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The Walt Disney Co (The Walt Disney Co) Piotroski F-Score : 6 (As of May. 22, 2024)


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What is The Walt Disney Co Piotroski F-Score?

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:

DIS' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   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 3. 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 Piotroski F-Score Chart

The Walt Disney Co Annual Data
Trend Sep14 Sep15 Sep16 Sep17 Sep18 Sep19 Sep20 Sep21 Sep22 Sep23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 3.00 4.00 6.00 8.00 6.00

The Walt Disney Co Quarterly Data
Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 6.00 6.00 6.00 6.00

Competitive Comparison of The Walt Disney Co's Piotroski F-Score

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.


The Walt Disney Co's Piotroski F-Score Distribution in the Media - Diversified Industry

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 into.


How is the Piotroski F-Score calculated?

* 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.

This Year (Mar24) TTM:Last Year (Mar23) TTM:
Net Income was -460 + 264 + 1911 + -20 = $1,695 Mil.
Cash Flow from Operations was 2802 + 4802 + 2185 + 3666 = $13,455 Mil.
Revenue was 22330 + 21241 + 23549 + 22083 = $89,203 Mil.
Gross Profit was 7859 + 7513 + 7962 + 7911 = $31,245 Mil.
Average Total Assets from the begining of this year (Mar23)
to the end of this year (Mar24) was
(204858 + 203783 + 205579 + 197774 + 195110) / 5 = $201420.8 Mil.
Total Assets at the begining of this year (Mar23) was $204,858 Mil.
Long-Term Debt & Capital Lease Obligation was $39,510 Mil.
Total Current Assets was $24,636 Mil.
Total Current Liabilities was $32,874 Mil.
Net Income was 1409 + 162 + 1279 + 1271 = $4,121 Mil.

Revenue was 21504 + 20150 + 23512 + 21815 = $86,981 Mil.
Gross Profit was 7822 + 6592 + 7126 + 7199 = $28,739 Mil.
Average Total Assets from the begining of last year (Mar22)
to the end of last year (Mar23) was
(202453 + 204074 + 203631 + 202124 + 204858) / 5 = $203428 Mil.
Total Assets at the begining of last year (Mar22) was $202,453 Mil.
Long-Term Debt & Capital Lease Obligation was $45,066 Mil.
Total Current Assets was $28,263 Mil.
Total Current Liabilities was $28,056 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 1,695. ==> 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 13,455. ==> 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 (Mar23)
=1695/204858
=0.00827402

ROA (Last Year)=Net Income/Total Assets (Mar22)
=4121/202453
=0.02035534

The Walt Disney Co's return on assets of this year was 0.00827402. The Walt Disney Co's return on assets of last year was 0.02035534. ==> Last year is higher ==> Score 0.

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 1,695. The Walt Disney Co's current Cash Flow from Operations (TTM) was 13,455. ==> 13,455 > 1,695 ==> 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: Mar24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar23 to Mar24
=39510/201420.8
=0.1961565

Gearing (Last Year: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=45066/203428
=0.22153293

The Walt Disney Co's gearing of this year was 0.1961565. The Walt Disney Co's gearing of last year was 0.22153293. ==> This year is lower or equal to last year. ==> Score 1.

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: Mar24)=Total Current Assets/Total Current Liabilities
=24636/32874
=0.74940683

Current Ratio (Last Year: Mar23)=Total Current Assets/Total Current Liabilities
=28263/28056
=1.0073781

The Walt Disney Co's current ratio of this year was 0.74940683. The Walt Disney Co's current ratio of last year was 1.0073781. ==> 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 1834. The Walt Disney Co's number of shares in issue last year was 1831. ==> 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
=31245/89203
=0.35026849

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=28739/86981
=0.33040549

The Walt Disney Co's gross margin of this year was 0.35026849. The Walt Disney Co's gross margin of last year was 0.33040549. ==> This year's gross margin is higher. ==> Score 1.

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 (Mar23)
=89203/204858
=0.43543821

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar22)
=86981/202453
=0.42963552

The Walt Disney Co's asset turnover of this year was 0.43543821. The Walt Disney Co's asset turnover of last year was 0.42963552. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+1+0+0+1+1
=6

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  (NYSE: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 (The Walt Disney Co) Business Description

Address
500 South Buena Vista Street, Burbank, CA, USA, 91521
Disney operates in three global business segments: entertainment, sports, and experiences. Entertainment and experiences both benefit from franchises and characters the firm has created over the course of a century. Entertainment includes the ABC broadcast network, several cable television networks, and the Disney+ and Hulu streaming services. Within the segment, Disney also engages in movie and television production and distribution, with content licensed to movie theaters, other content providers, or, increasingly, kept in-house for use on Disney's own streaming platform and television networks. The sports segment houses ESPN and the ESPN+ streaming service. Experiences contains Disney's theme parks and vacation destinations, and also benefits from merchandise licensing.
Executives
Sonia L Coleman officer: Sr. EVP and Chief HR Officer 500 SOUTH BUENA VISTA STREET, BURBANK CA 91521
Brent Woodford officer: EVP, Control, Fin Plan & Tax 1441 GARDINER LANE, LOUISVILLE KY 40213
Amy Chang director 2100 SEAPORT BLVD., C/O INFORMATICA CORPORATION, REDWOOD CITY CA 94063
Kevin A Lansberry officer: Interim Chief Finan Officer 500 SOUTH BUENA VISTA STREET, BURBANK CA 91521
Christine M Mccarthy officer: SEVP-Chief Financial Officer 500 SOUTH BUENA VISTA STREET, BURBANK CA 91521-0964
Carolyn Everson director C/O THE HERTZ CORPORATION, 225 BRAE BOULEVARD, PARK RIDGE NJ 07656-0713
Kristina K Schake officer: Sr. EVP and Chief Comm Officer 500 SOUTH BUENA VISTA STREET, BURBANK CA 91521
Horacio E Gutierrez officer: Sr EVP, General Counsel & Secy 500 SOUTH BUENA VISTA STREET, BURBANK CA 91521
Geoff Morrell officer: SEVP Chf Corp Affairs Officer 500 SOUTH BUENA VISTA STREET, BURBANK CA 91521
Robert A Chapek officer: Chief Executive Officer 500 SOUTH BUENA VISTA STREET, BURBANK CA 91521
Paul J Richardson officer: Sr. EVP and Chief HR Officer 500 SOUTH BUENA VISTA STREET, BURBANK CA 91521
Calvin Mcdonald director C/O LULULEMON ATHLETICA INC., 1818 CORNWALL AVENUE, VANCOUVER A1 V6J 1C7
Robert A Iger director, officer: Chairman and CEO C/O WALT DISNEY CO, 500 S BUENA VISTA STREET, BURBANK CA 91521-1062
Zenia B. Mucha officer: SEVP Corporate Communications 500 SOUTH BUENA VISTA STREET, BURBANK CA 91521
Mary Jayne Parker officer: SEVP and Chief HR Officer 500 SOUTH BUENA VISTA STREET, BURBANK CA 91521-0966