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Fox: What $69.5 Billion BoughtNarrow moat

Walt Disney (DIS) — moat facet

Disney paid $69.5 billion for Fox, recorded $49 billion of it as goodwill, and its return on capital has not regained the pre-Fox level.

The largest single addition to Disney's library was bought, not built. On 20 March 2019 Disney completed the acquisition of Twenty-First Century Fox (TFCF) "for total consideration of $69.5 billion"1, paying $35.7 billion in cash and $33.8 billion in Disney shares, 307 million shares at $110.002.

How Disney paid for TFCF, March 2019 ($bn)Cash 35.7 — 51%Disney shares 33.8 — 49%Walt Disney Form 10-K FY2019, TFCF acquisition note; total $69.5bn
Half cash, half shares, and most of it goodwill.

It bought specific assets. The 10-K lists "the Twentieth Century Fox film and television studios, certain cable networks (primarily FX and National Geographic), TFCF's international television businesses (including Star) and TFCF's 30% interest in Hulu"3. The Hulu stake raised Disney's ownership to 60% at once, on the way to full ownership later4.

Most of the price was goodwill. Of the purchase, $49,085 million was recorded as goodwill5, about 70.6% of the consideration6. Goodwill is the premium over identifiable assets, and Disney's total goodwill was still $73,294 million at the end of fiscal 20257, 37.1% of total assets8.

The deal shaped everything after it. Hulu and the Fox library gave Disney+ and Hulu enough content to launch and grow; FX and the studios added adult programming Disney had never made; Star gave it India. Some of that has worked. Some has been written down, which the page on Fox's cost sets out.

The purchase also doubled the capital the business has to earn a return on. Invested capital on the repo method rose from $76.6 billion in fiscal 2018 to $157.2 billion in fiscal 20199, and return on invested capital has not been back near its pre-Fox level of 14% to 19% since10.

Fox also brought a brand problem Disney had to solve. Under the acquisition agreement Disney would "generally phase-out Fox brands by 2024", while keeping perpetual rights to certain Fox brands, including "the Twentieth Century Fox and Fox Searchlight brands"11. Disney paid for the studio and then renamed much of it.

The Fox assets justify their price only if they lift returns. Return on invested capital below 10% at a normal tax rate through fiscal 2027 would leave the library bought in 2019 still earning less than the cash and shares that paid for it.

Moat trajectory: Holding steady

ROIC 11.2% in FY2025 (8.9% at a 21% tax rate) against 14-19% before Fox.

The number that tests this moat
Moat Explorer calc
Goodwill as a share of total assets, latest quarter
36.5% ($74,682M of $204,740M at 27 June 2026)

How much of the balance sheet is purchase premium; a rising share without rising returns would mean more paid for less.

