Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Walt Disney Co., EBITDA calculation

US$ in millions

12 months ended:	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020	Sep 28, 2019	Sep 29, 2018	Sep 30, 2017
Net income (loss) attributable to The Walt Disney Company (Disney)	3,145)	1,995)	(2,864)	11,054)	12,598)	8,980)
Add: Net income attributable to noncontrolling interest	360)	512)	390)	530)	468)	386)
Less: Income (loss) from discontinued operations, net of income tax	(48)	(29)	(32)	671)	—)	—)
Add: Income tax expense	1,732)	25)	699)	3,031)	1,663)	4,422)
Earnings before tax (EBT)	5,285)	2,561)	(1,743)	13,944)	14,729)	13,788)
Add: Interest expense	1,549)	1,546)	1,647)	1,246)	682)	507)
Earnings before interest and tax (EBIT)	6,834)	4,107)	(96)	15,190)	15,411)	14,295)
Add: Depreciation and amortization	5,163)	5,111)	5,345)	4,160)	3,011)	2,782)
Earnings before interest, tax, depreciation and amortization (EBITDA)	11,997)	9,218)	5,249)	19,350)	18,422)	17,077)

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).

Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Walt Disney Co. EBITDA increased from 2020 to 2021 and from 2021 to 2022.

Walt Disney Co., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	215,818)
Earnings before interest, tax, depreciation and amortization (EBITDA)	11,997)
Valuation Ratio
EV/EBITDA	17.99
Benchmarks
EV/EBITDA, Competitors¹
Alphabet Inc.	11.28
Charter Communications Inc.	7.86
Comcast Corp.	6.44
Meta Platforms Inc.	5.02
Netflix Inc.	7.80
EV/EBITDA, Sector
Media & Entertainment	9.04
EV/EBITDA, Industry
Communication Services	8.01

Based on: 10-K (reporting date: 2022-10-01).

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.

Walt Disney Co., historical EV/EBITDA calculation, comparison to benchmarks

	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020	Sep 28, 2019	Sep 29, 2018	Sep 30, 2017
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	213,557)	318,276)	315,627)	311,557)	189,201)	180,273)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	11,997)	9,218)	5,249)	19,350)	18,422)	17,077)
Valuation Ratio
EV/EBITDA³	17.80	34.53	60.13	16.10	10.27	10.56
Benchmarks
EV/EBITDA, Competitors⁴
Alphabet Inc.	—	17.70	20.57	17.08	15.70	19.10
Charter Communications Inc.	—	9.97	11.53	11.86	9.96	11.59
Comcast Corp.	—	8.45	10.36	8.66	9.31	9.19
Meta Platforms Inc.	—	10.85	17.31	17.76	14.64	21.98
Netflix Inc.	—	9.51	16.57	13.35	16.21	18.19
EV/EBITDA, Sector
Media & Entertainment	—	14.11	17.85	14.53	12.94	15.30
EV/EBITDA, Industry
Communication Services	—	11.43	14.28	11.49	10.28	11.81

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 See details »

² See details »

³ 2022 Calculation
EV/EBITDA = EV ÷ EBITDA
= 213,557 ÷ 11,997 = 17.80

⁴ Click competitor name to see calculations.

Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	Walt Disney Co. EV/EBITDA ratio decreased from 2020 to 2021 and from 2021 to 2022.

Walt Disney Co. (NYSE:DIS)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical