Stock Analysis on Net
Stock Analysis on Net

Twenty-First Century Fox Inc. (NASDAQ:FOX)

This company has been moved to the archive! The financial data has not been updated since February 6, 2019.

Analysis of Goodwill and Intangible Assets

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Goodwill and Intangible Asset Disclosure

Twenty-First Century Fox Inc., balance sheet: goodwill and intangible assets

US$ in millions

Microsoft Excel
Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014 Jun 30, 2013
MVPD affiliate agreements and relationships 2,475 2,476 2,474 2,449 2,449 985
Other 1,508 1,492 1,438 1,270 2,920 1,484
Amortizable intangible assets, gross 3,983 3,968 3,912 3,719 5,369 2,469
Accumulated amortization (1,771) (1,524) (1,267) (1,020) (1,158) (828)
Amortizable intangible assets, net 2,212 2,444 2,645 2,699 4,211 1,641
FCC licenses 2,167 2,408 2,408 2,408 2,398 2,398
Other 1,722 1,722 1,724 1,213 1,463 1,025
Intangible assets not subject to amortization 3,889 4,130 4,132 3,621 3,861 3,423
Intangible assets, net 6,101 6,574 6,777 6,320 8,072 5,064
Goodwill 12,768 12,792 12,733 12,513 18,052 17,255
Goodwill and other intangible assets 18,869 19,366 19,510 18,833 26,124 22,319

Based on: 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30).

Item Description The company
Intangible assets, net Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Twenty-First Century Fox Inc. intangible assets, net decreased from 2016 to 2017 and from 2017 to 2018.
Goodwill Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Twenty-First Century Fox Inc. goodwill increased from 2016 to 2017 but then slightly decreased from 2017 to 2018.
Goodwill and other intangible assets Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Twenty-First Century Fox Inc. goodwill and other intangible assets decreased from 2016 to 2017 and from 2017 to 2018.

Adjustments to Financial Statements: Removal of Goodwill

Twenty-First Century Fox Inc., adjustments to financial statements

US$ in millions

Microsoft Excel
Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014 Jun 30, 2013
Adjustment to Total Assets
Total assets (as reported) 53,831 50,724 48,365 50,051 54,793 50,944
Less: Goodwill 12,768 12,792 12,733 12,513 18,052 17,255
Total assets (adjusted) 41,063 37,932 35,632 37,538 36,741 33,689
Adjustment to Total Twenty-First Century Fox, Inc. Stockholders’ Equity
Total Twenty-First Century Fox, Inc. stockholders’ equity (as reported) 19,564 15,722 13,661 17,220 17,418 16,998
Less: Goodwill 12,768 12,792 12,733 12,513 18,052 17,255
Total Twenty-First Century Fox, Inc. stockholders’ equity (adjusted) 6,796 2,930 928 4,707 (634) (257)
Adjustment to Net Income Attributable To Twenty-First Century Fox, Inc. Stockholders
Net income attributable to Twenty-First Century Fox, Inc. stockholders (as reported) 4,464 2,952 2,755 8,306 4,514 7,097
Add: Goodwill impairment charge — — — — — 35
Net income attributable to Twenty-First Century Fox, Inc. stockholders (adjusted) 4,464 2,952 2,755 8,306 4,514 7,132

Based on: 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30).

Twenty-First Century Fox Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

Twenty-First Century Fox Inc., adjusted financial ratios

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Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014 Jun 30, 2013
Net Profit Margin
Reported net profit margin 14.68% 10.36% 10.08% 28.65% 14.17% 25.64%
Adjusted net profit margin 14.68% 10.36% 10.08% 28.65% 14.17% 25.77%
Total Asset Turnover
Reported total asset turnover 0.56 0.56 0.56 0.58 0.58 0.54
Adjusted total asset turnover 0.74 0.75 0.77 0.77 0.87 0.82
Financial Leverage
Reported financial leverage 2.75 3.23 3.54 2.91 3.15 3.00
Adjusted financial leverage 6.04 12.95 38.40 7.97 — —
Return on Equity (ROE)
Reported ROE 22.82% 18.78% 20.17% 48.23% 25.92% 41.75%
Adjusted ROE 65.69% 100.75% 296.88% 176.46% — —
Return on Assets (ROA)
Reported ROA 8.29% 5.82% 5.70% 16.60% 8.24% 13.93%
Adjusted ROA 10.87% 7.78% 7.73% 22.13% 12.29% 21.17%

Based on: 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30).

Financial ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Twenty-First Century Fox Inc. adjusted net profit margin ratio improved from 2016 to 2017 and from 2017 to 2018.
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Twenty-First Century Fox Inc. adjusted total asset turnover ratio deteriorated from 2016 to 2017 and from 2017 to 2018.
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.		 Twenty-First Century Fox Inc. adjusted financial leverage ratio decreased from 2016 to 2017 and from 2017 to 2018.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Twenty-First Century Fox Inc. adjusted ROE deteriorated from 2016 to 2017 and from 2017 to 2018.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Twenty-First Century Fox Inc. adjusted ROA improved from 2016 to 2017 and from 2017 to 2018.

Twenty-First Century Fox Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

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Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014 Jun 30, 2013
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Twenty-First Century Fox, Inc. stockholders 4,464 2,952 2,755 8,306 4,514 7,097
Revenues 30,400 28,500 27,326 28,987 31,867 27,675
Profitability Ratio
Net profit margin1 14.68% 10.36% 10.08% 28.65% 14.17% 25.64%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Twenty-First Century Fox, Inc. stockholders 4,464 2,952 2,755 8,306 4,514 7,132
Revenues 30,400 28,500 27,326 28,987 31,867 27,675
Profitability Ratio
Adjusted net profit margin2 14.68% 10.36% 10.08% 28.65% 14.17% 25.77%

Based on: 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30).

