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Walt Disney Co. (DIS)


Common Stock Valuation Ratios (Price Multiples)

Beginner level

Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).


Current Valuation Ratios

Walt Disney Co., current price multiples

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Walt Disney Co. Charter Communications Inc. Comcast Corp. Media Consumer Services
Selected Financial Data
Current share price (P) $147.66
No. shares of common stock outstanding 1,802,398,289
Growth rate (g) 15.14%
 
Earnings per share (EPS) $6.13
Next year expected EPS $7.06
Operating profit per share $5.92
Sales per share $38.60
Book value per share (BVPS) $49.31
Valuation Ratios (Price Multiples)
Price to earnings (P/E) 24.08 81.70 17.16 22.22 32.63
Price to next year expected earnings 20.91 44.12 14.96 19.43 28.50
Price-earnings-growth (PEG) 1.59 0.96 1.17 1.55 2.25
Price to operating profit (P/OP) 24.95 19.25 10.59 14.55 21.20
Price to sales (P/S) 3.83 2.30 2.13 2.87 1.70
Price to book value (P/BV) 2.99 2.77 2.81 3.62 7.18

Based on: 10-K (filing date: 2019-11-20).

If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.


Historical Valuation Ratios (Summary)

Walt Disney Co., historical price multiples

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Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016 Oct 3, 2015 Sep 27, 2014
Price to earnings (P/E) 23.96 13.36 17.28 16.65 23.41 20.31
Price to operating profit (P/OP) 24.82 11.37 11.26 11.01 14.90 13.36
Price to sales (P/S) 3.81 2.83 2.81 2.81 3.74 3.12
Price to book value (P/BV) 2.98 3.45 3.76 3.61 4.41 3.39

Based on: 10-K (filing date: 2019-11-20), 10-K (filing date: 2018-11-21), 10-K (filing date: 2017-11-22), 10-K (filing date: 2016-11-23), 10-K (filing date: 2015-11-25), 10-K (filing date: 2014-11-19).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Walt Disney Co.’s P/E ratio decreased from 2017 to 2018 but then increased from 2018 to 2019 exceeding 2017 level.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Walt Disney Co.’s P/OP ratio increased from 2017 to 2018 and from 2018 to 2019.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Walt Disney Co.’s P/S ratio increased from 2017 to 2018 and from 2018 to 2019.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. Walt Disney Co.’s P/BV ratio decreased from 2017 to 2018 and from 2018 to 2019.

Price to Earnings (P/E)

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

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Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016 Oct 3, 2015 Sep 27, 2014
No. shares of common stock outstanding1 1,802,398,289 1,488,670,964 1,510,312,194 1,591,460,982 1,653,177,887 1,695,710,842
Selected Financial Data (US$)
Net income attributable to The Walt Disney Company (Disney) (in millions) 11,054  12,598  8,980  9,391  8,382  7,501 
Earnings per share (EPS)2 6.13 8.46 5.95 5.90 5.07 4.42
Share price1, 3 146.93 113.03 102.74 98.26 118.67 89.82
Valuation Ratio
P/E ratio4 23.96 13.36 17.28 16.65 23.41 20.31
Benchmarks
P/E Ratio, Competitors5
Charter Communications Inc. 60.65 9.34 24.77
Comcast Corp. 14.11 8.70 20.56 17.78 18.01
P/E Ratio, Sector
Media 15.98 10.70 19.55 22.09 20.58
P/E Ratio, Industry
Consumer Services 27.81 23.89 23.11 25.73 24.89

Based on: 10-K (filing date: 2019-11-20), 10-K (filing date: 2018-11-21), 10-K (filing date: 2017-11-22), 10-K (filing date: 2016-11-23), 10-K (filing date: 2015-11-25), 10-K (filing date: 2014-11-19).

1 Data adjusted for splits and stock dividends.

2 2019 Calculation
EPS = Net income attributable to The Walt Disney Company (Disney) ÷ No. shares of common stock outstanding
= 11,054,000,000 ÷ 1,802,398,289 = 6.13

3 Closing price as at the filing date of Walt Disney Co.’s Annual Report.

4 2019 Calculation
P/E ratio = Share price ÷ EPS
= 146.93 ÷ 6.13 = 23.96

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Walt Disney Co.’s P/E ratio decreased from 2017 to 2018 but then increased from 2018 to 2019 exceeding 2017 level.

Price to Operating Profit (P/OP)

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

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Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016 Oct 3, 2015 Sep 27, 2014
No. shares of common stock outstanding1 1,802,398,289 1,488,670,964 1,510,312,194 1,591,460,982 1,653,177,887 1,695,710,842
Selected Financial Data (US$)
Operating income (in millions) 10,668  14,804  13,775  14,202  13,171  11,400 
Operating profit per share2 5.92 9.94 9.12 8.92 7.97 6.72
Share price1, 3 146.93 113.03 102.74 98.26 118.67 89.82
Valuation Ratio
P/OP ratio4 24.82 11.37 11.26 11.01 14.90 13.36
Benchmarks
P/OP Ratio, Competitors5
Charter Communications Inc. 14.29 22.51 35.52 16.26 20.50
Comcast Corp. 8.71 10.98 10.61 9.07 10.12
P/OP Ratio, Sector
Media 10.46 12.41 12.60 11.87 11.85
P/OP Ratio, Industry
Consumer Services 18.06 17.54 15.21 14.60 13.87

Based on: 10-K (filing date: 2019-11-20), 10-K (filing date: 2018-11-21), 10-K (filing date: 2017-11-22), 10-K (filing date: 2016-11-23), 10-K (filing date: 2015-11-25), 10-K (filing date: 2014-11-19).

1 Data adjusted for splits and stock dividends.

2 2019 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= 10,668,000,000 ÷ 1,802,398,289 = 5.92

3 Closing price as at the filing date of Walt Disney Co.’s Annual Report.

4 2019 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 146.93 ÷ 5.92 = 24.82

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Walt Disney Co.’s P/OP ratio increased from 2017 to 2018 and from 2018 to 2019.

Price to Sales (P/S)

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

Microsoft Excel LibreOffice Calc
Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016 Oct 3, 2015 Sep 27, 2014
No. shares of common stock outstanding1 1,802,398,289 1,488,670,964 1,510,312,194 1,591,460,982 1,653,177,887 1,695,710,842
Selected Financial Data (US$)
Revenues (in millions) 69,570  59,434  55,137  55,632  52,465  48,813 
Sales per share2 38.60 39.92 36.51 34.96 31.74 28.79
Share price1, 3 146.93 113.03 102.74 98.26 118.67 89.82
Valuation Ratio
P/S ratio4 3.81 2.83 2.81 2.81 3.74 3.12
Benchmarks
P/S Ratio, Competitors5
Charter Communications Inc. 1.71 2.22 3.01 1.86 2.19
Comcast Corp. 1.75 2.34 2.22 1.95 2.19
P/S Ratio, Sector
Media 2.07 2.46 2.56 2.63 2.55
P/S Ratio, Industry
Consumer Services 1.45 1.46 1.29 1.26 1.14

Based on: 10-K (filing date: 2019-11-20), 10-K (filing date: 2018-11-21), 10-K (filing date: 2017-11-22), 10-K (filing date: 2016-11-23), 10-K (filing date: 2015-11-25), 10-K (filing date: 2014-11-19).

1 Data adjusted for splits and stock dividends.

2 2019 Calculation
Sales per share = Revenues ÷ No. shares of common stock outstanding
= 69,570,000,000 ÷ 1,802,398,289 = 38.60

3 Closing price as at the filing date of Walt Disney Co.’s Annual Report.

4 2019 Calculation
P/S ratio = Share price ÷ Sales per share
= 146.93 ÷ 38.60 = 3.81

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Walt Disney Co.’s P/S ratio increased from 2017 to 2018 and from 2018 to 2019.

Price to Book Value (P/BV)

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

Microsoft Excel LibreOffice Calc
Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016 Oct 3, 2015 Sep 27, 2014
No. shares of common stock outstanding1 1,802,398,289 1,488,670,964 1,510,312,194 1,591,460,982 1,653,177,887 1,695,710,842
Selected Financial Data (US$)
Total Disney Shareholder’s equity (in millions) 88,877  48,773  41,315  43,265  44,525  44,958 
Book value per share (BVPS)2 49.31 32.76 27.36 27.19 26.93 26.51
Share price1, 3 146.93 113.03 102.74 98.26 118.67 89.82
Valuation Ratio
P/BV ratio4 2.98 3.45 3.76 3.61 4.41 3.39
Benchmarks
P/BV Ratio, Competitors5
Charter Communications Inc. 2.06 2.36 2.17 136.37
Comcast Corp. 2.31 2.88 3.31 2.78 2.86
P/BV Ratio, Sector
Media 2.61 2.99 3.08 3.72 3.30
P/BV Ratio, Industry
Consumer Services 6.12 6.14 5.19 5.34 4.40

Based on: 10-K (filing date: 2019-11-20), 10-K (filing date: 2018-11-21), 10-K (filing date: 2017-11-22), 10-K (filing date: 2016-11-23), 10-K (filing date: 2015-11-25), 10-K (filing date: 2014-11-19).

1 Data adjusted for splits and stock dividends.

2 2019 Calculation
BVPS = Total Disney Shareholder’s equity ÷ No. shares of common stock outstanding
= 88,877,000,000 ÷ 1,802,398,289 = 49.31

3 Closing price as at the filing date of Walt Disney Co.’s Annual Report.

4 2019 Calculation
P/BV ratio = Share price ÷ BVPS
= 146.93 ÷ 49.31 = 2.98

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. Walt Disney Co.’s P/BV ratio decreased from 2017 to 2018 and from 2018 to 2019.