Discounted Cash Flow

Walt Disney Co.

DIS · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $55.6b $9.8b $395.0m 17.6% $5.76
2017 $55.1b (-0.9%) $9.0b (-8.3%) $466.0m (18.0%) 16.3% (-7.5%) $5.73 (-0.5%)
2018 $59.4b (7.8%) $12.6b (40.3%) $631.0m (35.4%) 21.2% (30.1%) $8.40 (46.6%)
2019 $69.6b (17.1%) $11.1b (-12.3%) $1.1b (75.6%) 15.9% (-25.0%) $6.68 (-20.5%)
2020 $65.4b (-6.0%) $-2.9b (-125.9%) $3.6b (224.4%) -4.4% (-127.6%) $-1.58 (-123.7%)
2021 $67.4b (3.1%) $2.0b (169.7%) $2.0b (-44.7%) 3.0% (167.6%) $1.10 (169.6%)
2022 $82.7b (22.7%) $3.1b (57.6%) $1.1b (-46.7%) 3.8% (28.5%) $1.73 (57.3%)
2023 $88.9b (7.5%) $2.4b (-25.2%) $4.9b (362.4%) 2.6% (-30.4%) $1.29 (-25.4%)
2024 $91.4b (2.8%) $5.0b (111.2%) $8.6b (74.8%) 5.4% (105.5%) $2.72 (110.9%)
2025 $94.4b (3.4%) $12.4b (149.5%) $10.1b (17.7%) 13.1% (141.4%) $6.88 (152.9%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model