Price to Earnings (P/E)
since 2005
Calculation
Walt Disney Co., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income (loss) attributable to The Walt Disney Company (Disney)1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nov 14, 2024 | 39.74 | = | 109.12 | ÷ | 2.75 | 2.75 | = | 4,972 | ÷ | 1,810,939,306 | |
| Nov 21, 2023 | 73.44 | = | 94.45 | ÷ | 1.29 | 1.29 | = | 2,354 | ÷ | 1,830,315,921 | |
| Nov 29, 2022 | 54.90 | = | 94.69 | ÷ | 1.72 | 1.72 | = | 3,145 | ÷ | 1,823,591,988 | |
| Nov 24, 2021 | 137.89 | = | 151.34 | ÷ | 1.10 | 1.10 | = | 1,995 | ÷ | 1,817,655,948 | |
| Nov 25, 2020 | — | = | 149.09 | ÷ | -1.58 | -1.58 | = | -2,864 | ÷ | 1,810,485,037 | |
| Nov 20, 2019 | 23.96 | = | 146.93 | ÷ | 6.13 | 6.13 | = | 11,054 | ÷ | 1,802,398,289 | |
| Nov 21, 2018 | 13.36 | = | 113.03 | ÷ | 8.46 | 8.46 | = | 12,598 | ÷ | 1,488,670,964 | |
| Nov 22, 2017 | 17.28 | = | 102.74 | ÷ | 5.95 | 5.95 | = | 8,980 | ÷ | 1,510,312,194 | |
| Nov 23, 2016 | 16.65 | = | 98.26 | ÷ | 5.90 | 5.90 | = | 9,391 | ÷ | 1,591,460,982 | |
| Nov 25, 2015 | 23.41 | = | 118.67 | ÷ | 5.07 | 5.07 | = | 8,382 | ÷ | 1,653,177,887 | |
| Nov 19, 2014 | 20.31 | = | 89.82 | ÷ | 4.42 | 4.42 | = | 7,501 | ÷ | 1,695,710,842 | |
| Nov 20, 2013 | 19.83 | = | 69.23 | ÷ | 3.49 | 3.49 | = | 6,136 | ÷ | 1,757,279,616 | |
| Nov 21, 2012 | 15.18 | = | 48.68 | ÷ | 3.21 | 3.21 | = | 5,682 | ÷ | 1,772,122,139 | |
| Nov 23, 2011 | 12.48 | = | 33.40 | ÷ | 2.68 | 2.68 | = | 4,807 | ÷ | 1,796,513,187 | |
| Nov 24, 2010 | 17.62 | = | 36.87 | ÷ | 2.09 | 2.09 | = | 3,963 | ÷ | 1,893,583,594 | |
| Dec 2, 2009 | 17.36 | = | 30.79 | ÷ | 1.77 | 1.77 | = | 3,307 | ÷ | 1,865,010,858 | |
| Nov 20, 2008 | 7.83 | = | 18.73 | ÷ | 2.39 | 2.39 | = | 4,427 | ÷ | 1,851,027,161 | |
| Nov 21, 2007 | 12.79 | = | 31.50 | ÷ | 2.46 | 2.46 | = | 4,687 | ÷ | 1,903,484,711 | |
| Nov 22, 2006 | 20.22 | = | 32.99 | ÷ | 1.63 | 1.63 | = | 3,374 | ÷ | 2,068,457,209 | |
| Dec 7, 2005 | 19.49 | = | 25.67 | ÷ | 1.32 | 1.32 | = | 2,533 | ÷ | 1,923,609,276 |
Based on: 10-K (reporting date: 2024-09-28), 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), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-10-01), 10-K (reporting date: 2015-10-03), 10-K (reporting date: 2014-09-27), 10-K (reporting date: 2013-09-28), 10-K (reporting date: 2012-09-29), 10-K (reporting date: 2011-10-01), 10-K (reporting date: 2010-10-02), 10-K (reporting date: 2009-10-03), 10-K (reporting date: 2008-09-27), 10-K (reporting date: 2007-09-29), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-10-01).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Walt Disney Co. Annual Report.
- Share Price Trend
- The share price experienced significant fluctuations over the analyzed period. Starting at $25.67 in late 2005, the price rose steadily to reach a peak of $118.67 by late 2015. After that peak, it declined to around $94.45 by late 2023 before rebounding to $109.12 in 2024. Notable surges were observed between 2008 and 2014 and a sharp increase again in 2019. However, a substantial drop occurred between 2021 and 2023, likely indicating underlying market or company-specific challenges during that period.
