Stock Analysis on Net

Walt Disney Co. (NYSE:DIS)

Analysis of Reportable Segments 

Microsoft Excel

Segment Profit Margin

Walt Disney Co., profit margin by reportable segment

Microsoft Excel
Oct 1, 2022 Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017
Disney Media and Entertainment Distribution (DMED) 7.66% 14.34% 16.94% 18.96% 28.07%
Disney Parks, Experiences and Products (DPEP) 27.54% 2.85% -0.48% 25.23% 24.13%

Based on: 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).

Segment profitability ratio Reportable segment The company
Segment profit margin Disney Media and Entertainment Distribution (DMED) Disney Media and Entertainment Distribution (DMED) segment profit margin ratio deteriorated from 2020 to 2021 and from 2021 to 2022.
Disney Parks, Experiences and Products (DPEP) Disney Parks, Experiences and Products (DPEP) segment profit margin ratio improved from 2020 to 2021 and from 2021 to 2022.

Segment Profit Margin: Disney Media and Entertainment Distribution (DMED)

Walt Disney Co.; Disney Media and Entertainment Distribution (DMED); segment profit margin calculation

Microsoft Excel
Oct 1, 2022 Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017
Selected Financial Data (US$ in millions)
Segment operating income 4,216 7,295 8,189 8,110 9,594
Revenues 55,040 50,866 48,350 42,784 34,177
Segment Profitability Ratio
Segment profit margin1 7.66% 14.34% 16.94% 18.96% 28.07%

Based on: 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).

1 2022 Calculation
Segment profit margin = 100 × Segment operating income ÷ Revenues
= 100 × 4,216 ÷ 55,040 = 7.66%

Segment profitability ratio Reportable segment The company
Segment profit margin Disney Media and Entertainment Distribution (DMED) Disney Media and Entertainment Distribution (DMED) segment profit margin ratio deteriorated from 2020 to 2021 and from 2021 to 2022.

Segment Profit Margin: Disney Parks, Experiences and Products (DPEP)

Walt Disney Co.; Disney Parks, Experiences and Products (DPEP); segment profit margin calculation

Microsoft Excel
Oct 1, 2022 Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017
Selected Financial Data (US$ in millions)
Segment operating income 7,905 471 (81) 6,758 6,095
Revenues 28,705 16,552 17,038 26,786 25,257
Segment Profitability Ratio
Segment profit margin1 27.54% 2.85% -0.48% 25.23% 24.13%

Based on: 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).

1 2022 Calculation
Segment profit margin = 100 × Segment operating income ÷ Revenues
= 100 × 7,905 ÷ 28,705 = 27.54%

Segment profitability ratio Reportable segment The company
Segment profit margin Disney Parks, Experiences and Products (DPEP) Disney Parks, Experiences and Products (DPEP) segment profit margin ratio improved from 2020 to 2021 and from 2021 to 2022.

Segment Return on Assets (Segment ROA)

Walt Disney Co., ROA by reportable segment

Microsoft Excel
Oct 1, 2022 Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017
Disney Media and Entertainment Distribution (DMED) 2.85% 5.04% 5.87% 5.56% 17.62%
Disney Parks, Experiences and Products (DPEP) 18.37% 1.13% -0.19% 16.12% 15.56%

Based on: 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).

Segment profitability ratio Reportable segment The company
Segment ROA Disney Media and Entertainment Distribution (DMED) Disney Media and Entertainment Distribution (DMED) segment ROA deteriorated from 2020 to 2021 and from 2021 to 2022.
Disney Parks, Experiences and Products (DPEP) Disney Parks, Experiences and Products (DPEP) segment ROA improved from 2020 to 2021 and from 2021 to 2022.

Segment ROA: Disney Media and Entertainment Distribution (DMED)

Walt Disney Co.; Disney Media and Entertainment Distribution (DMED); segment ROA calculation

Microsoft Excel
Oct 1, 2022 Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017
Selected Financial Data (US$ in millions)
Segment operating income 4,216 7,295 8,189 8,110 9,594
Identifiable assets 148,129 144,675 139,538 145,926 54,450
Segment Profitability Ratio
Segment ROA1 2.85% 5.04% 5.87% 5.56% 17.62%

Based on: 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).

