Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Walt Disney Co. (NYSE:DIS)

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Analysis of Equity Method Investments

Advanced level

Selected Financial Data

Walt Disney Co.’s selected financial data

US$ in millions

Microsoft Excel LibreOffice Calc
Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016 Oct 3, 2015
Equity in the income (loss) of investees
Investments, equity basis
Profitability Ratio
ROA (equity method investments only)1

Based on: 10-K (filing date: 2020-11-25), 10-K (filing date: 2019-11-20), 10-K (filing date: 2018-11-21), 10-K (filing date: 2017-11-22), 10-K (filing date: 2016-11-23), 10-K (filing date: 2015-11-25).

1 2020 Calculation
ROA (equity method investments only) = 100 × Equity in the income (loss) of investees ÷ Investments, equity basis
= 100 × ÷ =

Item Description The company
Equity in the income (loss) of investees This item represents the entity’s proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. Such amount typically reflects adjustments similar to those made in preparing consolidated statements, including adjustments to eliminate intercompany gains and losses, and to amortize, if appropriate, any difference between cost and underlying equity in net assets of the investee at the date of investment. Walt Disney Co.’s equity in the income (loss) of investees decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level.
Investments, equity basis This item represents the carrying amount on the entity’s balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity’s share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment losses recognized. Walt Disney Co.’s investments, equity basis increased from 2018 to 2019 but then decreased significantly from 2019 to 2020.
ROA (equity method investments only) A profitability ratio calculated as equity in the income (loss) of investees divided by investments, equity basis. Walt Disney Co.’s ROA of equity method investments improved from 2018 to 2019 and from 2019 to 2020.

Summarized Financial Information

Summarized financial information for Walt Disney Co.’s affiliates, subsidiaries, associates, and joint ventures

US$ in millions

Microsoft Excel LibreOffice Calc
Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016 Oct 3, 2015
Current assets
Non-current assets
Total assets
Current liabilities
Non-current liabilities
Total liabilities
Shareholders’ equity
Total liabilities and shareholders’ equity
Revenues
Net income (loss)

Based on: 10-K (filing date: 2020-11-25), 10-K (filing date: 2019-11-20), 10-K (filing date: 2018-11-21), 10-K (filing date: 2017-11-22), 10-K (filing date: 2016-11-23), 10-K (filing date: 2015-11-25).

Item Description The company
Shareholders’ equity Amount of equity, excluding noncontrolling interest, attributable to the equity method investment of the entity. Shareholders’ equity of Walt Disney Co.’s affiliates, subsidiaries, associates, and joint ventures decreased from 2018 to 2019 and from 2019 to 2020.
Net income (loss) The amount of net income (loss) reported by an equity method investment of the entity. Net income (loss) of Walt Disney Co.’s affiliates, subsidiaries, associates, and joint ventures increased from 2018 to 2019 and from 2019 to 2020.

Adjustments to Financial Statements: Proportionate Consolidation

Recognition of Walt Disney Co.’s proportionate share of affiliates, subsidiaries, associates, and joint ventures assets and liabilities instead of net equity.

Walt Disney Co., adjustments to financial statements

US$ in millions

Microsoft Excel LibreOffice Calc
Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016 Oct 3, 2015
Weighted average percentage interest in affiliates
Adjustment to Current Assets
Current assets (as reported)
Add: Current assets of affiliates (adjustment)
Current assets (adjusted)
Adjustments to Total Assets
Total assets (as reported)
Less: Investments, equity basis (adjustment)
Add: Total assets of affiliates (adjustment)
Total assets (adjusted)
Adjustment to Current Liabilities
Current liabilities (as reported)
Add: Current liabilities of affiliates (adjustment)
Current liabilities (adjusted)
Adjustment to Total Liabilities
Total liabilities (as reported)
Add: Total liabilities of affiliates (adjustment)
Total liabilities (adjusted)
Adjustment to Revenues
Revenues (as reported)
Add: Revenues of affiliates (adjustment)
Revenues (adjusted)

Based on: 10-K (filing date: 2020-11-25), 10-K (filing date: 2019-11-20), 10-K (filing date: 2018-11-21), 10-K (filing date: 2017-11-22), 10-K (filing date: 2016-11-23), 10-K (filing date: 2015-11-25).


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


Adjusted Financial Ratios: Proportionate Consolidation (Summary)

Walt Disney Co., adjusted financial ratios

Microsoft Excel LibreOffice Calc
Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016 Oct 3, 2015
Current Ratio
Reported current ratio
Adjusted current ratio
Net Profit Margin
Reported net profit margin
Adjusted net profit margin
Total Asset Turnover
Reported total asset turnover
Adjusted total asset turnover
Financial Leverage
Reported financial leverage
Adjusted financial leverage
Return on Assets (ROA)
Reported ROA
Adjusted ROA

Based on: 10-K (filing date: 2020-11-25), 10-K (filing date: 2019-11-20), 10-K (filing date: 2018-11-21), 10-K (filing date: 2017-11-22), 10-K (filing date: 2016-11-23), 10-K (filing date: 2015-11-25).

Financial ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Walt Disney Co.’s adjusted current ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.
Adjusted net profit margin An indicator of profitability, calculated as net income divided by adjusted revenue. Walt Disney Co.’s adjusted net profit margin ratio deteriorated from 2018 to 2019 and from 2019 to 2020.
Adjusted total asset turnover An activity ratio calculated as adjusted total revenue divided by adjusted total assets. Walt Disney Co.’s adjusted total asset turnover ratio deteriorated from 2018 to 2019 and from 2019 to 2020.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by 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.’s adjusted financial leverage ratio increased from 2018 to 2019 and from 2019 to 2020.
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Walt Disney Co.’s adjusted ROA deteriorated from 2018 to 2019 and from 2019 to 2020.

