Forensic Analysis · Amusement & Recreation · as of Nov 9, 2026
Walt Disney Co (DIS)
A forensic read on Walt Disney Co built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Safe
Financial health
2.7
Distress distance
Clean
Earnings quality
2
Forensic signals
11.8%
ROE
3.4%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Walt Disney Co earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 2.7, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by goodwill impairments.
What the filings flag
$3.3B
FY2023–FY2024
Goodwill impairments.Took $3.3B of goodwill writedowns across 2 years (FY2023 ($721M), FY2024 ($2.6B)) — about 46% of net income over the span. A large writedown means an acquisition turned out worth far less than was paid — a real mark against M&A discipline.
9.7%
FY2025
Return on invested capital.Return on invested capital is 9.7% in the latest fiscal year and rising across FY2023–FY2025 from 5.6%. After-tax operating profit was $9.1B in FY2023 and $15.8B in FY2025, with operating income at 14.5% of revenue in FY2023, 17.1% in FY2024 and 18.6% in FY2025. The capital base behind it went from $164.6B in FY2023 to $163.4B in FY2025 (-1%), while the revenue it carried went from $88.9B to $94.4B. FY2023's operating profit carried a $2.6B asset write-down and a $721M goodwill write-off that alone took about 1.4 points off that year's return, so about 1.4 of the 4.1-point rise across FY2023–FY2025 is that charge leaving the base year rather than the capital earning more. FY2024's operating profit carried a $2.6B goodwill write-off and a $187M asset write-down that alone took about 1.3 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.
Key fundamentals
Latest Revenue$94.42B
Revenue Growth YoY+3.4%
Revenue CAGR (2yr)+3.1%
Net Margin13.1%
Free Cash Flow$10.08B
Return on Equity11.8%
Debt / Equity0.38x
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