3389
3533
3927
4025
4568
4591
4722
4116
4317
4317
  Current Deferred Revenue
--
--
2082
2112
2541
2671
2806
3389
3533
3927
4025
4568
4591
4722
4116
4317
4317
DeferredTaxAndRevenue
1611
2162
--
--
1696
1468
--
--
--
--
--
--
--
--
--
--
-- Other Current Liabilities
10210
11391
11591
8934
11000
12088
12813
11704
13292
16334
16842
19595
17860
31341
26628
31077
31077
Total Current Liabilities
10843
11892
11110
11495
10130
10922
10697
12776
12631
12773
16483
19119
17084
38129
52917
48540
48540
  Long-Term Debt
--
274
241
226
224
288
284
--
--
--
--
--
--
--
2911
3229
3229
  Long-Term Capital Lease Obligation
10843
12166
11351
11721
10354
11210
10981
12776
12631
12773
16483
19119
17084
38129
55828
51769
51769
Long-Term Debt & Capital Lease Obligation
0.43
0.5
0.46
0.38
0.34
0.38
0.37
0.32
0.33
0.39
0.47
0.61
0.43
0.53
0.74
0.65
0.65
Debt-to-Equity
--
--
1157
3069
3378
4223
4828
2091
3481
3940
5184
3281
2712
4783
6451
4132
4132
PensionAndRetirementBenefit
2651
2573
2670
2069
2874
3099
2526
4050
4098
4051
3679
4480
3109
7902
7288
7246
7246
NonCurrent Deferred Liabilities
3131
2750
2061
1899
2258
2051
1792
2470
2461
2429
2522
4310
5001
17940
17091
16374
16374
Other Long-Term Liabilities
16625
17489
17239
18758
18864
20583
20127
21387
22671
23193
27868
31190
27906
68754
86658
79521
79521
Total Long-Term Liabilities
26835
28880
28830
27692
29864
32671
32940
33091
35963
39527
44710
50785
45766
100095
113286
110598
110598
Total Liabilities
22377
24207
26546
27038
28736
30296
31731
33440
34301
35122
35859
36248
36779
53907
54497
55471
55471
Common Stock
20630
24805
28413
31033
34327
38375
42965
47758
53734
59028
66088
72606
82679
42494
38315
40429
40429
Retained Earnings
-8
-157
-81
-1644
-1881
-2630
-3266
-1187
-1968
-2421
-3979
-3528
-3097
-6617
-8322
-6440
-6440
Accumulated other comprehensive income (loss)
-11179
-18102
-22555
-22693
-23663
-28656
-31671
-34582
-41109
-47204
-54703
-64011
-67588
-907
-907
-907
-907
Treasury Stock
31820
30753
32323
33734
37519
37385
39759
45429
44958
44525
43265
41315
48773
88877
83583
88553
88553
Total Stockholders Equity
1343
1295
1344
1691
1823
2068
2199
2721
3220
4130
4058
3689
4059
5012
4680
4458
4458
Minority Interest
33163
32048
33667
35425
39342
39453
41958
48150
48178
48655
47323
45004
52832
93889
88263
93011
93011
Total Equity
0.53
0.51
0.52
0.53
0.54
0.52
0.53
0.56
0.53
0.51
0.47
0.43
0.5
0.46
0.42
0.44
0.44
Equity-to-Asset
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  Dec 05, 2021
The Walt Disney Co (NYSE:DIS)
www.gurufocus.com/stock/NYSE:DIS

