Walt Disney
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The Walt Disney Company (TWDC), commonly known as Disney, is an American multinational mass media and entertainment conglomerate headquartered at the Walt Disney Studios complex in Burbank, California. Founded on October 16, 1923, by brothers Walt and Roy O.
From Wikipedia, CC BY-SA 4.0, revision of 30 Oct 2026.
What stands out
- Sales have grown about 7.6% a year for five years, so each $1 of sales in FY2020 is about $1.44 now.Revenue growth over 5–10 years: +7.6% a year
- Walt Disney kept about 19 cents of operating profit from each $1 of sales in FY2025.Operating margin (operating income ÷ revenue): 18.6%
- For every $1 of reported profit over 5 years, about $1.07 turned up as spare cash.Free cash flow (operating cash flow − capex), and FCF ÷ net income: $10.1B
Worth digging into
- Each $1 tied up in the business has earned less than 10 cents a year after tax.Return on invested capital (ROIC); ROE for banks: 9.9% ROIC
- At last year's pace, Walt Disney's spare cash would pay off its net debt in about 3.6 years.Net debt ÷ EBITDA or ÷ FCF, plus interest cover: 3.6x FCF
- Returns below the cost of capital5-year average ROIC 7.7% against 10.0%
From filed figures and the weekly screener snapshot, 30 Oct 2026. Observations to check in the tabs below, not advice.
What has the price done?
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Press and drag across the chart to see the change between two points. Source: Yahoo Finance, delayed. Bars are daily and prices are adjusted for splits, not dividends. Past returns don't predict future returns.
Dividends
Full chart
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How does it make money?
What it does is in the oven
We haven't typed up Walt Disney's business and region split yet. Every figure comes from the company's own results, so this takes a little time.
See companies we've covered ›History and context
The Walt Disney Company (TWDC), commonly known as Disney, is an American multinational mass media and entertainment conglomerate headquartered at the Walt Disney Studios complex in Burbank, California. Founded on October 16, 1923, by brothers Walt and Roy O. Disney as the Disney Brothers Cartoon Studio, the company later operated under the names Walt Disney Studio and Walt Disney Productions before adopting its current name in 1986. Disney established itself as a leader in animation with the release of Steamboat Willie in 1928. The short film's pioneering use of synchronized sound helped popularize Mickey Mouse, who became the company's mascot and corporate icon.
From Wikipedia's article The Walt Disney Company, the lead section as of the revision of 30 Oct 2026, retrieved 1 Nov 2026. Text under CC BY-SA 4.0, pronunciation guides removed. Wikipedia can be edited by anyone; the company's own filings are the primary source.
What it actually sells Soon
A product-by-product guide to Walt Disney: what each one is, who buys it, and how much it brings in, in plain English and in the company's own terms. We're starting with the companies that are hardest to picture, like Broadcom.
Moat not rated yet
We haven't rated Walt Disney's moat. A rating needs at least five years of returns against the cost of capital, plus evidence for each of the five lenses.
How we rate moats ›Is it a good business at a fair price?
What each method implies
Ranges, not targetsThe five questions, and the price
Six checks from the annual reports. A flag marks a reason to dig deeper, not a verdict.
- 1. Is it growing?Within the guide
+7.6% a year
Revenue growth over 5–10 years
Revenue $65.4B in FY2020 to $94.4B in FY2025. It fell in 0 of the last 5 years.
Sales have grown about 7.6% a year for five years, so each $1 of sales in FY2020 is about $1.44 now.
What to look for Steady growth, not one lucky year.
Source: FY2020 10-K, filed 25 Nov 2020; FY2025 10-K, filed 13 Nov 2025.
- 2. Is it profitable?Within the guide
18.6%
Operating margin (operating income ÷ revenue)
FY2025 operating margin. 5-year average 15.3%, range 11.5% to 18.6%.
Walt Disney kept about 19 cents of operating profit from each $1 of sales in FY2025.
What to look for Stable or rising. It's cleaner than net income, which one-off items and tax can distort.
Source: FY2025 10-K, filed 13 Nov 2025.
- 3. Is the profit real cash?Within the guide
$10.1B
Free cash flow (operating cash flow − capex), and FCF ÷ net income
FY2025 free cash flow: operating cash flow $18.1B less capex $8.0B. Over 5 years FCF was 107% of net income.
For every $1 of reported profit over 5 years, about $1.07 turned up as spare cash.
What to look for FCF positive and growing, and close to net income over time.
Source: FY2025 10-K, filed 13 Nov 2025.
- 4. Is it a good business?Reason to dig deeper
9.9% ROIC
Return on invested capital (ROIC); ROE for banks
FY2025 ROIC. 5-year average 7.7%; above 10% in 0 of 5 years. ROIC here is our calculation from the 10-K figures: operating income after tax (at the year's effective rate, or 21% where that rate is meaningless) over shareholders' equity plus borrowings less cash and short-term investments at the start of the year. Leases are left out.
Each $1 tied up in the business has earned less than 10 cents a year after tax.
What to look for Clearly above the cost of capital (roughly 8–10%). Sustained 15%+ usually means a moat.
Source: FY2025 10-K, filed 13 Nov 2025.
- 5. Can it survive a bad year?Reason to dig deeper
3.6x FCF
Net debt ÷ EBITDA or ÷ FCF, plus interest cover
FY2025 year end: borrowings $42.0B, cash and short-term investments $5.7B, net debt $36.3B, 1.6x EBITDA. Interest cover: —.
At last year's pace, Walt Disney's spare cash would pay off its net debt in about 3.6 years.
What to look for Debt payable from about 3 years of FCF or less, interest covered many times.
Source: FY2025 10-K, filed 13 Nov 2025.
- 6. Is the price right?
5.3% FCF yield
FCF yield or EV/EBIT, and price against a cash-flow value
Market cap $191.6B. FCF yield 5.3% on FY2025 free cash flow. EV/EBIT 13.0x on FY2025 operating income. The valuation sheet's default story values it at US$48.68–US$152.26 a share (middle US$93.55); at US$110.59, its 16 Oct 2026 price, the price is +18.2% against the middle.
At this price, each $100 of shares comes with about $5.26 of last year's spare cash. On the sheet's default story the price sits above the middle of its value range, by 18%. Change the story and that moves.
What to look for Pay less than a cash-flow value estimate, with a margin of safety.
Source: Price $110.94, Yahoo Finance weekly snapshot, 30 Oct 2026; 1,727M shares, 10-Q 29 Jul 2026; FY2025 10-K, filed 13 Nov 2025; Stock valuation, 16 Oct 2026.
US figures: each company's Form 10-K as tagged on SEC EDGAR, collected 19 Oct 2026. Free cash flow is operating cash flow less purchases of property and equipment. Borrowings exclude leases. For education only. Not financial advice.
Ten years of financials
FY2017 to FY2025, in US dollars.
Source: Walt Disney, Form 10-K for each year as first filed, via SEC EDGAR XBRL. Latest: FY2025 10-K, filed 13 Nov 2025. Later restatements aren't applied.
Discounted cash flow, from Stock valuation
Ten years of free cash flow to the firm, from Walt Disney's latest figures and Damodaran's industry averages (Entertainment). It's one story told with numbers, so it comes as a range.
- Value range, the default story$48.68–$152.26Middle $93.55 a share
- Price, 16 Oct 2026 close$110.59+18.22% ▲ against the middle
- What the price implies9.4% a yearGrowth in years 2–5 that makes value equal the price; the story uses 6.0%
To be worth today's price, Walt Disney would need to grow sales about 9.4% a year in years 2–5. One way to read this is to ask whether that sounds believable.
The story's assumptions
- Revenue, last 12 months
- $98,861M
- Operating margin now
- 15.6%
- Revenue growth, year 1
- 6.0%
- Revenue growth, years 2–5
- 6.0%
- Growth after year 10
- 5.1%
- Target operating margin, by year 5
- 15.6%
- Sales to capital, years 1–5 / 6–10
- 1.39 / 1.39
- Tax rate now / after year 10
- 27.6% / 25.0%
- Cost of capital, years 1–5
- 8.1%
- Cost of capital after year 10
- 8.7%
- Return on capital after year 10
- 10.6%
- Chance of failure
- 0.0%
Value per share as two inputs change (revenue growth, years 2–5 down, target operating margin across)
| Revenue growth, years 2–5 | 10.6% | 15.6% | 20.6% |
|---|---|---|---|
| 3.0% | $48.68 | $82.80 | $116.92 |
| 6.0% | $53.71 | $93.55 | $133.39 |
| 9.0% | $59.47 | $105.87 | $152.26 |
Middle cell: the default story. Each step is 3 points of growth or 5 points of margin.
| Year | Growth | Revenue | Margin | Operating income | Tax rate | After-tax income | Reinvestment | Free cash flow | Cost of capital | Present value |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 6.0% | $104,793M | 15.6% | $16,360M | 27.6% | $11,851M | $4,263M | $7,588M | 8.1% | $7,019M |
| 2 | 6.0% | $111,080M | 15.6% | $17,342M | 27.6% | $12,562M | $4,519M | $8,043M | 8.1% | $6,882M |
| 3 | 6.0% | $117,745M | 15.6% | $18,382M | 27.6% | $13,316M | $4,790M | $8,526M | 8.1% | $6,747M |
| 4 | 6.0% | $124,810M | 15.6% | $19,485M | 27.6% | $14,115M | $5,077M | $9,038M | 8.1% | $6,616M |
| 5 | 6.0% | $132,298M | 15.6% | $20,654M | 27.6% | $14,962M | $5,382M | $9,580M | 8.1% | $6,487M |
| 6 | 5.8% | $139,995M | 15.6% | $21,856M | 27.0% | $15,944M | $5,532M | $10,412M | 8.2% | $6,514M |
| 7 | 5.6% | $147,886M | 15.6% | $23,088M | 26.5% | $16,961M | $5,671M | $11,290M | 8.3% | $6,520M |
| 8 | 5.5% | $155,951M | 15.6% | $24,347M | 26.0% | $18,011M | $5,797M | $12,214M | 8.5% | $6,503M |
| 9 | 5.3% | $164,173M | 15.6% | $25,630M | 25.5% | $19,092M | $5,909M | $13,183M | 8.6% | $6,464M |
| 10 | 5.1% | $172,529M | 15.6% | $26,935M | 25.0% | $20,201M | $6,006M | $14,195M | 8.7% | $6,405M |
| After 10 | 5.1% | $181,311M | 15.6% | $28,306M | 25.0% | $21,229M | $10,238M | $10,992M | 8.7% | $137,755M |
- Present value of years 1–10
- $66,156M
- Present value after year 10
- $137,755M
- Less debt, plus cash
- −$40,856M
- Value of equity
- $163,056M
- Shares
- 1,743M
- Value per share, default story
- $93.55
Company figures: https://stockanalysis.com/stocks/dis/statistics/, TTM to Jun 2026. Industry averages: Aswath Damodaran, January 2026 US data. Risk-free rates: US 10-year Treasury 5.09% and Singapore 10-year 2.34%, 16 Oct 2026. Equity risk premium: Damodaran's implied premium of 4.20%, 1 Oct 2026. Company figures are the latest reported before 19 Oct 2026. Data as of 16 Oct 2026. The sheet follows the spreadsheets Aswath Damodaran publishes; it is not affiliated with or endorsed by him. A model's value is not a price target. For education only. Not financial advice.
Who owns it, and what's the mood?
Tracked investors and insiders
Trades in Walt Disney by the people we follow: Warren Buffett and Michael Burry (13F), Grab's officers (Form 4) and Nancy Pelosi (House reports). They show what happened, often weeks later, not what to copy.
| Who | Did | Size | When | Disclosed |
|---|---|---|---|---|
| Nancy PelosiUS House member, CA-11 (spouse's trade) | SoldShares | $1,000,001 – $5,000,000 | 30 Dec 2025 | 23 Jan 202624 days after the trade |
Sources: SEC EDGAR 13F-HR and Form 4 filings, and the US House Clerk's Periodic Transaction Reports, checked 30 Oct 2026. 13F values are the quarter-end value, not the price paid. All tracked trades ›
- Largest shareholdersSoonThe biggest holders from 13F filings and the annual proxy statement.—
- Chief executive and board holdingsSoonShares held by the CEO and directors, from the proxy statement and Form 4s.—
- Short interestSoonHow many shares are sold short, from exchange short-interest reports.—
Crowd favourite or value trap?
Neither is a label we can put on a stock. These are signs worth looking into, each from a figure on this page.
Signs of a crowd-driven price
Meme stocks move on attention more than on results: big swings, a price far from cash-flow value, thin profits.
0 of 4 signs
- NoSwings at least twice as much as the marketBeta 1.44, 5 years of monthly returns
- NoUp more than 100%, or down more than 50%, in a year1-year price change −0.07%
- NoPrice more than 50% above the valuation sheet's middle valuePrice +18% against the sheet's default story, 16 Oct 2026
- NoThin profits: operating margin under 5%, or a lossFY2025 operating margin 18.6%
Signs of a value trap
A value trap looks cheap because the business is shrinking or earning less than its capital costs.
1 of 4 signs
- NoLooks cheap: P/E under 12 or FCF yield over 8%P/E 16.2x, FCF yield 5.3%
- NoRevenue lower than five years agoRevenue +7.6% a year over 5 years
- YesReturns below the cost of capital5-year average ROIC 7.7% against 10.0%
- NoMore than 30% below its 52-week high−5.3% from the 52-week high
Prices, beta and 1-year change: Yahoo Finance weekly snapshot, 30 Oct 2026. Business figures: the five questions under Valuation and financials. A sign is a reason to dig deeper, not a verdict. For education only. Not financial advice.
Read it through a lens
Price data: Yahoo Finance, delayed. Company figures: each company's own filings, dated where they appear. A ticker on this site is not a recommendation. For education only. Not financial advice.