NYSE · DIS

The Walt Disney Company

Communication Services · Entertainment

$102.67▼ 2.54% ($2.68)at close

After hours$102.77▲ 0.10%7:59 PM ET

52-week

$92.19$117.09

What the market price implies · Reverse DCF

To support a price of $102.67, this model requires Stage 1 FCFF to grow by 18.99%/yr over the next 5 years, compounded annually.

Historical FCFF grew by 3.12%/yr over the past 10 years. The required annual growth rate is 15.87 percentage points higher.

Selected forecast · Base scenario

3.12%/yr · Stage 1 default · years 1–5

Annual overrides take precedence over the Stage 1 default.

Market-implied · Other assumptions held fixed

18.99%/yr · Stage 1 · years 1–5

Stage 1 growth is solved while Stage 2 growth, terminal growth, discount inputs, and annual overrides remain fixed. This is a model-implied requirement, not an analyst forecast.

Valuation

Recommended · Cash-flow DCF

Price used

$102.67

Estimated value / share

$41.30

Base scenario

This estimate is 59.78% below the price used.

USD · TTM ending 2026-06-27

FCFF base normalized by replacing latest capex with the company's trailing median capex-to-revenue ratio.

Historical FCFF CAGR and the default growth rates are taken from the raw historical series. The valuation base is normalized for the current-period DCF.

Stage 1 3.12% · Stage 2 3.5% · Discount rate 10.7%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future free cash flow, discounted to its value today.

Price timestamp: Sep 18, 2026, 8:02 PM UTC
Financial statement period: TTM ending 2026-06-27
Data refreshed: Sep 19, 2026, 3:28 AM UTC · provider

Why this method?

FCFF is positive, but the year-to-year swings are too large for a direct CAGR. Normalize the cash-flow base first, then run DCF.

Is FCFF positive and has it been for 3+ consecutive years? 30 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 32.5%.

Price vs Fundamentals

Why The Stock Is Moving

Mixed / unclearLow confidence

1Y Price: -10.61%Revenue (TTM): 4.58%FCF (TTM): -28.19%P/FCF: 47th pct

What changed

The stock fell 10.61% over the last year. Revenue grew 4.58% over the trailing twelve months. Operating margin moved from 14.78% to 16%. Free cash flow declined 28.19% over the trailing twelve months.

What the market seems to be pricing

The stock has moved lower with no clear directional signal from operating metrics. The operating data does not yet tell a clear story — the move may reflect sentiment, sector rotation, or macro factors rather than company-specific earnings power.

What would invalidate this read

Operating margin currently stands at 16%. A decisive move in revenue — currently up 4.58% — would be the clearest signal to resolve the ambiguity.

Performance

Return analysis

Company profile

Operating worldwide through its various subsidiaries, The Walt Disney Company (DIS) stands as a prominent global entertainment enterprise.

CEOJosh D'Amaro

SectorCommunication Services

IndustryEntertainment

Employees194,040

IPO dateNov 12, 1957

https://www.thewaltdisneycompany.com

Market multiples

Forward P/E—

EV/EBITDA12.77

Enterprise value$244.43B

Stock splits

Jun 13, 2007↑ Forward

Every 1973 shares became 2000

+1%

Jul 10, 1998↑ Forward

Every 1 shares became 3

+200%

May 18, 1992↑ Forward

Every 1 shares became 4

+300%

Mar 6, 1986↑ Forward

Every 1 shares became 4

+300%

Dec 6, 1977↑ Forward

Every 200 shares became 203

+1%

Dec 16, 1976↑ Forward

Every 100 shares became 103

+3%

Dec 15, 1975↑ Forward

Every 100 shares became 103

+3%

Nov 29, 1974↑ Forward

Every 50 shares became 51

+2%

Profitability & growth

Revenue growth6.76%

Gross margin (FY2025)37.76%▲2.0ppvs FY2024

Operating margin (FY2025)14.65%▲1.6ppvs FY2024

ROE7.85%▼3.9ppvs FY2025

Analyst consensus

RatingBuy

Target price$126.30▲23.02%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 12, 2026

Q4 FY26 · EPS est $1.66 · Revenue est $25.12B

View

Dividends

$2.50/shareQuarterlySafe

DIS pays a dividend with a 2.43% dividend yield, covered 5.6× by free cash flow.

Dividend Yield

2.43%

Annual Div / Share

$2.50

TTM $1.50

5yr CAGR

-0.07%

Dividend has been cut

Payout Ratio

25.99%

Safe

Dividend Growth Rate

3yr CAGR

-0.07%

5yr CAGR

-0.07%

10yr CAGR

-2.65%

Dividend Safety

10/10Safe

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2025$2.50-0.4%

2019$2.51-24.9%

2018$3.34+16.8%

2016$2.86-14.9%

2014$3.36+131.7%

2010$1.45+42.7%

2006$1.02+22.6%

Income Projection

Invest

USD

Growth rate:

Reinvest dividends

Today

$24/yr

$2/mo

In 5 yrs

$24/yr

$2/mo

In 10 yrs

$24/yr

$2/mo

Today	In 5 yrs	In 10 yrs
$24/yr $2/mo	$24/yr $2/mo	$24/yr $2/mo

Analysis

Dividend Strengths

Well-covered by free cash flow

The dividend is covered 5.6× by free cash flow, indicating the company generates sufficient cash to sustain and potentially grow the payout without straining its finances.

Risks to Watch

Dividend has been reduced

The 5-year dividend CAGR of -0.07% is negative, indicating the payout has been cut over this period.

NYSE · DIS

The Walt Disney Company

Communication Services · Entertainment

$102.67▼ 2.54% ($2.68)at close

After hours$102.77▲ 0.10%7:59 PM ET

52-week

$92.19$117.09

What the market price implies · Reverse DCF

To support a price of $102.67, this model requires Stage 1 FCFF to grow by 18.99%/yr over the next 5 years, compounded annually.

Historical FCFF grew by 3.12%/yr over the past 10 years. The required annual growth rate is 15.87 percentage points higher.

Selected forecast · Base scenario

3.12%/yr · Stage 1 default · years 1–5

Annual overrides take precedence over the Stage 1 default.

Market-implied · Other assumptions held fixed

18.99%/yr · Stage 1 · years 1–5

Stage 1 growth is solved while Stage 2 growth, terminal growth, discount inputs, and annual overrides remain fixed. This is a model-implied requirement, not an analyst forecast.

Valuation

Recommended · Cash-flow DCF

Price used

$102.67

Estimated value / share

$41.30

Base scenario

This estimate is 59.78% below the price used.

USD · TTM ending 2026-06-27

FCFF base normalized by replacing latest capex with the company's trailing median capex-to-revenue ratio.

Historical FCFF CAGR and the default growth rates are taken from the raw historical series. The valuation base is normalized for the current-period DCF.

Stage 1 3.12% · Stage 2 3.5% · Discount rate 10.7%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future free cash flow, discounted to its value today.

Price timestamp: Sep 18, 2026, 8:02 PM UTC
Financial statement period: TTM ending 2026-06-27
Data refreshed: Sep 19, 2026, 3:28 AM UTC · provider

Why this method?

FCFF is positive, but the year-to-year swings are too large for a direct CAGR. Normalize the cash-flow base first, then run DCF.

Is FCFF positive and has it been for 3+ consecutive years? 30 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 32.5%.

Price vs Fundamentals

Why The Stock Is Moving

Mixed / unclearLow confidence

1Y Price: -10.61%Revenue (TTM): 4.58%FCF (TTM): -28.19%P/FCF: 47th pct

What changed

What the market seems to be pricing

What would invalidate this read

Operating margin currently stands at 16%. A decisive move in revenue — currently up 4.58% — would be the clearest signal to resolve the ambiguity.

Performance

Return analysis

Company profile

Operating worldwide through its various subsidiaries, The Walt Disney Company (DIS) stands as a prominent global entertainment enterprise.

CEOJosh D'Amaro

SectorCommunication Services

IndustryEntertainment

Employees194,040

IPO dateNov 12, 1957

https://www.thewaltdisneycompany.com

Market multiples

Forward P/E—

EV/EBITDA12.77

Enterprise value$244.43B

Stock splits

Jun 13, 2007↑ Forward

Every 1973 shares became 2000

+1%

Jul 10, 1998↑ Forward

Every 1 shares became 3

+200%

May 18, 1992↑ Forward

Every 1 shares became 4

+300%

Mar 6, 1986↑ Forward

Every 1 shares became 4

+300%

Dec 6, 1977↑ Forward

Every 200 shares became 203

+1%

Dec 16, 1976↑ Forward

Every 100 shares became 103

+3%

Dec 15, 1975↑ Forward

Every 100 shares became 103

+3%

Nov 29, 1974↑ Forward

Every 50 shares became 51

+2%

Profitability & growth

Revenue growth6.76%

Gross margin (FY2025)37.76%▲2.0ppvs FY2024

Operating margin (FY2025)14.65%▲1.6ppvs FY2024

ROE7.85%▼3.9ppvs FY2025

Analyst consensus

RatingBuy

Target price$126.30▲23.02%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 12, 2026

Q4 FY26 · EPS est $1.66 · Revenue est $25.12B

View

Dividends

$2.50/shareQuarterlySafe

DIS pays a dividend with a 2.43% dividend yield, covered 5.6× by free cash flow.

Dividend Yield

2.43%

Annual Div / Share

$2.50

TTM $1.50

5yr CAGR

-0.07%

Dividend has been cut

Payout Ratio

25.99%

Safe

Dividend Growth Rate

3yr CAGR

-0.07%

5yr CAGR

-0.07%

10yr CAGR

-2.65%

Dividend Safety

10/10Safe

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2025$2.50-0.4%

2019$2.51-24.9%

2018$3.34+16.8%

2016$2.86-14.9%

2014$3.36+131.7%

2010$1.45+42.7%

2006$1.02+22.6%

Income Projection

Invest

USD

Growth rate:

Reinvest dividends

Today

$24/yr

$2/mo

In 5 yrs

$24/yr

$2/mo

In 10 yrs

$24/yr

$2/mo

Today	In 5 yrs	In 10 yrs
$24/yr $2/mo	$24/yr $2/mo	$24/yr $2/mo

Analysis

Dividend Strengths

Well-covered by free cash flow

The dividend is covered 5.6× by free cash flow, indicating the company generates sufficient cash to sustain and potentially grow the payout without straining its finances.

Risks to Watch

Dividend has been reduced

The 5-year dividend CAGR of -0.07% is negative, indicating the payout has been cut over this period.