Walt Disney Co

DIS · NYSE · ·

US$105.49-0.2%9月29日收盘

1M: -0.7%
6M: +10.1%
1Y: -5.3%
5Y: -39.0%

Disney makes films and television, runs streaming services and sports channels, and operates theme parks, resorts, cruises, and branded merchandise businesses.

Walt Disney Co（DIS）股票——这是一门好生意吗？ — InspectStocks

Walt Disney Co

DIS · NYSE · ·

US$105.49-0.2%9月29日收盘

1M: -0.7%
6M: +10.1%
1Y: -5.3%
5Y: -39.0%

对比

Disney makes films and television, runs streaming services and sports channels, and operates theme parks, resorts, cruises, and branded merchandise businesses.

怎么赚钱

Entertainment: streaming, television channels, and films and shows45%
Sports: ESPN channels and streaming18%
Experiences: parks, resorts, cruises, and consumer products39%

各项收入占比是对nine months ended June 27, 2026的估算，并非来自已提交报告的数字。

竞争对手

卖什么6

Disney+ and Hulu
Streaming services with films and television programs. Hulu also sells a live television package and subscriptions or add-ons for some other services.
ESPN
Sports television channels and streaming plans carrying live games, sports news, and other sports programs.
ABC, Disney, FX, and National Geographic channels
Television channels that show news, entertainment, documentaries, and family programming to viewers and through television distributors.

再显示 3 项

Films and television programs
Stories made by Disney studios, including Pixar, Marvel, Lucasfilm, and Walt Disney Pictures, shown in cinemas, on Disney services, or licensed to other distributors.
Disney parks, resorts, cruises, and vacations
Theme parks, hotels, cruise trips, vacation club stays, and guided tours, including Walt Disney World, Disneyland, and Disney Cruise Line.
Disney-branded consumer products
Toys, clothing, games, books, and other goods sold by Disney or made and sold by companies that pay to use Disney characters and brands.

谁在买6

People and families who pay for Disney+ or Hulu subscriptions, individually or in bundles.
Sports viewers who subscribe to ESPN plans or watch ESPN through a television distributor.
Cable, satellite, and other television distributors that pay fees to carry Disney and ESPN channels.

再显示 3 项

Advertisers that pay to reach viewers on Disney television channels and streaming services.
Visitors who buy park tickets, hotel stays, cruise trips, vacation packages, food, and merchandise.
Retailers, publishers, game makers, and manufacturers that buy Disney products or pay royalties to use its characters and brands.

靠什么支撑，什么会击垮它

业务依赖什么

1The business depends on audiences wanting its films, shows, characters, and sports programming, and on Disney being able to protect and use the associated intellectual property.
2ESPN and other channels rely on sports and programming rights secured through contracts; those contracts can expire or become more costly.
3Television channels depend on cable, satellite, and other distributors carrying them under agreements that must be renewed.
4Parks, resorts, and cruises depend on visitor travel, available leisure spending, weather, and the safe operation of physical sites and ships.
5Many businesses depend on employees, including workers covered by union agreements and other collective bargaining arrangements.
6Disney’s streaming and advertising businesses use personal and viewing data and must comply with privacy, children’s data, broadcast, and content rules in the countries where they operate.

可能出什么问题

1If viewers’ tastes shift or Disney’s films and programs do not attract audiences, the company may earn less from cinema releases, streaming subscriptions, advertising, licensing, and related merchandise.
2Disney must renew or replace important sports-rights and television-distribution contracts; losing rights or facing higher contract costs can affect ESPN and other channels.
3Lower visitor demand or disruptions to travel and park operations can reduce ticket, hotel, cruise, food, and merchandise revenue; the company identifies economic conditions and uncontrollable events as factors that can affect these businesses.

完整财务报表 →

与同行业相比处在什么位置

三项评分，每一项都是相对我们在Entertainment覆盖的 43 家公司的百分位。刻意分开而不揉成一个总分：便宜、上涨和经营得好是三件不同的事，一个数字会把它们是哪一件藏起来。

动量

38在同行业中满分 100

低于行业内多数公司

截至一个月前的 12 个月-7.4%

截至一个月前的 6 个月2.7%

最近一个月被刻意剔除：回报往往在 7 到 12 个月内延续，而最新的一个月往往反转。这描述的是股价已经走过的路，不说明它接下来会怎么走。

估值

67在同行业中满分 100

高于行业内多数公司

每单位价格对应的利润4.72%

每单位价格对应的现金4.55%

每单位价格对应的营收54.28%

每单位价格对应的资产60.32%

整个企业对应的经营利润10.31%

这些是收益率，所以数值越高越便宜——亏损的公司会排在最后，而不是被剔除。便宜不等于好：高收益率往往意味着股价是有原因才跌下来的。五项指标齐全。

资本配置

5/6大体克制

六项全部可判定

资本回报率8.9%

股东回报率2.91%

股本数量，3 年-5.5%

净债务 / EBITDA1.74x

内部人，12 个月+US$1.6M

管理层怎么使用这笔钱——只按财报能回答的部分计分，绝不按占总数的比例计分。

六项资本配置检验

投入资金的回报投入资本回报 8.9%
债务与盈利之比净债务为经营利润的 1.74 倍
回馈给股东的现金每年 2.9% 用于回购和分红
三年间的股本数量三年间股本数量减少 5.5%
现金流对派付的覆盖自由现金流覆盖了派付的部分
内部人在公开市场的买入2 位内部人净买入 US$1.6M

这是对该公司在同行中所处位置的描述，不是投资建议。评分更新于 2026年9月30日。

关于Walt Disney Co

Disney creates and distributes films, television shows, news, and sports programming through cinemas, television channels, and streaming services such as Disney+, Hulu, and ESPN. It also earns money from theme park tickets, hotels, cruises, vacations, merchandise sales, and royalties when other companies use Disney characters and stories. In the quarter ended June 27, 2026, its reported global guests measure rose 4% (quarter ended June 27, 2026 versus the prior-year quarter, high), and attendance at its domestic parks rose 3% (quarter ended June 27, 2026 versus the prior-year quarter, high).

总部: Burbank, California
成立于: 1923
员工人数: 231,000 (fiscal year ended September 27, 2025, high)
上市于: NYSE
财年结束: September 27, 2025

基于 Walt Disney Co 自己向 SEC 提交的申报文件。数字如实呈报，每股历史已重述到今天的股数口径。这是对一门生意的描述——不是投资建议，也不是买卖任何证券的推荐。

怎么赚钱

Entertainment: streaming, television channels, and films and shows45%
Sports: ESPN channels and streaming18%
Experiences: parks, resorts, cruises, and consumer products39%

各项收入占比是对nine months ended June 27, 2026的估算，并非来自已提交报告的数字。

竞争对手

卖什么6

Disney+ and Hulu
Streaming services with films and television programs. Hulu also sells a live television package and subscriptions or add-ons for some other services.
ESPN
Sports television channels and streaming plans carrying live games, sports news, and other sports programs.
ABC, Disney, FX, and National Geographic channels
Television channels that show news, entertainment, documentaries, and family programming to viewers and through television distributors.

再显示 3 项

Films and television programs
Stories made by Disney studios, including Pixar, Marvel, Lucasfilm, and Walt Disney Pictures, shown in cinemas, on Disney services, or licensed to other distributors.
Disney parks, resorts, cruises, and vacations
Theme parks, hotels, cruise trips, vacation club stays, and guided tours, including Walt Disney World, Disneyland, and Disney Cruise Line.
Disney-branded consumer products
Toys, clothing, games, books, and other goods sold by Disney or made and sold by companies that pay to use Disney characters and brands.

