NYSE · Communication Services

The Walt Disney Company

DIS · Entertainment

$101.62

▼ -1.46 (-1.42%)

Data cached · refreshes every 10 min

Mr. Market is currently offering The Walt Disney Company at $101.62.

The business passes 5 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 37.8%

Operating Margin 14.6%

Net Income Margin 13.1%

Fin. Health F

Years to Pay Off Debt 3.6 yrs

Working Capital vs Long-Term Debt -$45.2B

Working Capital -$9.9B

Valuation F

Margin of Safety 0.0%

Price-to-Book 1.64x

Cash Flow C

Free Cash Flow $10.1B

CapEx % of Net Income 64.7%

Owner Earnings $25.8B

5/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $180.0B

Enterprise Value $229.1B

P/E (TTM) 14.97

Dividend Yield 1.46%

Exchange NYSE

Key Margins

Gross Profit 37.8%

Operating Margin 14.6%

Net Margin 13.1%

Company Info

Sector Communication Services

Industry Entertainment

Employees 175560

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering The Walt Disney Company at $101.62.

The business passes 5 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $101.62, the stock trades at a 4% premium to its Graham Number of $97.77. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About The Walt Disney Company

The Walt Disney Company operates as an entertainment company in Americas, Europe, and the Asia Pacific. It operates in three segments: Entertainment, Sports, and Experiences. The company produces and distributes film and television content under the ABC Television Network, Disney, Freeform, FX, Fox, National Geographic, and Star brand television channels, as well as ABC television stations and A+E television networks; and produces original content under the Disney Branded Television, FX Productions, Lucasfilm, Marvel, National Geographic Studios, Pixar, Searchlight Pictures, Twentieth Century Studios, 20th Television, and Walt Disney Pictures banners. It also provides direct-to-consumer streaming services through Disney+, Disney+ Hotstar, and Hulu; sports-related video streaming content through ESPN, ESPN on ABC, ESPN+ DTC, and Star; sale/licensing of film and episodic content to television and video-on-demand services; theatrical, home entertainment, and music distribution services; DVD and Blu-ray discs, electronic home video licenses, and VOD rental services; staging and licensing of live entertainment events; and post-production services. In addition, the company operates theme parks and resorts, such as Walt Disney World Resort, Disneyland Resort, Disneyland Paris, Hong Kong Disneyland Resort, Shanghai Disney Resort, Disney Cruise Line, Disney Vacation Club, National Geographic Expeditions, and Adventures by Disney, as well as Aulani, a Disney resort and spa in Hawaii. Further, it licenses its intellectual property (IP) to a third party that owns and operates Tokyo Disney Resort; licenses trade names, characters, visual, literary, and other IP for use on merchandise, published materials, and games; operates a direct-to-home satellite distribution platform; sells branded merchandise through retail, online, and wholesale businesses; and develops and publishes books, comic books, and magazines. The company was founded in 1923 and is based in Burbank, California.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	37.8% ▲	35.8%	33.4%	34.2%	N/A
Operating Margin %	14.6% ▲	13.0%	10.1%	8.2%	N/A
Net Income %	13.1% ▲	5.4%	2.6%	3.8%	N/A
Diluted EPS	6.85 ▲	2.72	1.29	1.72	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$197.5B	$196.2B	$205.6B	$203.6B	N/A
Total Debt	$44.9B ↓	$48.7B	$49.9B	$51.6B	N/A
Working Capital	-$9.9B ▼	-$9.4B	$1.6B	$25M	N/A
Years to Pay Debt	3.62	9.80	21.20	16.41	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$10.1B ▲	$8.6B	$4.9B	$1.1B	N/A
Owner Earnings	$25.8B	$15.4B	$12.7B	$13.3B	N/A
CapEx % of Net Income	64.7%	108.8%	211.1%	157.2%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-171,990	-867,420	-1,105,136	-295,200
