Walt Disney Co., FCFE calculation

US$ in millions

12 months ended:	Sep 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020	Sep 28, 2019
Net income (loss) attributable to The Walt Disney Company (Disney)	4,972)	2,354)	3,145)	1,995)	(2,864)	11,054)
Net income attributable to noncontrolling and redeemable noncontrolling interests	801)	1,036)	360)	512)	390)	530)
Net noncash charges	9,811)	6,299)	2,009)	865)	10,735)	44)
Changes in operating assets and liabilities	(1,613)	177)	488)	2,194)	(645)	(5,644)
Cash provided by operations	13,971)	9,866)	6,002)	5,566)	7,616)	5,984)
Investments in parks, resorts and other property	(5,412)	(4,969)	(4,943)	(3,578)	(4,022)	(4,876)
Commercial paper borrowings (payments), net	1,532)	(191)	(334)	(26)	(3,354)	4,318)
Borrowings	132)	83)	333)	64)	18,120)	38,240)
Reduction of borrowings	(3,064)	(1,675)	(4,016)	(3,737)	(3,533)	(38,881)
Free cash flow to equity (FCFE)	7,159)	3,114)	(2,958)	(1,711)	14,827)	4,785)

Based on: 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), 10-K (reporting date: 2019-09-28).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Walt Disney Co. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Walt Disney Co. FCFE increased from 2022 to 2023 and from 2023 to 2024.

Walt Disney Co., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	1,810,939,306
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	7,159)
FCFE per share	3.95
Current share price (P)	113.54
Valuation Ratio
P/FCFE	28.72
Benchmarks
P/FCFE, Competitors¹
Alphabet Inc.	31.49
Comcast Corp.	11.48
Meta Platforms Inc.	27.19
Netflix Inc.	52.28
P/FCFE, Sector
Media & Entertainment	29.71
P/FCFE, Industry
Communication Services	26.61

Based on: 10-K (reporting date: 2024-09-28).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Walt Disney Co., historical P/FCFE calculation, comparison to benchmarks

	Sep 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020	Sep 28, 2019
No. shares of common stock outstanding¹	1,810,939,306	1,830,315,921	1,823,591,988	1,817,655,948	1,810,485,037	1,802,398,289
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	7,159)	3,114)	(2,958)	(1,711)	14,827)	4,785)
FCFE per share³	3.95	1.70	-1.62	-0.94	8.19	2.65
Share price^1, 4	109.12	94.45	94.69	151.34	149.09	146.93
Valuation Ratio
P/FCFE⁵	27.60	55.51	—	—	18.20	55.35
Benchmarks
P/FCFE, Competitors⁶
Alphabet Inc.	—	25.65	22.91	29.75	26.58	32.39
Comcast Corp.	—	12.89	12.26	27.57	18.17	64.70
Meta Platforms Inc.	—	23.53	17.26	16.84	32.77	28.91
Netflix Inc.	—	35.64	176.91	—	81.38	116.48
P/FCFE, Sector
Media & Entertainment	—	24.75	23.67	29.77	27.24	36.47
P/FCFE, Industry
Communication Services	—	21.97	31.82	26.52	20.51	33.69

Based on: 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), 10-K (reporting date: 2019-09-28).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 7,159,000,000 ÷ 1,810,939,306 = 3.95

⁴ Closing price as at the filing date of Walt Disney Co. Annual Report.

⁵ 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 109.12 ÷ 3.95 = 27.60

⁶ Click competitor name to see calculations.

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Walt Disney Co. (NYSE:DIS)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical