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

: 6 (As of Today)

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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 5 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: 6

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
	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23
Piotroski F-Score																8.00	8.00	8.00	7.00	6.00

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 (Mar23) TTM:

Last Year (Mar22) TTM:

Net Income was 169544.972 + 22509.9 + 214424.344 + 251086.056 = ARS657,565 Mil.
Cash Flow from Operations was 231274.263 + 350709.795 + -163291.095 + 639271.815 = ARS1,057,965 Mil.
Revenue was 2587576.356 + 2799842.458 + 3941786.691 + 4309553.35 = ARS13,638,759 Mil.
Gross Profit was 941221.273 + 915958.386 + 1194673.867 + 1422162.483 = ARS4,474,016 Mil.
Average Total Assets from the begining of this year (Mar22)
to the end of this year (Mar23) was
(21737794.586 + 24556224.759 + 28294527.031 + 33886087.662 + 40469698.842) / 5 = ARS29788866.576 Mil.
Total Assets at the begining of this year (Mar22) was ARS21,737,795 Mil.
Long-Term Debt & Capital Lease Obligation was ARS8,902,789 Mil.
Total Current Assets was ARS5,583,356 Mil.
Total Current Liabilities was ARS5,542,463 Mil.

Net Income was 86962.143 + 15547.02 + 111492.958 + 50464.866 = ARS264,467 Mil.

Revenue was 1612494.114 + 1812254.501 + 2203500.764 + 2066804.681 = ARS7,695,054 Mil.
Gross Profit was 548391.989 + 605551.534 + 732379.465 + 714561.024 = ARS2,600,884 Mil.
Average Total Assets from the begining of last year (Mar21)
to the end of last year (Mar22) was
(18038520.389 + 19156395.977 + 19908887.815 + 20532377.459 + 21737794.586) / 5 = ARS19874795.2452 Mil.
Total Assets at the begining of last year (Mar21) was ARS18,038,520 Mil.
Long-Term Debt & Capital Lease Obligation was ARS5,006,115 Mil.
Total Current Assets was ARS3,374,382 Mil.
Total Current Liabilities was ARS3,178,320 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 657,565. ==> 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 1,057,965. ==> 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 (Mar22)
	=	657565.272	/	21737794.586
	=	0.03024986

ROA (Last Year)	=	Net Income	/	Total Assets (Mar21)
	=	264466.987	/	18038520.389
	=	0.01466124

The Walt Disney Co's return on assets of this year was 0.03024986. The Walt Disney Co's return on assets of last year was 0.01466124. ==> 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 657,565. The Walt Disney Co's current Cash Flow from Operations (TTM) was 1,057,965. ==> 1,057,965 > 657,565 ==> 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: Mar23)	=	Long-Term Debt & Capital Lease Obligation	/	Average Total Assets from Mar22 to Mar23
	=	8902788.507	/	29788866.576
	=	0.29886295

Gearing (Last Year: Mar22)	=	Long-Term Debt & Capital Lease Obligation	/	Average Total Assets from Mar21 to Mar22
	=	5006114.677	/	19874795.2452
	=	0.25188258

The Walt Disney Co's gearing of this year was 0.29886295. The Walt Disney Co's gearing of last year was 0.25188258. ==> 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: Mar23)	=	Total Current Assets	/	Total Current Liabilities
	=	5583355.78	/	5542462.929
	=	1.0073781

Current Ratio (Last Year: Mar22)	=	Total Current Assets	/	Total Current Liabilities
	=	3374381.562	/	3178320.191
	=	1.0616871

The Walt Disney Co's current ratio of this year was 1.0073781. The Walt Disney Co's current ratio of last year was 1.0616871. ==> 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 14648. The Walt Disney Co's number of shares in issue last year was 14624. ==> There is larger number of shares in issue this year. ==> Score 0.

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
	=	4474016.009	/	13638758.855
	=	0.32803689

Gross Margin (Last Year: TTM)	=	Gross Profit	/	Revenue
	=	2600884.012	/	7695054.06
	=	0.33799425

The Walt Disney Co's gross margin of this year was 0.32803689. The Walt Disney Co's gross margin of last year was 0.33799425. ==> 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 (Mar22)
	=	13638758.855	/	21737794.586
	=	0.62742146

Asset Turnover (Last Year)	=	Revenue	/	Total Assets at the Beginning of Last Year (Mar21)
	=	7695054.06	/	18038520.389
	=	0.42659009

The Walt Disney Co's asset turnover of this year was 0.62742146. The Walt Disney Co's asset turnover of last year was 0.42659009. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score

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

The Walt Disney Co has an F-score of 5 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.