The Walt Disney Company (DIS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-21.9%

$88.74

vs $113.61 price

Levered DCF

$147.33

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.46

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	16.49×	35.3×	62.83×	54.53×	160.01×	-77.56×	19.51×	13.84×
P/B	1.86×	1.74×	1.49×	1.81×	3.61×	2.65×	2.43×	3.57×
P/S	2.17×	1.92×	1.67×	2.08×	4.74×	3.39×	3.1×	2.93×
EV / EBITDA	12.77×	14.95×	15.25×	17.71×	39.88×	52.22×	13.5×	10.43×
Gross margin	37.8%	35.8%	33.4%	34.2%	33.1%	32.9%	39.6%	44.9%
Operating margin	14.6%	13.0%	10.1%	8.2%	5.4%	5.8%	17.0%	25.0%
Net margin	13.1%	5.4%	2.6%	3.8%	3.0%	-4.4%	15.9%	21.2%
Current ratio	0.71×	0.73×	1.05×	1×	1.08×	1.32×	0.89×	0.94×
Debt / equity	0.41×	0.49×	0.51×	0.55×	0.66×	0.75×	0.53×	0.43×
Interest coverage	7.63×	8.23×	6.17×	4.37×	2.37×	2.3×	9.49×	21.02×
Dividend yield	0.9%	0.8%	0.0%	0.0%	0.0%	0.7%	1.3%	1.4%
Payout ratio	14.5%	27.5%	0.0%	0.0%	0.0%	-55.4%	26.2%	20.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.3%	4.9%	2.4%	3.3%	2.3%	-3.4%	12.4%	25.8%
Return on invested capital	8.1%	5.4%	3.6%	2.6%	2.0%	2.1%	5.4%	15.6%
Return on assets	6.3%	2.5%	1.1%	1.5%	1.0%	-1.4%	5.7%	12.8%
Free cash flow yield	4.9%	4.9%	3.3%	0.6%	0.6%	1.6%	0.8%	5.6%
Earnings yield	6.1%	2.8%	1.6%	1.8%	0.6%	-1.3%	5.1%	7.2%
Enterprise value	$244.4B	$218.7B	$184.6B	$212.5B	$362B	$266B	$257.4B	$191B
Net debt / EBITDA	2.08×	2.97×	3.01×	3.39×	4.67×	8.72×	2.18×	0.91×
Cash conversion cycle (days)	-29	-29	-31	-41	-49	-21	-24	0