The Walt Disney Company

$ Millions, Except Shares Amount

Net Return on Investment (Net Income Attributable to The Walt Disney Company/Average Total Assets)
Fiscal Year 2017 2016 2015 2014
12 Months Ended 9/30/2017 10/1/2016 10/3/2015 9/27/2014
Total Revenues $55,137 $55,632 $52,465
Net income attributable to The Walt Disney Company (Disney) $8,980 $9,391 $8,382
Net Income Margin (Net Earnings/Net Revenues) 16.29% 16.88% 15.98%
Total Revenues $55,137 $55,632 $52,465
Total Assets $95,789 $92,033 $88,182 $84,186
Average Total Assets $93,911 $90,108 $86,184
Total Asset Turnover (Total Revenues/Average Total Assets) 0.59 0.62 0.61
Net Return on Investment 9.56% 10.42% 9.73%

Operating Income Margin (Operating Income/Total Revenues)

Fiscal Year 2017 2016 2015 2014 2013
12 Months Ended 9/30/2017 10/1/2016 10/3/2015 9/27/2014 9/28/2013
Total Revenues $55,137 $55,632 $52,465 $48,813 $45,041
Total Costs and Expenses $41,264 $41,274 $39,241 $37,273 $35,591
Less Restructuring and Impairment Costs $98 $156 $53 $140 $214
Other Income, Net $78 $0 $0 $31 $69
Operating Income $13,853 $14,202 $13,171 $11,431 $9,305
Operating Income Margin 25.12% 25.53% 25.10% 23.42% 20.66%
 The Walt Disney Company
$ Millions, Except Shares Amount

Inventory Turnover (Cost of Goods Sold/Average Inventory)

Fiscal Year 2017 2016 2015 2014
12 Months Ended 9/30/2017 10/1/2016 10/3/2015 9/27/2014
Cost of products (exclusive of deprecitation and amortization) $4,986 $5,340 $5,173
Cost of services (exclusive of depreciation and amortization) $25,320 $24,653 $23,191
Depreciation and amortization $2,782 $2,527 $2,354
Costs of Goods Sold $33,088 $32,520 $30,718
Inventories $1,373 $1,390 $1,571 $1,574
Average Inventory $1,382 $1,481 $1,573
Inventory Turnover 23.95 21.97 19.53

Number of Days Sales in Accounts Receivable (Accounts Receivable/ Average Daily Total Revenues)
Fiscal Year 2017 2016 2015
12 Months Ended 9/30/2017 10/1/2016 10/3/2015
Accounts Receivable $8,633 $9,065 $8,019
Total Revenue $55,137 $55,632 $52,465
Number of Days in Fiscal Year 364 364 371
Average Day's Sales $151 $153 $141
# of Day's Sales in Accounts Receivable 57 59 57

Current Ratio (Current Assets/Current Liabilities)

Fiscal Year 2017 2016 2015
12 Months Ended 9/30/2017 10/1/2016 10/3/2015
Current Assets $95,789 $92,033 $88,182
Current Liabilities $19,595 $16,842 $16,334
Current Ratio 4.89 5.46 5.40
 The Walt Disney Company
$ Millions, Except Shares Amount

Acid Test Ratio ((Current Assets - Inventory)/Current Liabilities)

Fiscal Year 2017 2016 2015
12 Months Ended 9/30/2017 10/1/2016 10/3/2015
Current Assets $15,899 $16,966 $16,758
Merchandise Inventories $1,373 $1,390 $1,571
Current assets less inventory $14,526 $15,576 $15,187
Current liabilities $19,595 $16,842 $16,334
Acid Test Ratio 0.74 0.92 0.93

Price Earnings Ratio (Stock Price/ Diluted Earnings Per Share)

Fiscal Year 2017 2016 2015
12 Months Ended 9/30/2017 10/1/2016 10/3/2015
Stock Price $97.00 $90.02 $98.49
Diluted Earnings per Share $5.69 $5.73 $4.90
Price Earnings Ratio 17.05 15.71 20.10
Note: Stock price from Yahoo Finance on last market day of fiscal year

Dividend Yield (Common Dividend per share/Stock Price)

Fiscal Year 2017 2016 2015
12 Months Ended 9/30/2017 10/1/2016 10/3/2015
Common Dividend Per Share $ 1.56 $ 1.42 $ 1.81
Stock Price $ 97.00 $ 90.02 $ 98.49
Dividend Yield 1.61% 1.58% 1.84%
Note: Stock price from Yahoo Finance on last market day of fiscal year
 The Walt Disney Company
$ Millions, Except Shares Amount

Dividend Payout Ratio (Common Dividend per share/Diluted Earnings per share)
Fiscal Year 2017 2016 2015
12 Months Ended 9/30/2017 10/1/2016 10/3/2015
Dividends Per Share $ 1.56 $ 1.42 $ 1.81
Diluted Earnings per Share $ 5.69 $ 5.73 $ 4.90
Dividend Payout Ratio 27.42% 24.78% 36.94%

Debt Ratio (Total Liabilities/ Total Liabilities and Shareholders' Equity)

Fiscal Year 2017 2016 2015
12 Months Ended 9/30/2017 10/1/2016 10/3/2015
Total current liabilities $19,595 $16,842 $16,334
Borrowings $19,119 $16,843 $12,773
Deferred Income Tax $4,480 $3,679 $4,051
Other long-term liabilities $6,443 $7,706 $6,369
Total Liabilities $49,637 $45,070 $39,527
Total liabilities and equity $95,789 $92,033 $88,182
Debt Ratio 51.82% 48.97% 44.82%

Return on Equity ((Net Earnings less preferred dividends)/Average Common Equity)

Fiscal Year 2017 2016 2015 2014
12 Months Ended 9/30/2017 10/1/2016 10/3/2015 9/27/2014
Net income attributable to The Walt Disney Company (Disney) $8,980 $9,391 $8,382
Preferred Dividends $0 $0 $0
Less Preferred Dividends $8,980 $9,391 $8,382
Common Equity (Total equity) $41,315 $43,265 $44,525 $44,958
Average Common Equity $42,290 $43,895 $44,742
Return on Equity 21.23% 21.39% 18.73%