Walt Disney Co. (NYSE:DIS)

Net Fixed Asset Turnover

The net fixed asset turnover ratio exhibits an overall positive trend during the periods observed. Starting from a value of 2.2, the ratio experienced some fluctuation, declining to a low of 1.82 around early 2021. However, from that point onward, a consistent upward trend is noticeable, with the ratio increasing steadily to reach approximately 2.54 by mid-2023. In the last few quarters, there is a slight moderation in growth, with the ratio stabilizing around 2.3 to 2.5. This pattern suggests improved efficiency in generating revenue from fixed assets over the medium term, despite a temporary dip.

Total Asset Turnover

The total asset turnover ratio shows a gradual but consistent increase from 0.36 to 0.48 across the reviewed periods. After an initial slight drop in early 2020, the ratio began a steady upward trajectory, indicating an enhanced capacity to generate sales from the assets employed. This trend suggests a progressive improvement in overall asset utilization efficiency, culminating in about a 33% increase in the ratio over the duration.

Equity Turnover

The equity turnover ratio displays more variability compared to the other ratios but also follows a general upward trend. Starting near 0.78, the ratio climbed to a peak close to 0.9 by 2023, reflecting a more effective use of shareholders’ equity to generate revenue. There are periods of minor decline, particularly noticeable during early 2021 and intermittently afterward, which may indicate shifts in revenue relative to equity changes. Nonetheless, the overall progression denotes an increase in operational efficiency in terms of equity utilization over time.

The financial data reveals several key trends over the examined periods. Revenues show a fluctuating pattern with notable declines and recoveries. Initially, revenues decreased from 15,303 million USD in December 2018 to 14,922 million USD by March 2019, followed by a significant rise to 20,245 million USD in June 2019. This upward trend continued, peaking at 23,549 million USD by December 2023. However, some fluctuations are observed, such as a dip to 21,241 million USD in the fourth quarter of 2023, followed by moderate recovery thereafter. This pattern suggests sensitivity to seasonal or external factors influencing revenue streams.

Assets related to parks, resorts, and other property exhibit a consistent and steady increase throughout the periods under review. Starting at 29,797 million USD in December 2018, these assets grew progressively to reach 40,185 million USD by June 2025. This persistent upward movement indicates ongoing investment and expansion in fixed assets and property holdings, likely reflecting strategic capital expenditure and asset accumulation over time.

The net fixed asset turnover ratio, which measures the efficiency of asset use in generating revenues, shows a general upward trend from the available data starting in June 2019. The ratio increased from 2.2 to a peak of 2.54 in late 2023 but slightly declined to 2.35 by June 2025. This suggests improving efficiency in early periods, possibly linked to enhanced operational performance or asset utilization, followed by a minor reduction in efficiency in the most recent periods.

Revenues

Demonstrate volatility with a decline in early 2020 coinciding likely with external disruptions, followed by recovery and growth peaking near the end of 2023.

The overall trajectory from 2018 to 2025 is upward despite interim fluctuations.

Parks, resorts and other property, net

Show a steady increase, reflecting continuous capital investment and asset base growth.

The growth pace remains consistent without notable regressions.

Net fixed asset turnover

Indicates improving efficiency in utilizing fixed assets until late 2023.

Minor declines after the peak suggest some reduction in asset turnover efficiency in the latest periods.

The quarterly financial data reveals several notable trends in the company's revenues, total assets, and total asset turnover ratio over the observed periods.

Revenues

The revenue figures show considerable fluctuations throughout the timeline. Starting at approximately $15.3 billion in late 2018, revenues exhibit a notable upward trend reaching peaks above $23 billion in late 2022 and onwards. There is a visible dip around early to mid-2020, coinciding with the $11.8 billion low in June 2020, likely influenced by external factors impacting business operations during that time. Following this decrease, revenues generally recover and trend upward again, with some variability, ultimately sustaining levels above $23 billion in the latest reported quarters.

Total Assets

Total assets demonstrate a distinctive pattern, initially recorded at roughly $99.9 billion in December 2018 but sharply increasing to over $200 billion by March 2019. Subsequently, total assets remain relatively stable, fluctuating modestly within a range of approximately $195 billion to $207 billion. This relative stability suggests a maintained asset base without significant expansion or contraction after the initial jump.

Total Asset Turnover

Although data for the early periods is absent, from June 2019 onward, total asset turnover ratios gradually improve. Starting near 0.36, the ratio dips slightly around 2020 but then exhibits a consistent increase, reaching nearly 0.48 by the most recent quarters. This rising trend reflects enhanced efficiency in generating revenues from the company's asset base over time.

In summary, the data indicates that despite an initial disruption around early 2020, revenues have rebounded and grown, supported by a stable asset base. The improvement in asset turnover suggests effective utilization of assets, contributing to revenue growth. Overall, the financial metrics point to recovery and progressive operational efficiency in the company's performance across the observed periods.

The financial data reveals notable variations in revenues and shareholders’ equity over the analyzed periods, accompanied by associated changes in equity turnover ratios.

Revenues

Revenues demonstrate an overall increasing trend from the beginning to the end of the period. Starting at approximately 15.3 billion US dollars in late 2018, revenues generally grew, albeit with fluctuations. A peak of around 20.9 billion is observed in late 2019, before a significant decline in early 2020 to roughly 11.8 billion, likely reflecting external challenges during that time. Subsequently, revenues recovered progressively, surpassing previous high points, reaching near 24.7 billion by late 2024. This recovery period includes several oscillations but maintains an upward momentum.

Total Disney Shareholders’ Equity

The shareholders’ equity rose markedly from about 50.3 billion US dollars at the end of 2018 to close to 90 billion by early 2019, indicating a substantial capital increase or revaluation. Following this jump, equity levels stabilized in the high 80s to low 90s billions through 2019 and early 2020, then experienced slight declines mid-2020 before resuming a gradual upward trend. By mid-2025, equity reached approximately 109.1 billion, reflecting consistent growth in the company’s net asset base over the longer term.

Equity Turnover Ratio

The equity turnover ratio, which illustrates how efficiently the company uses equity to generate revenues, shows a somewhat cyclical pattern with an upward tendency. From a starting point around 0.78 in mid-2019, the ratio increased to approximately 0.9 by late 2023. Small variations occur throughout, but the ratio demonstrates an improvement in efficiency over time. The data suggests enhanced effectiveness in generating revenue relative to equity during later periods.

In summary, the company encountered a revenue disruption in early 2020, followed by a robust recovery and growth phase. Shareholders’ equity experienced a significant initial increase, then stabilized with gradual growth. Simultaneously, the equity turnover ratio improved, indicating better utilization of equity capital to produce revenues as time progressed. These trends collectively point to strengthening financial performance and effective capital use in the examined timeframe.