- Earnings per Share (EPS) Trend
- The earnings per share showed a generally positive growth trend from 2005 to 2018, rising from $1.32 to a high of $8.46 in 2018. This growth was interrupted by a significant downturn in 2020, when EPS went negative at -$1.58. Subsequently, the EPS slightly recovered to $2.75 by 2024, though it remains well below its previous peak. This pattern suggests a period of financial difficulty impacting profitability around 2020, likely related to extraordinary events, followed by gradual recovery.
- Price to Earnings (P/E) Ratio Analysis
- The P/E ratio exhibited considerable volatility throughout the period. It fluctuated between single digits and the mid-20s from 2005 through 2019, indicating variable investor sentiment relative to earnings. The P/E ratio spiked dramatically after 2020, reaching extremely high levels (e.g., 137.89 in 2021), which corresponds with the low or negative EPS at that time, inflating the multiple. This suggests investor risk or uncertainty regarding future earnings prospects during and after the earnings downturn. The ratio decreased to around 39.74 by 2024 but remains elevated compared to earlier years, implying continued cautious optimism or volatility in earnings expectations.
- Overall Insights
- The company's market valuation, as represented by share price, saw robust growth until around 2019, supported by steady increases in earnings. The sudden earnings decline in 2020 significantly disrupted this trend, affecting valuation ratios and likely reflecting external shocks or internal challenges. The subsequent recovery in EPS and share price suggests resilience but indicates the company has not fully returned to its prior performance levels. Elevated P/E ratios post-2020 highlight ongoing investor caution or growth expectations despite recent profitability difficulties.
Comparison to Competitors
Walt Disney Co., P/E, long-term trends, comparison to competitors
| Walt Disney Co. | Alphabet Inc. | Comcast Corp. | Meta Platforms Inc. | Netflix Inc. | Take-Two Interactive Software Inc. | |
|---|---|---|---|---|---|---|
| Nov 14, 2024 | 39.74 | 0.00 | 7.86 | 27.91 | 47.72 | — |
| Nov 21, 2023 | 73.44 | 23.89 | 12.01 | 30.97 | 45.65 | — |
| Nov 29, 2022 | 54.90 | 22.47 | 31.38 | 21.10 | 36.17 | 34.10 |
| Nov 24, 2021 | 137.89 | 25.74 | 16.01 | 16.44 | 33.56 | 35.22 |
| Nov 25, 2020 | — | 34.65 | 22.37 | 25.89 | 86.39 | 39.58 |
| Nov 20, 2019 | 23.96 | 28.96 | 15.39 | 32.31 | 80.66 | 34.91 |
| Nov 21, 2018 | 13.36 | 25.92 | 14.11 | 21.51 | 118.55 | 75.06 |
| Nov 22, 2017 | 17.28 | 59.34 | 8.70 | 35.20 | 220.95 | 119.92 |
| Nov 23, 2016 | 16.65 | 28.45 | 20.56 | 37.05 | 328.44 | — |
| Nov 25, 2015 | 23.41 | 29.71 | 17.78 | 84.21 | 329.54 | — |
| Nov 19, 2014 | 20.31 | 24.87 | 18.01 | 74.26 | 100.63 | 5.20 |
| Nov 20, 2013 | 19.83 | 30.87 | 21.12 | 106.36 | 215.17 | — |
| Nov 21, 2012 | 15.18 | 23.14 | 17.05 | 1,336.24 | 537.93 | — |
| Nov 23, 2011 | 12.48 | 18.97 | 19.40 | — | 30.37 | 29.73 |
| Nov 24, 2010 | 17.62 | 23.60 | 19.29 | — | 77.43 | — |
| Dec 2, 2009 | 17.36 | 26.00 | 12.59 | — | 30.14 | — |
| Nov 20, 2008 | 7.83 | 26.67 | 14.52 | — | 25.28 | 6.74 |
| Nov 21, 2007 | 12.79 | 39.48 | 23.46 | — | 28.85 | — |
| Nov 22, 2006 | 20.22 | 45.31 | 32.61 | — | 31.55 | — |
| Dec 7, 2005 | 19.49 | 68.72 | 61.12 | — | 33.57 | 30.23 |
Based on: 10-K (reporting date: 2024-09-28), 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), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-10-01), 10-K (reporting date: 2015-10-03), 10-K (reporting date: 2014-09-27), 10-K (reporting date: 2013-09-28), 10-K (reporting date: 2012-09-29), 10-K (reporting date: 2011-10-01), 10-K (reporting date: 2010-10-02), 10-K (reporting date: 2009-10-03), 10-K (reporting date: 2008-09-27), 10-K (reporting date: 2007-09-29), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-10-01).
Comparison to Sector (Media & Entertainment)
Walt Disney Co., P/E, long-term trends, comparison to sector (media & entertainment)
| Walt Disney Co. | Media & Entertainment | |
|---|---|---|
| Nov 14, 2024 | 39.74 | 13.29 |
| Nov 21, 2023 | 73.44 | 26.70 |
| Nov 29, 2022 | 54.90 | 24.38 |
| Nov 24, 2021 | 137.89 | 24.03 |
| Nov 25, 2020 | — | 36.26 |
| Nov 20, 2019 | 23.96 | 28.05 |
| Nov 21, 2018 | 13.36 | 22.44 |
| Nov 22, 2017 | 17.28 | 29.49 |
| Nov 23, 2016 | 16.65 | 27.78 |
| Nov 25, 2015 | 23.41 | 32.45 |
| Nov 19, 2014 | 20.31 | 26.83 |
| Nov 20, 2013 | 19.83 | 30.95 |
| Nov 21, 2012 | 15.18 | 23.10 |
| Nov 23, 2011 | 12.48 | 17.58 |
| Nov 24, 2010 | 17.62 | 21.95 |
| Dec 2, 2009 | 17.36 | 20.61 |
| Nov 20, 2008 | 7.83 | 16.44 |
| Nov 21, 2007 | 12.79 | 25.42 |
| Nov 22, 2006 | 20.22 | 33.13 |
| Dec 7, 2005 | 19.49 | 41.82 |
Based on: 10-K (reporting date: 2024-09-28), 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), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-10-01), 10-K (reporting date: 2015-10-03), 10-K (reporting date: 2014-09-27), 10-K (reporting date: 2013-09-28), 10-K (reporting date: 2012-09-29), 10-K (reporting date: 2011-10-01), 10-K (reporting date: 2010-10-02), 10-K (reporting date: 2009-10-03), 10-K (reporting date: 2008-09-27), 10-K (reporting date: 2007-09-29), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-10-01).
Comparison to Industry (Communication Services)
Walt Disney Co., P/E, long-term trends, comparison to industry (communication services)
| Walt Disney Co. | Communication Services | |
|---|---|---|
| Nov 14, 2024 | 39.74 | 13.70 |
| Nov 21, 2023 | 73.44 | 24.14 |
| Nov 29, 2022 | 54.90 | 25.42 |
| Nov 24, 2021 | 137.89 | 21.12 |
| Nov 25, 2020 | — | 36.52 |
| Nov 20, 2019 | 23.96 | 24.26 |
| Nov 21, 2018 | 13.36 | 19.54 |
| Nov 22, 2017 | 17.28 | 18.16 |
| Nov 23, 2016 | 16.65 | 24.37 |
| Nov 25, 2015 | 23.41 | 24.02 |
| Nov 19, 2014 | 20.31 | 26.30 |
| Nov 20, 2013 | 19.83 | 21.69 |
| Nov 21, 2012 | 15.18 | 27.65 |
| Nov 23, 2011 | 12.48 | 24.55 |
| Nov 24, 2010 | 17.62 | 16.20 |
| Dec 2, 2009 | 17.36 | 17.05 |
| Nov 20, 2008 | 7.83 | 13.30 |
| Nov 21, 2007 | 12.79 | 21.09 |
| Nov 22, 2006 | 20.22 | 28.36 |
| Dec 7, 2005 | 19.49 | 24.37 |
Based on: 10-K (reporting date: 2024-09-28), 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), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-10-01), 10-K (reporting date: 2015-10-03), 10-K (reporting date: 2014-09-27), 10-K (reporting date: 2013-09-28), 10-K (reporting date: 2012-09-29), 10-K (reporting date: 2011-10-01), 10-K (reporting date: 2010-10-02), 10-K (reporting date: 2009-10-03), 10-K (reporting date: 2008-09-27), 10-K (reporting date: 2007-09-29), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-10-01).