Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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).
Historical Valuation Ratios (Summary)
Walt Disney Co., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-03-28), 10-Q (reporting date: 2025-12-27), 10-K (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-Q (reporting date: 2024-12-28), 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-K (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-Q (reporting date: 2021-01-02).
An overarching trend of valuation multiple compression is evident across all tracked metrics from early 2021 through early 2026. The initial period is characterized by exceptionally high multiples, followed by a period of volatility and an eventual transition to a stabilized, lower valuation baseline starting in mid-2024.
- Price to Earnings (P/E) Ratio
- The P/E ratio experienced extreme volatility, starting from a peak of 289.34 in July 2021 before trending downward. Despite a significant spike to 113.35 in March 2024, a sharp correction followed, leading to a period of stabilization. By the final quarters of 2025 and early 2026, the ratio leveled off between 15.10 and 16.72, representing a substantial contraction in the earnings multiple compared to the 2021-2023 period.
- Price to Operating Profit (P/OP) Ratio
- Similar to the P/E ratio, the P/OP ratio showed a strong downward trajectory from its high of 197.21 in July 2021. A gradual decline was observed through 2022, with the ratio descending into the 20s and 30s. From mid-2024 onward, the ratio reached a consistent floor, fluctuating narrowly between 14.29 and 17.26, indicating a normalization of the company's valuation relative to its operating profitability.
- Price to Sales (P/S) Ratio
- A consistent reduction in the revenue multiple is observed, with the P/S ratio falling from 5.70 in January 2021 to 2.09 by October 2022. Following this decline, the ratio entered a phase of relative stability, maintaining a range between 1.73 and 2.19 from 2023 through March 2026. This suggests a fundamental shift in how the market values each dollar of revenue generated.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio followed a steady decelerating path, dropping from 4.12 in January 2021 to a low of 1.55 in June 2024. The metric subsequently stabilized, ending the period at 1.73 in March 2026. This contraction indicates a decrease in the premium assigned to the company's net assets over time.
Collectively, these metrics indicate a transition from a high-valuation regime, potentially driven by recovery expectations or speculative growth, to a more conservative and stable valuation framework. The convergence of all four ratios toward lower, more stable levels by 2025 and 2026 suggests a realignment of the stock price with underlying financial fundamentals.
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Price to Earnings (P/E)
Walt Disney Co., historical P/E calculation (quarterly data)
| Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | Jan 1, 2022 | Oct 2, 2021 | Jul 3, 2021 | Apr 3, 2021 | Jan 2, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,736,511,424 | 1,771,519,851 | 1,785,288,846 | 1,797,933,833 | 1,797,746,311 | 1,807,788,865 | 1,810,939,306 | 1,813,587,380 | 1,823,043,026 | 1,834,302,235 | 1,830,315,921 | 1,829,778,789 | 1,827,304,988 | 1,826,807,227 | 1,823,591,988 | 1,823,057,777 | 1,821,483,742 | 1,820,633,408 | 1,817,655,948 | 1,817,126,595 | 1,816,932,058 | 1,815,263,899 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net income (loss) attributable to The Walt Disney Company (Disney) (in millions) | 2,247) | 2,402) | 1,313) | 5,262) | 3,275) | 2,554) | 460) | 2,621) | (20) | 1,911) | 264) | (460) | 1,271) | 1,279) | 162) | 1,409) | 470) | 1,104) | 159) | 918) | 901) | 17) | |||||||
| Earnings per share (EPS)2 | 6.46 | 6.92 | 6.95 | 6.42 | 4.96 | 3.11 | 2.75 | 2.63 | 0.93 | 1.63 | 1.29 | 1.23 | 2.26 | 1.82 | 1.72 | 1.72 | 1.46 | 1.69 | 1.10 | 0.62 | -2.48 | -2.73 | |||||||
| Share price1, 3 | 108.06 | 104.45 | 107.61 | 115.17 | 102.09 | 110.54 | 109.12 | 85.96 | 105.39 | 99.14 | 94.45 | 87.49 | 101.14 | 111.78 | 94.69 | 112.43 | 105.21 | 147.23 | 151.34 | 179.29 | 178.34 | 190.91 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/E ratio4 | 16.72 | 15.10 | 15.49 | 17.93 | 20.60 | 35.59 | 39.74 | 32.64 | 113.35 | 60.90 | 73.44 | 71.09 | 44.85 | 61.51 | 54.90 | 65.23 | 72.29 | 86.97 | 137.89 | 289.34 | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Alphabet Inc. | — | 28.88 | 30.33 | 27.38 | 20.22 | 17.91 | 23.54 | 22.87 | 24.49 | 26.05 | 23.89 | 23.76 | 26.82 | 22.64 | 22.47 | 18.32 | 20.58 | 20.32 | — | — | — | — | |||||||
| Comcast Corp. | — | 6.01 | 5.35 | 4.40 | 5.36 | 7.89 | 7.86 | 11.39 | 9.88 | 9.64 | 12.01 | 10.40 | 28.75 | 29.69 | 31.38 | 25.58 | 12.39 | 13.00 | — | — | — | — | |||||||
| Meta Platforms Inc. | — | 22.01 | 30.89 | 28.70 | 27.17 | 21.59 | 27.91 | 25.80 | 24.48 | 24.47 | 30.97 | 24.92 | 35.58 | 28.51 | 21.10 | 9.01 | 12.84 | 14.91 | — | — | — | — | |||||||
| Netflix Inc. | — | 30.65 | 33.11 | 45.35 | 50.14 | 44.68 | 47.72 | 41.97 | 38.31 | 37.14 | 45.64 | 38.78 | 44.61 | 34.72 | 36.18 | 23.66 | 19.54 | 19.36 | — | — | — | — | |||||||
| Trade Desk Inc. | — | 25.53 | 25.58 | 50.61 | 103.52 | 71.43 | 90.94 | 212.26 | 171.26 | 212.06 | 206.87 | 246.46 | 306.77 | 410.83 | 609.53 | — | 788.40 | 211.66 | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-03-28), 10-Q (reporting date: 2025-12-27), 10-K (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-Q (reporting date: 2024-12-28), 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-K (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-Q (reporting date: 2021-01-02).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
EPS
= (Net income (loss) attributable to The Walt Disney Company (Disney)Q2 2026
+ Net income (loss) attributable to The Walt Disney Company (Disney)Q1 2026
+ Net income (loss) attributable to The Walt Disney Company (Disney)Q4 2025
+ Net income (loss) attributable to The Walt Disney Company (Disney)Q3 2025)
÷ No. shares of common stock outstanding
= (2,247,000,000 + 2,402,000,000 + 1,313,000,000 + 5,262,000,000)
÷ 1,736,511,424 = 6.46
3 Closing price as at the filing date of Walt Disney Co. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= 108.06 ÷ 6.46 = 16.72
5 Click competitor name to see calculations.
A long-term contraction in the Price-to-Earnings (P/E) ratio is evident between January 2021 and March 2026, reflecting a fundamental shift in the relationship between market valuation and actual profitability.
- Earnings Per Share (EPS) Trajectory
- The period began with negative earnings, recording -2.73 USD in January 2021. A return to profitability occurred in July 2021, followed by a period of moderate growth. A significant acceleration in earnings is observed from March 2024, where EPS rose from 0.93 USD to a peak of 6.95 USD by September 2025, before stabilizing at 6.46 USD in March 2026.
- Share Price Dynamics
- The share price experienced a prolonged decline from its peak of 190.91 USD in January 2021, reaching a cyclical low of 85.96 USD in June 2024. Subsequent movement shows a period of relative stabilization, with the price fluctuating within a range of approximately 102 USD to 115 USD through the first quarter of 2026.
- P/E Ratio Compression
- A dramatic compression of the P/E ratio is observed. Following the return to positive earnings in July 2021, the ratio initially spiked to 289.34, indicating a high valuation relative to minimal earnings. This multiple declined steadily, with a sharp drop occurring between December 2023 (113.35) and June 2024 (32.64). The ratio further compressed to a low of 15.10 by December 2025.
- Valuation Analysis
- The transition from an extremely high P/E ratio to a normalized range between 15 and 17 suggests a move from a recovery-based valuation—where investors priced in future potential despite low current earnings—to a valuation supported by strong, realized earnings growth. The simultaneous decrease in share price and substantial increase in EPS effectively reduced the valuation multiple, aligning the stock price more closely with its fundamental earning power.
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Price to Operating Profit (P/OP)
Walt Disney Co., historical P/OP calculation (quarterly data)
| Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | Jan 1, 2022 | Oct 2, 2021 | Jul 3, 2021 | Apr 3, 2021 | Jan 2, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,736,511,424 | 1,771,519,851 | 1,785,288,846 | 1,797,933,833 | 1,797,746,311 | 1,807,788,865 | 1,810,939,306 | 1,813,587,380 | 1,823,043,026 | 1,834,302,235 | 1,830,315,921 | 1,829,778,789 | 1,827,304,988 | 1,826,807,227 | 1,823,591,988 | 1,823,057,777 | 1,821,483,742 | 1,820,633,408 | 1,817,655,948 | 1,817,126,595 | 1,816,932,058 | 1,815,263,899 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Operating income (loss) (in millions) | 3,550) | 3,875) | 2,221) | 3,460) | 3,397) | 3,935) | 1,202) | 3,354) | 827) | 2,936) | 1,062) | (9) | 2,123) | 1,924) | 542) | 2,390) | 1,405) | 2,196) | 507) | 1,320) | 1,032) | 146) | |||||||
| Operating profit per share2 | 7.55 | 7.31 | 7.29 | 6.67 | 6.61 | 5.15 | 4.59 | 4.51 | 2.64 | 3.33 | 2.79 | 2.50 | 3.82 | 3.43 | 3.58 | 3.56 | 2.98 | 2.78 | 1.65 | 0.91 | -2.57 | -2.47 | |||||||
| Share price1, 3 | 108.06 | 104.45 | 107.61 | 115.17 | 102.09 | 110.54 | 109.12 | 85.96 | 105.39 | 99.14 | 94.45 | 87.49 | 101.14 | 111.78 | 94.69 | 112.43 | 105.21 | 147.23 | 151.34 | 179.29 | 178.34 | 190.91 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/OP ratio4 | 14.32 | 14.29 | 14.76 | 17.26 | 15.44 | 21.45 | 23.75 | 19.06 | 39.89 | 29.75 | 33.90 | 34.95 | 26.48 | 32.61 | 26.43 | 31.54 | 35.31 | 53.03 | 91.54 | 197.21 | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Alphabet Inc. | — | 33.50 | 31.06 | 27.42 | 19.25 | 16.92 | 20.97 | 20.51 | 21.92 | 23.24 | 20.92 | 20.13 | 21.93 | 18.38 | 18.01 | 15.62 | 17.97 | 18.39 | — | — | — | — | |||||||
| Comcast Corp. | — | 5.90 | 5.18 | 4.49 | 5.45 | 5.35 | 5.46 | 7.33 | 6.37 | 6.33 | 7.93 | 6.75 | 12.94 | 11.89 | 12.00 | 9.64 | 7.83 | 8.75 | — | — | — | — | |||||||
| Meta Platforms Inc. | — | 17.53 | 22.43 | 20.51 | 24.69 | 19.68 | 25.09 | 22.96 | 21.42 | 20.99 | 25.90 | 20.16 | 27.97 | 22.11 | 16.91 | 7.39 | 10.83 | 12.68 | — | — | — | — | |||||||
| Netflix Inc. | — | 29.42 | 27.28 | 37.42 | 41.76 | 37.21 | 39.91 | 33.87 | 31.43 | 30.36 | 35.50 | 29.21 | 33.68 | 27.12 | 28.85 | 20.89 | 16.77 | 15.62 | — | — | — | — | |||||||
| Trade Desk Inc. | — | 18.36 | 19.24 | 42.06 | 90.92 | 64.99 | 83.69 | 173.83 | 142.04 | 169.07 | 184.64 | 241.10 | 269.27 | 295.72 | 286.30 | — | 669.01 | 212.81 | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-03-28), 10-Q (reporting date: 2025-12-27), 10-K (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-Q (reporting date: 2024-12-28), 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-K (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-Q (reporting date: 2021-01-02).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Operating profit per share
= (Operating income (loss)Q2 2026
+ Operating income (loss)Q1 2026
+ Operating income (loss)Q4 2025
+ Operating income (loss)Q3 2025)
÷ No. shares of common stock outstanding
= (3,550,000,000 + 3,875,000,000 + 2,221,000,000 + 3,460,000,000)
÷ 1,736,511,424 = 7.55
3 Closing price as at the filing date of Walt Disney Co. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 108.06 ÷ 7.55 = 14.32
5 Click competitor name to see calculations.
An analysis of the financial data from January 2021 through March 2026 reveals a significant transition from operational losses to sustained profitability, accompanied by a substantial compression in the Price to Operating Profit (P/OP) valuation multiple.
- Operating Profitability Trend
- A pivot from negative to positive operational performance occurred in the second quarter of 2021. Operating profit per share progressed from a low of -2.57 USD in April 2021 to a peak of 7.55 USD by March 2026. This trajectory indicates a consistent improvement in operational efficiency and earnings power over the five-year period.
- Share Price Dynamics
- The share price experienced a general downward trend from its initial high of 190.91 USD in January 2021. After reaching a cyclical low of 85.96 USD in March 2024, the price entered a period of relative stabilization, fluctuating between approximately 102 USD and 115 USD through the end of the analyzed period.
- P/OP Ratio Compression
- The P/OP ratio exhibits a sharp contraction, moving from an initial high of 197.21 in July 2021 to 14.32 by March 2026. This compression was driven by the dual effect of declining share prices and rapidly increasing operating profits. The ratio initially plummeted through 2022, experienced a period of volatility between 26.48 and 39.89 throughout 2023, and ultimately settled into a lower range of 14.29 to 17.26 between 2024 and 2026.
- Valuation Divergence
- A notable divergence is observed between the company's operational growth and its market valuation. While operating profit per share grew more than eightfold from its first positive reading in July 2021 (0.91 USD) to March 2026 (7.55 USD), the share price remained significantly below its 2021 levels. This resulted in a valuation multiple that decreased consistently, suggesting a market repricing of the company's operating earnings.
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Price to Sales (P/S)
Walt Disney Co., historical P/S calculation (quarterly data)
| Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | Jan 1, 2022 | Oct 2, 2021 | Jul 3, 2021 | Apr 3, 2021 | Jan 2, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,736,511,424 | 1,771,519,851 | 1,785,288,846 | 1,797,933,833 | 1,797,746,311 | 1,807,788,865 | 1,810,939,306 | 1,813,587,380 | 1,823,043,026 | 1,834,302,235 | 1,830,315,921 | 1,829,778,789 | 1,827,304,988 | 1,826,807,227 | 1,823,591,988 | 1,823,057,777 | 1,821,483,742 | 1,820,633,408 | 1,817,655,948 | 1,817,126,595 | 1,816,932,058 | 1,815,263,899 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Revenues (in millions) | 25,168) | 25,981) | 22,464) | 23,650) | 23,621) | 24,690) | 22,574) | 23,155) | 22,083) | 23,549) | 21,241) | 22,330) | 21,815) | 23,512) | 20,150) | 21,504) | 19,249) | 21,819) | 18,534) | 17,022) | 15,613) | 16,249) | |||||||
| Sales per share2 | 56.01 | 54.03 | 52.89 | 52.58 | 52.31 | 51.17 | 50.45 | 49.64 | 48.93 | 48.48 | 48.57 | 47.99 | 47.60 | 46.21 | 45.36 | 44.49 | 42.07 | 40.09 | 37.09 | 35.00 | 32.11 | 33.47 | |||||||
| Share price1, 3 | 108.06 | 104.45 | 107.61 | 115.17 | 102.09 | 110.54 | 109.12 | 85.96 | 105.39 | 99.14 | 94.45 | 87.49 | 101.14 | 111.78 | 94.69 | 112.43 | 105.21 | 147.23 | 151.34 | 179.29 | 178.34 | 190.91 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/S ratio4 | 1.93 | 1.93 | 2.03 | 2.19 | 1.95 | 2.16 | 2.16 | 1.73 | 2.15 | 2.04 | 1.94 | 1.82 | 2.12 | 2.42 | 2.09 | 2.53 | 2.50 | 3.67 | 4.08 | 5.12 | 5.55 | 5.70 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Alphabet Inc. | — | 10.95 | 9.95 | 8.82 | 6.29 | 5.53 | 6.73 | 6.34 | 6.54 | 6.75 | 5.74 | 5.34 | 5.65 | 4.66 | 4.76 | 4.35 | 5.33 | 5.60 | — | — | — | — | |||||||
| Comcast Corp. | — | 0.90 | 0.87 | 0.81 | 0.99 | 1.00 | 1.03 | 1.36 | 1.23 | 1.22 | 1.52 | 1.30 | 1.55 | 1.40 | 1.39 | 1.14 | 1.43 | 1.55 | — | — | — | — | |||||||
| Meta Platforms Inc. | — | 7.23 | 9.29 | 8.87 | 10.87 | 8.45 | 10.58 | 9.17 | 8.41 | 7.84 | 8.98 | 5.84 | 6.65 | 5.21 | 4.20 | 2.20 | 3.62 | 4.65 | — | — | — | — | |||||||
| Netflix Inc. | — | 8.74 | 8.05 | 10.91 | 12.32 | 10.31 | 10.66 | 8.69 | 7.49 | 6.84 | 7.32 | 5.36 | 5.90 | 4.57 | 5.14 | 3.79 | 3.21 | 3.19 | — | — | — | — | |||||||
| Trade Desk Inc. | — | 3.72 | 3.91 | 7.95 | 16.12 | 11.46 | 14.62 | 28.32 | 19.95 | 20.77 | 19.02 | 20.57 | 22.90 | 19.30 | 20.62 | 13.17 | 19.16 | 16.47 | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-03-28), 10-Q (reporting date: 2025-12-27), 10-K (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-Q (reporting date: 2024-12-28), 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-K (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-Q (reporting date: 2021-01-02).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Sales per share
= (RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025)
÷ No. shares of common stock outstanding
= (25,168,000,000 + 25,981,000,000 + 22,464,000,000 + 23,650,000,000)
÷ 1,736,511,424 = 56.01
3 Closing price as at the filing date of Walt Disney Co. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 108.06 ÷ 56.01 = 1.93
5 Click competitor name to see calculations.
A significant contraction in the Price-to-Sales (P/S) ratio is evident from early 2021 through March 2026. While sales per share exhibited a consistent upward trajectory, the share price experienced substantial volatility and an overall decline, leading to a compressed valuation multiple.
- Price-to-Sales Ratio Trajectory
- The P/S ratio began at a peak of 5.70 in January 2021 and underwent a precipitous decline, falling below 3.00 by April 2022. Following this sharp descent, the ratio entered a period of relative stabilization, fluctuating within a narrow range between 1.73 and 2.19 from mid-2023 through March 2026.
- Revenue Growth Performance
- Sales per share demonstrated steady and uninterrupted growth throughout the analyzed period. Starting at 33.47 in January 2021, this figure increased consistently to 56.01 by March 2026, representing a substantial increase in revenue generation per share regardless of market price fluctuations.
- Share Price Correlation
- The share price showed a strong inverse relationship with the sales per share growth during the initial phase of the period. A decline from 190.91 in January 2021 to a low of 85.96 in June 2024 occurred despite the rising sales figures, which drove the P/S ratio downward. In the latter half of the timeline, the share price stabilized between 102.09 and 115.17, causing the P/S ratio to flatten as it tracked the continued growth in sales per share.
- Valuation Insight
- The data indicates a significant devaluation of each dollar of revenue by the market. The transition from a P/S ratio of 5.70 to approximately 1.93 suggests a shift in investor sentiment or a change in the perceived quality and growth potential of the revenue streams over the five-year period.
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Price to Book Value (P/BV)
Walt Disney Co., historical P/BV calculation (quarterly data)
| Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | Jan 1, 2022 | Oct 2, 2021 | Jul 3, 2021 | Apr 3, 2021 | Jan 2, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,736,511,424 | 1,771,519,851 | 1,785,288,846 | 1,797,933,833 | 1,797,746,311 | 1,807,788,865 | 1,810,939,306 | 1,813,587,380 | 1,823,043,026 | 1,834,302,235 | 1,830,315,921 | 1,829,778,789 | 1,827,304,988 | 1,826,807,227 | 1,823,591,988 | 1,823,057,777 | 1,821,483,742 | 1,820,633,408 | 1,817,655,948 | 1,817,126,595 | 1,816,932,058 | 1,815,263,899 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Total Disney Shareholders’ equity (in millions) | 108,708) | 108,476) | 109,869) | 109,145) | 104,339) | 101,933) | 100,696) | 100,622) | 99,252) | 100,721) | 99,277) | 97,610) | 97,859) | 96,149) | 95,008) | 92,500) | 90,636) | 89,864) | 88,553) | 86,741) | 85,540) | 84,071) | |||||||
| Book value per share (BVPS)2 | 62.60 | 61.23 | 61.54 | 60.71 | 58.04 | 56.39 | 55.60 | 55.48 | 54.44 | 54.91 | 54.24 | 53.35 | 53.55 | 52.63 | 52.10 | 50.74 | 49.76 | 49.36 | 48.72 | 47.74 | 47.08 | 46.31 | |||||||
| Share price1, 3 | 108.06 | 104.45 | 107.61 | 115.17 | 102.09 | 110.54 | 109.12 | 85.96 | 105.39 | 99.14 | 94.45 | 87.49 | 101.14 | 111.78 | 94.69 | 112.43 | 105.21 | 147.23 | 151.34 | 179.29 | 178.34 | 190.91 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/BV ratio4 | 1.73 | 1.71 | 1.75 | 1.90 | 1.76 | 1.96 | 1.96 | 1.55 | 1.94 | 1.81 | 1.74 | 1.64 | 1.89 | 2.12 | 1.82 | 2.22 | 2.11 | 2.98 | 3.11 | 3.76 | 3.79 | 4.12 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Alphabet Inc. | — | 9.67 | 9.65 | 8.79 | 6.44 | 5.76 | 7.25 | 6.86 | 7.14 | 7.33 | 6.22 | 5.80 | 6.12 | 5.08 | 5.26 | 4.84 | 5.80 | 5.96 | — | — | — | — | |||||||
| Comcast Corp. | — | 1.28 | 1.10 | 1.03 | 1.27 | 1.43 | 1.49 | 1.95 | 1.79 | 1.80 | 2.24 | 1.91 | 2.22 | 2.04 | 2.08 | 1.72 | 1.90 | 1.97 | — | — | — | — | |||||||
| Meta Platforms Inc. | — | 6.37 | 8.60 | 8.66 | 9.96 | 7.78 | 9.53 | 8.71 | 8.03 | 7.49 | 7.91 | 5.19 | 5.98 | 4.90 | 3.89 | 2.09 | 3.43 | 4.52 | — | — | — | — | |||||||
| Netflix Inc. | — | 13.17 | 13.66 | 18.23 | 20.59 | 17.24 | 16.80 | 14.37 | 12.29 | 11.19 | 11.99 | 7.94 | 8.30 | 6.68 | 7.82 | 5.81 | 5.22 | 5.53 | — | — | — | — | |||||||
| Trade Desk Inc. | — | 4.50 | 4.56 | 8.53 | 16.02 | 10.84 | 12.12 | 24.91 | 18.04 | 19.70 | 17.10 | 17.47 | 19.15 | 16.36 | 15.38 | 10.20 | 14.95 | 12.90 | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-03-28), 10-Q (reporting date: 2025-12-27), 10-K (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-Q (reporting date: 2024-12-28), 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-K (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-Q (reporting date: 2021-01-02).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
BVPS = Total Disney Shareholders’ equity ÷ No. shares of common stock outstanding
= 108,708,000,000 ÷ 1,736,511,424 = 62.60
3 Closing price as at the filing date of Walt Disney Co. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 108.06 ÷ 62.60 = 1.73
5 Click competitor name to see calculations.
The valuation of the common stock exhibits a significant compression in the Price to Book Value (P/BV) ratio over the analyzed period from early 2021 through early 2026.
- Share Price Performance
- A pronounced downward trend occurred between January 2021 and June 2024, with the share price falling from a peak of 190.91 to a low of 85.96. Following this decline, the price entered a phase of consolidation, oscillating between approximately 102.00 and 115.00 through March 2026.
- Book Value per Share (BVPS) Progression
- In contrast to the volatile share price, the book value per share demonstrated consistent and linear growth. Starting at 46.31 in January 2021, the BVPS climbed steadily to reach 62.60 by March 2026, indicating a persistent increase in the company's net asset value on a per-share basis regardless of market volatility.
- Price to Book Value (P/BV) Ratio Dynamics
- The P/BV ratio experienced a sharp contraction, moving from a high of 4.12 in January 2021 to a lower range between 1.55 and 1.96 from 2023 through 2026. The most aggressive decline occurred between January 2021 and October 2022, where the ratio dropped from 4.12 to 1.82, representing a significant reduction in the premium the market was willing to pay over the accounting value.
The divergence between the rising book value and the falling share price underscores a fundamental shift in market valuation. The valuation transitioned from a high-growth premium to a more conservative multiple, which remained largely stagnant below 2.00 throughout the latter half of the period.
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