1 2022 Calculation
Segment ROA = 100 × Segment operating income ÷ Identifiable assets
= 100 × 4,216 ÷ 148,129 = 2.85%

Segment profitability ratio Reportable segment The company
Segment ROA Disney Media and Entertainment Distribution (DMED) Disney Media and Entertainment Distribution (DMED) segment ROA deteriorated from 2020 to 2021 and from 2021 to 2022.

Segment ROA: Disney Parks, Experiences and Products (DPEP)

Walt Disney Co.; Disney Parks, Experiences and Products (DPEP); segment ROA calculation

Microsoft Excel
Oct 1, 2022 Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017
Selected Financial Data (US$ in millions)
Segment operating income 7,905 471 (81) 6,758 6,095
Identifiable assets 43,027 41,763 42,320 41,923 39,171
Segment Profitability Ratio
Segment ROA1 18.37% 1.13% -0.19% 16.12% 15.56%

Based on: 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).

1 2022 Calculation
Segment ROA = 100 × Segment operating income ÷ Identifiable assets
= 100 × 7,905 ÷ 43,027 = 18.37%

Segment profitability ratio Reportable segment The company
Segment ROA Disney Parks, Experiences and Products (DPEP) Disney Parks, Experiences and Products (DPEP) segment ROA improved from 2020 to 2021 and from 2021 to 2022.

Segment Asset Turnover

Walt Disney Co., asset turnover by reportable segment

Microsoft Excel
Oct 1, 2022 Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017
Disney Media and Entertainment Distribution (DMED) 0.37 0.35 0.35 0.29 0.63
Disney Parks, Experiences and Products (DPEP) 0.67 0.40 0.40 0.64 0.64

Based on: 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).

Segment activity ratio Reportable segment The company
Segment asset turnover Disney Media and Entertainment Distribution (DMED) Disney Media and Entertainment Distribution (DMED) segment asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022.
Disney Parks, Experiences and Products (DPEP) Disney Parks, Experiences and Products (DPEP) segment asset turnover ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level.

Segment Asset Turnover: Disney Media and Entertainment Distribution (DMED)

Walt Disney Co.; Disney Media and Entertainment Distribution (DMED); segment asset turnover calculation

Microsoft Excel
Oct 1, 2022 Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017
Selected Financial Data (US$ in millions)
Revenues 55,040 50,866 48,350 42,784 34,177
Identifiable assets 148,129 144,675 139,538 145,926 54,450
Segment Activity Ratio
Segment asset turnover1 0.37 0.35 0.35 0.29 0.63

Based on: 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).

1 2022 Calculation
Segment asset turnover = Revenues ÷ Identifiable assets
= 55,040 ÷ 148,129 = 0.37

Segment activity ratio Reportable segment The company
Segment asset turnover Disney Media and Entertainment Distribution (DMED) Disney Media and Entertainment Distribution (DMED) segment asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022.

Segment Asset Turnover: Disney Parks, Experiences and Products (DPEP)

Walt Disney Co.; Disney Parks, Experiences and Products (DPEP); segment asset turnover calculation

Microsoft Excel
Oct 1, 2022 Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017
Selected Financial Data (US$ in millions)
Revenues 28,705 16,552 17,038 26,786 25,257
Identifiable assets 43,027 41,763 42,320 41,923 39,171
Segment Activity Ratio
Segment asset turnover1 0.67 0.40 0.40 0.64 0.64

Based on: 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).

1 2022 Calculation
Segment asset turnover = Revenues ÷ Identifiable assets
= 28,705 ÷ 43,027 = 0.67

Segment activity ratio Reportable segment The company
Segment asset turnover Disney Parks, Experiences and Products (DPEP) Disney Parks, Experiences and Products (DPEP) segment asset turnover ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level.

Segment Capital Expenditures to Depreciation

Walt Disney Co., capital expenditures to depreciation by reportable segment

Microsoft Excel
Oct 1, 2022 Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017
Disney Media and Entertainment Distribution (DMED) 1.25 1.41 1.23 1.10 1.13
Disney Parks, Experiences and Products (DPEP) 1.47 1.00 1.25 1.89 1.76

Based on: 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).

