Walt Disney Co., FCFE 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)
Net income attributable to noncontrolling and redeemable noncontrolling interests	360)	512)	390)	530)	468)	386)
Net noncash charges	2,009)	865)	10,735)	44)	2,066)	3,087)
Changes in operating assets and liabilities	488)	2,194)	(645)	(5,644)	(837)	(110)
Cash provided by operations	6,002)	5,566)	7,616)	5,984)	14,295)	12,343)
Investments in parks, resorts and other property	(4,943)	(3,578)	(4,022)	(4,876)	(4,465)	(3,623)
Commercial paper borrowings (payments), net	(334)	(26)	(3,354)	4,318)	(1,768)	1,247)
Borrowings	333)	64)	18,120)	38,240)	1,056)	4,820)
Reduction of borrowings	(4,016)	(3,737)	(3,533)	(38,881)	(1,871)	(2,364)
Free cash flow to equity (FCFE)	(2,958)	(1,711)	14,827)	4,785)	7,247)	12,423)

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
FCFE	Free cash flow to equity is the cash flow available to Walt Disney Co. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Walt Disney Co. FCFE decreased from 2020 to 2021 and from 2021 to 2022.

Walt Disney Co., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	1,829,778,789
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	(2,958)
FCFE per share	-1.62
Current share price (P)	79.54
Valuation Ratio
P/FCFE	—
Benchmarks
P/FCFE, Competitors¹
Activision Blizzard Inc.	34.70
Alphabet Inc.	28.58
Charter Communications Inc.	5.48
Comcast Corp.	13.04
Meta Platforms Inc.	27.30
Netflix Inc.	181.76
P/FCFE, Sector
Media & Entertainment	27.35
P/FCFE, Industry
Communication Services	33.93

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

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Walt Disney Co., historical P/FCFE calculation, comparison to benchmarks

	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020	Sep 28, 2019	Sep 29, 2018	Sep 30, 2017
No. shares of common stock outstanding¹	1,823,591,988	1,817,655,948	1,810,485,037	1,802,398,289	1,488,670,964	1,510,312,194
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	(2,958)	(1,711)	14,827)	4,785)	7,247)	12,423)
FCFE per share³	-1.62	-0.94	8.19	2.65	4.87	8.23
Share price^1, 4	94.69	151.34	149.09	146.93	113.03	102.74
Valuation Ratio
P/FCFE⁵	—	—	18.20	55.35	23.22	12.49
Benchmarks
P/FCFE, Competitors⁶
Activision Blizzard Inc.	28.39	27.19	24.33	26.16	—	—
Alphabet Inc.	22.91	29.75	26.58	32.39	34.99	—
Charter Communications Inc.	5.10	5.88	11.52	10.04	13.17	—
Comcast Corp.	12.26	27.57	18.17	64.70	3.38	—
Meta Platforms Inc.	17.26	16.84	32.77	28.91	30.97	—
Netflix Inc.	176.91	—	81.38	116.48	134.01	—
P/FCFE, Sector
Media & Entertainment	21.82	26.53	25.82	32.31	18.39	—
P/FCFE, Industry
Communication Services	28.68	24.35	20.08	30.88	19.37	—

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 Data adjusted for splits and stock dividends.

² See details »

³ 2022 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= -2,958,000,000 ÷ 1,823,591,988 = -1.62

⁴ Closing price as at the filing date of Walt Disney Co. Annual Report.

⁵ 2022 Calculation
P/FCFE = Share price ÷ FCFE per share
= 94.69 ÷ -1.62 = —

⁶ Click competitor name to see calculations.

Walt Disney Co. (NYSE:DIS)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical