Enterprise Value to EBITDA (EV/EBITDA)
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Walt Disney Co., EBITDA calculation
US$ in millions
Based on: 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03).
- Net income (loss) attributable to The Walt Disney Company
- The net income exhibits a significant recovery and growth over the analyzed periods. Starting from a substantial loss in 2020, the company turned profitable in 2021 with a positive net income of 1,995 million USD. This upward trend continued annually, reaching a net income of 12,404 million USD by 2025, indicating strong profitability improvement and effective operational or strategic adjustments.
- Earnings before tax (EBT)
- Earnings before tax follow a consistent upward trajectory. The company moved from a negative EBT of -1,743 million USD in 2020 to a positive and growing figure year-over-year, culminating at 12,003 million USD in 2025. This reflects improved earnings performance before tax obligations, suggesting enhanced operational efficiency or revenue growth contributing to the company's earnings potential.
- Earnings before interest and tax (EBIT)
- EBIT showed a marked turnaround from a slight negative value in 2020 (-96 million USD) to a strong positive performance in subsequent years. The EBIT peaked at 6,834 million USD in 2022 and continued to increase, reaching 13,815 million USD in 2025. This growth suggests better core profitability excluding interest and tax expenses, pointing to effective cost management and revenue enhancements.
- Earnings before interest, tax, depreciation and amortization (EBITDA)
- EBITDA demonstrated a robust and steadily increasing trend throughout the periods. Beginning with 5,249 million USD in 2020, EBITDA nearly quadrupled by 2025, reaching 19,141 million USD. This consistent increase in EBITDA highlights strong cash flow generation capabilities and operational performance improvement, with potential positive implications for liquidity and reinvestment capacity.
Enterprise Value to EBITDA Ratio, Current
Walt Disney Co., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | |
| Valuation Ratio | |
| EV/EBITDA | |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| Alphabet Inc. | |
| Comcast Corp. | |
| Meta Platforms Inc. | |
| Netflix Inc. | |
| Trade Desk Inc. | |
| EV/EBITDA, Sector | |
| Media & Entertainment | |
| EV/EBITDA, Industry | |
| Communication Services | |
Based on: 10-K (reporting date: 2025-09-27).
1 Click competitor name to see calculations.
If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.
Enterprise Value to EBITDA Ratio, Historical
Walt Disney Co., historical EV/EBITDA calculation, comparison to benchmarks
| Sep 27, 2025 | Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Enterprise value (EV)1 | |||||||
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | |||||||
| Valuation Ratio | |||||||
| EV/EBITDA3 | |||||||
| Benchmarks | |||||||
| EV/EBITDA, Competitors4 | |||||||
| Alphabet Inc. | |||||||
| Comcast Corp. | |||||||
| Meta Platforms Inc. | |||||||
| Netflix Inc. | |||||||
| Trade Desk Inc. | |||||||
| EV/EBITDA, Sector | |||||||
| Media & Entertainment | |||||||
| EV/EBITDA, Industry | |||||||
| Communication Services | |||||||
Based on: 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03).
3 2025 Calculation
EV/EBITDA = EV ÷ EBITDA
= ÷ =
4 Click competitor name to see calculations.
- Enterprise Value (EV)
- The enterprise value shows a fluctuating trend over the observed periods. Initially, it remained relatively stable between October 2020 and October 2021 at approximately $315.6 billion and $318.3 billion, respectively. However, there was a noticeable decline in October 2022 and September 2023, reaching approximately $213.6 billion and $210.0 billion. Subsequently, the value increased in September 2024 to about $242.4 billion but decreased again slightly to $233.4 billion by September 2025.
- Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)
- EBITDA has exhibited consistent and substantial growth over the periods analyzed. Starting from $5.2 billion in October 2020, EBITDA rose steadily each year, reaching $9.2 billion in October 2021, followed by $12.0 billion in October 2022 and approximately $12.1 billion in September 2023. The upward trajectory continued with notable increases to $14.6 billion in September 2024 and a significant jump to $19.1 billion in September 2025.
- EV/EBITDA Ratio
- This ratio demonstrates a clear declining trend throughout the entire period. It decreased sharply from a very high multiple of 60.13 in October 2020 to 34.53 in October 2021. With the continued rise in EBITDA and fluctuations in enterprise value, the ratio further dropped to more moderate levels: 17.8 in October 2022, 17.34 in September 2023, falling to 16.57 in September 2024, and reaching 12.19 by September 2025. This decline indicates improving valuation metrics relative to earnings, suggesting enhanced operational profitability or a market reassessment of the company's value.
- Overall Insights
- The data indicates a strengthening financial performance as reflected by the substantial growth in EBITDA over the years. Despite fluctuations in enterprise value, the significant increase in EBITDA has contributed to a consistent reduction in the EV/EBITDA ratio, highlighting an improvement in the company's earnings generation relative to its valuation. The moderate volatility in enterprise value coupled with steadily rising EBITDA suggests effective operational management and potential shifts in market valuation perspectives.