Valuation Ratios



Valuation Ratios

Sep06
Sep07
Sep08
Sep09
Sep10
Sep11
Sep12
Sep13
Sep14
Sep15
Sep16
Sep17
Sep18
Sep19
Sep20
Sep21
TTM Fiscal Period
18.49
15.28
13.46
15.6
16.31
11.97
16.7
19.08
20.9
20.86
16.21
17.32
13.99
19.63
At Loss
155
134
PE Ratio
18.95
15.35
13.46
15.6
16.31
11.97
16.7
19.08
20.9
20.86
16.21
17.32
13.99
20.82
At Loss
152
132
PE Ratio without NRI
14.84
15.1
14.75
14.73
15.29
13.37
19.12
18.49
23.62
23.83
16.64
18.61
17.4
38.18
--
64.45
55.7
Price-to-Owner-Earnings
1.97
2.19
1.73
1.48
1.67
1.42
2.37
2.56
3.37
3.67
3.43
3.58
3.6
2.61
2.68
3.47
3
PB Ratio
53.39
64.16
6.64
5.09
7.53
6.55
9.77
10.81
15.7
17.16
17.47
51.1
16.41
--
--
--
-- Price-to-Tangible-Book
13.28
18.66
15.45
14.44
14.43
16.76
22.73
17.57
24.21
24.53
18.2
17.84
17.93
126
62.38
155
135
Price-to-Free-Cash-Flow
10.39
13.27
10.98
9.68
9.8
8.23
11.93
12.37
16.01
15.34
11.59
12.6
12.33
32.87
29.45
55.56
48.07
Price-to-Operating-Cash-Flow
1.87
2.03
1.58
1.42
1.69
1.41
2.25
2.6
3.21
3.33
2.74
2.82
2.97
3.12
3.43
4.59
3.97
PS Ratio
1.59
0.79
0.67
0.95
1.35
1.71
2.18
1.73
1.39
1.33
1.04
1.28
1.32
2.57
--
--
-- PEG Ratio
2.22
2.27
1.83
1.69
1.96
1.62
2.54
2.87
3.4
3.44
3.02
3.13
3.3
4
4.17
5.25
4.56
EV-to-Revenue
11.05
9.74
7.27
7.76
8.48
6.42
9.17
10.62
11.19
10.96
9.48
10.12
10.71
14.62
51.92
38.37
33.32
EV-to-EBITDA
14.01
11.88
8.73
9.79
10.53
7.82
11.05
12.96
13.23
12.79
11.05
12.09
12.82
18.7
-2839
86.12
74.7
EV-to-EBIT
7.14
8.42
11.45
10.21
9.5
12.79
9.05
7.72
7.56
7.82
9.05
8.27
7.8
5.35
-0.04
1.16
1.34
Earnings Yield (Joel Greenblatt) %
16.13
23.66
25.65
23
18.17
13.74
11.57
14.68
18.16
18.76
19.59
17.87
14.85
11.59
-6.76
-24.62
-24.3
Forward Rate of Return (Yacktman) %
39.78
36.14
26.05
21.82
23.19
17.32
25.96
27.98
33.79
34.28
27.26
26.02
26.26
25.95
26.46
35.67
30.83
Shiller PE Ratio
0.89
0.9
1.14
1.27
1.06
1.33
1.15
1.16
0.97
1.77
1.53
1.58
1.44
1.35
0.71
--
-- Dividend Yield %

Valuation and Quality

Sep06
Sep07
Sep08
Sep09
Sep10
Sep11
Sep12
Sep13
Sep14
Sep15
Sep16
Sep17
Sep18
Sep19
Sep20
Sep21
TTM Fiscal Period
62591
67480
55945
49931
62787
53148
94104
116082
151351
163520
148576
147855
175410
232100
224220
307551
265778
Market Cap
75048
80551
69168
61132
74592
66296
107511
129160
165945
180717
168194
172818
196193
278680
272525
353685
307454
Enterprise Value
30.33
34.39
30.69
27.46
33.1
30.16
52.28
64.49
89.03
102
92.86
98.57
117
130
124
169
146
Month End Stock Price
-12.48
-13.51
-14.91
-14.28
-15.27
-17.91
-17.64
-17.71
-21.04
-24.62
-27.6
-33.64
-30.45
-55.97
-55.37
-54.51
-54.51
Net Cash per Share
-9.02
-9.61
-10.15
-9.62
-10.26
-11.91
-11.91
-12.06
-14.13
-16.81
-19.88
-25.72
-22
-43.22
-45.77
-44.77
-44.77
Net Current Asset Value
-10.61
-11.42
-12.39
-13.93
-12.73
-14.92
-14.58
-14.51
-17.3
-20.56
-23.2
-29.37
-25.85
-50.07
-50.24
-49.53
-49.53
Net-Net Working Capital
25.47
32.28
39.04
40.62
40.25
41.46
42.76
47.74
56.83
65.47
75.72
80.83
93.99
84.77
71.75
69.33
69.33
Intrinsic Value: Projected FCF
32.85
33.72
37.15
35.31
34.56
37.76
41.76
46.49
53.16
60.75
70.89
77.59
109
119
106
113
113
Median PS Value
19.09
43.22
45.92
28.99
24.4
17.71
23.87
37.35
64.13
76.98
89.12
76.93
88.7
53.54
--
--
-- Peter Lynch Fair Value
4.52
5.2
15.4
14.61
14.17
16.16
19.41
21.3
23.32
25.62
26.18
15.71
36.62
--
--
--
-- Graham Number
2.45
5.08
8.69
11.67
12.35
11.63
12.14
13.8
18.51
23.8
31.28
37.01
50.16
30.13
25.06
22.03
22.03
Earnings Power Value (EPV)
2.73
2.97
2.82
2.72
2.86
2.7
3.52
3.92
4.52
4.55
4.15
3.83
4.58
2.29
1.83
2.36
2.13
Altman Z-Score
7
7
8
5
7
7
7
7
7
8
7
4
8
3
4
6
6
Piotroski F-Score
--
--
--
--
--
--
--
-2.61
-2.84
-2.68
-2.64
-2.76
-2.48
-1.84
-2.75
-2.58
-2.58
Beneish M-Score
0.83
0.73
0.75
0.72
0.78
0.73
0.74
0.78
0.73
0.73
0.71
0.72
0.73
1.37
0.68
0.67
0.67
Scaled Net Operating Assets
-4.1
-0.19
1.83
-0.41
2.76
1.52
3.3
1.67
1.27
1.41
2.19
0.78
3.69
4.42
-3.4
-0.2
-0.2
Sloan Ratio %
0.94
0.99
1.01
1.33
1.11
1.14
1.07
1.21
1.14
1.03
1.01
0.81
0.94
0.9
1.32
1.08
1.08
Current Ratio
0.87
0.94
0.91
1.19
0.98
1.01
0.95
1.08
1.02
0.93
0.92
0.74
0.86
0.84
1.26
1.04
1.04
Quick Ratio
0.24
0.32
0.26
0.38
0.25
0.26
0.26
0.34
0.26
0.26
0.27
0.21
0.23
0.17
0.67
0.51
0.51
Cash Ratio
N/A
N/A
14.2
9.69
14.75
17.89
18.78
27.08
39.25
49.9
40.56
27.36
25.85
12.1
2.3
2.37
2.35
Interest Coverage
30.48
35.86
35.47
30.68
37.56
44.07
52.92
67.67
90.94
122
120
116
117
146
152
202
203
Highest Stock Price
22.53
29.95
28.12
15.59
27.21
29.55
29
47.06
63.59
81.74
88.85
90.83
96.93
100
85.76
118
142
Lowest Stock Price
-2.83
4.93
7.1
0.25
-4.32
7.1
-2.15
--
5.56
5.88
--
6.25
--
-18.73
-1.46
-0.61
-0.61
Shares Buyback Ratio %
9.01
8.41
6.82
0.28
4.25
9.39
3.2
3.52
4.31
3.73
5.05
6.34
2.04
--
--
--
-- Buyback Yield %
10.29
4.42
14.45
-0.76
1.35
9.63
8.56
6.83
11.7
10.63
10.57
2.94
12.87
5.94
-13.44
1.98
2.29
YoY Rev. per Sh. Growth
37.82
37.2
1.33
-22.81
15.34
24.14
24.21
7.99
26.04
15.02
16.94
-0.7
46.92
-20.57
-124
169
169
YoY EPS Growth
32.1
20.84
23.44
-13.93
7.47
19.71
19.26
4.06
25.67
14.44
12.25
-0.06
12.3
-5.83
-74.64
73.72
74.97
YoY EBITDA Growth
11.93
19.38
20.14
16.47
12.08
7
7.65
11.05
15.09
15.71
15.58
13.52
10.61
8.1
-10.14
-26.64
-20
5-Year EBITDA Growth Rate
2005
2004
1890
1856
1915
1878
1794
1792
1740
1694
1629
1568
1499
1656
1808
1816
1816
Shares Outstanding (Basic Average)
2064
1962
1823
1818
1897
1762
1800
1800
1700
1600
1600
1500
1500
1781
1807
1818
1818
Shares Outstanding (EOP)
1.17
0.6
0.66
1.15
1.17
1.3
1.16
1.25
1.07
1.57
1.45
1.33
1.09
0.72
1.08
1.23
1.25
Beta
11/22/06
11/21/07
11/20/08
12/02/09
11/24/10
11/23/11
11/21/12
11/20/13
11/19/14
11/25/15
11/23/16
11/22/17
11/21/18
11/20/19
11/25/20
11/24/21
  Filing Date
11/21/07
11/21/07
12/02/09
11/24/10
11/23/11
11/20/13
11/19/14
11/25/15
11/23/16
11/22/17
11/21/18
11/20/19
11/25/20
11/24/21
11/24/21
11/24/21
  Restated Filing Date
08/14/09
11/11/10
11/10/11
11/08/12
11/07/13
11/06/14
11/05/15
11/10/16
11/09/17
11/08/18
11/07/19
11/12/20
11/10/21
  Earnings Release Date
--
990671
1003k
1009k
998373
994425
984857
956025
958420
903854
890200
871300
854000
850000
826250
--
-- Number of Shareholders
133000
137000
150000
--
--
--
166000
175000
180000
--
--
199000
201000
223000
--
--
-- Number of Employees
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  Dec 05, 2021
The Walt Disney Co (NYSE:DIS)
www.gurufocus.com/stock/NYSE:DIS

Explanation

1. Predictability Rank

GuruFocus Predictability Rank is a proprietary ranking of the consistency of a business. We rank the predictability of companies based on the consistency of their revenue per share and EBITDA (earnings before interest, tax, depreciation and amortization) per share over the past 10 fiscal years. Our study found that there is a strong correlation between the stock performance and the predictability of a business. Over the long term, companies with higher predictability also have better stock performance.

The rank is from 1-star to 5-star, with 5-star as the best.

2. Financial Strength

GuruFocus Financial Strength Rank measures how strong a company's financial situation is. It is based on these factors:

  1. The debt burden that the company has as measured by its Interest Coverage (current year). The higher, the better.
  2. Debt to revenue ratio. The lower, the better.
  3. Altman Z-Score.

The rank is from 1 to 10, with 10 as the highest.

A Financial Strength rank of 8 or above indicates good financial strength; between 4-7 indicates fair financial strength; 3 or below means poor financial strength.

3. Profitability Rank

GuruFocus Profitability Rank indicates how profitable a company is and how likely it is that the company's business will stay that way. It is based on these factors:

  1. Operating Margin %.
  2. Piotroski F-Score.
  3. Trend of the Operating Margin percentage (five-year average). A company with an uptrend in profit margin will have a higher rank.
  4. Consistency of the profitability.
  5. Predictability Rank.

The rank is from 1 to 10, with 10 as the highest.

A Profitability Rank of 8 or above indicates good profitability; between 4-7 indicates fair profitability; 3 or below means poor profitability.

4. Peter Lynch Chart

In Peter Lynch's excellent book, "One Up on Wall Street," he used many charts to illustrate the valuation of stocks. “A quick way to tell if a stock is overpriced is to compare the price line to the earnings line. If you bought familiar growth companies – such as Shoney’s, The Limited, or Marriott – when the stock price fell well below the earnings line, and sold them when the stock price rose dramatically above it, the chances are you’d do pretty well.”

The original Peter Lynch Chart does have limitations due to the right side price scale is pre-set at 15 times the earnings scale on the left side. When the stock price and earnings line coincide, the price-to-earnings ratio is always 15 times. Instead of using the fixed PE Ratio of 15, our approach is using 15-year historical median PE without NRI Ratio for each stock.

The Peter Lynch Chart with earnings line at median PE without NRI ratio works well for the companies with steady growth and earnings trends, or the stalwarts, as coined by Lynch. These companies tend to be found in sectors such as consumer staples, healthcare, and utilities, where the consumption of the product or service is relatively independent of economic conditions. It does not work well with the sectors that are cyclical: industrials, chemicals, durable goods, and so forth.

5. GF Value

Based on the relationship between the current stock price and the GF Value, GuruFocus provides the following 6 evaluations:

  1. Possible Value Trap, Think Twice
  2. Significantly Overvalued
  3. Modestly Overvalued
  4. Fairly Valued
  5. Modestly Undervalued
  6. Significantly Undervalued
There is only a sufficient margin of safety when the stock is undervalued.

Disclaimer

GuruFocus.com is not operated by a broker, a dealer, or a registered investment adviser. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The gurus may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes provided by InterActive Data. Fundamental company data provided by Morningstar, updated daily.