Walt Disney Company Financial Ratios and Financial Statements Analysis and Review

In "Walt Disney Company 2018 Financial Statements and Financial Ratios: Defined, Discussed, and Analyzed for 5 Years” that was written by, Paul Borosky, MBA., doctoral candidate, and owner of Quality Business Plan and Finance Homework Help, the author summarized Disney's 2019 10k, Disney's 2018, 10k annual report, Disney's 2017 10k annual report, and Disney's 2016 10k annual reports as the basis for information gathering.  After all of Disney's 10k annual statements were collected, which included Disney's Income Statements and Disney's Balance Sheets, he then used proprietary financial templates to calculate different financial ratios such as Disney's ROE, ROA, and debt ratio.

Disney 2015 to 2018 Income Statement Summarized

Income Statement 2018
2018 2017 2016 2015 2014
Revenues              59,434              55,137              55,632              52,465               48,813
COGS              32,726              30,306              29,993              28,364               26,420
Gross Profit              26,708              24,831              25,639              24,101               22,393
 
SG&A               8,860               8,176               8,754               8,523                8,565
Depreciation               3,011               2,782               2,527               2,354                2,288
R & D
Other
Operating Expenses              11,871              10,958              11,281              10,877               10,853
EBIT              14,837              13,873              14,358              13,224               11,540
Other Income                  601                    78                    -                     -
Interest Expense                  574                  385                  260                  117                     23
EBT              14,729              13,788              14,868              13,868               12,246
Taxes               1,663               4,422               5,078               5,016                4,242
Net Income              13,066               9,366               9,790               8,852                8,004
Tax Rate 11.3% 32.1% 34.2% 36.2% 34.6%
Dividends                 1.68                 1.56                 1.42                 4.95                  4.26

Disney 2018 Revenues Analysis:

Revenues  
Revenues and Growth
2018 2017 2016 2015 2014
Revenues              59,434              55,137              55,632              52,465               48,813
Revenue Growth 7.8% -0.9% 6.0% 7.5% N/A

Disney 2018 Cost of Goods Analysis:

COGS as % of Revenues
Income Statement 2018
2018 2017 2016 2015 2014
Revenues              59,434              55,137              55,632              52,465               48,813
COGS              32,726              30,306              29,993              28,364               26,420
COGS %
Revenues
55.1% 55.0% 53.9% 54.1% 54.1%

Disney 2018 SG&A Analysis:

SG&A as % of Revenues
Income Statement 2018
2018 2017 2016 2015 2014
Revenues              59,434              55,137              55,632              52,465               48,813
SG&A               8,860               8,176               8,754               8,523                8,565
SG&A %
Revenues
14.9% 14.8% 15.7% 16.2% 17.5%

Disney 2015 to 2018 Balance Sheet Summarized

Balance Sheet
2018 2017 2016 2015 2014
Cash                 4,150             4,017             4,610             4,269             3,421
Short Term Investment                     -                  -                  -                  -                  -
Account Receivable                 9,334             8,633             9,065             8,019             7,822
Inventory                 1,392             1,373             1,390             1,571             1,574
Other                 1,949             1,866             1,901             2,132             2,359
Current Assets               16,825            15,889            16,966            16,758            15,176
Net PPE               29,540            28,406            27,349            25,179            23,332
Goodwill               31,269            31,426            27,810            27,826            27,881
Other               14,152            13,073            12,959            11,247            10,363
Total Assets               98,598            95,789            92,033            88,182            84,186
 
Accounts Payable                 9,479             8,855             9,130             7,844             7,595
Accrued Expense                     -                  -                  -                  -                  -
Accrued Taxes                     -                  -                  -                  -                  -
Notes Payable                     -                  -                  -                  -                  -
LT Debt - Current                 3,790             6,172             3,687             4,563             2,164
Other                 4,591             4,568             4,025             3,927             3,533
Total Current Liabilities               17,860            19,595            16,842            16,334            13,292
 
LT Debt               17,084            19,119            16,483            12,773            12,676
Other                 6,590             6,443             7,730            10,420            10,040
Total Liabilities               45,766            50,785            44,710            39,527            36,008
 
Common Stock               36,779            36,248            35,859            35,122            34,301
Treasury               67,588            64,011            54,703            47,204            41,109
Retained Earnings               82,679            72,606            66,088            59,028            53,734
Other                 4,059             3,689             3,979             2,421             3,220
Total Equity               52,832            45,004            47,323            48,655            48,178
Total Equity & Liability               98,598            95,789            92,033            88,182            84,186

Disney 2018 Cash Analysis:

Cash as a % of Sales
Balance Sheet
2018 2017 2016 2015 2014
Cash                 4,150             4,017             4,610             4,269             3,421
% of Sales 7.0% 7.3% 8.3% 8.1% 7.0%
% of Total Assets 4.2% 4.2% 5.0% 4.8% 4.1%

Disney 2018 Accounts Receivable Analysis:

Accounts Receivable as a % of Sales
Balance Sheet
2018 2017 2016 2015 2014
Accounts Receivables                 9,334             8,633             9,065             8,019             7,822
% of Sales 15.7% 15.7% 16.3% 15.3% 16.0%

Disney 2018 Inventory Analysis:

Inventory as a % of Sales and Total Assets
Balance Sheet
2018 2017 2016 2015 2014
Inventory                 1,392             1,373             1,390             1,571             1,574
% of Sales 2.3% 2.5% 2.5% 3.0% 3.2%
% of Total Assets 1.4% 1.4% 1.5% 1.8% 1.9%

Disney 2018 Financial Ratios

Liquidity Ratios
Ratios 2018 2017 2016 2015 2014
Current Ratio                   0.94              0.81              1.01              1.03              1.14
Cash Ratio                   0.23              0.21              0.27              0.26              0.26

 

Asset Utilization
Ratios 2018 2017 2016 2015 2014
Total Asset Turnover                   0.60              0.58              0.60              0.59              0.58
Fixed Asset Turnover                   2.01              1.94              2.03              2.08              2.09
Days Sales Outstanding                 57.32            57.15            59.48            55.79            58.49
Profitability Ratios
Ratios 2018 2017 2016 2015 2014
Return on Assets 13.25% 9.78% 10.64% 10.04% 9.51%
Return on Equity 24.73% 20.81% 20.69% 18.19% 16.61%
Net Profit Margin 21.98% 16.99% 17.60% 16.87% 16.40%