DISWalt Disney Co

Services-Miscellaneous Amusement & Recreation

Revenue: $94.4B; 3.4% YoY
Operating margin: 18.6%; 8.8% YoY
EBITDA: $22.9B; 11% YoY
Market cap: $210.8B
Employees: 231,000; $409K revenue each
Net debt / EBITDA: 1.6×; $36.8B net debt
AI in 10-K: 1.2; mentions per 10K words

Takeover score 0 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
146% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
29% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
36% of assets
Over 40% of assets
Shareholder dissentNo
86% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$409K · 27th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.2 per 10K words · 38th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$210.8B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$678K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$67.4B	$82.7B	$88.9B	$91.4B	$94.4B	3.4%
Operating income	$7.8B	$12.1B	$12.9B	$15.6B	$17.6B	12%
Net income	$2.0B	$3.1B	$2.4B	$5.0B	$12.4B	149%
Operating cash flow	$5.6B	$6.0B	$9.9B	$14.0B	$18.1B	30%
Capex	$3.6B	$4.9B	$5.0B	$5.4B	$8.0B	48%
Stock-based comp	$600M	$977M	$1.1B	$1.4B	$1.4B	0.2%
Buybacks	—	$0	$0	$3.0B	$3.5B	17%
Dividends	$0	$0	$0	$1.4B	$1.8B	32%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $2M · 2
Open-market sells, 12 mo: $3M · 7
Net: −$678K

Pay vs performance

No pay-versus-performance disclosure yet.