How it's calculated: Goodwill divided by total assets, Walt Disney Q3 FY2026 earnings release balance sheet.
Source: Moat Explorer calculation from Walt Disney filings ↗
⚠ Threats to the moat
⚠ THREAT 01
Buying Back the Shares Issued for Fox
Disney issued 307 million shares at $110 to pay for Fox and bought back 68 million at about $106.5 in 9M FY2026; the stock is at $102.19.
References
  1. ReportedOn 20 March 2019 Disney completed the acquisition of Twenty-First Century Fox (TFCF) "for total consideration of $69.5 billion", paying $35.7 billion in cash and $33.8 billion in Disney shares, 307 million shares at $110.00.
    The Walt Disney Company Form 10-K for fiscal 2019 - the acquisition of TFCF (Twenty-First Century Fox) on 20 March 2019 for $69.5 billion ($35.7 billion cash, $33.8 billion in 307 million shares at $110.00), the businesses acquired, goodwill of $49,085 million and the Hulu ownership steps. — FY2019 · publ. November 2019 · source ↗
  2. ReportedOn 20 March 2019 Disney completed the acquisition of Twenty-First Century Fox (TFCF) "for total consideration of $69.5 billion", paying $35.7 billion in cash and $33.8 billion in Disney shares, 307 million shares at $110.00.
    The Walt Disney Company Form 10-K for fiscal 2019 - the acquisition of TFCF (Twenty-First Century Fox) on 20 March 2019 for $69.5 billion ($35.7 billion cash, $33.8 billion in 307 million shares at $110.00), the businesses acquired, goodwill of $49,085 million and the Hulu ownership steps. — FY2019 · publ. November 2019 · source ↗
  3. ReportedThe 10-K lists "the Twentieth Century Fox film and television studios, certain cable networks (primarily FX and National Geographic), TFCF's international television businesses (including Star) and TFCF's 30% interest in Hulu".
    The Walt Disney Company Form 10-K for fiscal 2019 - the acquisition of TFCF (Twenty-First Century Fox) on 20 March 2019 for $69.5 billion ($35.7 billion cash, $33.8 billion in 307 million shares at $110.00), the businesses acquired, goodwill of $49,085 million and the Hulu ownership steps. — FY2019 · publ. November 2019 · source ↗
  4. ReportedThe Hulu stake raised Disney's ownership to 60% at once, on the way to full ownership later.
    The Walt Disney Company Form 10-K for fiscal 2019 - the acquisition of TFCF (Twenty-First Century Fox) on 20 March 2019 for $69.5 billion ($35.7 billion cash, $33.8 billion in 307 million shares at $110.00), the businesses acquired, goodwill of $49,085 million and the Hulu ownership steps. — FY2019 · publ. November 2019 · source ↗
  5. ReportedOf the purchase, $49,085 million was recorded as goodwill, about 70.6% of the consideration.
    The Walt Disney Company Form 10-K for fiscal 2019 - the acquisition of TFCF (Twenty-First Century Fox) on 20 March 2019 for $69.5 billion ($35.7 billion cash, $33.8 billion in 307 million shares at $110.00), the businesses acquired, goodwill of $49,085 million and the Hulu ownership steps. — FY2019 · publ. November 2019 · source ↗
  6. Moat Explorer calcOf the purchase, $49,085 million was recorded as goodwill, about 70.6% of the consideration.