2018 Calculations

1 Net profit margin = 100 × Net income attributable to Twenty-First Century Fox, Inc. stockholders ÷ Revenues
= 100 × 4,464 ÷ 30,400 = 14.68%

2 Adjusted net profit margin = 100 × Adjusted net income attributable to Twenty-First Century Fox, Inc. stockholders ÷ Revenues
= 100 × 4,464 ÷ 30,400 = 14.68%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Twenty-First Century Fox Inc. adjusted net profit margin ratio improved from 2016 to 2017 and from 2017 to 2018.

Adjusted Total Asset Turnover

Microsoft Excel
Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014 Jun 30, 2013
As Reported
Selected Financial Data (US$ in millions)
Revenues 30,400 28,500 27,326 28,987 31,867 27,675
Total assets 53,831 50,724 48,365 50,051 54,793 50,944
Activity Ratio
Total asset turnover1 0.56 0.56 0.56 0.58 0.58 0.54
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Revenues 30,400 28,500 27,326 28,987 31,867 27,675
Adjusted total assets 41,063 37,932 35,632 37,538 36,741 33,689
Activity Ratio
Adjusted total asset turnover2 0.74 0.75 0.77 0.77 0.87 0.82

Based on: 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30).

2018 Calculations

1 Total asset turnover = Revenues ÷ Total assets
= 30,400 ÷ 53,831 = 0.56

2 Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 30,400 ÷ 41,063 = 0.74

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Twenty-First Century Fox Inc. adjusted total asset turnover ratio deteriorated from 2016 to 2017 and from 2017 to 2018.

Adjusted Financial Leverage

Microsoft Excel
Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014 Jun 30, 2013
As Reported
Selected Financial Data (US$ in millions)
Total assets 53,831 50,724 48,365 50,051 54,793 50,944
Total Twenty-First Century Fox, Inc. stockholders’ equity 19,564 15,722 13,661 17,220 17,418 16,998
Solvency Ratio
Financial leverage1 2.75 3.23 3.54 2.91 3.15 3.00
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets 41,063 37,932 35,632 37,538 36,741 33,689
Adjusted total Twenty-First Century Fox, Inc. stockholders’ equity 6,796 2,930 928 4,707 (634) (257)
Solvency Ratio
Adjusted financial leverage2 6.04 12.95 38.40 7.97 — —

Based on: 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30).

2018 Calculations

1 Financial leverage = Total assets ÷ Total Twenty-First Century Fox, Inc. stockholders’ equity
= 53,831 ÷ 19,564 = 2.75

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Twenty-First Century Fox, Inc. stockholders’ equity
= 41,063 ÷ 6,796 = 6.04

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.		 Twenty-First Century Fox Inc. adjusted financial leverage ratio decreased from 2016 to 2017 and from 2017 to 2018.

Adjusted Return on Equity (ROE)

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Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014 Jun 30, 2013
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Twenty-First Century Fox, Inc. stockholders 4,464 2,952 2,755 8,306 4,514 7,097
Total Twenty-First Century Fox, Inc. stockholders’ equity 19,564 15,722 13,661 17,220 17,418 16,998
Profitability Ratio
ROE1 22.82% 18.78% 20.17% 48.23% 25.92% 41.75%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Twenty-First Century Fox, Inc. stockholders 4,464 2,952 2,755 8,306 4,514 7,132
Adjusted total Twenty-First Century Fox, Inc. stockholders’ equity 6,796 2,930 928 4,707 (634) (257)
Profitability Ratio
Adjusted ROE2 65.69% 100.75% 296.88% 176.46% — —

Based on: 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30).

2018 Calculations

1 ROE = 100 × Net income attributable to Twenty-First Century Fox, Inc. stockholders ÷ Total Twenty-First Century Fox, Inc. stockholders’ equity
= 100 × 4,464 ÷ 19,564 = 22.82%

2 Adjusted ROE = 100 × Adjusted net income attributable to Twenty-First Century Fox, Inc. stockholders ÷ Adjusted total Twenty-First Century Fox, Inc. stockholders’ equity
= 100 × 4,464 ÷ 6,796 = 65.69%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Twenty-First Century Fox Inc. adjusted ROE deteriorated from 2016 to 2017 and from 2017 to 2018.

Adjusted Return on Assets (ROA)

Microsoft Excel
Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014 Jun 30, 2013
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Twenty-First Century Fox, Inc. stockholders 4,464 2,952 2,755 8,306 4,514 7,097
Total assets 53,831 50,724 48,365 50,051 54,793 50,944
Profitability Ratio
ROA1 8.29% 5.82% 5.70% 16.60% 8.24% 13.93%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Twenty-First Century Fox, Inc. stockholders 4,464 2,952 2,755 8,306 4,514 7,132
Adjusted total assets 41,063 37,932 35,632 37,538 36,741 33,689
Profitability Ratio
Adjusted ROA2 10.87% 7.78% 7.73% 22.13% 12.29% 21.17%

Based on: 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30).

2018 Calculations

1 ROA = 100 × Net income attributable to Twenty-First Century Fox, Inc. stockholders ÷ Total assets
= 100 × 4,464 ÷ 53,831 = 8.29%

2 Adjusted ROA = 100 × Adjusted net income attributable to Twenty-First Century Fox, Inc. stockholders ÷ Adjusted total assets
= 100 × 4,464 ÷ 41,063 = 10.87%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Twenty-First Century Fox Inc. adjusted ROA improved from 2016 to 2017 and from 2017 to 2018.