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The Walt Disney Company key statistics and ratios

In fiscal 2025, The Walt Disney Company had return on equity of 11.8%, an operating margin of 18.6%, debt equal to 38.3% of equity and a current ratio of 0.71. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2017Sept 20172018Sept 20182019Sept 20192020Oct 20202021Oct 20212022Oct 20222023Sept 20232024Sept 20242025Sept 2025LTMJun 2026
Operating margin26.8%26.4%21.3%12.4%11.5%14.7%14.5%17.1%18.6%18.4%
Net margin16.3%21.2%15.9%−4.4%3.0%3.8%2.6%5.4%13.1%8.7%
Free-cash-flow margin15.8%16.5%1.6%5.5%2.9%1.3%5.5%9.4%10.7%8.4%
Return on equity—23.9%15.6%−3.3%2.3%3.4%2.4%5.0%11.8%7.8%
Return on assets—12.8%7.6%−1.4%1.0%1.5%1.2%2.5%6.3%4.3%
Asset turnover—0.600.480.330.330.410.430.450.480.49
Current ratio—0.940.901.321.081.001.050.730.710.71
Debt to equity—39.6%52.9%70.1%61.4%50.9%46.8%45.5%38.3%41.8%
Interest cover (operating income ÷ interest)29.1x23.0x11.9x4.9x——————
Effective tax rate32.1%11.3%21.7%—1.0%32.8%28.9%23.7%−11.9%27.6%
SG&A as % of revenue14.8%14.9%16.6%18.9%20.0%19.8%17.3%17.2%17.5%16.8%
Capital spending as % of revenue6.6%7.5%7.0%6.2%5.3%6.0%5.6%5.9%8.5%8.8%
Free cash flow ÷ net income97.1%78.0%10.0%—99.6%33.7%208.0%172.1%81.2%96.4%
Dividends ÷ net income27.2%20.0%26.2%—0.0%0.0%0.0%27.5%14.5%—
Dividends and buybacks ÷ free cash flow135.5%62.0%261.3%44.2%0.0%0.0%0.0%50.9%52.6%99.5%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 6 checks passed · June 27, 2026
What it owns · $204.7bn
Short-term assets $24.9bnLonger-term assets $179.8bn
What it owes, and who funded it · $145.1bn
Short-term liabilities $35.1bnShareholders' equity $110.0bn
  • Short-term assets cover short-term liabilities $24.9bn of assets due within a year against $35.1bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $5.2bn of cash against $46.0bn of debt.
  • Debt below 40% of shareholders' equity Debt is 42% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 53% to 42% over five years.
  • A year's operating cash flow covers at least 20% of debt $17.0bn of operating cash flow against $46.0bn of debt.
  • Operating profit covers interest at least five times over Operating income of $18.2bn against −$1.8bn of interest.

From The Walt Disney Company's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

50 /100

Moderate moat

How hard The Walt Disney's competitive advantage looks for rivals to wear away, judged from 8 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 2.0% of total assets over 8 years.

  • Durability 14 / 20

    Operating margin has been a median 16.1%; its worst year was 10.7%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 8 of 8 years, at a median 4.8% of revenue.

  • Discipline 17 / 20

    The diluted share count fell 2.2% over five years; stock-based pay has been a median 1.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (55 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: DIS vs NFLXDIS vs LYVDIS vs WMG

More: Movies & Entertainment stocks compared, Communication Services sector, rankings of US companies

Figures from The Walt Disney Company's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to The Walt Disney Company.