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


Adjusted Current Ratio

Microsoft Excel LibreOffice Calc
Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016 Oct 3, 2015
As Reported
Selected Financial Data (US$ in millions)
Current assets
Current liabilities
Liquidity Ratio
Current ratio1
Adjusted: from Equity Method to Proportionate Consolidation
Selected Financial Data (US$ in millions)
Adjusted current assets
Adjusted current liabilities
Liquidity Ratio
Adjusted current ratio2

Based on: 10-K (filing date: 2020-11-25), 10-K (filing date: 2019-11-20), 10-K (filing date: 2018-11-21), 10-K (filing date: 2017-11-22), 10-K (filing date: 2016-11-23), 10-K (filing date: 2015-11-25).

2020 Calculations

1 Current ratio = Current assets ÷ Current liabilities
= ÷ =

2 Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= ÷ =

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Walt Disney Co.’s adjusted current ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.

Adjusted Net Profit Margin

Microsoft Excel LibreOffice Calc
Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016 Oct 3, 2015
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to The Walt Disney Company (Disney)
Revenues
Profitability Ratio
Net profit margin1
Adjusted: from Equity Method to Proportionate Consolidation
Selected Financial Data (US$ in millions)
Net income (loss) attributable to The Walt Disney Company (Disney)
Adjusted revenues
Profitability Ratio
Adjusted net profit margin2

Based on: 10-K (filing date: 2020-11-25), 10-K (filing date: 2019-11-20), 10-K (filing date: 2018-11-21), 10-K (filing date: 2017-11-22), 10-K (filing date: 2016-11-23), 10-K (filing date: 2015-11-25).

2020 Calculations

1 Net profit margin = 100 × Net income (loss) attributable to The Walt Disney Company (Disney) ÷ Revenues
= 100 × ÷ =

2 Adjusted net profit margin = 100 × Net income (loss) attributable to The Walt Disney Company (Disney) ÷ Adjusted revenues
= 100 × ÷ =

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as net income divided by adjusted revenue. Walt Disney Co.’s adjusted net profit margin ratio deteriorated from 2018 to 2019 and from 2019 to 2020.

Adjusted Total Asset Turnover

Microsoft Excel LibreOffice Calc
Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016 Oct 3, 2015
As Reported
Selected Financial Data (US$ in millions)
Revenues
Total assets
Activity Ratio
Total asset turnover1
Adjusted: from Equity Method to Proportionate Consolidation
Selected Financial Data (US$ in millions)
Adjusted revenues
Adjusted total assets
Activity Ratio
Adjusted total asset turnover2

Based on: 10-K (filing date: 2020-11-25), 10-K (filing date: 2019-11-20), 10-K (filing date: 2018-11-21), 10-K (filing date: 2017-11-22), 10-K (filing date: 2016-11-23), 10-K (filing date: 2015-11-25).

2020 Calculations

1 Total asset turnover = Revenues ÷ Total assets
= ÷ =

2 Adjusted total asset turnover = Adjusted revenues ÷ Adjusted total assets
= ÷ =

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as adjusted total revenue divided by adjusted total assets. Walt Disney Co.’s adjusted total asset turnover ratio deteriorated from 2018 to 2019 and from 2019 to 2020.

Adjusted Financial Leverage

Microsoft Excel LibreOffice Calc
Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016 Oct 3, 2015
As Reported
Selected Financial Data (US$ in millions)
Total assets
Total Disney Shareholder’s equity
Solvency Ratio
Financial leverage1
Adjusted: from Equity Method to Proportionate Consolidation
Selected Financial Data (US$ in millions)
Adjusted total assets
Total Disney Shareholder’s equity
Solvency Ratio
Adjusted financial leverage2

Based on: 10-K (filing date: 2020-11-25), 10-K (filing date: 2019-11-20), 10-K (filing date: 2018-11-21), 10-K (filing date: 2017-11-22), 10-K (filing date: 2016-11-23), 10-K (filing date: 2015-11-25).

2020 Calculations

1 Financial leverage = Total assets ÷ Total Disney Shareholder’s equity
= ÷ =

2 Adjusted financial leverage = Adjusted total assets ÷ Total Disney Shareholder’s equity
= ÷ =

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by 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.’s adjusted financial leverage ratio increased from 2018 to 2019 and from 2019 to 2020.

Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016 Oct 3, 2015
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to The Walt Disney Company (Disney)
Total assets
Profitability Ratio
ROA1
Adjusted: from Equity Method to Proportionate Consolidation
Selected Financial Data (US$ in millions)
Net income (loss) attributable to The Walt Disney Company (Disney)
Adjusted total assets
Profitability Ratio
Adjusted ROA2

Based on: 10-K (filing date: 2020-11-25), 10-K (filing date: 2019-11-20), 10-K (filing date: 2018-11-21), 10-K (filing date: 2017-11-22), 10-K (filing date: 2016-11-23), 10-K (filing date: 2015-11-25).

2020 Calculations

1 ROA = 100 × Net income (loss) attributable to The Walt Disney Company (Disney) ÷ Total assets
= 100 × ÷ =

2 Adjusted ROA = 100 × Net income (loss) attributable to The Walt Disney Company (Disney) ÷ Adjusted total assets
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Walt Disney Co.’s adjusted ROA deteriorated from 2018 to 2019 and from 2019 to 2020.