Analysis of Goodwill and Intangible Assets
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Walt Disney Co. pages available for free this week:
- Common-Size Income Statement
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Debt
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Goodwill and Intangible Asset Disclosure
Walt Disney Co., balance sheet: goodwill and intangible assets
US$ in millions
Based on: 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), 10-K (reporting date: 2017-09-30).
| Item | Description | The company |
|---|---|---|
| Intangible assets | Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. | Walt Disney Co. intangible assets decreased from 2020 to 2021 and from 2021 to 2022. |
| 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. | Walt Disney Co. goodwill increased from 2020 to 2021 but then slightly decreased from 2021 to 2022. |
| 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. | Walt Disney Co. goodwill and other intangible assets decreased from 2020 to 2021 and from 2021 to 2022. |
Adjustments to Financial Statements: Removal of Goodwill
Walt Disney Co., adjustments to financial statements
US$ in millions
Based on: 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), 10-K (reporting date: 2017-09-30).
Walt Disney Co., Financial Data: Reported vs. Adjusted
Adjusted Financial Ratios: Removal of Goodwill (Summary)
Walt Disney Co., adjusted financial ratios
Based on: 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), 10-K (reporting date: 2017-09-30).
| 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 2020 to 2021 and from 2021 to 2022. |
| 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 2020 to 2021 and from 2021 to 2022. |
| Adjusted ROE | A profitability ratio calculated as net income divided by adjusted shareholders’ equity. | Walt Disney Co. adjusted ROE improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022. |
| Adjusted ROA | A profitability ratio calculated as net income divided by adjusted total assets. | Walt Disney Co. adjusted ROA improved from 2020 to 2021 and from 2021 to 2022. |
Walt Disney Co., Financial Ratios: Reported vs. Adjusted
Adjusted Total Asset Turnover
Based on: 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), 10-K (reporting date: 2017-09-30).
2022 Calculations
1 Total asset turnover = Revenues ÷ Total assets
= ÷ =
2 Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= ÷ =
| 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 2020 to 2021 and from 2021 to 2022. |
Adjusted Financial Leverage
Based on: 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), 10-K (reporting date: 2017-09-30).
2022 Calculations
1 Financial leverage = Total assets ÷ Total Disney Shareholder’s equity
= ÷ =
2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted 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 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 2020 to 2021 and from 2021 to 2022. |
Adjusted Return on Equity (ROE)
Based on: 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), 10-K (reporting date: 2017-09-30).
2022 Calculations
1 ROE = 100 × Net income (loss) attributable to The Walt Disney Company (Disney) ÷ Total Disney Shareholder’s equity
= 100 × ÷ =
2 Adjusted ROE = 100 × Net income (loss) attributable to The Walt Disney Company (Disney) ÷ Adjusted total Disney Shareholder’s equity
= 100 × ÷ =
| Profitability ratio | Description | The company |
|---|---|---|
| Adjusted ROE | A profitability ratio calculated as net income divided by adjusted shareholders’ equity. | Walt Disney Co. adjusted ROE improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022. |
Adjusted Return on Assets (ROA)
Based on: 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), 10-K (reporting date: 2017-09-30).
2022 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. adjusted ROA improved from 2020 to 2021 and from 2021 to 2022. |