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

Walt Disney Co. (NYSE:DIS)

Analysis of Solvency Ratios

Beginner level

Solvency Ratios (Summary)

Walt Disney Co., solvency ratios

Microsoft Excel LibreOffice Calc
Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016 Oct 3, 2015
Debt Ratios
Debt to equity 0.70 0.53 0.43 0.61 0.47 0.39
Debt to equity (including operating lease liability) 0.74 0.53 0.43 0.61 0.47 0.39
Debt to capital 0.41 0.35 0.30 0.38 0.32 0.28
Debt to capital (including operating lease liability) 0.43 0.35 0.30 0.38 0.32 0.28
Debt to assets 0.29 0.24 0.21 0.26 0.22 0.20
Debt to assets (including operating lease liability) 0.31 0.24 0.21 0.26 0.22 0.20
Financial leverage 2.41 2.18 2.02 2.32 2.13 1.98
Coverage Ratios
Interest coverage -0.06 12.19 22.60 28.20 43.00 53.33
Fixed charge coverage 0.32 6.94 10.14 11.03 13.38 13.34

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).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Walt Disney Co.’s debt to equity ratio deteriorated from 2018 to 2019 and from 2019 to 2020.
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Walt Disney Co.’s debt to equity ratio (including operating lease liability) deteriorated from 2018 to 2019 and from 2019 to 2020.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Walt Disney Co.’s debt to capital ratio deteriorated from 2018 to 2019 and from 2019 to 2020.
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Walt Disney Co.’s debt to capital ratio (including operating lease liability) deteriorated from 2018 to 2019 and from 2019 to 2020.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Walt Disney Co.’s debt to assets ratio deteriorated from 2018 to 2019 and from 2019 to 2020.
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Walt Disney Co.’s debt to assets ratio (including operating lease liability) deteriorated from 2018 to 2019 and from 2019 to 2020.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Walt Disney Co.’s financial leverage ratio increased from 2018 to 2019 and from 2019 to 2020.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Walt Disney Co.’s interest coverage ratio deteriorated from 2018 to 2019 and from 2019 to 2020.
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Walt Disney Co.’s fixed charge coverage ratio deteriorated from 2018 to 2019 and from 2019 to 2020.

Debt to Equity

Walt Disney Co., debt to equity calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016 Oct 3, 2015
Selected Financial Data (US$ in millions)
Current portion of borrowings 5,711  8,857  3,790  6,172  3,687  4,563 
Borrowings, excluding current portion 52,917  38,129  17,084  19,119  16,483  12,773 
Total debt 58,628  46,986  20,874  25,291  20,170  17,336 
 
Total Disney Shareholder’s equity 83,583  88,877  48,773  41,315  43,265  44,525 
Solvency Ratio
Debt to equity1 0.70 0.53 0.43 0.61 0.47 0.39
Benchmarks
Debt to Equity, Competitors2
Charter Communications Inc. 2.51 2.01 1.80 1.54
Comcast Corp. 1.24 1.56 0.94 1.13 1.01
Netflix Inc. 1.95 1.98 1.81 1.26 1.07
Debt to Equity, Sector
Media 1.15 1.33 1.09 1.04 1.09
Debt to Equity, Industry
Consumer Services 1.24 1.27 1.10 0.99 0.93

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
Debt to equity = Total debt ÷ Total Disney Shareholder’s equity
= 58,628 ÷ 83,583 = 0.70

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Walt Disney Co.’s debt to equity ratio deteriorated from 2018 to 2019 and from 2019 to 2020.

Debt to Equity (including Operating Lease Liability)

Walt Disney Co., debt to equity (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016 Oct 3, 2015
Selected Financial Data (US$ in millions)
Current portion of borrowings 5,711  8,857  3,790  6,172  3,687  4,563 
Borrowings, excluding current portion 52,917  38,129  17,084  19,119  16,483  12,773 
Total debt 58,628  46,986  20,874  25,291  20,170  17,336 
Short-term lease liabilities, operating leases (included in Accounts payable and other accrued liabilities) 747  —  —  —  —  — 
Long-term lease liabilities, operating leases (included in Other long-term liabilities) 2,640  —  —  —  —  — 
Total debt (including operating lease liability) 62,015  46,986  20,874  25,291  20,170  17,336 
 
Total Disney Shareholder’s equity 83,583  88,877  48,773  41,315  43,265  44,525 
Solvency Ratio
Debt to equity (including operating lease liability)1 0.74 0.53 0.43 0.61 0.47 0.39
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Charter Communications Inc. 2.55 2.01 1.80 1.54
Comcast Corp. 1.29 1.56 0.94 1.13 1.01
Netflix Inc. 2.16 1.98 1.81 1.26 1.07
Debt to Equity (including Operating Lease Liability), Sector
Media 1.19 1.33 1.09 1.04 1.09
Debt to Equity (including Operating Lease Liability), Industry
Consumer Services 1.39 1.27 1.10 0.99 0.93

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
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Disney Shareholder’s equity
= 62,015 ÷ 83,583 = 0.74

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Walt Disney Co.’s debt to equity ratio (including operating lease liability) deteriorated from 2018 to 2019 and from 2019 to 2020.

Debt to Capital

Walt Disney Co., debt to capital calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016 Oct 3, 2015
Selected Financial Data (US$ in millions)
Current portion of borrowings 5,711  8,857  3,790  6,172  3,687  4,563 
Borrowings, excluding current portion 52,917  38,129  17,084  19,119  16,483  12,773 
Total debt 58,628  46,986  20,874  25,291  20,170  17,336 
Total Disney Shareholder’s equity 83,583  88,877  48,773  41,315  43,265  44,525 
Total capital 142,211  135,863  69,647  66,606  63,435  61,861 
Solvency Ratio
Debt to capital1 0.41 0.35 0.30 0.38 0.32 0.28
Benchmarks
Debt to Capital, Competitors2
Charter Communications Inc. 0.72 0.67 0.64 0.61 1.00
Comcast Corp. 0.55 0.61 0.48 0.53 0.50
Netflix Inc. 0.66 0.66 0.64 0.56 0.52
Debt to Capital, Sector
Media 0.54 0.57 0.52 0.51 0.52
Debt to Capital, Industry
Consumer Services 0.55 0.56 0.52 0.50 0.48

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
Debt to capital = Total debt ÷ Total capital
= 58,628 ÷ 142,211 = 0.41

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Walt Disney Co.’s debt to capital ratio deteriorated from 2018 to 2019 and from 2019 to 2020.

Debt to Capital (including Operating Lease Liability)

Walt Disney Co., debt to capital (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016 Oct 3, 2015
Selected Financial Data (US$ in millions)
Current portion of borrowings 5,711  8,857  3,790  6,172  3,687  4,563 
Borrowings, excluding current portion 52,917  38,129  17,084  19,119  16,483  12,773 
Total debt 58,628  46,986  20,874  25,291  20,170  17,336 
Short-term lease liabilities, operating leases (included in Accounts payable and other accrued liabilities) 747  —  —  —  —  — 
Long-term lease liabilities, operating leases (included in Other long-term liabilities) 2,640  —  —  —  —  — 
Total debt (including operating lease liability) 62,015  46,986  20,874  25,291  20,170  17,336 
Total Disney Shareholder’s equity 83,583  88,877  48,773  41,315  43,265  44,525 
Total capital (including operating lease liability) 145,598  135,863  69,647  66,606  63,435  61,861 
Solvency Ratio
Debt to capital (including operating lease liability)1 0.43 0.35 0.30 0.38 0.32 0.28
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
Charter Communications Inc. 0.72 0.67 0.64 0.61 1.00
Comcast Corp. 0.56 0.61 0.48 0.53 0.50
Netflix Inc. 0.68 0.66 0.64 0.56 0.52
Debt to Capital (including Operating Lease Liability), Sector
Media 0.54 0.57 0.52 0.51 0.52
Debt to Capital (including Operating Lease Liability), Industry
Consumer Services 0.58 0.56 0.52 0.50 0.48

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
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 62,015 ÷ 145,598 = 0.43

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Walt Disney Co.’s debt to capital ratio (including operating lease liability) deteriorated from 2018 to 2019 and from 2019 to 2020.

Debt to Assets

Walt Disney Co., debt to assets calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016 Oct 3, 2015
Selected Financial Data (US$ in millions)
Current portion of borrowings 5,711  8,857  3,790  6,172  3,687  4,563 
Borrowings, excluding current portion 52,917  38,129  17,084  19,119  16,483  12,773 
Total debt 58,628  46,986  20,874  25,291  20,170  17,336 
 
Total assets 201,549  193,984  98,598  95,789  92,033  88,182 
Solvency Ratio
Debt to assets1 0.29 0.24 0.21 0.26 0.22 0.20
Benchmarks
Debt to Assets, Competitors2
Charter Communications Inc. 0.53 0.50 0.48 0.41 0.91
Comcast Corp. 0.39 0.44 0.35 0.34 0.32
Netflix Inc. 0.43 0.40 0.34 0.25 0.23
Debt to Assets, Sector
Media 0.38 0.41 0.37 0.34 0.36
Debt to Assets, Industry
Consumer Services 0.34 0.37 0.34 0.32 0.32

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
Debt to assets = Total debt ÷ Total assets
= 58,628 ÷ 201,549 = 0.29

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Walt Disney Co.’s debt to assets ratio deteriorated from 2018 to 2019 and from 2019 to 2020.

Debt to Assets (including Operating Lease Liability)

Walt Disney Co., debt to assets (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016 Oct 3, 2015
Selected Financial Data (US$ in millions)
Current portion of borrowings 5,711  8,857  3,790  6,172  3,687  4,563 
Borrowings, excluding current portion 52,917  38,129  17,084  19,119  16,483  12,773 
Total debt 58,628  46,986  20,874  25,291  20,170  17,336 
Short-term lease liabilities, operating leases (included in Accounts payable and other accrued liabilities) 747  —  —  —  —  — 
Long-term lease liabilities, operating leases (included in Other long-term liabilities) 2,640  —  —  —  —  — 
Total debt (including operating lease liability) 62,015  46,986  20,874  25,291  20,170  17,336 
 
Total assets 201,549  193,984  98,598  95,789  92,033  88,182 
Solvency Ratio
Debt to assets (including operating lease liability)1 0.31 0.24 0.21 0.26 0.22 0.20
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
Charter Communications Inc. 0.54 0.50 0.48 0.41 0.91
Comcast Corp. 0.41 0.44 0.35 0.34 0.32
Netflix Inc. 0.48 0.40 0.34 0.25 0.23
Debt to Assets (including Operating Lease Liability), Sector
Media 0.39 0.41 0.37 0.34 0.36
Debt to Assets (including Operating Lease Liability), Industry
Consumer Services 0.39 0.37 0.34 0.32 0.32

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
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 62,015 ÷ 201,549 = 0.31

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Walt Disney Co.’s debt to assets ratio (including operating lease liability) deteriorated from 2018 to 2019 and from 2019 to 2020.

Financial Leverage

Walt Disney Co., financial leverage calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016 Oct 3, 2015
Selected Financial Data (US$ in millions)
Total assets 201,549  193,984  98,598  95,789  92,033  88,182 
Total Disney Shareholder’s equity 83,583  88,877  48,773  41,315  43,265  44,525 
Solvency Ratio
Financial leverage1 2.41 2.18 2.02 2.32 2.13 1.98
Benchmarks
Financial Leverage, Competitors2
Charter Communications Inc. 4.71 4.03 3.75 3.71
Comcast Corp. 3.18 3.51 2.72 3.35 3.19
Netflix Inc. 4.48 4.96 5.31 5.07 4.59
Financial Leverage, Sector
Media 3.04 3.23 2.94 3.11 3.07
Financial Leverage, Industry
Consumer Services 3.61 3.48 3.19 3.09 2.95

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
Financial leverage = Total assets ÷ Total Disney Shareholder’s equity
= 201,549 ÷ 83,583 = 2.41

2 Click competitor name to see calculations.

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Walt Disney Co.’s financial leverage ratio increased from 2018 to 2019 and from 2019 to 2020.

Interest Coverage

Walt Disney Co., interest coverage calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016 Oct 3, 2015
Selected Financial Data (US$ in millions)
Net income (loss) attributable to The Walt Disney Company (Disney) (2,864) 11,054  12,598  8,980  9,391  8,382 
Add: Net income attributable to noncontrolling interest 390  530  468  386  399  470 
Less: Income (loss) from discontinued operations, net of income tax (expense) benefit (32) 671  —  —  —  — 
Add: Income tax expense 699  3,031  1,663  4,422  5,078  5,016 
Add: Interest expense 1,647  1,246  682  507  354  265 
Earnings before interest and tax (EBIT) (96) 15,190  15,411  14,295  15,222  14,133 
Solvency Ratio
Interest coverage1 -0.06 12.19 22.60 28.20 43.00 53.33
Benchmarks
Interest Coverage, Competitors2
Charter Communications Inc. 1.64 1.48 1.33 1.33 0.75
Comcast Corp. 4.72 5.30 5.97 5.88 5.95
Netflix Inc. 4.29 3.92 3.04 2.74 2.07
Interest Coverage, Sector
Media 4.46 5.02 5.42 6.10 7.14
Interest Coverage, Industry
Consumer Services 6.64 7.01 8.27 8.92 9.86

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
Interest coverage = EBIT ÷ Interest expense
= -96 ÷ 1,647 = -0.06

2 Click competitor name to see calculations.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Walt Disney Co.’s interest coverage ratio deteriorated from 2018 to 2019 and from 2019 to 2020.

Fixed Charge Coverage

Walt Disney Co., fixed charge coverage calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016 Oct 3, 2015
Selected Financial Data (US$ in millions)
Net income (loss) attributable to The Walt Disney Company (Disney) (2,864) 11,054  12,598  8,980  9,391  8,382 
Add: Net income attributable to noncontrolling interest 390  530  468  386  399  470 
Less: Income (loss) from discontinued operations, net of income tax (expense) benefit (32) 671  —  —  —  — 
Add: Income tax expense 699  3,031  1,663  4,422  5,078  5,016 
Add: Interest expense 1,647  1,246  682  507  354  265 
Earnings before interest and tax (EBIT) (96) 15,190  15,411  14,295  15,222  14,133 
Add: Operating lease cost 899  1,100  930  868  847  859 
Earnings before fixed charges and tax 803  16,290  16,341  15,163  16,069  14,992 
 
Interest expense 1,647  1,246  682  507  354  265 
Operating lease cost 899  1,100  930  868  847  859 
Fixed charges 2,546  2,346  1,612  1,375  1,201  1,124 
Solvency Ratio
Fixed charge coverage1 0.32 6.94 10.14 11.03 13.38 13.34
Benchmarks
Fixed Charge Coverage, Competitors2
Charter Communications Inc. 1.58 1.43 1.30 1.30 0.76
Comcast Corp. 4.00 4.53 4.90 4.89 5.04
Netflix Inc. 2.92 3.33 2.55 2.28 1.85
Fixed Charge Coverage, Sector
Media 3.66 4.17 4.39 4.88 5.54
Fixed Charge Coverage, Industry
Consumer Services 3.88 4.00 4.52 4.78 4.96

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
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 803 ÷ 2,546 = 0.32

2 Click competitor name to see calculations.

Solvency ratio Description The company
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Walt Disney Co.’s fixed charge coverage ratio deteriorated from 2018 to 2019 and from 2019 to 2020.