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
20182017201620152014
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 Rate11.3%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
20182017201620152014
Revenues             59,434             55,137             55,632             52,465              48,813
Revenue Growth7.8%-0.9%6.0%7.5%N/A

Disney 2018 Cost of Goods Analysis:

COGS as % of Revenues
Income Statement 2018
20182017201620152014
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
20182017201620152014
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
20182017201620152014
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
20182017201620152014
Cash                4,150            4,017            4,610            4,269            3,421
% of Sales7.0%7.3%8.3%8.1%7.0%
% of Total Assets4.2%4.2%5.0%4.8%4.1%

Disney 2018 Accounts Receivable Analysis:

Accounts Receivable as a % of Sales
Balance Sheet
20182017201620152014
Accounts Receivables                9,334            8,633            9,065            8,019            7,822
% of Sales15.7%15.7%16.3%15.3%16.0%

Disney 2018 Inventory Analysis:

Inventory as a % of Sales and Total Assets
Balance Sheet
20182017201620152014
Inventory                1,392            1,373            1,390            1,571            1,574
% of Sales2.3%2.5%2.5%3.0%3.2%
% of Total Assets1.4%1.4%1.5%1.8%1.9%

Disney 2018 Financial Ratios

Liquidity Ratios
Ratios20182017201620152014
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
Ratios20182017201620152014
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
Ratios20182017201620152014
Return on Assets13.25%9.78%10.64%10.04%9.51%
Return on Equity24.73%20.81%20.69%18.19%16.61%
Net Profit Margin21.98%16.99%17.60%16.87%16.40%