Stock Analysis on Net

Walt Disney Co. (NYSE:DIS)

Analysis of Short-term (Operating) Activity Ratios 

Microsoft Excel LibreOffice Calc

Short-term Activity Ratios (Summary)

Walt Disney Co., short-term (operating) activity ratios

Microsoft Excel LibreOffice Calc
Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016
Turnover Ratios
Inventory turnover 33.91 27.72 25.48 23.51 22.07 21.58
Receivables turnover 5.04 5.15 4.49 6.37 6.39 6.14
Payables turnover 2.76 3.33 3.05 5.03 4.67 4.37
Working capital turnover 26.13 7.58 448.65
Average No. Days
Average inventory processing period 11 13 14 16 17 17
Add: Average receivable collection period 72 71 81 57 57 59
Operating cycle 83 84 95 73 74 76
Less: Average payables payment period 132 110 120 73 78 83
Cash conversion cycle -49 -26 -25 0 -4 -7

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).

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Walt Disney Co. inventory turnover ratio improved from 2019 to 2020 and from 2020 to 2021.
Receivables turnover An activity ratio equal to revenue divided by receivables. Walt Disney Co. receivables turnover ratio improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Walt Disney Co. payables turnover ratio increased from 2019 to 2020 but then decreased significantly from 2020 to 2021.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Walt Disney Co. number of days of inventory outstanding improved from 2019 to 2020 and from 2020 to 2021.
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Walt Disney Co. number of days of receivables outstanding improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021.
Operating cycle Equal to average inventory processing period plus average receivables collection period. Walt Disney Co. operating cycle improved from 2019 to 2020 and from 2020 to 2021.
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Walt Disney Co. number of days of payables outstanding decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level.
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Walt Disney Co. cash conversion cycle improved from 2019 to 2020 and from 2020 to 2021.

Inventory Turnover

Walt Disney Co., inventory turnover calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016
Selected Financial Data (US$ in millions)
Cost of revenues, exclusive of depreciation and amortization 45,131  43,880  42,018  32,726  30,306  29,993 
Inventories 1,331  1,583  1,649  1,392  1,373  1,390 
Short-term Activity Ratio
Inventory turnover1 33.91 27.72 25.48 23.51 22.07 21.58
Benchmarks
Inventory Turnover, Competitors2
Alphabet Inc. 94.82 116.39 71.97 53.79 60.86
Inventory Turnover, Sector
Media & Entertainment 107.07 97.36 77.01 68.07 66.82
Inventory Turnover, Industry
Communication Services 38.02 37.21 45.75 42.05 41.52

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
Inventory turnover = Cost of revenues, exclusive of depreciation and amortization ÷ Inventories
= 45,131 ÷ 1,331 = 33.91

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Walt Disney Co. inventory turnover ratio improved from 2019 to 2020 and from 2020 to 2021.

Receivables Turnover

Walt Disney Co., receivables turnover calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016
Selected Financial Data (US$ in millions)
Revenues 67,418  65,388  69,570  59,434  55,137  55,632 
Receivables, net 13,367  12,708  15,481  9,334  8,633  9,065 
Short-term Activity Ratio
Receivables turnover1 5.04 5.15 4.49 6.37 6.39 6.14
Benchmarks
Receivables Turnover, Competitors2
Alphabet Inc. 6.55 5.90 6.39 6.57 6.05
Charter Communications Inc. 20.04 21.85 20.55 25.18 25.43
Comcast Corp. 9.69 9.03 9.65 8.51 9.89
Meta Platforms Inc. 8.40 7.58 7.43 7.36 6.97
Netflix Inc. 36.92 40.92 44.36 43.55
Twitter Inc. 4.17 3.57 4.07 3.86 3.68
Receivables Turnover, Sector
Media & Entertainment 7.75 7.32 7.37 7.91 7.95
Receivables Turnover, Industry
Communication Services 7.98 7.44 7.28 7.17 7.88

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
Receivables turnover = Revenues ÷ Receivables, net
= 67,418 ÷ 13,367 = 5.04

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Receivables turnover An activity ratio equal to revenue divided by receivables. Walt Disney Co. receivables turnover ratio improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021.

Payables Turnover

Walt Disney Co., payables turnover calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016
Selected Financial Data (US$ in millions)
Cost of revenues, exclusive of depreciation and amortization 45,131  43,880  42,018  32,726  30,306  29,993 
Accounts and accrued payables 16,357  13,183  13,778  6,503  6,490  6,860 
Short-term Activity Ratio
Payables turnover1 2.76 3.33 3.05 5.03 4.67 4.37
Benchmarks
Payables Turnover, Competitors2
Alphabet Inc. 18.38 15.16 12.93 13.60 14.53
Charter Communications Inc. 43.48 39.23 37.18 36.75 35.87
Comcast Corp. 3.09 2.91 3.18 3.50 3.67
Meta Platforms Inc. 5.55 12.54 9.37 11.41 14.35
Netflix Inc. 20.70 23.28 18.45 17.70 21.30
Twitter Inc. 8.85 7.03 7.06 6.65 5.04
Payables Turnover, Sector
Media & Entertainment 6.58 6.80 6.15 7.85 7.79
Payables Turnover, Industry
Communication Services 5.12 4.98 4.83 5.27 5.16

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
Payables turnover = Cost of revenues, exclusive of depreciation and amortization ÷ Accounts and accrued payables
= 45,131 ÷ 16,357 = 2.76

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Walt Disney Co. payables turnover ratio increased from 2019 to 2020 but then decreased significantly from 2020 to 2021.

Working Capital Turnover

Walt Disney Co., working capital turnover calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016
Selected Financial Data (US$ in millions)
Current assets 33,657  35,251  28,124  16,825  15,889  16,966 
Less: Current liabilities 31,077  26,628  31,341  17,860  19,595  16,842 
Working capital 2,580  8,623  (3,217) (1,035) (3,706) 124 
 
Revenues 67,418  65,388  69,570  59,434  55,137  55,632 
Short-term Activity Ratio
Working capital turnover1 26.13 7.58 448.65
Benchmarks
Working Capital Turnover, Competitors2
Alphabet Inc. 2.08 1.55 1.51 1.35 1.11
Charter Communications Inc.
Comcast Corp.
Meta Platforms Inc. 2.59 1.42 1.38 1.28 0.91
Netflix Inc. 12.78 4.93 5.31
Twitter Inc. 0.77 0.56 0.51 0.54 0.52
Working Capital Turnover, Sector
Media & Entertainment 3.92 2.74 3.19 2.98 2.59
Working Capital Turnover, Industry
Communication Services 8.16 4.57 6.66 6.34 5.34

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
Working capital turnover = Revenues ÷ Working capital
= 67,418 ÷ 2,580 = 26.13

2 Click competitor name to see calculations.


Average Inventory Processing Period

Walt Disney Co., average inventory processing period calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016
Selected Financial Data
Inventory turnover 33.91 27.72 25.48 23.51 22.07 21.58
Short-term Activity Ratio (no. days)
Average inventory processing period1 11 13 14 16 17 17
Benchmarks (no. days)
Average Inventory Processing Period, Competitors2
Alphabet Inc. 4 3 5 7 6
Average Inventory Processing Period, Sector
Media & Entertainment 3 4 5 5 5
Average Inventory Processing Period, Industry
Communication Services 10 10 8 9 9

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
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 33.91 = 11

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Walt Disney Co. number of days of inventory outstanding improved from 2019 to 2020 and from 2020 to 2021.

Average Receivable Collection Period

Walt Disney Co., average receivable collection period calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016
Selected Financial Data
Receivables turnover 5.04 5.15 4.49 6.37 6.39 6.14
Short-term Activity Ratio (no. days)
Average receivable collection period1 72 71 81 57 57 59
Benchmarks (no. days)
Average Receivable Collection Period, Competitors2
Alphabet Inc. 56 62 57 56 60
Charter Communications Inc. 18 17 18 14 14
Comcast Corp. 38 40 38 43 37
Meta Platforms Inc. 43 48 49 50 52
Netflix Inc. 10 9 8 8
Twitter Inc. 88 102 90 95 99
Average Receivable Collection Period, Sector
Media & Entertainment 47 50 49 46 46
Average Receivable Collection Period, Industry
Communication Services 46 49 50 51 46

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
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 5.04 = 72

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Walt Disney Co. number of days of receivables outstanding improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021.

Operating Cycle

Walt Disney Co., operating cycle calculation, comparison to benchmarks

No. days

Microsoft Excel LibreOffice Calc
Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016
Selected Financial Data
Average inventory processing period 11 13 14 16 17 17
Average receivable collection period 72 71 81 57 57 59
Short-term Activity Ratio
Operating cycle1 83 84 95 73 74 76
Benchmarks
Operating Cycle, Competitors2
Alphabet Inc. 60 65 62 63 66
Operating Cycle, Sector
Media & Entertainment 50 54 54 51 51
Operating Cycle, Industry
Communication Services 56 59 58 60 55

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
Operating cycle = Average inventory processing period + Average receivable collection period
= 11 + 72 = 83

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Operating cycle Equal to average inventory processing period plus average receivables collection period. Walt Disney Co. operating cycle improved from 2019 to 2020 and from 2020 to 2021.

Average Payables Payment Period

Walt Disney Co., average payables payment period calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016
Selected Financial Data
Payables turnover 2.76 3.33 3.05 5.03 4.67 4.37
Short-term Activity Ratio (no. days)
Average payables payment period1 132 110 120 73 78 83
Benchmarks (no. days)
Average Payables Payment Period, Competitors2
Alphabet Inc. 20 24 28 27 25
Charter Communications Inc. 8 9 10 10 10
Comcast Corp. 118 125 115 104 100
Meta Platforms Inc. 66 29 39 32 25
Netflix Inc. 18 16 20 21 17
Twitter Inc. 41 52 52 55 72
Average Payables Payment Period, Sector
Media & Entertainment 55 54 59 46 47
Average Payables Payment Period, Industry
Communication Services 71 73 76 69 71

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
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 2.76 = 132

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Walt Disney Co. number of days of payables outstanding decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level.

Cash Conversion Cycle

Walt Disney Co., cash conversion cycle calculation, comparison to benchmarks

No. days

Microsoft Excel LibreOffice Calc
Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016
Selected Financial Data
Average inventory processing period 11 13 14 16 17 17
Average receivable collection period 72 71 81 57 57 59
Average payables payment period 132 110 120 73 78 83
Short-term Activity Ratio
Cash conversion cycle1 -49 -26 -25 0 -4 -7
Benchmarks
Cash Conversion Cycle, Competitors2
Alphabet Inc. 40 41 34 36 41
Cash Conversion Cycle, Sector
Media & Entertainment -5 0 -5 5 4
Cash Conversion Cycle, Industry
Communication Services -15 -14 -18 -9 -16

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
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 11 + 72132 = -49

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Walt Disney Co. cash conversion cycle improved from 2019 to 2020 and from 2020 to 2021.