Stock Analysis on Net
Stock Analysis on Net

Walt Disney Co. (NYSE:DIS)

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Walt Disney Co., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Sep 28, 2024 4.94% = 2.53% × 1.95
Jun 29, 2024 4.75% = 2.41% × 1.97
Mar 30, 2024 1.71% = 0.87% × 1.97
Dec 30, 2023 2.96% = 1.51% × 1.96
Sep 30, 2023 2.37% = 1.15% × 2.07
Jul 1, 2023 2.31% = 1.11% × 2.09
Apr 1, 2023 4.21% = 2.01% × 2.09
Dec 31, 2022 3.45% = 1.64% × 2.10
Oct 1, 2022 3.31% = 1.54% × 2.14
Jul 2, 2022 3.40% = 1.54% × 2.21
Apr 2, 2022 2.92% = 1.31% × 2.23
Jan 1, 2022 3.43% = 1.52% × 2.26
Oct 2, 2021 2.25% = 0.98% × 2.30
Jul 3, 2021 1.30% = 0.56% × 2.33
Apr 3, 2021 -5.28% = -2.25% × 2.34
Jan 2, 2021 -5.89% = -2.45% × 2.40
Oct 3, 2020 -3.43% = -1.42% × 2.41
Jun 27, 2020 -1.28% = -0.53% × 2.42
Mar 28, 2020 5.95% = 2.61% × 2.28
Dec 28, 2019 11.56% = 5.16% × 2.24
Sep 28, 2019 12.44% = 5.70% × 2.18
Jun 29, 2019 — = — × 2.32
Mar 30, 2019 — = — × 2.38
Dec 29, 2018 — = — × 1.99

Based on: 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-K (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-Q (reporting date: 2021-01-02), 10-K (reporting date: 2020-10-03), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28), 10-K (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29).

The primary reason for the increase in return on equity ratio (ROE) over Q4 2024 is the increase in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

Walt Disney Co., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Sep 28, 2024 4.94% = 5.44% × 0.47 × 1.95
Jun 29, 2024 4.75% = 5.31% × 0.46 × 1.97
Mar 30, 2024 1.71% = 1.90% × 0.46 × 1.97
Dec 30, 2023 2.96% = 3.36% × 0.45 × 1.96
Sep 30, 2023 2.37% = 2.65% × 0.43 × 2.07
Jul 1, 2023 2.31% = 2.56% × 0.43 × 2.09
Apr 1, 2023 4.21% = 4.74% × 0.42 × 2.09
Dec 31, 2022 3.45% = 3.93% × 0.42 × 2.10
Oct 1, 2022 3.31% = 3.80% × 0.41 × 2.14
Jul 2, 2022 3.40% = 3.87% × 0.40 × 2.21
Apr 2, 2022 2.92% = 3.46% × 0.38 × 2.23
Jan 1, 2022 3.43% = 4.22% × 0.36 × 2.26
Oct 2, 2021 2.25% = 2.96% × 0.33 × 2.30
Jul 3, 2021 1.30% = 1.77% × 0.31 × 2.33
Apr 3, 2021 -5.28% = -7.73% × 0.29 × 2.34
Jan 2, 2021 -5.89% = -8.15% × 0.30 × 2.40
Oct 3, 2020 -3.43% = -4.38% × 0.32 × 2.41
Jun 27, 2020 -1.28% = -1.58% × 0.34 × 2.42
Mar 28, 2020 5.95% = 6.88% × 0.38 × 2.28
Dec 28, 2019 11.56% = 13.80% × 0.37 × 2.24
Sep 28, 2019 12.44% = 15.89% × 0.36 × 2.18
Jun 29, 2019 — = — × — × 2.32
Mar 30, 2019 — = — × — × 2.38
Dec 29, 2018 — = — × — × 1.99

Based on: 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-K (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-Q (reporting date: 2021-01-02), 10-K (reporting date: 2020-10-03), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28), 10-K (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29).

The primary reason for the increase in return on equity ratio (ROE) over Q4 2024 is the increase in profitability measured by net profit margin ratio.

Two-Component Disaggregation of ROA

Walt Disney Co., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Sep 28, 2024 2.53% = 5.44% × 0.47
Jun 29, 2024 2.41% = 5.31% × 0.46
Mar 30, 2024 0.87% = 1.90% × 0.46
Dec 30, 2023 1.51% = 3.36% × 0.45
Sep 30, 2023 1.15% = 2.65% × 0.43
Jul 1, 2023 1.11% = 2.56% × 0.43
Apr 1, 2023 2.01% = 4.74% × 0.42
Dec 31, 2022 1.64% = 3.93% × 0.42
Oct 1, 2022 1.54% = 3.80% × 0.41
Jul 2, 2022 1.54% = 3.87% × 0.40
Apr 2, 2022 1.31% = 3.46% × 0.38
Jan 1, 2022 1.52% = 4.22% × 0.36
Oct 2, 2021 0.98% = 2.96% × 0.33
Jul 3, 2021 0.56% = 1.77% × 0.31
Apr 3, 2021 -2.25% = -7.73% × 0.29
Jan 2, 2021 -2.45% = -8.15% × 0.30
Oct 3, 2020 -1.42% = -4.38% × 0.32
Jun 27, 2020 -0.53% = -1.58% × 0.34
Mar 28, 2020 2.61% = 6.88% × 0.38
Dec 28, 2019 5.16% = 13.80% × 0.37
Sep 28, 2019 5.70% = 15.89% × 0.36
Jun 29, 2019 — = — × —
Mar 30, 2019 — = — × —
Dec 29, 2018 — = — × —

Based on: 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-K (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-Q (reporting date: 2021-01-02), 10-K (reporting date: 2020-10-03), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28), 10-K (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29).

The primary reason for the increase in return on assets ratio (ROA) over Q4 2024 is the increase in profitability measured by net profit margin ratio.