Stock Analysis on Net
Stock Analysis on Net

Walt Disney Co. (NYSE:DIS)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Walt Disney Co., adjusted financial ratios

Microsoft Excel
Sep 30, 2023 Oct 1, 2022 Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018
Activity Ratio
Total Asset Turnover
Reported 0.43 0.41 0.33 0.32 0.36 0.60
Adjusted 0.43 0.42 0.33 0.32 0.36 0.59
Liquidity Ratio
Current Ratio
Reported 1.05 1.00 1.08 1.32 0.90 0.94
Adjusted 1.29 1.24 1.25 1.56 1.04 0.95
Solvency Ratios
Debt to Equity
Reported 0.47 0.51 0.62 0.71 0.53 0.43
Adjusted 0.40 0.43 0.51 0.57 0.44 0.41
Debt to Capital
Reported 0.32 0.34 0.38 0.41 0.35 0.30
Adjusted 0.29 0.30 0.34 0.36 0.30 0.29
Financial Leverage
Reported 2.07 2.14 2.30 2.41 2.18 2.02
Adjusted 1.62 1.66 1.79 1.84 1.70 1.77
Profitability Ratios
Net Profit Margin
Reported 2.65% 3.80% 2.96% -4.38% 15.89% 21.20%
Adjusted 3.18% 8.88% 4.75% -7.61% 16.92% 19.82%
Return on Equity (ROE)
Reported 2.37% 3.31% 2.25% -3.43% 12.44% 25.83%
Adjusted 2.24% 6.11% 2.83% -4.51% 10.31% 20.62%
Return on Assets (ROA)
Reported 1.15% 1.54% 0.98% -1.42% 5.70% 12.78%
Adjusted 1.38% 3.69% 1.59% -2.45% 6.05% 11.66%

Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Walt Disney Co. adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Walt Disney Co. adjusted current ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Walt Disney Co. adjusted debt-to-equity ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Walt Disney Co. adjusted debt-to-capital ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Walt Disney Co. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Walt Disney Co. adjusted net profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Walt Disney Co. adjusted ROE improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Walt Disney Co. adjusted ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Walt Disney Co., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Sep 30, 2023 Oct 1, 2022 Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018
Reported
Selected Financial Data (US$ in millions)
Revenues 88,898 82,722 67,418 65,388 69,570 59,434
Total assets 205,579 203,631 203,609 201,549 193,984 98,598
Activity Ratio
Total asset turnover1 0.43 0.41 0.33 0.32 0.36 0.60
Adjusted
Selected Financial Data (US$ in millions)
Adjusted revenues2 88,985 84,532 67,865 64,920 70,704 59,434
Adjusted total assets3 205,023 203,153 203,093 201,646 197,573 101,016
Activity Ratio
Adjusted total asset turnover4 0.43 0.42 0.33 0.32 0.36 0.59

Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).

1 2023 Calculation
Total asset turnover = Revenues ÷ Total assets
= 88,898 ÷ 205,579 = 0.43

2 Adjusted revenues. See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted total asset turnover = Adjusted revenues ÷ Adjusted total assets
= 88,985 ÷ 205,023 = 0.43

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Walt Disney Co. adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Current Ratio

Microsoft Excel
Sep 30, 2023 Oct 1, 2022 Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018
Reported
Selected Financial Data (US$ in millions)
Current assets 32,763 29,098 33,657 35,251 28,124 16,825
Current liabilities 31,139 29,073 31,077 26,628 31,341 17,860
Liquidity Ratio
Current ratio1 1.05 1.00 1.08 1.32 0.90 0.94
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 32,878 29,256 33,827 35,677 28,419 17,017
Adjusted current liabilities3 25,571 23,542 27,010 22,940 27,291 17,860
Liquidity Ratio
Adjusted current ratio4 1.29 1.24 1.25 1.56 1.04 0.95

Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).

1 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 32,763 ÷ 31,139 = 1.05

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2023 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 32,878 ÷ 25,571 = 1.29

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Walt Disney Co. adjusted current ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Adjusted Debt to Equity

Microsoft Excel
Sep 30, 2023 Oct 1, 2022 Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018
Reported
Selected Financial Data (US$ in millions)
Total debt 46,674 48,625 54,693 58,936 47,137 21,028
Total Disney Shareholder’s equity 99,277 95,008 88,553 83,583 88,877 48,773
Solvency Ratio
Debt to equity1 0.47 0.51 0.62 0.71 0.53 0.43
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 50,672 52,259 58,313 62,323 50,841 23,388
Adjusted total equity3 126,259 122,721 113,652 109,455 115,984 57,122
Solvency Ratio
Adjusted debt to equity4 0.40 0.43 0.51 0.57 0.44 0.41

Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).

1 2023 Calculation
Debt to equity = Total debt ÷ Total Disney Shareholder’s equity
= 46,674 ÷ 99,277 = 0.47

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 50,672 ÷ 126,259 = 0.40

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Walt Disney Co. adjusted debt-to-equity ratio improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Debt to Capital

Microsoft Excel
Sep 30, 2023 Oct 1, 2022 Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018
Reported
Selected Financial Data (US$ in millions)
Total debt 46,674 48,625 54,693 58,936 47,137 21,028
Total capital 145,951 143,633 143,246 142,519 136,014 69,801
Solvency Ratio
Debt to capital1 0.32 0.34 0.38 0.41 0.35 0.30
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 50,672 52,259 58,313 62,323 50,841 23,388
Adjusted total capital3 176,931 174,980 171,965 171,778 166,825 80,510
Solvency Ratio
Adjusted debt to capital4 0.29 0.30 0.34 0.36 0.30 0.29

Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 46,674 ÷ 145,951 = 0.32

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 50,672 ÷ 176,931 = 0.29

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Walt Disney Co. adjusted debt-to-capital ratio improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Financial Leverage

Microsoft Excel
Sep 30, 2023 Oct 1, 2022 Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018
Reported
Selected Financial Data (US$ in millions)
Total assets 205,579 203,631 203,609 201,549 193,984 98,598
Total Disney Shareholder’s equity 99,277 95,008 88,553 83,583 88,877 48,773
Solvency Ratio
Financial leverage1 2.07 2.14 2.30 2.41 2.18 2.02
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 205,023 203,153 203,093 201,646 197,573 101,016
Adjusted total equity3 126,259 122,721 113,652 109,455 115,984 57,122
Solvency Ratio
Adjusted financial leverage4 1.62 1.66 1.79 1.84 1.70 1.77

Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).

1 2023 Calculation
Financial leverage = Total assets ÷ Total Disney Shareholder’s equity
= 205,579 ÷ 99,277 = 2.07

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 205,023 ÷ 126,259 = 1.62

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Walt Disney Co. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.

Adjusted Net Profit Margin

Microsoft Excel
Sep 30, 2023 Oct 1, 2022 Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to The Walt Disney Company (Disney) 2,354 3,145 1,995 (2,864) 11,054 12,598
Revenues 88,898 82,722 67,418 65,388 69,570 59,434
Profitability Ratio
Net profit margin1 2.65% 3.80% 2.96% -4.38% 15.89% 21.20%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 2,830 7,504 3,222 (4,940) 11,963 11,777
Adjusted revenues3 88,985 84,532 67,865 64,920 70,704 59,434
Profitability Ratio
Adjusted net profit margin4 3.18% 8.88% 4.75% -7.61% 16.92% 19.82%

Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).

1 2023 Calculation
Net profit margin = 100 × Net income (loss) attributable to The Walt Disney Company (Disney) ÷ Revenues
= 100 × 2,354 ÷ 88,898 = 2.65%

2 Adjusted net income (loss). See details »

3 Adjusted revenues. See details »

4 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Adjusted revenues
= 100 × 2,830 ÷ 88,985 = 3.18%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Walt Disney Co. adjusted net profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Return on Equity (ROE)

Microsoft Excel
Sep 30, 2023 Oct 1, 2022 Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to The Walt Disney Company (Disney) 2,354 3,145 1,995 (2,864) 11,054 12,598
Total Disney Shareholder’s equity 99,277 95,008 88,553 83,583 88,877 48,773
Profitability Ratio
ROE1 2.37% 3.31% 2.25% -3.43% 12.44% 25.83%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 2,830 7,504 3,222 (4,940) 11,963 11,777
Adjusted total equity3 126,259 122,721 113,652 109,455 115,984 57,122
Profitability Ratio
Adjusted ROE4 2.24% 6.11% 2.83% -4.51% 10.31% 20.62%

Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).

1 2023 Calculation
ROE = 100 × Net income (loss) attributable to The Walt Disney Company (Disney) ÷ Total Disney Shareholder’s equity
= 100 × 2,354 ÷ 99,277 = 2.37%

2 Adjusted net income (loss). See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net income (loss) ÷ Adjusted total equity
= 100 × 2,830 ÷ 126,259 = 2.24%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Walt Disney Co. adjusted ROE improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Return on Assets (ROA)

Microsoft Excel
Sep 30, 2023 Oct 1, 2022 Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to The Walt Disney Company (Disney) 2,354 3,145 1,995 (2,864) 11,054 12,598
Total assets 205,579 203,631 203,609 201,549 193,984 98,598
Profitability Ratio
ROA1 1.15% 1.54% 0.98% -1.42% 5.70% 12.78%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 2,830 7,504 3,222 (4,940) 11,963 11,777
Adjusted total assets3 205,023 203,153 203,093 201,646 197,573 101,016
Profitability Ratio
Adjusted ROA4 1.38% 3.69% 1.59% -2.45% 6.05% 11.66%

Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).

1 2023 Calculation
ROA = 100 × Net income (loss) attributable to The Walt Disney Company (Disney) ÷ Total assets
= 100 × 2,354 ÷ 205,579 = 1.15%

2 Adjusted net income (loss). See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net income (loss) ÷ Adjusted total assets
= 100 × 2,830 ÷ 205,023 = 1.38%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Walt Disney Co. adjusted ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.