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Disney Media and Entertainment Distribution (DMED) Disney Media and Entertainment Distribution (DMED) segment capital expenditures to depreciation ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level.
Disney Parks, Experiences and Products (DPEP) Disney Parks, Experiences and Products (DPEP) segment capital expenditures to depreciation ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level.

Segment Capital Expenditures to Depreciation: Disney Media and Entertainment Distribution (DMED)

Walt Disney Co.; Disney Media and Entertainment Distribution (DMED); segment capital expenditures to depreciation calculation

Microsoft Excel
Oct 1, 2022 Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017
Selected Financial Data (US$ in millions)
Capital expenditures 810 862 783 520 406
Depreciation expense 650 613 638 472 360
Segment Financial Ratio
Segment capital expenditures to depreciation1 1.25 1.41 1.23 1.10 1.13

Based on: 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).

1 2022 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation expense
= 810 ÷ 650 = 1.25

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Disney Media and Entertainment Distribution (DMED) Disney Media and Entertainment Distribution (DMED) segment capital expenditures to depreciation ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level.

Segment Capital Expenditures to Depreciation: Disney Parks, Experiences and Products (DPEP)

Walt Disney Co.; Disney Parks, Experiences and Products (DPEP); segment capital expenditures to depreciation calculation

Microsoft Excel
Oct 1, 2022 Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017
Selected Financial Data (US$ in millions)
Capital expenditures 3,447 2,272 2,904 4,146 3,900
Depreciation expense 2,342 2,269 2,328 2,198 2,217
Segment Financial Ratio
Segment capital expenditures to depreciation1 1.47 1.00 1.25 1.89 1.76

Based on: 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).

1 2022 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation expense
= 3,447 ÷ 2,342 = 1.47

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Disney Parks, Experiences and Products (DPEP) Disney Parks, Experiences and Products (DPEP) segment capital expenditures to depreciation ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level.

Revenues

Walt Disney Co., revenues by reportable segment

US$ in millions

Microsoft Excel
Oct 1, 2022 Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017
Disney Media and Entertainment Distribution (DMED) 55,040 50,866 48,350 42,784 34,177
Disney Parks, Experiences and Products (DPEP) 28,705 16,552 17,038 26,786 25,257
Total 83,745 67,418 65,388 69,570 59,434

Based on: 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).


Segment operating income

Walt Disney Co., segment operating income by reportable segment

US$ in millions

Microsoft Excel
Oct 1, 2022 Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017
Disney Media and Entertainment Distribution (DMED) 4,216 7,295 8,189 8,110 9,594
Disney Parks, Experiences and Products (DPEP) 7,905 471 (81) 6,758 6,095
Total 12,121 7,766 8,108 14,868 15,689

Based on: 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).


Capital expenditures

Walt Disney Co., capital expenditures by reportable segment

US$ in millions

Microsoft Excel
Oct 1, 2022 Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017
Disney Media and Entertainment Distribution (DMED) 810 862 783 520 406
Disney Parks, Experiences and Products (DPEP) 3,447 2,272 2,904 4,146 3,900
Corporate 686 444 335 210 159
Total 4,943 3,578 4,022 4,876 4,465

Based on: 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).


Depreciation expense

Walt Disney Co., depreciation expense by reportable segment

US$ in millions

Microsoft Excel
Oct 1, 2022 Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017
Disney Media and Entertainment Distribution (DMED) 650 613 638 472 360
Disney Parks, Experiences and Products (DPEP) 2,342 2,269 2,328 2,198 2,217
Corporate 191 186 174 167 181
Total 3,183 3,068 3,140 2,837 2,758

Based on: 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).


Identifiable assets

Walt Disney Co., identifiable assets by reportable segment

US$ in millions

Microsoft Excel
Oct 1, 2022 Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017
Disney Media and Entertainment Distribution (DMED) 148,129 144,675 139,538 145,926 54,450
Disney Parks, Experiences and Products (DPEP) 43,027 41,763 42,320 41,923 39,171
Corporate 12,475 17,171 19,691 6,135 4,977
Total 203,631 203,609 201,549 193,984 98,598

Based on: 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).