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	19,960,000	18,289,000	15,935,000	12,897,000
Total Unusual Items	-819,000	-3,660,000	-3,824,000	-900,000
Total Unusual Items Excluding Goodwill	-819,000	-3,660,000	-3,824,000	-900,000
Net Income From Continuing Operation Net Minority Interest	12,404,000	4,972,000	2,354,000	3,193,000
Reconciled Depreciation	5,326,000	4,990,000	5,369,000	5,163,000
Reconciled Cost Of Revenue	58,766,000	58,698,000	59,201,000	54,401,000
EBITDA	19,141,000	14,629,000	12,111,000	11,997,000
EBIT	13,815,000	9,639,000	6,742,000	6,834,000
Net Interest Income	-1,305,000	-1,260,000	-1,209,000	-1,459,000
Interest Expense	1,812,000	2,070,000	1,973,000	1,549,000
Interest Income	507,000	810,000	764,000	90,000
Normalized Income	13,051,010	7,764,580	5,072,864	3,797,800
Net Income From Continuing And Discontinued Operation	12,404,000	4,972,000	2,354,000	3,145,000
Total Expenses	80,593,000	79,447,000	79,906,000	75,952,000
Diluted Average Shares	1,811,000	1,831,000	1,830,000	1,827,000
Basic Average Shares	1,804,000	1,825,000	1,828,000	1,822,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	12,404,000	4,972,000	2,354,000	3,145,000
Net Income Common Stockholders	12,404,000	4,972,000	2,354,000	3,145,000
Net Income	12,404,000	4,972,000	2,354,000	3,145,000
Minority Interests	-1,027,000	-801,000	-1,036,000	-360,000
Net Income Including Noncontrolling Interests	13,431,000	5,773,000	3,390,000	3,505,000
Net Income Discontinuous Operations		0	0	-48,000	-29,000
Net Income Continuous Operations	13,431,000	5,773,000	3,390,000	3,553,000
Tax Provision	-1,428,000	1,796,000	1,379,000	1,732,000
Pretax Income	12,003,000	7,569,000	4,769,000	5,285,000
Other Income Expense	-524,000	-3,085,000	-3,014,000	-26,000
Other Non Operating Income Expenses		404,000	28,000	58,000	201,000
Special Income Charges	-819,000	-3,660,000	-3,824,000	-900,000
Gain On Sale Of Business	-75,000	-1,545,000	169,000	-663,000
Other Special Charges		65,000	101,000
Write Off	635,000	158,000	141,000
Impairment Of Capital Assets	0	1,287,000	721,000
Restructuring And Mergern Acquisition	109,000	605,000	3,030,000	237,000
Earnings From Equity Interest	295,000	575,000	782,000	816,000
Gain On Sale Of Security			169,000	-663,000	-111,000
Net Non Operating Interest Income Expense	-1,305,000	-1,260,000	-1,209,000	-1,459,000
Total Other Finance Cost		-404,000	-340,000	-62,000
Interest Expense Non Operating	1,812,000	2,070,000	1,973,000	1,549,000
Interest Income Non Operating	507,000	810,000	764,000	90,000
Operating Income	13,832,000	11,914,000	8,992,000	6,770,000
Operating Expense	21,827,000	20,749,000	20,705,000	21,551,000
Depreciation Amortization Depletion Income Statement	5,326,000	4,990,000	5,369,000	5,163,000
Depreciation And Amortization In Income Statement	5,326,000	4,990,000	5,369,000	5,163,000
Selling General And Administration	16,501,000	15,759,000	15,336,000	16,388,000
Gross Profit	35,659,000	32,663,000	29,697,000	28,321,000
Cost Of Revenue	58,766,000	58,698,000	59,201,000	54,401,000
Total Revenue	94,425,000	91,361,000	88,898,000	82,722,000
Operating Revenue	94,425,000	91,361,000	88,898,000	82,722,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	79,000	47,000	19,000	19,000
Ordinary Shares Number	1,791,000	1,808,587	1,830,000	1,781,000
Share Issued	1,870,000	1,855,587	1,849,000	1,800,000
Net Debt	36,331,000	39,813,000	32,249,000	36,754,000
Total Debt	44,877,000	48,743,000	49,895,000	51,608,000
Tangible Book Value	27,303,000	16,631,000	9,149,000	2,274,000
Invested Capital	151,895,000	146,511,000	145,708,000	143,377,000
Working Capital	-9,895,000	-9,358,000	1,624,000	25,000
Net Tangible Assets	27,303,000	16,631,000	9,149,000	2,274,000
Capital Lease Obligations	2,851,000	2,928,000	3,464,000	3,239,000
Common Stock Equity	109,869,000	100,696,000	99,277,000	95,008,000
Total Capitalization	145,184,000	139,666,000	141,378,000	140,307,000
Total Equity Gross Minority Interest	114,612,000	105,522,000	113,012,000	108,378,000
Minority Interest	4,743,000	4,826,000	13,735,000	13,370,000
Stockholders Equity	109,869,000	100,696,000	99,277,000	95,008,000
Gains Losses Not Affecting Retained Earnings	-2,914,000	-3,699,000	-3,292,000	-4,119,000
Other Equity Adjustments	-2,914,000	-3,699,000	-3,292,000	-4,119,000
Treasury Stock	7,441,000	3,919,000	907,000	907,000
Retained Earnings	60,410,000	49,722,000	46,093,000	43,636,000
Capital Stock	59,814,000	58,592,000	57,383,000	56,398,000
Common Stock	59,814,000	58,592,000	57,383,000	56,398,000
Total Liabilities Net Minority Interest	82,902,000	90,697,000	92,567,000	95,253,000
Total Non Current Liabilities Net Minority Interest	48,740,000	56,098,000	61,428,000	66,180,000
Other Non Current Liabilities	7,050,000	7,923,000	8,605,000	9,279,000
Preferred Securities Outside Stock Equity					9,213,000
Employee Benefits				1,940,000	4,132,000
Non Current Pension And Other Postretirement Benefit Plans				1,940,000	4,132,000
Non Current Deferred Liabilities	3,524,000	6,277,000	7,258,000	8,363,000
Non Current Deferred Taxes Liabilities	3,524,000	6,277,000	7,258,000	8,363,000
Long Term Debt And Capital Lease Obligation	38,166,000	41,898,000	45,565,000	48,538,000
Long Term Capital Lease Obligation	2,851,000	2,928,000	3,464,000	3,239,000
Long Term Debt	35,315,000	38,970,000	42,101,000	45,299,000
Current Liabilities	34,162,000	34,599,000	31,139,000	29,073,000
Other Current Liabilities	6,248,000	6,684,000	6,138,000	5,790,000
Current Deferred Liabilities			6,138,000	5,790,000	4,317,000
Current Deferred Revenue			6,138,000	5,790,000	4,317,000
Current Debt And Capital Lease Obligation	6,711,000	6,845,000	4,330,000	3,070,000
Current Debt	6,711,000	6,845,000	4,330,000	3,070,000
Payables And Accrued Expenses	21,203,000	21,070,000	20,671,000	20,213,000
Current Accrued Expenses	3,847,000	3,801,000	3,270,000	3,630,000
Payables	17,356,000	17,269,000	17,401,000	16,583,000
Total Tax Payable	2,301,000	2,473,000	2,276,000	378,000
Income Tax Payable	2,301,000	2,473,000	2,276,000	378,000
Accounts Payable	15,055,000	14,796,000	15,125,000	16,205,000
Total Assets	197,514,000	196,219,000	205,579,000	203,631,000
Total Non Current Assets	173,247,000	170,978,000	172,816,000	174,533,000
Other Non Current Assets	10,002,000	13,101,000	11,076,000	9,208,000
Non Current Deferred Assets	31,327,000	32,312,000	33,591,000	35,777,000
Investments And Advances	8,097,000	4,459,000	3,080,000	3,218,000
Investmentin Financial Assets	1,778,000	1,779,000	392,000	540,000
Long Term Equity Investment	6,319,000	2,680,000	2,688,000	2,678,000
Goodwill And Other Intangible Assets	82,566,000	84,065,000	90,128,000	92,734,000
Other Intangible Assets	9,272,000	10,739,000	13,061,000	14,837,000
Goodwill	73,294,000	73,326,000	77,067,000	77,897,000
Net PPE	41,255,000	37,041,000	34,941,000	33,596,000
Accumulated Depreciation	-48,889,000	-45,506,000	-42,610,000	-39,356,000
Gross PPE	90,144,000	82,547,000	77,551,000	72,952,000
Leases	1,103,000	1,082,000	1,058,000	1,037,000
Construction In Progress	6,911,000	4,728,000	6,285,000	4,814,000
Other Properties	41,457,000	39,246,000	35,255,000	33,795,000
Machinery Furniture Equipment	30,854,000	28,279,000	26,358,000	24,409,000
Buildings And Improvements					64,892,000
Land And Improvements	9,819,000	9,212,000	8,595,000	8,897,000
Current Assets	24,267,000	25,241,000	32,763,000	29,098,000
Other Current Assets	1,158,000	2,391,000	1,286,000	1,199,000
Prepaid Assets	2,063,000	2,097,000	3,002,000	1,890,000
Inventory	2,134,000	2,022,000	1,963,000	1,742,000
Receivables	13,217,000	12,729,000	12,330,000	12,652,000
Receivables Adjustments Allowances	-90,000	-83,000	-115,000	-158,000
Other Receivables	1,560,000	1,113,000	1,014,000	1,999,000
Taxes Receivable	1,313,000	1,358,000	1,252,000
Accounts Receivable	10,434,000	10,341,000	10,179,000	10,811,000
Cash Cash Equivalents And Short Term Investments	5,695,000	6,002,000	14,182,000	11,615,000
Cash And Cash Equivalents	5,695,000	6,002,000	14,182,000	11,615,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	10,077,000	8,559,000	4,897,000	1,067,000
Repurchase Of Capital Stock	-3,500,000	-2,992,000	0	0
Repayment Of Debt	-3,735,000	-3,064,000	-1,675,000	-4,016,000
Issuance Of Debt	1,057,000	132,000	83,000	333,000
Capital Expenditure	-8,024,000	-5,412,000	-4,969,000	-4,943,000
Interest Paid Supplemental Data	2,050,000	2,134,000	2,110,000	1,685,000
Income Tax Paid Supplemental Data	1,221,000	3,963,000	1,193,000	1,097,000
End Cash Position	5,799,000	6,102,000	14,235,000	11,661,000
Beginning Cash Position	6,102,000	14,235,000	11,661,000	16,003,000
Effect Of Exchange Rate Changes	5,000	65,000	73,000	-603,000
Changes In Cash	-308,000	-8,198,000	2,501,000	-3,739,000
Financing Cash Flow	-10,366,000	-15,288,000	-2,724,000	-4,741,000
Cash From Discontinued Financing Activities		0	0	-12,000	0
Cash Flow From Continuing Financing Activities	-10,366,000	-15,288,000	-2,724,000	-4,729,000
Net Other Financing Charges	-1,442,000	-9,530,000	-941,000	-712,000
Proceeds From Stock Option Exercised			52,000	127,000	435,000
Cash Dividends Paid	-1,803,000	-1,366,000	0	0
Common Stock Dividend Paid	-1,803,000	-1,366,000	0	0
Net Common Stock Issuance	-3,500,000	-2,992,000	0	0
Common Stock Payments	-3,500,000	-2,992,000	0	0
Net Issuance Payments Of Debt	-3,621,000	-1,400,000	-1,783,000	-4,017,000
Net Short Term Debt Issuance	-943,000	1,532,000	-191,000	-334,000
Net Long Term Debt Issuance	-2,678,000	-2,932,000	-1,592,000	-3,683,000
Long Term Debt Payments	-3,735,000	-3,064,000	-1,675,000	-4,016,000
Long Term Debt Issuance	1,057,000	132,000	83,000	333,000
Investing Cash Flow	-8,043,000	-6,881,000	-4,641,000	-5,008,000
Cash From Discontinued Investing Activities			0	0	8,000
Cash Flow From Continuing Investing Activities	-8,043,000	-6,881,000	-4,641,000	-5,008,000
Net Other Investing Changes	75,000	-68,000	-130,000	-117,000
Net Investment Purchase And Sale	-94,000	-1,401,000	458,000	52,000
Sale Of Investment	4,000	105,000	458,000	52,000
Purchase Of Investment	-98,000	-1,506,000	0	0
Net PPE Purchase And Sale	-8,024,000	-5,412,000	-4,969,000	-4,943,000
Purchase Of PPE	-8,024,000	-5,412,000	-4,969,000	-4,943,000
Operating Cash Flow	18,101,000	13,971,000	9,866,000	6,010,000
Cash From Discontinued Operating Activities		0	0	8,000	1,000
Cash Flow From Continuing Operating Activities	18,101,000	13,971,000	9,866,000	6,002,000
Dividend Received Cfo	145,000	437,000	720,000	779,000
Change In Working Capital	-430,000	-1,613,000	177,000	488,000
Change In Other Working Capital	-228,000	-1,427,000	1,345,000	46,000
Change In Other Current Assets	-42,000	265,000	-201,000	-707,000
Change In Payables And Accrued Expense	237,000	156,000	-1,142,000	964,000
Change In Payable	237,000	156,000	-1,142,000	964,000
Change In Account Payable	237,000	156,000	-1,142,000	964,000
Change In Inventory	-114,000	-42,000	-183,000	-420,000
Change In Receivables	-283,000	-565,000	358,000	605,000
Other Non Cash Items	429,000	903,000	-1,933,000	-5,888,000
Stock Based Compensation	1,363,000	1,366,000	1,143,000	977,000
Asset Impairment Charge	871,000	3,511,000	3,128,000	212,000
Deferred Tax	-2,739,000	-821,000	-1,346,000	200,000
Deferred Income Tax	-2,739,000	-821,000	-1,346,000	200,000
Depreciation Amortization Depletion	5,326,000	4,990,000	5,369,000	5,163,000
Depreciation And Amortization	5,326,000	4,990,000	5,369,000	5,163,000
Amortization Cash Flow	3,859,000	3,434,000	3,626,000	3,183,000
Amortization Of Intangibles	3,859,000	3,434,000	3,626,000	3,183,000
Depreciation	1,467,000	1,556,000	1,743,000	1,980,000
Operating Gains Losses	-295,000	-575,000	-782,000	518,000
Pension And Employee Benefit Expense		-96,000	4,000	620,000	816,000
Earnings Losses From Equity Investments	-295,000	-575,000	-782,000	-816,000
Gain Loss On Investment Securities		5,000	-166,000	714,000	-332,000
Net Income From Continuing Operations	13,431,000	5,773,000	3,390,000	3,553,000

These metrics estimate what The Walt Disney Company is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$97.77

Margin of Safety

Market Cap ÷ Company Value

1.27

P/B Ratio

1.64

Warren's Owner Earnings

$25.8B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

5/7 — Enterprising Investor

✅ Adequate Size

$94.4B

vs > $1.5B revenue

❌ Strong Financial Condition

0.71x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

1.46%

vs Uninterrupted dividends

✅ Earnings Growth

+298.3% EPS growth

vs > 33% EPS growth

✅ Moderate P/E Ratio

15.0x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

1.64x P/B (P/E×P/B: 24.5)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-33.10

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$86.76

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	64.7%	108.8%	211.1%	157.2%	N/A
Repurchase of Capital Stock	-$3.5B	-$3.0B	$0M	$0M	N/A
Free Cash Flow	$10.1B ▲	$8.6B ▲	$4.9B ▲	$1.1B •	N/A •
Warren's Owner Earnings	$25.8B	$15.4B	$12.7B	$13.3B	N/A

Peers & Industry Comparison

Entertainment — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
DIS	$101.62	$180.0B	14.97	37.8%	13.1%	$94.4B
NFLX Netflix, Inc.	$91.19	$384.0B	29.4	49.0%	28.5%	$46.9B
WBD Warner Bros. Discovery, Inc. -	$26.96	$67.6B	93.0	44.5%	1.9%	$37.3B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.08%

Low — management has little skin in the game

Return on Equity (ROE)

11.3%

Adequate — returns are moderate

Return on Assets (ROA)

6.3%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$3.5B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-7.9% YoY

Debt is declining — management is deleveraging

Leadership Team

Hugh Johnston

Senior Executive VP & CFO

Age 63

Pay: $7,918,292

0.064% of net income

Josh D'Amaro

CEO & Director

Age 53

Dana Walden

President & Chief Creative Officer

Age 59

Joe Schott

President of Disney Signature Experiences

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	8.99%	159,342,154
Blackrock Inc.	7.48%	132,439,867
State Street Corporation	4.73%	83,873,646
JPMORGAN CHASE & CO	4.32%	76,580,070
Geode Capital Management, LLC	2.29%	40,588,604
Morgan Stanley	2.00%	35,447,892
FMR, LLC	1.56%	27,631,274
State Farm Mutual Automobile Insurance Co	1.28%	22,719,742

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

1.42

Moderate volatility — moves slightly more than market

Short Interest

1.2% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.41x

Conservative balance sheet — low financial risk

Current Ratio

0.67x

Weak liquidity — current liabilities exceed current assets

52-Week Price Range

Low: $89.61 Current: $101.62 High: $124.69

Currently at 34% of 52-week range

360investing