Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Walt Disney Co., long-term (investment) activity ratios
Based on: 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibited a positive trend from 2020 through 2023, increasing from 2.02 to a peak of 2.52. Following this peak, a gradual decline was observed in the subsequent two years, with the ratio decreasing to 2.28 by 2025. This pattern suggests an initial enhancement in the efficiency of utilizing fixed assets to generate sales, followed by a modest reduction in this efficiency in the more recent periods.
- Net Fixed Asset Turnover Including Operating Lease, Right-of-Use Asset
- This adjusted metric mirrored the general upward trend seen in the standard net fixed asset turnover, rising from 1.81 in 2020 to 2.25 in 2023 and 2024. However, a slight downturn occurred in 2025, lowering the ratio to 2.11. This indicates that, when considering operating leases and right-of-use assets, asset utilization efficiency improved over time but experienced a minor decrease at the end of the observed span.
- Total Asset Turnover
- Total asset turnover demonstrated consistent and steady growth throughout the period. Starting at 0.32 in 2020, the ratio increased incrementally every year, reaching 0.48 by 2025. This continuous upward trajectory highlights an ongoing improvement in the overall effectiveness of the company’s asset base in generating revenue.
- Equity Turnover
- The equity turnover ratio showed some variability over the years. It began at 0.78 in 2020, dipped slightly to 0.76 in 2021, then rose to a maximum of 0.91 in 2024 before decreasing to 0.86 in 2025. The fluctuations suggest modest changes in the company’s ability to generate sales from shareholders’ equity, with a peak efficiency noted in 2024 followed by a mild reduction thereafter.
Net Fixed Asset Turnover
Walt Disney Co., net fixed asset turnover calculation, comparison to benchmarks
| Sep 27, 2025 | Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Revenues | 94,425) | 91,361) | 88,898) | 82,722) | 67,418) | 65,388) | |
| Parks, resorts and other property, net, including finance lease right-of-use assets | 41,476) | 37,287) | 35,232) | 33,899) | 32,960) | 32,439) | |
| Long-term Activity Ratio | |||||||
| Net fixed asset turnover1 | 2.28 | 2.45 | 2.52 | 2.44 | 2.05 | 2.02 | |
| Benchmarks | |||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||
| Alphabet Inc. | — | 2.05 | 2.29 | 2.51 | 2.64 | 2.15 | |
| Comcast Corp. | — | 1.98 | 2.04 | 2.19 | 2.15 | 1.99 | |
| Meta Platforms Inc. | — | 1.36 | 1.40 | 1.47 | 2.04 | 1.88 | |
| Netflix Inc. | — | 24.47 | 22.61 | 22.61 | 22.44 | 26.03 | |
| Trade Desk Inc. | — | 11.68 | 12.06 | 9.08 | 8.81 | 7.22 | |
| Net Fixed Asset Turnover, Sector | |||||||
| Media & Entertainment | — | 1.96 | 2.10 | 2.25 | 2.42 | 2.15 | |
| Net Fixed Asset Turnover, Industry | |||||||
| Communication Services | — | 1.65 | 1.68 | 1.73 | 1.90 | 1.72 | |
Based on: 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03).
1 2025 Calculation
Net fixed asset turnover = Revenues ÷ Parks, resorts and other property, net, including finance lease right-of-use assets
= 94,425 ÷ 41,476 = 2.28
2 Click competitor name to see calculations.
- Revenues
- Revenues have demonstrated a consistent upward trend over the observed periods. Starting from 65,388 million USD in 2020, revenues increased steadily each year, reaching 94,425 million USD by 2025. This reflects an overall growth of approximately 44% over the six-year period, indicating a solid expansion in the company's top-line performance.
- Parks, Resorts and Other Property, Net
- The net value of parks, resorts, and other property, including finance lease right-of-use assets, also exhibited a steady increase. Beginning at 32,439 million USD in 2020, this asset category rose incrementally each year, reaching 41,476 million USD in 2025. This upward progression suggests ongoing investments or capital appreciation in these fixed assets, aligning with the company’s expansion efforts in these sectors.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, which measures the efficiency of fixed assets in generating revenue, showed improvement initially from 2.02 in 2020 to a peak of 2.52 in 2023. Subsequently, the ratio experienced a gradual decline, settling at 2.28 in 2025. Despite the slight decrease in later years, the ratio remained higher than the initial value, indicating better overall utilization of fixed assets relative to revenue generation compared to the beginning of the period.
- Overall Analysis
- The company has demonstrated consistent growth in revenues alongside increased investment in parks, resorts, and other property assets. The initial improvement in fixed asset turnover ratio reflects enhanced asset utilization efficiency as revenues grew. The subsequent decrease in the ratio may be indicative of increased asset base expansion outpacing immediate revenue gains or shifts in operational focus. Nonetheless, the continued revenue growth and asset accumulation suggest a strategic emphasis on scaling operational capacity and profitability.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Walt Disney Co., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Sep 27, 2025 | Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Revenues | 94,425) | 91,361) | 88,898) | 82,722) | 67,418) | 65,388) | |
| Parks, resorts and other property, net, including finance lease right-of-use assets | 41,476) | 37,287) | 35,232) | 33,899) | 32,960) | 32,439) | |
| Right-of-use assets, operating leases (included in Other assets) | 3,170) | 3,376) | 4,211) | 3,966) | 3,895) | 3,687) | |
| Parks, resorts and other property, net, including finance lease right-of-use assets (including operating lease, right-of-use asset) | 44,646) | 40,663) | 39,443) | 37,865) | 36,855) | 36,126) | |
| Long-term Activity Ratio | |||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 2.11 | 2.25 | 2.25 | 2.18 | 1.83 | 1.81 | |
| Benchmarks | |||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||
| Alphabet Inc. | — | 1.90 | 2.07 | 2.23 | 2.33 | 1.88 | |
| Comcast Corp. | — | 1.82 | 1.86 | 1.98 | 1.92 | 1.86 | |
| Meta Platforms Inc. | — | 1.21 | 1.23 | 1.26 | 1.69 | 1.56 | |
| Netflix Inc. | — | 10.55 | 9.45 | 8.72 | 7.88 | 8.34 | |
| Trade Desk Inc. | — | 5.17 | 5.42 | 4.00 | 3.23 | 2.30 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | |||||||
| Media & Entertainment | — | 1.78 | 1.88 | 1.97 | 2.09 | 1.87 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | |||||||
| Communication Services | — | 1.42 | 1.42 | 1.43 | 1.54 | 1.41 | |
Based on: 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03).
1 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Revenues ÷ Parks, resorts and other property, net, including finance lease right-of-use assets (including operating lease, right-of-use asset)
= 94,425 ÷ 44,646 = 2.11
2 Click competitor name to see calculations.
- Revenue Trends
- The revenues have exhibited a consistent upward trajectory over the observed period. Starting from approximately 65.4 billion USD, revenues increased steadily each year, reaching about 94.4 billion USD by the latest period. Notably, the most significant annual growth occurred between the second and third years, reflecting a substantial acceleration in revenue generation.
- Parks, Resorts, and Property Assets
- The net value of parks, resorts, and other property assets, including finance lease right-of-use assets, showed a gradual but steady increase throughout the timeline. Beginning at around 36.1 billion USD, this asset base expanded to approximately 44.6 billion USD by the end of the period. This trend indicates ongoing investment and possibly expansion in the company's physical and leased asset holdings.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio demonstrated an overall improvement from 1.81 initially to a peak of 2.25 over two consecutive periods, suggesting enhanced efficiency in utilizing net fixed assets to generate revenue. A slight decline to 2.11 in the final period was observed, which may warrant further attention. Despite this minor decrease, the ratio remains significantly higher than at the beginning of the period, indicating improved asset productivity over time.
- Overall Analysis
- The data indicates a positive growth pattern in both revenue and asset base, supported by improving asset efficiency in most of the periods. The steady growth in revenues and asset values, combined with a generally increasing net fixed asset turnover, reflects effective management of resources to support expanding operations. The minor recent dip in asset turnover ratio could suggest emerging operational challenges or a shift in asset composition that deserves monitoring in subsequent periods.
Total Asset Turnover
Walt Disney Co., total asset turnover calculation, comparison to benchmarks
| Sep 27, 2025 | Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Revenues | 94,425) | 91,361) | 88,898) | 82,722) | 67,418) | 65,388) | |
| Total assets | 197,514) | 196,219) | 205,579) | 203,631) | 203,609) | 201,549) | |
| Long-term Activity Ratio | |||||||
| Total asset turnover1 | 0.48 | 0.47 | 0.43 | 0.41 | 0.33 | 0.32 | |
| Benchmarks | |||||||
| Total Asset Turnover, Competitors2 | |||||||
| Alphabet Inc. | — | 0.78 | 0.76 | 0.77 | 0.72 | 0.57 | |
| Comcast Corp. | — | 0.46 | 0.46 | 0.47 | 0.42 | 0.38 | |
| Meta Platforms Inc. | — | 0.60 | 0.59 | 0.63 | 0.71 | 0.54 | |
| Netflix Inc. | — | 0.73 | 0.69 | 0.65 | 0.67 | 0.64 | |
| Trade Desk Inc. | — | 0.40 | 0.40 | 0.36 | 0.33 | 0.30 | |
| Total Asset Turnover, Sector | |||||||
| Media & Entertainment | — | 0.62 | 0.60 | 0.60 | 0.56 | 0.46 | |
| Total Asset Turnover, Industry | |||||||
| Communication Services | — | 0.50 | 0.48 | 0.47 | 0.45 | 0.41 | |
Based on: 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03).
1 2025 Calculation
Total asset turnover = Revenues ÷ Total assets
= 94,425 ÷ 197,514 = 0.48
2 Click competitor name to see calculations.
- Revenue Analysis
- Revenues exhibited a consistent upward trend over the six-year period. Starting from approximately $65.4 billion in 2020, revenues increased each year, reaching about $94.4 billion by 2025. This represents significant growth, with the most notable jump occurring between 2021 and 2022, where revenues rose from roughly $67.4 billion to $82.7 billion. Growth continued steadily thereafter, although at a somewhat moderated pace in the latter years.
- Total Assets Overview
- Total assets remained relatively stable throughout the period, fluctuating slightly around the $200 billion mark. The figure started near $201.5 billion in 2020 and showed minor variations each year, concluding at approximately $197.5 billion in 2025. Notably, there was a slight decline in total assets after 2023, suggesting modest asset reduction or revaluation during the most recent years.
- Total Asset Turnover Ratio
- The total asset turnover ratio demonstrated a clear upward trajectory, improving from 0.32 in 2020 to 0.48 in 2025. This consistent increase indicates enhanced efficiency in utilizing assets to generate revenue. The most pronounced improvement occurred between 2021 and 2022, aligning with the revenue surge noted previously, and continued positive momentum through 2025 points to sustained operational improvements.
- Overall Financial Insights
- The combination of rising revenues with stable total assets and increasing asset turnover ratio suggests that the company has been successful in improving asset utilization efficiency. Despite minor decreases in total asset values in later years, revenue growth was maintained, which further underscores operational effectiveness. The financial data indicates a favorable trend of growth and efficiency enhancement over the analyzed period.
Equity Turnover
Walt Disney Co., equity turnover calculation, comparison to benchmarks
| Sep 27, 2025 | Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Revenues | 94,425) | 91,361) | 88,898) | 82,722) | 67,418) | 65,388) | |
| Total Disney Shareholder’s equity | 109,869) | 100,696) | 99,277) | 95,008) | 88,553) | 83,583) | |
| Long-term Activity Ratio | |||||||
| Equity turnover1 | 0.86 | 0.91 | 0.90 | 0.87 | 0.76 | 0.78 | |
| Benchmarks | |||||||
| Equity Turnover, Competitors2 | |||||||
| Alphabet Inc. | — | 1.08 | 1.08 | 1.10 | 1.02 | 0.82 | |
| Comcast Corp. | — | 1.45 | 1.47 | 1.50 | 1.21 | 1.15 | |
| Meta Platforms Inc. | — | 0.90 | 0.88 | 0.93 | 0.94 | 0.67 | |
| Netflix Inc. | — | 1.58 | 1.64 | 1.52 | 1.87 | 2.26 | |
| Trade Desk Inc. | — | 0.83 | 0.90 | 0.75 | 0.78 | 0.83 | |
| Equity Turnover, Sector | |||||||
| Media & Entertainment | — | 1.07 | 1.07 | 1.10 | 1.02 | 0.86 | |
| Equity Turnover, Industry | |||||||
| Communication Services | — | 1.12 | 1.13 | 1.16 | 1.09 | 1.00 | |
Based on: 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03).
1 2025 Calculation
Equity turnover = Revenues ÷ Total Disney Shareholder’s equity
= 94,425 ÷ 109,869 = 0.86
2 Click competitor name to see calculations.
The analysis of the financial trends reveals a consistent growth trajectory in key metrics over the observed periods.
- Revenues
- Revenues have demonstrated a steady upward trend, increasing from $65,388 million in 2020 to $94,425 million in 2025. This reflects a substantial overall growth exceeding 44% across the five-year span, indicating effective revenue generation and possibly expansion or increased market demand.
- Total Disney Shareholder’s Equity
- Shareholder’s equity has also shown consistent growth, increasing from $83,583 million in 2020 to $109,869 million in 2025. This increase of roughly 31.5% suggests retained earnings or additional equity financing contributing to a stronger capital base over time.
- Equity Turnover Ratio
- The equity turnover ratio exhibits some fluctuations but generally remains within a range of 0.76 to 0.91. Starting at 0.78 in 2020, it dips slightly to 0.76 in 2021, then increases to peak at 0.91 in 2024 before slightly declining to 0.86 in 2025. This ratio trend indicates that the efficiency in utilizing equity to generate revenues improved initially before a marginal reduction in the final year, yet remaining higher than the starting point.
Overall, the data suggests that the company has been growing both in terms of revenue and shareholder equity, with an improving capacity to generate sales from equity investments through most of the period. The slight decline in equity turnover towards the end may warrant further examination to understand underlying factors, but the general performance trend remains positive.