Stock Analysis on Net

Walt Disney Co. (NYSE:DIS)

Adjusted Financial Ratios

Microsoft Excel LibreOffice Calc

Adjusted Financial Ratios (Summary)

Walt Disney Co., adjusted financial ratios

Microsoft Excel LibreOffice Calc
Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016
Activity Ratio
Total Asset Turnover
Reported 0.33 0.32 0.36 0.60 0.58 0.60
Adjusted 0.33 0.32 0.36 0.59 0.56 0.59
Liquidity Ratio
Current Ratio
Reported 1.08 1.32 0.90 0.94 0.81 1.01
Adjusted 1.25 1.56 1.04 0.95 0.82 1.02
Solvency Ratios
Debt to Equity
Reported 0.62 0.71 0.53 0.43 0.62 0.47
Adjusted 0.51 0.57 0.44 0.41 0.54 0.44
Debt to Capital
Reported 0.38 0.41 0.35 0.30 0.38 0.32
Adjusted 0.34 0.36 0.30 0.29 0.35 0.31
Financial Leverage
Reported 2.30 2.41 2.18 2.02 2.32 2.13
Adjusted 1.79 1.84 1.70 1.77 1.93 1.84
Profitability Ratios
Net Profit Margin
Reported 2.96% -4.38% 15.89% 21.20% 16.29% 16.88%
Adjusted 4.75% -7.61% 16.92% 19.82% 18.40% 16.68%
Return on Equity (ROE)
Reported 2.25% -3.43% 12.44% 25.83% 21.74% 21.71%
Adjusted 2.83% -4.51% 10.31% 20.62% 20.03% 18.19%
Return on Assets (ROA)
Reported 0.98% -1.42% 5.70% 12.78% 9.37% 10.20%
Adjusted 1.59% -2.45% 6.05% 11.66% 10.36% 9.86%

Based on: 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).

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 deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Walt Disney Co. adjusted current ratio improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021 not reaching 2019 level.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Walt Disney Co. adjusted debt-to-equity ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Walt Disney Co. adjusted debt-to-capital ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.
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 increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Walt Disney Co. adjusted net profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Walt Disney Co. adjusted ROE deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Walt Disney Co. adjusted ROA deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.

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


Adjusted Total Asset Turnover

Microsoft Excel LibreOffice Calc
Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016
Reported
Selected Financial Data (US$ in millions)
Revenues 67,418  65,388  69,570  59,434  55,137  55,632 
Total assets 203,609  201,549  193,984  98,598  95,789  92,033 
Activity Ratio
Total asset turnover1 0.33 0.32 0.36 0.60 0.58 0.60
Adjusted
Selected Financial Data (US$ in millions)
Adjusted revenues2 67,865  64,920  70,704  59,434  55,137  55,632 
Adjusted total assets3 203,093  201,646  197,573  101,016  97,917  94,111 
Activity Ratio
Adjusted total asset turnover4 0.33 0.32 0.36 0.59 0.56 0.59

Based on: 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).

1 2021 Calculation
Total asset turnover = Revenues ÷ Total assets
= 67,418 ÷ 203,609 = 0.33

2 Adjusted revenues. See details »

3 Adjusted total assets. See details »

4 2021 Calculation
Adjusted total asset turnover = Adjusted revenues ÷ Adjusted total assets
= 67,865 ÷ 203,093 = 0.33

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 deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.

Adjusted Current Ratio

Microsoft Excel LibreOffice Calc
Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016
Reported
Selected Financial Data (US$ in millions)
Current assets 33,657  35,251  28,124  16,825  15,889  16,966 
Current liabilities 31,077  26,628  31,341  17,860  19,595  16,842 
Liquidity Ratio
Current ratio1 1.08 1.32 0.90 0.94 0.81 1.01
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 33,827  35,677  28,419  17,017  16,076  17,119 
Adjusted current liabilities3 27,010  22,940  27,291  17,860  19,595  16,842 
Liquidity Ratio
Adjusted current ratio4 1.25 1.56 1.04 0.95 0.82 1.02

Based on: 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).

1 2021 Calculation
Current ratio = Current assets ÷ Current liabilities
= 33,657 ÷ 31,077 = 1.08

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2021 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 33,827 ÷ 27,010 = 1.25

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Walt Disney Co. adjusted current ratio improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021 not reaching 2019 level.

Adjusted Debt to Equity

Microsoft Excel LibreOffice Calc
Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016
Reported
Selected Financial Data (US$ in millions)
Total debt 54,693  58,936  47,137  21,028  25,432  20,364 
Total Disney Shareholder’s equity 88,553  83,583  88,877  48,773  41,315  43,265 
Solvency Ratio
Debt to equity1 0.62 0.71 0.53 0.43 0.62 0.47
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 58,313  62,323  50,841  23,388  27,542  22,430 
Adjusted total equity3 113,652  109,455  115,984  57,122  50,650  51,014 
Solvency Ratio
Adjusted debt to equity4 0.51 0.57 0.44 0.41 0.54 0.44

Based on: 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).

1 2021 Calculation
Debt to equity = Total debt ÷ Total Disney Shareholder’s equity
= 54,693 ÷ 88,553 = 0.62

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2021 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 58,313 ÷ 113,652 = 0.51

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Walt Disney Co. adjusted debt-to-equity ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.

