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Walt Disney

DIS on NYSE. The Walt Disney Company sells entertainment, sports and experiences to people worldwide. Market value $178.9bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to September 2025.

Should I look at this?

Worth a closer look

Why it could be worth it

What to watch out for

Nothing stood out in the numbers we check.

Read what could go wrong

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
4.6%fair

For every $100 of what the whole company costs, it produced $4.64 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
12.0×fair

You pay 12.0 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to September 2025
7.7%five-year median

Each dollar kept in the business earns 8 cents a year. Above 10 is good.

Quality score: 89 of 100. Price score: 85 of 100. Our list needs 70 on quality and 60 on price.

$103.61 a share, 12% above its 1-year low

Over the past year the price has ranged from $92.19 to $117.09.

Dividend: 1.0% a year

Paid every year for 2 years

Prices from Monday’s close (5 October).

Five years of cash, in billions

2.0
1.1
4.9
8.6
10.1
8.3
2021202220232024202512 monthsto Jun '26
Revenue
$67.4bn$82.7bn$88.9bn$91.4bn$94.4bn
Operating margin
11.5%14.7%14.5%17.1%18.6%
Debt to equity
0.620.510.470.460.38
Shares outstanding
1.82bn1.83bn1.81bn1.80bn1.73bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)7 of 8 checks we could run
  • Profit backed by cash (accruals)Yes
  • Debt0.38× equity
  • Revenue growth, five yearsSlow, 7.7% a year
  • Buying back its own sharesYes, 5% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $25.2 billion last quarter, up 7% on a year ago.
  • Profit: $2.6 billion, down 50% on a year ago.
  • It keeps 18 cents of each $1 of sales as operating profit, down from 19 cents a year earlier.
  • Spare cash over the past 12 months: $8.3 billion, down from $11.5 billion.
  • 3% fewer shares than a year ago. Each share owns a bit more of the company.
  • Debt is $40.9 billion more than cash, up from $36.9 billion a year ago.
  • Sales grew on a year ago in 3 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$22.6bn
December 2024$24.7bn
March 2025$23.6bn
June 2025$23.6bn
September 2025$22.5bn
December 2025$26.0bn
March 2026$25.2bn
June 2026$25.2bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$460m
December 2024$2.6bn
March 2025$3.3bn
June 2025$5.3bn
September 2025$1.3bn
December 2025$2.4bn
March 2026$2.2bn
June 2026$2.6bn

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
12 November 2026
Last annual report (10-K)
13 November 2025
Next quarterly (estimated, 10-Q)
4 November 2026

Who owns it

42 long-term investors we follow own it, down from 43 last quarter. 2,929 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

1 investor owns more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 2 insiders bought $2m of shares on the open market. 3 sold $2m, $2m of it under preset trading plans.

  • WOODFORD BRENT
    EVP, Control, Fin Plan & Tax
    Sold
    under a preset trading plan
    Date
    1 September 2026
    Shares
    3,618
    Price
    $107.13
    Value
    $387,596
  • Roeder Paul M
    Sr EVP and Chief Comm Officer
    Sold
    Date
    19 August 2026
    Shares
    3,596
    Price
    $106.32
    Value
    $382,327
  • WOODFORD BRENT
    EVP, Control, Fin Plan & Tax
    Sold
    under a preset trading plan
    Date
    14 August 2026
    Shares
    7,238
    Price
    $105.31
    Value
    $762,234
  • Chang Amy
    Director
    Bought
    Date
    12 February 2026
    Shares
    916
    Price
    $107.85
    Value
    $98,791
  • Coleman Sonia L
    Sr. EVP & Chief People Officer
    Sold
    under a preset trading plan
    Date
    22 January 2026
    Shares
    2,473
    Price
    $114.00
    Value
    $281,922
  • Coleman Sonia L
    Sr. EVP & Chief People Officer
    Sold
    under a preset trading plan
    Date
    24 December 2025
    Shares
    2,431
    Price
    $114.00
    Value
    $277,134
  • GORMAN JAMES P
    Director
    Bought
    Date
    12 December 2025
    Shares
    18,000
    Price
    $111.89
    Value
    $2m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 13 Nov 2025, plus the 10-Q filed 5 Aug 2026 and 9 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

What changed in the risks this year

Companies must list what could hurt them each year. These are the parts that changed since last year’s report.

  • We face risks from claims, litigation, governmental investigations and other proceedings to our businesses, reputation, results of operation and financial condition.

    Could happen
    We are subject to various actual and threatened claims, litigation, investigations and other proceedings, including private individual actions, class actions and actions and investigations by governmental and other regulatory authorities, relating to a range of issues, including securities; competition and antitrust; intellectual property, including patent and copyright; employment and labor; taxes; privacy and data protection; data security; personal injury and property damage; consumer protection; contractual and commercial disputes; the production, distribution and licensing of our content; and other matters. For example, a private securities class action lawsuit was filed in federal court against the Company and certain current and former senior management on behalf of certain purchasers of securities of the Company seeking unspecified damages, plus interest and costs and fees, and an adverse final judgment or the terms of a settlement of such matter could result in the payment of substantial monetary damages. See Note 14 to the Consolidated Financial Statements for more details regarding this lawsuit and above in these risk factors regarding patent infringement litigation and other claims. In addition, from time to time, we pursue litigation against third parties seeking to vindicate our rights.
    Read more

Read it in the annual report

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.