Common Stock Valuation Ratios (Price Multiples)
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).
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- Statement of Comprehensive Income
- Cash Flow Statement
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
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Current Valuation Ratios
Walt Disney Co., current price multiples
| Walt Disney Co. | Alphabet Inc. | Comcast Corp. | Meta Platforms Inc. | Netflix Inc. | Take-Two Interactive Software Inc. | Media & Entertainment | Communication Services | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||
| Current share price (P) | |||||||||||
| No. shares of common stock outstanding | |||||||||||
| Growth rate (g) | |||||||||||
| Earnings per share (EPS) | |||||||||||
| Next year expected EPS | |||||||||||
| Operating profit per share | |||||||||||
| Sales per share | |||||||||||
| Book value per share (BVPS) | |||||||||||
| Valuation Ratios (Price Multiples) | |||||||||||
| Price to earnings (P/E) | |||||||||||
| Price to next year expected earnings | |||||||||||
| Price-earnings-growth (PEG) | |||||||||||
| Price to operating profit (P/OP) | |||||||||||
| Price to sales (P/S) | |||||||||||
| Price to book value (P/BV) | |||||||||||
Based on: 10-K (reporting date: 2024-09-28).
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
| Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | Sep 28, 2019 | ||
|---|---|---|---|---|---|---|---|
| Price to earnings (P/E) | |||||||
| Price to operating profit (P/OP) | |||||||
| Price to sales (P/S) | |||||||
| Price to book value (P/BV) |
Based on: 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), 10-K (reporting date: 2019-09-28).
- Price to Earnings (P/E) Ratio
- The P/E ratio demonstrates significant volatility over the periods analyzed. It starts at 23.96 in 2019, with a notable absence of data for 2020. In 2021, there is a sharp peak to 137.89, which then declines but remains elevated at 54.9 in 2022 and 73.44 in 2023. The ratio decreases considerably to 39.74 in 2024. This pattern suggests periods of varying investor sentiment or earnings fluctuations, with the extremely high value in 2021 potentially reflecting unusually low earnings or optimistic future expectations at that time.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio also exhibits considerable fluctuation. Starting at 24.82 in 2019, the data for 2020 is missing. A sharp increase to 91.54 occurs in 2021, followed by a substantial reduction to 26.43 in 2022. The ratio then slightly rises to 33.9 in 2023 before decreasing again to 23.75 in 2024. This trend indicates a similar pattern to the P/E ratio, with 2021 reflecting a peak possibly caused by depressed operating profits or investor expectations which normalize thereafter.
- Price to Sales (P/S) Ratio
- The P/S ratio shows a more consistent decreasing trend from 3.81 in 2019 to a low of 1.94 in 2023, followed by a modest recovery to 2.16 in 2024. This decline over time indicates that the market valuation relative to sales has reduced, suggesting either improving sales figures, a market re-rating, or both, with a slight positive movement in the most recent period.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio similarly decreases from 2.98 in 2019 to 1.74 in 2023, indicating a diminishing market valuation relative to the book value. There is a slight increase to 1.96 in 2024, suggesting a modest reappraisal of the company's net asset value by the market or changes in book value during the period.
- Summary
- Overall, valuation multiples based on earnings and operating profit ratios exhibit sharp volatility, peaking dramatically in 2021 before trending downward towards more moderate levels by 2024. Ratios grounded in sales and book value present a more gradual decline over the analyzed periods, with slight recoveries in the final year. This combination points toward temporal earnings or operating profit pressures around 2021, with relatively stable sales and asset valuations contributing to more consistent market assessments. The recent modest uptick in price-to-sales and price-to-book ratios may indicate improving business fundamentals or more favorable market perceptions entering 2024.
Price to Earnings (P/E)
Walt Disney Co., historical P/E calculation, comparison to benchmarks
| Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | Sep 28, 2019 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||
| Selected Financial Data (US$) | |||||||
| Net income (loss) attributable to The Walt Disney Company (Disney) (in millions) | |||||||
| Earnings per share (EPS)2 | |||||||
| Share price1, 3 | |||||||
| Valuation Ratio | |||||||
| P/E ratio4 | |||||||
| Benchmarks | |||||||
| P/E Ratio, Competitors5 | |||||||
| Alphabet Inc. | |||||||
| Comcast Corp. | |||||||
| Meta Platforms Inc. | |||||||
| Netflix Inc. | |||||||
| Take-Two Interactive Software Inc. | |||||||
| P/E Ratio, Sector | |||||||
| Media & Entertainment | |||||||
| P/E Ratio, Industry | |||||||
| Communication Services | |||||||
Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
EPS = Net income (loss) attributable to The Walt Disney Company (Disney) ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Walt Disney Co. Annual Report.