Adjusted Debt to Capital

Microsoft Excel LibreOffice Calc
Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016
Reported
Selected Financial Data (US$ in millions)
Total debt 54,693  58,936  47,137  21,028  25,432  20,364 
Total capital 143,246  142,519  136,014  69,801  66,747  63,629 
Solvency Ratio
Debt to capital1 0.38 0.41 0.35 0.30 0.38 0.32
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 58,313  62,323  50,841  23,388  27,542  22,430 
Adjusted total capital3 171,965  171,778  166,825  80,510  78,192  73,444 
Solvency Ratio
Adjusted debt to capital4 0.34 0.36 0.30 0.29 0.35 0.31

Based on: 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).

1 2021 Calculation
Debt to capital = Total debt ÷ Total capital
= 54,693 ÷ 143,246 = 0.38

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2021 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 58,313 ÷ 171,965 = 0.34

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Walt Disney Co. adjusted debt-to-capital ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.

Adjusted Financial Leverage

Microsoft Excel LibreOffice Calc
Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016
Reported
Selected Financial Data (US$ in millions)
Total assets 203,609  201,549  193,984  98,598  95,789  92,033 
Total Disney Shareholder’s equity 88,553  83,583  88,877  48,773  41,315  43,265 
Solvency Ratio
Financial leverage1 2.30 2.41 2.18 2.02 2.32 2.13
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 203,093  201,646  197,573  101,016  97,917  94,111 
Adjusted total equity3 113,652  109,455  115,984  57,122  50,650  51,014 
Solvency Ratio
Adjusted financial leverage4 1.79 1.84 1.70 1.77 1.93 1.84

Based on: 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).

1 2021 Calculation
Financial leverage = Total assets ÷ Total Disney Shareholder’s equity
= 203,609 ÷ 88,553 = 2.30

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2021 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 203,093 ÷ 113,652 = 1.79

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 increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.

Adjusted Net Profit Margin

Microsoft Excel LibreOffice Calc
Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to The Walt Disney Company (Disney) 1,995  (2,864) 11,054  12,598  8,980  9,391 
Revenues 67,418  65,388  69,570  59,434  55,137  55,632 
Profitability Ratio
Net profit margin1 2.96% -4.38% 15.89% 21.20% 16.29% 16.88%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 3,222  (4,940) 11,963  11,777  10,145  9,277 
Adjusted revenues3 67,865  64,920  70,704  59,434  55,137  55,632 
Profitability Ratio
Adjusted net profit margin4 4.75% -7.61% 16.92% 19.82% 18.40% 16.68%

Based on: 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).

1 2021 Calculation
Net profit margin = 100 × Net income (loss) attributable to The Walt Disney Company (Disney) ÷ Revenues
= 100 × 1,995 ÷ 67,418 = 2.96%

2 Adjusted net income (loss). See details »

3 Adjusted revenues. See details »

4 2021 Calculation
Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Adjusted revenues
= 100 × 3,222 ÷ 67,865 = 4.75%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Walt Disney Co. adjusted net profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Adjusted Return on Equity (ROE)

Microsoft Excel LibreOffice Calc
Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to The Walt Disney Company (Disney) 1,995  (2,864) 11,054  12,598  8,980  9,391 
Total Disney Shareholder’s equity 88,553  83,583  88,877  48,773  41,315  43,265 
Profitability Ratio
ROE1 2.25% -3.43% 12.44% 25.83% 21.74% 21.71%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 3,222  (4,940) 11,963  11,777  10,145  9,277 
Adjusted total equity3 113,652  109,455  115,984  57,122  50,650  51,014 
Profitability Ratio
Adjusted ROE4 2.83% -4.51% 10.31% 20.62% 20.03% 18.19%

Based on: 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).

1 2021 Calculation
ROE = 100 × Net income (loss) attributable to The Walt Disney Company (Disney) ÷ Total Disney Shareholder’s equity
= 100 × 1,995 ÷ 88,553 = 2.25%

2 Adjusted net income (loss). See details »

3 Adjusted total equity. See details »

4 2021 Calculation
Adjusted ROE = 100 × Adjusted net income (loss) ÷ Adjusted total equity
= 100 × 3,222 ÷ 113,652 = 2.83%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Walt Disney Co. adjusted ROE deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.

Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to The Walt Disney Company (Disney) 1,995  (2,864) 11,054  12,598  8,980  9,391 
Total assets 203,609  201,549  193,984  98,598  95,789  92,033 
Profitability Ratio
ROA1 0.98% -1.42% 5.70% 12.78% 9.37% 10.20%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 3,222  (4,940) 11,963  11,777  10,145  9,277 
Adjusted total assets3 203,093  201,646  197,573  101,016  97,917  94,111 
Profitability Ratio
Adjusted ROA4 1.59% -2.45% 6.05% 11.66% 10.36% 9.86%

Based on: 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).

1 2021 Calculation
ROA = 100 × Net income (loss) attributable to The Walt Disney Company (Disney) ÷ Total assets
= 100 × 1,995 ÷ 203,609 = 0.98%

2 Adjusted net income (loss). See details »

3 Adjusted total assets. See details »

4 2021 Calculation
Adjusted ROA = 100 × Adjusted net income (loss) ÷ Adjusted total assets
= 100 × 3,222 ÷ 203,093 = 1.59%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Walt Disney Co. adjusted ROA deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.