Stock Analysis on Net

Walt Disney Co. (NYSE:DIS)

$24.99

Return on Capital (ROC)

Microsoft Excel

Return on capital (ROC) is after tax rate of return on net business assets. ROIC is unaffected by changes in interest rates or company debt and equity structure. It measures business productivity performance.

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Return on Invested Capital (ROIC)

Walt Disney Co., ROIC calculation, comparison to benchmarks

Microsoft Excel
Sep 30, 2023 Oct 1, 2022 Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018
Selected Financial Data (US$ in millions)
Net operating profit after taxes (NOPAT)1
Invested capital2
Performance Ratio
ROIC3
Benchmarks
ROIC, Competitors4
Alphabet Inc.
Comcast Corp.
Meta Platforms Inc.
Netflix Inc.

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 NOPAT. See details »

2 Invested capital. See details »

3 2023 Calculation
ROIC = 100 × NOPAT ÷ Invested capital
= 100 × ÷ =

4 Click competitor name to see calculations.

Performance ratio Description The company
ROIC A measure of the periodic, after tax, cash-on-cash yield earned in the business. Walt Disney Co. ROIC improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Decomposition of ROIC

Walt Disney Co., decomposition of ROIC

Microsoft Excel
ROIC = OPM1 × TO2 × 1 – CTR3
Sep 30, 2023 = × ×
Oct 1, 2022 = × ×
Oct 2, 2021 = × ×
Oct 3, 2020 = × ×
Sep 28, 2019 = × ×
Sep 29, 2018 = × ×

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 Operating profit margin (OPM). See calculations »

2 Turnover of capital (TO). See calculations »

3 Effective cash tax rate (CTR). See calculations »

The primary reason for the decrease in return on invested capital (ROIC) over 2023 year is the increase in effective cash tax rate (CTR).


Operating Profit Margin (OPM)

Walt Disney Co., OPM calculation, comparison to benchmarks

Microsoft Excel
Sep 30, 2023 Oct 1, 2022 Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018
Selected Financial Data (US$ in millions)
Net operating profit after taxes (NOPAT)1
Add: Cash operating taxes2
Net operating profit before taxes (NOPBT)
 
Revenues
Add: Increase (decrease) in deferred revenues
Adjusted revenues
Profitability Ratio
OPM3
Benchmarks
OPM, Competitors4
Alphabet Inc.
Comcast Corp.
Meta Platforms Inc.
Netflix Inc.

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 NOPAT. See details »

2 Cash operating taxes. See details »

3 2023 Calculation
OPM = 100 × NOPBT ÷ Adjusted revenues
= 100 × ÷ =

4 Click competitor name to see calculations.

Profitability ratio Description The company
OPM The operating profit margin (OPM) is the ratio of pretax economic earnings, or NOPBT, to sales. Walt Disney Co. OPM improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Turnover of Capital (TO)

Walt Disney Co., TO calculation, comparison to benchmarks

Microsoft Excel
Sep 30, 2023 Oct 1, 2022 Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018
Selected Financial Data (US$ in millions)
Revenues
Add: Increase (decrease) in deferred revenues
Adjusted revenues
 
Invested capital1
Efficiency Ratio
TO2
Benchmarks
TO, Competitors3
Alphabet Inc.
Comcast Corp.
Meta Platforms Inc.
Netflix Inc.

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 Invested capital. See details »

2 2023 Calculation
TO = Adjusted revenues ÷ Invested capital
= ÷ =

3 Click competitor name to see calculations.

Efficiency ratio Description The company
TO The turnover of capital (TO) is the ratio of sales to invested capital. Capital turnover is a function of the efficiency of working capital management and of net fixed assets. Walt Disney Co. TO improved from 2021 to 2022 and from 2022 to 2023.

Effective Cash Tax Rate (CTR)

Walt Disney Co., CTR calculation, comparison to benchmarks

Microsoft Excel
Sep 30, 2023 Oct 1, 2022 Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018
Selected Financial Data (US$ in millions)
Net operating profit after taxes (NOPAT)1
Add: Cash operating taxes2
Net operating profit before taxes (NOPBT)
Tax Rate
CTR3
Benchmarks
CTR, Competitors4
Alphabet Inc.
Comcast Corp.
Meta Platforms Inc.
Netflix Inc.

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 NOPAT. See details »

2 Cash operating taxes. See details »

3 2023 Calculation
CTR = 100 × Cash operating taxes ÷ NOPBT
= 100 × ÷ =

4 Click competitor name to see calculations.

Tax rate Description The company
CTR Effective cash tax rate on operating income. Walt Disney Co. CTR decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.