Walt Disney Co., FCFE calculation

US$ in millions

12 months ended:	Sep 27, 2025	Sep 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020
Net income (loss) attributable to The Walt Disney Company (Disney)	12,404)	4,972)	2,354)	3,145)	1,995)	(2,864)
Net income attributable to noncontrolling and redeemable noncontrolling interests	1,027)	801)	1,036)	360)	512)	390)
Net noncash charges	5,100)	9,811)	6,299)	2,009)	865)	10,735)
Changes in operating assets and liabilities	(430)	(1,613)	177)	488)	2,194)	(645)
Cash provided by operations	18,101)	13,971)	9,866)	6,002)	5,566)	7,616)
Investments in parks, resorts and other property	(8,024)	(5,412)	(4,969)	(4,943)	(3,578)	(4,022)
Commercial paper borrowings (payments), net	(943)	1,532)	(191)	(334)	(26)	(3,354)
Borrowings	1,057)	132)	83)	333)	64)	18,120)
Reduction of borrowings	(3,735)	(3,064)	(1,675)	(4,016)	(3,737)	(3,533)
Free cash flow to equity (FCFE)	6,456)	7,159)	3,114)	(2,958)	(1,711)	14,827)

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).

Cash Provided by Operations: The cash provided by operations demonstrates an overall increasing trend over the observed periods. Beginning at 7,616 million US dollars, it experienced a decrease to 5,566 million in the subsequent year. Despite this decline, there was a recovery in the following year to 6,002 million. From that point onward, a notable upward trajectory is evident, with figures rising sharply to 9,866 million, then 13,971 million, and reaching 18,101 million in the most recent period. This pattern suggests improving operational cash flow generation capacity over time.
Free Cash Flow to Equity (FCFE): The free cash flow to equity shows significant volatility across the years. Initially, it stood at a robust 14,827 million US dollars, indicating strong cash available for shareholders after capital expenditures. However, the next two years revealed substantial negative values, -1,711 million and -2,958 million respectively, pointing to cash outflows possibly due to high investments or cash usage exceeding operational cash inflows. In the subsequent years, the FCFE turned positive again, with a value of 3,114 million, further increasing to 7,159 million before a slight decline to 6,456 million. The recovery and positive cash flow in the later years signify improved financial flexibility and capacity to return value to shareholders after periods of investment or financial strain.

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

No. shares of common stock outstanding	1,785,288,846
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	6,456)
FCFE per share	3.62
Current share price (P)	111.46
Valuation Ratio
P/FCFE	30.82
Benchmarks
P/FCFE, Competitors¹
Alphabet Inc.	51.40
Comcast Corp.	6.60
Meta Platforms Inc.	26.31
Netflix Inc.	47.94
Trade Desk Inc.	28.31
P/FCFE, Sector
Media & Entertainment	36.69
P/FCFE, Industry
Communication Services	33.57

Based on: 10-K (reporting date: 2025-09-27).

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

	Sep 27, 2025	Sep 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020
No. shares of common stock outstanding¹	1,785,288,846	1,810,939,306	1,830,315,921	1,823,591,988	1,817,655,948	1,810,485,037
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	6,456)	7,159)	3,114)	(2,958)	(1,711)	14,827)
FCFE per share³	3.62	3.95	1.70	-1.62	-0.94	8.19
Share price^1, 4	107.61	109.12	94.45	94.69	151.34	149.09
Valuation Ratio
P/FCFE⁵	29.76	27.60	55.51	—	—	18.20
Benchmarks
P/FCFE, Competitors⁶
Alphabet Inc.	—	31.99	25.65	22.91	29.75	26.58
Comcast Corp.	—	8.35	12.89	12.26	27.57	18.17
Meta Platforms Inc.	—	27.83	23.53	17.26	16.84	32.77
Netflix Inc.	—	49.99	35.64	176.92	—	81.38
Trade Desk Inc.	—	56.53	68.13	71.23	123.90	131.72
P/FCFE, Sector
Media & Entertainment	—	29.09	24.91	23.89	30.04	27.56
P/FCFE, Industry
Communication Services	—	27.49	22.11	32.03	26.74	20.73

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).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 6,456,000,000 ÷ 1,785,288,846 = 3.62

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

⁵ 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= 107.61 ÷ 3.62 = 29.76

⁶ Click competitor name to see calculations.

Share Price Trend: The share price showed relative stability between 2020 and 2021, moving from $149.09 to $151.34. However, a significant decline occurred in 2022, with the share price dropping sharply to $94.69 and remaining around that level through 2023. A moderate recovery is observed between 2023 and 2024, reaching $109.12, followed by a slight decrease to $107.61 in 2025.
FCFE per Share Trend: The Free Cash Flow to Equity (FCFE) per share experienced considerable volatility during the observed period. It started at a positive $8.19 in 2020, but then turned negative in the subsequent two years, recording -$0.94 and -$1.62 for 2021 and 2022, respectively. A recovery is noted from 2023 onwards, with FCFE per share returning to positive territory at $1.70 and increasing further to $3.95 in 2024 before a slight decrease to $3.62 in 2025.
Price to FCFE Ratio (P/FCFE): The P/FCFE ratio is partly incomplete but reveals some significant changes. The ratio was 18.2 in 2020, suggesting moderate market valuation relative to free cash flow. No data is available for 2021 and 2022, but in 2023 the ratio spikes sharply to 55.51, indicating the share price was significantly high relative to FCFE during that year. This elevated ratio declines in 2024 to 27.6 and slightly increases again to 29.76 in 2025, which may reflect improved FCFE or adjustments in market valuation.
Summary of Patterns and Insights: The financial data indicate a period marked by initial strong cash generation followed by a downturn in free cash flow performance during 2021 and 2022, which corresponds with a notable drop in share price. The subsequent recovery in FCFE per share has not fully restored the prior share price levels but has improved market valuation metrics from their peak extremes. Elevated P/FCFE ratios in 2023 suggest that the stock price was not fully aligned with FCF fundamentals during that year, potentially indicating market expectations for future growth or temporary dislocation.

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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