4 2024 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price demonstrated relative stability between September 2019 and October 2021, fluctuating slightly around the 146-151 US$ range. However, a significant decline occurred in the fiscal year ending October 2022, with the share price dropping to approximately 94.69 US$, a level it maintained through September 2023. By September 2024, a modest recovery to 109.12 US$ was observed, indicating some restoration in market valuation but still below pre-2022 levels.
- Earnings Per Share (EPS) Trends
- EPS exhibited considerable volatility over the period analyzed. An EPS of 6.13 US$ in September 2019 declined steeply to a negative 1.58 US$ in October 2020, reflecting a notable downturn in profitability. Gradually, EPS improved in subsequent years, reaching positive values of 1.1 US$ in 2021 and 1.72 US$ in 2022, followed by a slight dip to 1.29 US$ in 2023. By 2024, EPS nearly doubled from the prior year, reaching 2.75 US$, suggesting a recovery trend in earnings capacity.
- Price-to-Earnings (P/E) Ratio Trends
- The P/E ratio data showed significant irregularities over the period. It started at a moderate 23.96 in 2019, was unavailable for 2020, and then spiked sharply to 137.89 in 2021. This extreme increase likely stems from the very low positive EPS recorded that year, affecting the ratio's denominator. Following this peak, P/E declined to 54.9 in 2022, then increased again to 73.44 in 2023, before falling to 39.74 in 2024. Despite fluctuation, the ratios remained elevated compared to 2019, indicating continued market expectations of growth or recovery, albeit with some uncertainty.
- Overall Observations
- The data highlights substantial financial challenges and recovery phases within the timeframe. The decline in share price and negative EPS in 2020 correlate with the broader market disruptions experienced during that period. Subsequent EPS improvements and share price stabilization indicate partial financial recovery, though neither metric returned to pre-2019 levels by 2024. The elevated P/E ratios, especially in years with low EPS, suggest that market sentiment has been cautious but anticipatory, reflecting a period of transition and restructuring.
Price to Operating Profit (P/OP)
Walt Disney Co., historical P/OP calculation, comparison to benchmarks
| Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | Sep 28, 2019 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||
| Selected Financial Data (US$) | |||||||
| Operating income (loss) (in millions) | |||||||
| Operating profit per share2 | |||||||
| Share price1, 3 | |||||||
| Valuation Ratio | |||||||
| P/OP ratio4 | |||||||
| Benchmarks | |||||||
| P/OP Ratio, Competitors5 | |||||||
| Alphabet Inc. | |||||||
| Comcast Corp. | |||||||
| Meta Platforms Inc. | |||||||
| Netflix Inc. | |||||||
| Take-Two Interactive Software Inc. | |||||||
| P/OP Ratio, Sector | |||||||
| Media & Entertainment | |||||||
| P/OP Ratio, Industry | |||||||
| Communication Services | |||||||
Based on: 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), 10-K (reporting date: 2019-09-28).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
Operating profit per share = Operating income (loss) ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Walt Disney Co. Annual Report.
4 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price displayed a generally stable range from 2019 through 2021, fluctuating between approximately $146.93 and $151.34. However, a significant decline occurred in 2022, with the price dropping sharply to around $94.69 and remaining near this reduced level in 2023. In 2024, a moderate recovery is observed, with the share price increasing to $109.12, indicating a partial rebound but still below the pre-2022 levels.
- Operating Profit Per Share Trend
- Operating profit per share exhibited notable volatility across the analyzed periods. In 2019, the company achieved a strong positive operating profit of $5.92 per share. This value plummeted into negative territory in 2020 at -$1.07 per share, reflecting operational challenges or extraordinary events during that year. From 2021 onwards, a recovery trend is apparent, with the operating profit per share improving to $1.65 in 2021, increasing further to $3.58 in 2022, then experiencing a slight decline to $2.79 in 2023, followed by another substantial rise to $4.59 in 2024.
- Price-to-Operating-Profit (P/OP) Ratio
- The P/OP ratio highlights significant fluctuations corresponding to changes in operating profit per share and share price. The ratio was 24.82 in 2019, indicating a moderate valuation level based on operating profit. There is no ratio available for 2020 due to negative operating profit per share, which typically renders this metric inapplicable or unreliable. In 2021, the P/OP ratio surged to 91.54, reflecting a high share price relative to a still-low operating profit. This elevated ratio drastically decreased in 2022 to 26.43 as operating profits improved and share prices declined. The ratio increased again to 33.90 in 2023 amidst a slight drop in operating profit and steady share price decline. By 2024, the ratio declined to 23.75, corresponding with improving operating profits and a moderately recovering share price.
- Overall Insights
- The data reveal a period of operational difficulty in 2020, with negative operating profit per share and a steady share price indicating market uncertainty or external challenges. Following this, a gradual operational recovery is present through 2024, though the share price took a longer trajectory to rebound and has not returned to pre-2020 levels by 2024. The P/OP ratio's volatility underscores the shifts in market valuation relative to profitability, suggesting cautious investor sentiment during times of fluctuating earnings. The improving operating profit per share in recent years and the accompanying recovery in share price suggest strengthening financial performance and market confidence.
Price to Sales (P/S)
Walt Disney Co., historical P/S calculation, comparison to benchmarks
| Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | Sep 28, 2019 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||
| Selected Financial Data (US$) | |||||||
| Revenues (in millions) | |||||||
| Sales per share2 | |||||||
| Share price1, 3 | |||||||
| Valuation Ratio | |||||||
| P/S ratio4 | |||||||
| Benchmarks | |||||||
| P/S Ratio, Competitors5 | |||||||
| Alphabet Inc. | |||||||
| Comcast Corp. | |||||||
| Meta Platforms Inc. | |||||||
| Netflix Inc. | |||||||
| Take-Two Interactive Software Inc. | |||||||
| P/S Ratio, Sector | |||||||
| Media & Entertainment | |||||||
| P/S Ratio, Industry | |||||||
| Communication Services | |||||||
Based on: 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), 10-K (reporting date: 2019-09-28).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
Sales per share = Revenues ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Walt Disney Co. Annual Report.
4 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price showed a relatively stable pattern from September 2019 to October 2021, fluctuating slightly around the range of $146.93 to $151.34. However, in the fiscal year ending October 2022, there was a significant decline to $94.69, which remained fairly consistent through September 2023 at $94.45. By September 2024, the share price experienced a moderate recovery to $109.12 but did not return to the pre-2022 levels.
- Sales Per Share Development
- Sales per share demonstrated an overall upward trend across the six-year period. Starting at $38.60 in 2019, the figure slightly decreased in 2020 to $36.12, then increased modestly to $37.09 in 2021. A noticeable rise occurred in 2022, with sales per share reaching $45.36, continuing to grow to $48.57 in 2023 and further to $50.45 by 2024. This indicates a steady improvement in revenue generation on a per-share basis, particularly from 2021 onward.
- Price-to-Sales Ratio (P/S) Analysis
- The P/S ratio initially increased from 3.81 in 2019 to a peak of 4.13 in 2020, then slightly decreased to 4.08 in 2021. Thereafter, a sharp decline was recorded in 2022 to 2.09, followed by a further slight decrease to 1.94 in 2023. By 2024, the ratio showed a marginal increase to 2.16. The significant drop in the P/S ratio starting in 2022 aligns with the decrease in share price despite rising sales per share, suggesting a change in market valuation possibly due to external factors or market sentiment adjustments.
Price to Book Value (P/BV)
Walt Disney Co., historical P/BV calculation, comparison to benchmarks
| Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | Sep 28, 2019 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||
| Selected Financial Data (US$) | |||||||
| Total Disney Shareholder’s equity (in millions) | |||||||
| Book value per share (BVPS)2 | |||||||
| Share price1, 3 | |||||||
| Valuation Ratio | |||||||
| P/BV ratio4 | |||||||
| Benchmarks | |||||||
| P/BV Ratio, Competitors5 | |||||||
| Alphabet Inc. | |||||||
| Comcast Corp. | |||||||
| Meta Platforms Inc. | |||||||
| Netflix Inc. | |||||||
| Take-Two Interactive Software Inc. | |||||||
| P/BV Ratio, Sector | |||||||
| Media & Entertainment | |||||||
| P/BV Ratio, Industry | |||||||
| Communication Services | |||||||
Based on: 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), 10-K (reporting date: 2019-09-28).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
BVPS = Total Disney Shareholder’s equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Walt Disney Co. Annual Report.
4 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated a relatively stable increase from 2019 to 2021, rising from $146.93 to $151.34. However, a significant decline occurred in 2022, dropping sharply to $94.69 and remaining fairly stable in 2023 at $94.45. In 2024, there was a moderate recovery with the share price increasing to $109.12.
- Book Value per Share (BVPS) Trend
- The book value per share displayed a generally upward trend throughout the period under review. Starting at $49.31 in 2019, it experienced a slight decrease in 2020 to $46.17, then recovered and steadily increased each year, reaching $55.60 by 2024.
- Price-to-Book Value (P/BV) Ratio Analysis
- The P/BV ratio followed the pattern of the share price, initially increasing from 2.98 in 2019 to a peak of 3.23 in 2020, then declining to 3.11 in 2021. A notable decline occurred in 2022, reducing the ratio to 1.82, and it further declined to 1.74 in 2023. There was a slight increase in 2024 to 1.96, indicating partial recovery in market valuation relative to book value.
- Overall Observations
- The data indicates that while the intrinsic value of the company, as represented by book value per share, has been improving steadily, market confidence reflected in share price and valuation multiples faced considerable challenges starting in 2022. The period from 2022 to 2023 marks a significant adjustment in market perception, with valuations contracting before showing signs of partial normalization in 2024.