The Walt Disney Co (BUE:DIS) Piotroski F-Score

: 7 (As of Today)

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Good Sign:

Piotroski F-Score is 7, indicates a very healthy situation.

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

The Walt Disney Co has an F-score of 6 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for The Walt Disney Co's Piotroski F-Score or its related term are showing as below:

BUE:DIS' s Piotroski F-Score Range Over the Past 10 Years
Min: 1 Med: 6 Max: 8
Current: 7

During the past 13 years, the highest Piotroski F-Score of The Walt Disney Co was 8. The lowest was 1. And the median was 6.

The Walt Disney Co Piotroski F-Score Historical Data

The historical data trend for The Walt Disney Co's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

The Walt Disney Co Annual Data

Trend

Sep13

Sep14

Sep15

Sep16

Sep17

Sep18

Sep19

Sep20

Sep21

Sep22

Piotroski F-Score

8.00

3.00

4.00

6.00

8.00

The Walt Disney Co Quarterly Data
	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22
Piotroski F-Score																7.00	8.00	8.00	8.00	7.00

Competitive Comparison

For the Entertainment subindustry, The Walt Disney Co's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Annual Data Quarterly Data

The Walt Disney Co Piotroski F-Score Distribution

For the Media - Diversified industry and Communication Services sector, The Walt Disney Co's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where The Walt Disney Co's Piotroski F-Score falls in comparison to its industry or sector. The grey bar indicates the Piotroski F-Score's extreme value range as defined by GuruFocus.

How is the Piotroski F-Score calculated?

This Year (Dec22) TTM:

Last Year (Dec21) TTM:

Net Income was 50464.865700161 + 169544.97233938 + 22509.899666291 + 214424.34406688 = ARS456,944 Mil.
Cash Flow from Operations was 189511.67651231 + 231274.26319112 + 350709.79480073 + -163291.09548174 = ARS608,205 Mil.
Revenue was 2066804.6805583 + 2587576.3557034 + 2799842.4584923 + 3941786.6909308 = ARS11,396,010 Mil.
Gross Profit was 714561.02390335 + 941221.27298697 + 915958.38642092 + 1194673.8669434 = ARS3,766,415 Mil.
Average Total Assets from the begining of this year (Dec21)
to the end of this year (Dec22) was
(20532377.458964 + 21737794.586372 + 24556224.758827 + 28294527.030534 + 33886087.662372) / 5 = ARS25801402.299414 Mil.
Total Assets at the begining of this year (Dec21) was ARS20,532,377 Mil.
Long-Term Debt & Capital Lease Obligation was ARS7,565,709 Mil.
Total Current Assets was ARS4,511,797 Mil.
Total Current Liabilities was ARS4,538,285 Mil.

Net Income was 81162.081749205 + 86962.142935146 + 15547.019839679 + 111492.95765943 = ARS295,164 Mil.

Revenue was 1406419.0703111 + 1612494.1144249 + 1812254.501312 + 2203500.7637419 = ARS7,034,668 Mil.
Gross Profit was 525256.49132033 + 548391.98850933 + 605551.53375555 + 732379.46462516 = ARS2,411,579 Mil.
Average Total Assets from the begining of last year (Dec20)
to the end of last year (Dec21) was
(16429644.848171 + 18038520.388766 + 19156395.976567 + 19908887.8147 + 20532377.458964) / 5 = ARS18813165.297434 Mil.
Total Assets at the begining of last year (Dec20) was ARS16,429,645 Mil.
Long-Term Debt & Capital Lease Obligation was ARS4,781,775 Mil.
Total Current Assets was ARS3,323,884 Mil.
Total Current Liabilities was ARS3,033,437 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

The Walt Disney Co's current Net Income (TTM) was 456,944. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

The Walt Disney Co's current Cash Flow from Operations (TTM) was 608,205. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)	=	Net Income	/	Total Assets (Dec21)
	=	456944.08177271	/	20532377.458964
	=	0.02225481

ROA (Last Year)	=	Net Income	/	Total Assets (Dec20)
	=	295164.20218346	/	16429644.848171
	=	0.01796534

The Walt Disney Co's return on assets of this year was 0.02225481. The Walt Disney Co's return on assets of last year was 0.01796534. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

The Walt Disney Co's current Net Income (TTM) was 456,944. The Walt Disney Co's current Cash Flow from Operations (TTM) was 608,205. ==> 608,205 > 456,944 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Dec22)	=	Long-Term Debt & Capital Lease Obligation	/	Average Total Assets from Dec21 to Dec22
	=	7565708.9906568	/	25801402.299414
	=	0.2932286

Gearing (Last Year: Dec21)	=	Long-Term Debt & Capital Lease Obligation	/	Average Total Assets from Dec20 to Dec21
	=	4781775.4096162	/	18813165.297434
	=	0.25417176

The Walt Disney Co's gearing of this year was 0.2932286. The Walt Disney Co's gearing of last year was 0.25417176. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Dec22)	=	Total Current Assets	/	Total Current Liabilities
	=	4511796.6751586	/	4538285.3744256
	=	0.99416328

Current Ratio (Last Year: Dec21)	=	Total Current Assets	/	Total Current Liabilities
	=	3323883.8002217	/	3033436.5663191
	=	1.09574858

The Walt Disney Co's current ratio of this year was 0.99416328. The Walt Disney Co's current ratio of last year was 1.09574858. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

The Walt Disney Co's number of shares in issue this year was 14616. The Walt Disney Co's number of shares in issue last year was 14624. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)	=	Gross Profit	/	Revenue
	=	3766414.5502546	/	11396010.185685
	=	0.33050291

Gross Margin (Last Year: TTM)	=	Gross Profit	/	Revenue
	=	2411579.4782104	/	7034668.44979
	=	0.34281352

The Walt Disney Co's gross margin of this year was 0.33050291. The Walt Disney Co's gross margin of last year was 0.34281352. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)	=	Revenue	/	Total Assets at the Beginning of This Year (Dec21)
	=	11396010.185685	/	20532377.458964
	=	0.55502633

Asset Turnover (Last Year)	=	Revenue	/	Total Assets at the Beginning of Last Year (Dec20)
	=	7034668.44979	/	16429644.848171
	=	0.42816923

The Walt Disney Co's asset turnover of this year was 0.55502633. The Walt Disney Co's asset turnover of last year was 0.42816923. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score

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Que. 9

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

The Walt Disney Co has an F-score of 6 indicating the company's financial situation is typical for a stable company.

The Walt Disney Co (BUE:DIS) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.

The Walt Disney Co Piotroski F-Score Related Terms

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The Walt Disney Co (BUE:DIS) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Media - Diversified » The Walt Disney Co (BUE:DIS) » Definitions » Piotroski F-Score

Comparable Companies

Traded in Other Exchanges

DIS:USA DIS:Mexico 0QZO:UK WDP:Germany DIS:Chile DIS:Canada DISB34:Brazil DIS:Austria

Address

500 South Buena Vista Street, Burbank, CA, USA, 91521

Website

https://www.thewaltdisneycompany.com

Walt Disney owns the rights to some of the most globally recognized characters, from Mickey Mouse to Luke Skywalker. These characters and others are featured in several Disney theme parks around the world. Disney makes live-action and animated films under studios such as Pixar, Marvel, and Lucasfilm and also operates media networks including ESPN and several TV production studios. Disney shifted into a more streaming-focused firm by acquiring the remainder of Hulu and launching Disney+ and ESPN+. Across its streaming platforms, Disney had over 235 million subscribers as of September 2022, up sharply from under 64 million in December 2019.