谁在买6

People and families who pay for Disney+ or Hulu subscriptions, individually or in bundles.
Sports viewers who subscribe to ESPN plans or watch ESPN through a television distributor.
Cable, satellite, and other television distributors that pay fees to carry Disney and ESPN channels.

再显示 3 项

Advertisers that pay to reach viewers on Disney television channels and streaming services.
Visitors who buy park tickets, hotel stays, cruise trips, vacation packages, food, and merchandise.
Retailers, publishers, game makers, and manufacturers that buy Disney products or pay royalties to use its characters and brands.

靠什么支撑，什么会击垮它

业务依赖什么

1The business depends on audiences wanting its films, shows, characters, and sports programming, and on Disney being able to protect and use the associated intellectual property.
2ESPN and other channels rely on sports and programming rights secured through contracts; those contracts can expire or become more costly.
3Television channels depend on cable, satellite, and other distributors carrying them under agreements that must be renewed.
4Parks, resorts, and cruises depend on visitor travel, available leisure spending, weather, and the safe operation of physical sites and ships.
5Many businesses depend on employees, including workers covered by union agreements and other collective bargaining arrangements.
6Disney’s streaming and advertising businesses use personal and viewing data and must comply with privacy, children’s data, broadcast, and content rules in the countries where they operate.

可能出什么问题

1If viewers’ tastes shift or Disney’s films and programs do not attract audiences, the company may earn less from cinema releases, streaming subscriptions, advertising, licensing, and related merchandise.
2Disney must renew or replace important sports-rights and television-distribution contracts; losing rights or facing higher contract costs can affect ESPN and other channels.
3Lower visitor demand or disruptions to travel and park operations can reduce ticket, hotel, cruise, food, and merchandise revenue; the company identifies economic conditions and uncontrollable events as factors that can affect these businesses.

完整财务报表 →

与同行业相比处在什么位置

动量

38在同行业中满分 100

低于行业内多数公司

截至一个月前的 12 个月-7.4%

截至一个月前的 6 个月2.7%

最近一个月被刻意剔除：回报往往在 7 到 12 个月内延续，而最新的一个月往往反转。这描述的是股价已经走过的路，不说明它接下来会怎么走。

估值

67在同行业中满分 100

高于行业内多数公司

每单位价格对应的利润4.72%

每单位价格对应的现金4.55%

每单位价格对应的营收54.28%

每单位价格对应的资产60.32%

整个企业对应的经营利润10.31%

资本配置

5/6大体克制

六项全部可判定

资本回报率8.9%

股东回报率2.91%

股本数量，3 年-5.5%

净债务 / EBITDA1.74x

内部人，12 个月+US$1.6M

管理层怎么使用这笔钱——只按财报能回答的部分计分，绝不按占总数的比例计分。

六项资本配置检验

投入资金的回报投入资本回报 8.9%
债务与盈利之比净债务为经营利润的 1.74 倍
回馈给股东的现金每年 2.9% 用于回购和分红
三年间的股本数量三年间股本数量减少 5.5%
现金流对派付的覆盖自由现金流覆盖了派付的部分
内部人在公开市场的买入2 位内部人净买入 US$1.6M

这是对该公司在同行中所处位置的描述，不是投资建议。评分更新于 2026年9月30日。

关于Walt Disney Co

总部: Burbank, California
成立于: 1923
员工人数: 231,000 (fiscal year ended September 27, 2025, high)
上市于: NYSE
财年结束: September 27, 2025

怎么赚钱

竞争对手

卖什么6

谁在买6

靠什么支撑，什么会击垮它

业务依赖什么

可能出什么问题

与同行业相比处在什么位置

关于Walt Disney Co

怎么赚钱

竞争对手

卖什么6

谁在买6

靠什么支撑，什么会击垮它

业务依赖什么

可能出什么问题

与同行业相比处在什么位置

关于Walt Disney Co

成长与现金——5 项中通过 4 项