    Moat Explorer calculation from Walt Disney reported figures ($ millions unless stated; fiscal years end late September). Experiences: share of total segment operating income 8,954 / 12,863 = 69.6% (FY2023), 9,272 / 15,601 = 59.4% (FY2024), 9,995 / 17,551 = 56.9% (FY2025); nine months FY2026 8,941 / 14,758 = 60.6%; about three-fifths. Experiences share of revenue 36,156 / 94,425 = 38.3%. Entertainment share of segment operating income 4,674 / 17,551 = 26.6%; Sports 2,882 / 17,551 = 16.4%. Segment operating margins FY2025: Experiences 9,995 / 36,156 = 27.6%, Entertainment 4,674 / 42,466 = 11.0%, Sports 2,882 / 17,672 = 16.3%; FY2024: 9,272 / 34,151 = 27.2%, 3,923 / 41,186 = 9.5%, 2,406 / 17,619 = 13.7%; FY2023: 8,954 / 32,549 = 27.5%, 1,444 / 40,635 = 3.6%, 2,465 / 17,111 = 14.4%; FY2022 Entertainment 2,126 / 39,569 = 5.4%; FY2021 Entertainment 5,196 / 36,489 = 14.2%. Domestic Parks & Experiences share of total segment operating income 6,375 / 17,551 = 36.3%; domestic margin 5,876 / 22,677 = 25.9% (FY2023), 5,878 / 23,596 = 24.9% (FY2024), 6,375 / 25,191 = 25.3% (FY2025); Q3 FY2026 2,088 / 7,116 = 29.3%; domestic operating income growth FY2024 5,878 / 5,876 - 1 = 0.0%, FY2025 6,375 / 5,878 - 1 = +8.5%. International margin 1,104 / 5,475 = 20.2%, 1,354 / 6,183 = 21.9%, 1,442 / 6,520 = 22.1%; Q2 FY2026 227 / 1,596 = 14.2%; Q3 FY2026 369 / 1,787 = 20.6%; nine months FY2026 international operating income 428 + 227 + 369 = 1,024. Consumer Products margin 1,974 / 4,397 = 44.9%, 2,040 / 4,372 = 46.7%, 2,178 / 4,445 = 49.0%; Q3 FY2026 560 / 1,065 = 52.6%; share of Experiences revenue 4,445 / 36,156 = 12.3% (about an eighth), of Experiences operating income 2,178 / 9,995 = 21.8% (about a fifth). Experiences capital expenditure 6,429 / 3,659 - 1 = +75.7%; as a share of Experiences operating income 3,659 / 9,272 = 39.5% (FY2024), 6,429 / 9,995 = 64.3% (FY2025). Experiences operating income growth FY2025 9,995 / 9,272 - 1 = +7.8%; revenue growth 34,151 / 32,549 - 1 = +4.9% (FY2024), 36,156 / 34,151 - 1 = +5.9% (FY2025); nine months FY2026 operating income 8,941 / 8,117 - 1 = +10.2%, revenue 29,461 / 27,390 - 1 = +7.6%; company capital expenditure nine months 6,780 / 6,108 - 1 = +11.0%, about 11%. Experiences revenue FY2025 over FY2021 36,156 / 15,961 = 2.27 times. Cruise fleet 6 ships + Destiny + Adventure = 8; + 4 under contract = 12. $60 billion over about 10 years = about $6 billion a year. Media: Linear Networks revenue 9,364 / 12,828 - 1 = -27.0% (FY2022 to FY2025); operating income 2,955 / 5,198 - 1 = -43.2%; FY2025 operating income 2,955 / 3,452 - 1 = -14.4%; margin 5,198 / 12,828 = 40.5% (FY2022), 2,955 / 9,364 = 31.6% (FY2025); linear advertising 2,856 / 4,877 - 1 = -41.4%; linear affiliate fees 6,348 / 7,739 - 1 = -18.0%; FY2025 advertising 2,856 / 3,676 - 1 = -22.3%, affiliate fees 6,348 / 6,872 - 1 = -7.6%. Direct-to-Consumer operating income swing 1,327 - (-3,424) = 4,751 (FY2022 to FY2025); FY2025 margin 1,327 / 24,614 = 5.4%; DTC advertising 3,684 / 3,614 - 1 = +1.9%; advertising share of DTC revenue 3,684 / 24,614 = 15.0%; DTC share of Entertainment revenue 24,614 / 42,466 = 58.0%. Entertainment SVOD margin Q3 FY2026 712 / 5,532 = 12.9%. Entertainment margin Q3 FY2026 1,680 / 11,345 = 14.8%; Entertainment revenue growth FY2021-FY2025 (42,466 / 36,489)^(1/4) - 1 = 3.9% a year; nine months FY2026 revenue 34,669 / 32,258 - 1 = +7.5%, operating income 4,116 / 3,983 - 1 = +3.3%. Content Sales/Licensing and Other margin 392 / 8,488 = 4.6%; theatrical distribution share of revenue 2,592 / 94,425 = 2.7%. Subscribers taking both Disney+ and Hulu 43.7 / 27.1 - 1 = +61.3%. Sports: ESPN Domestic margin 2,814 / 14,636 = 19.2% (FY2022), 2,881 / 14,945 = 19.3% (FY2023), 3,056 / 15,339 = 19.9% (FY2024), 2,801 / 16,085 = 17.4% (FY2025); FY2025 revenue 16,085 / 15,339 - 1 = +4.9%, operating income 2,801 / 3,056 - 1 = -8.3%. Sports affiliate and subscription share of revenue 11,944 / 17,672 = 67.6%. Sports programming commitments FY2026-FY2029 9,894 + 9,797 + 9,540 + 9,101 = 38,332, about $38.3 billion; FY2026 commitments over FY2025 Sports revenue 9,894 / 17,672 = 56.0%. Sports nine months FY2026 operating income 1,701 / 1,971 - 1 = -13.7%, revenue 14,018 / 13,692 - 1 = +2.4%. Sports revenue growth FY2021-FY2025 (17,672 / 15,960)^(1/4) - 1 = 2.6% a year. Star India operating losses 237 + 432 + 636 = 1,305 (FY2022-FY2024). ESPN implied value: 10% for $3 billion = about $30 billion. Affiliate fees FY2025: linear 6,348 + Sports affiliate and subscription 11,944 = 18,292, about $18.3 billion. Advertising FY2025: linear 2,856 + DTC 3,684 + Sports 4,444 = 10,984, about $11.0 billion. Cash, capital and valuation: dividend per share 1.50 (FY2026) / 1.00 (FY2025) - 1 = +50%. Experiences headcount 185,000 / 231,000 total = 80.1%, about four in five. SVOD Q3 FY2026 subscription fee increase 4,715 - 4,116 = 599, advertising increase 851 - 830 = 21; SVOD programming and production costs over SVOD revenue 2,577 / 5,532 = 46.6%, nearly half. Old-basis parks segment operating income 7,905 / 471 = 16.8 times (FY2021 to FY2022). trailing twelve months to June 2026 revenue 94,425 - 71,961 + 76,397 = 98,861, about $98.9 billion; net income 12,404 - 11,091 + 7,287 = 8,600. Restructuring and impairment charges 5,735 (FY2020) + 654 + 237 + 3,892 + 3,595 + 819 (FY2025) + 1,139 (nine months FY2026) = 16,071, about $16.1 billion. Fox goodwill 49,085 / 69,500 = 70.6% of consideration. Goodwill over total assets 73,294 / 197,514 = 37.1% (FY2025); 74,682 / 204,740 = 36.5% (27 June 2026). Buybacks nine months FY2026 7,245 / 68 million shares = $106.5 a share. Fiscal 2026 capital returns at least 9.0bn buybacks + about 2.6bn dividends = about $11.6 billion; free cash flow guided at least 19bn cash from operations - about 9bn capital expenditure = about $10 billion. Nine months FY2026 returned 7,245 + 1,337 = 8,582, / free cash flow 5,735 = 149.6%, about 150%. Net debt 27 June 2026 (8,627 + 37,414 = 46,041) - 5,185 = 40,856; at FY2025 year end 42,026 - 5,695 = 36,331; change 40,856 - 36,331 = 4,525. Unsatisfied performance obligations 16bn / FY2025 revenue 94.425bn = 16.9%. Analyst target 126.61 / 102.19 - 1 = +23.9%, about 24%. Disney market value over Netflix 176.45 / 279.23 = 63.2%, about 63%. Segment bands FY2025 42,466 + 17,672 + 36,156 = 96,294 against reported revenue 94,425 (eliminations 1,869). Nine months FY2026 segment revenues 34,669 + 14,018 + 29,461 = 78,148; Experiences share 29,461 / 78,148 = 37.7%. Year-end market value (31 December after each fiscal year, companiesmarketcap) over net income and revenue: 2015 173.71bn / 8,382 = 20.72, / 52,465 = 3.311; 2016 165.86 / 9,391 = 17.66, / 55,632 = 2.981; 2017 162.04 / 8,980 = 18.04, / 55,137 = 2.939; 2018 164.47 / 12,598 = 13.06, / 59,434 = 2.767; 2019 257.58 / 11,054 = 23.30, / 69,607 = 3.700; 2020 328.02 / 65,388 = 5.017 (loss year); 2021 281.53 / 1,995 = 141.1, / 67,418 = 4.176; 2022 158.43 / 3,145 = 50.38, / 82,722 = 1.915; 2023 165.25 / 2,354 = 70.20, / 88,898 = 1.859; 2024 202.01 / 4,972 = 40.63, / 91,361 = 2.211; 2025 204.17 / 12,404 = 16.46, / 94,425 = 2.162; October 2026 176.45bn / 8,600 = 20.52, / 98,861 = 1.785 - cash, capital returns, debt, goodwill, impairments and valuation. — FY2015-Q3 FY2026 · publ. October 2026 · source ↗
    Method: Arithmetic on figures reported in Walt Disney Forms 10-K, 10-Q and earnings releases, SEC XBRL, and stockanalysis.com and companiesmarketcap.com market values; each operand is stated in the source line.
  7. ReportedGoodwill is the premium over identifiable assets, and Disney's total goodwill was still $73,294 million at the end of fiscal 2025, 37.1% of total assets.
    The Walt Disney Company Form 10-K for fiscal 2025 (year ended 27 September 2025) - capital structure: goodwill, borrowings, credit ratings, dividends, share repurchases and the Hulu purchase. — FY2025 · publ. 13 November 2025 · source ↗
  8. Moat Explorer calcGoodwill is the premium over identifiable assets, and Disney's total goodwill was still $73,294 million at the end of fiscal 2025, 37.1% of total assets.
    Moat Explorer calculation from Walt Disney reported figures ($ millions unless stated; fiscal years end late September). Experiences: share of total segment operating income 8,954 / 12,863 = 69.6% (FY2023), 9,272 / 15,601 = 59.4% (FY2024), 9,995 / 17,551 = 56.9% (FY2025); nine months FY2026 8,941 / 14,758 = 60.6%; about three-fifths. Experiences share of revenue 36,156 / 94,425 = 38.3%. Entertainment share of segment operating income 4,674 / 17,551 = 26.6%; Sports 2,882 / 17,551 = 16.4%. Segment operating margins FY2025: Experiences 9,995 / 36,156 = 27.6%, Entertainment 4,674 / 42,466 = 11.0%, Sports 2,882 / 17,672 = 16.3%; FY2024: 9,272 / 34,151 = 27.2%, 3,923 / 41,186 = 9.5%, 2,406 / 17,619 = 13.7%; FY2023: 8,954 / 32,549 = 27.5%, 1,444 / 40,635 = 3.6%, 2,465 / 17,111 = 14.4%; FY2022 Entertainment 2,126 / 39,569 = 5.4%; FY2021 Entertainment 5,196 / 36,489 = 14.2%. Domestic Parks & Experiences share of total segment operating income 6,375 / 17,551 = 36.3%; domestic margin 5,876 / 22,677 = 25.9% (FY2023), 5,878 / 23,596 = 24.9% (FY2024), 6,375 / 25,191 = 25.3% (FY2025); Q3 FY2026 2,088 / 7,116 = 29.3%; domestic operating income growth FY2024 5,878 / 5,876 - 1 = 0.0%, FY2025 6,375 / 5,878 - 1 = +8.5%. International margin 1,104 / 5,475 = 20.2%, 1,354 / 6,183 = 21.9%, 1,442 / 6,520 = 22.1%; Q2 FY2026 227 / 1,596 = 14.2%; Q3 FY2026 369 / 1,787 = 20.6%; nine months FY2026 international operating income 428 + 227 + 369 = 1,024. Consumer Products margin 1,974 / 4,397 = 44.9%, 2,040 / 4,372 = 46.7%, 2,178 / 4,445 = 49.0%; Q3 FY2026 560 / 1,065 = 52.6%; share of Experiences revenue 4,445 / 36,156 = 12.3% (about an eighth), of Experiences operating income 2,178 / 9,995 = 21.8% (about a fifth). Experiences capital expenditure 6,429 / 3,659 - 1 = +75.7%; as a share of Experiences operating income 3,659 / 9,272 = 39.5% (FY2024), 6,429 / 9,995 = 64.3% (FY2025). Experiences operating income growth FY2025 9,995 / 9,272 - 1 = +7.8%; revenue growth 34,151 / 32,549 - 1 = +4.9% (FY2024), 36,156 / 34,151 - 1 = +5.9% (FY2025); nine months FY2026 operating income 8,941 / 8,117 - 1 = +10.2%, revenue 29,461 / 27,390 - 1 = +7.6%; company capital expenditure nine months 6,780 / 6,108 - 1 = +11.0%, about 11%. Experiences revenue FY2025 over FY2021 36,156 / 15,961 = 2.27 times. Cruise fleet 6 ships + Destiny + Adventure = 8; + 4 under contract = 12. $60 billion over about 10 years = about $6 billion a year. Media: Linear Networks revenue 9,364 / 12,828 - 1 = -27.0% (FY2022 to FY2025); operating income 2,955 / 5,198 - 1 = -43.2%; FY2025 operating income 2,955 / 3,452 - 1 = -14.4%; margin 5,198 / 12,828 = 40.5% (FY2022), 2,955 / 9,364 = 31.6% (FY2025); linear advertising 2,856 / 4,877 - 1 = -41.4%; linear affiliate fees 6,348 / 7,739 - 1 = -18.0%; FY2025 advertising 2,856 / 3,676 - 1 = -22.3%, affiliate fees 6,348 / 6,872 - 1 = -7.6%. Direct-to-Consumer operating income swing 1,327 - (-3,424) = 4,751 (FY2022 to FY2025); FY2025 margin 1,327 / 24,614 = 5.4%; DTC advertising 3,684 / 3,614 - 1 = +1.9%; advertising share of DTC revenue 3,684 / 24,614 = 15.0%; DTC share of Entertainment revenue 24,614 / 42,466 = 58.0%. Entertainment SVOD margin Q3 FY2026 712 / 5,532 = 12.9%. Entertainment margin Q3 FY2026 1,680 / 11,345 = 14.8%; Entertainment revenue growth FY2021-FY2025 (42,466 / 36,489)^(1/4) - 1 = 3.9% a year; nine months FY2026 revenue 34,669 / 32,258 - 1 = +7.5%, operating income 4,116 / 3,983 - 1 = +3.3%. Content Sales/Licensing and Other margin 392 / 8,488 = 4.6%; theatrical distribution share of revenue 2,592 / 94,425 = 2.7%. Subscribers taking both Disney+ and Hulu 43.7 / 27.1 - 1 = +61.3%. Sports: ESPN Domestic margin 2,814 / 14,636 = 19.2% (FY2022), 2,881 / 14,945 = 19.3% (FY2023), 3,056 / 15,339 = 19.9% (FY2024), 2,801 / 16,085 = 17.4% (FY2025); FY2025 revenue 16,085 / 15,339 - 1 = +4.9%, operating income 2,801 / 3,056 - 1 = -8.3%. Sports affiliate and subscription share of revenue 11,944 / 17,672 = 67.6%. Sports programming commitments FY2026-FY2029 9,894 + 9,797 + 9,540 + 9,101 = 38,332, about $38.3 billion; FY2026 commitments over FY2025 Sports revenue 9,894 / 17,672 = 56.0%. Sports nine months FY2026 operating income 1,701 / 1,971 - 1 = -13.7%, revenue 14,018 / 13,692 - 1 = +2.4%. Sports revenue growth FY2021-FY2025 (17,672 / 15,960)^(1/4) - 1 = 2.6% a year. Star India operating losses 237 + 432 + 636 = 1,305 (FY2022-FY2024). ESPN implied value: 10% for $3 billion = about $30 billion. Affiliate fees FY2025: linear 6,348 + Sports affiliate and subscription 11,944 = 18,292, about $18.3 billion. Advertising FY2025: linear 2,856 + DTC 3,684 + Sports 4,444 = 10,984, about $11.0 billion. Cash, capital and valuation: dividend per share 1.50 (FY2026) / 1.00 (FY2025) - 1 = +50%. Experiences headcount 185,000 / 231,000 total = 80.1%, about four in five. SVOD Q3 FY2026 subscription fee increase 4,715 - 4,116 = 599, advertising increase 851 - 830 = 21; SVOD programming and production costs over SVOD revenue 2,577 / 5,532 = 46.6%, nearly half. Old-basis parks segment operating income 7,905 / 471 = 16.8 times (FY2021 to FY2022). trailing twelve months to June 2026 revenue 94,425 - 71,961 + 76,397 = 98,861, about $98.9 billion; net income 12,404 - 11,091 + 7,287 = 8,600. Restructuring and impairment charges 5,735 (FY2020) + 654 + 237 + 3,892 + 3,595 + 819 (FY2025) + 1,139 (nine months FY2026) = 16,071, about $16.1 billion. Fox goodwill 49,085 / 69,500 = 70.6% of consideration. Goodwill over total assets 73,294 / 197,514 = 37.1% (FY2025); 74,682 / 204,740 = 36.5% (27 June 2026). Buybacks nine months FY2026 7,245 / 68 million shares = $106.5 a share. Fiscal 2026 capital returns at least 9.0bn buybacks + about 2.6bn dividends = about $11.6 billion; free cash flow guided at least 19bn cash from operations - about 9bn capital expenditure = about $10 billion. Nine months FY2026 returned 7,245 + 1,337 = 8,582, / free cash flow 5,735 = 149.6%, about 150%. Net debt 27 June 2026 (8,627 + 37,414 = 46,041) - 5,185 = 40,856; at FY2025 year end 42,026 - 5,695 = 36,331; change 40,856 - 36,331 = 4,525. Unsatisfied performance obligations 16bn / FY2025 revenue 94.425bn = 16.9%. Analyst target 126.61 / 102.19 - 1 = +23.9%, about 24%. Disney market value over Netflix 176.45 / 279.23 = 63.2%, about 63%. Segment bands FY2025 42,466 + 17,672 + 36,156 = 96,294 against reported revenue 94,425 (eliminations 1,869). Nine months FY2026 segment revenues 34,669 + 14,018 + 29,461 = 78,148; Experiences share 29,461 / 78,148 = 37.7%. Year-end market value (31 December after each fiscal year, companiesmarketcap) over net income and revenue: 2015 173.71bn / 8,382 = 20.72, / 52,465 = 3.311; 2016 165.86 / 9,391 = 17.66, / 55,632 = 2.981; 2017 162.04 / 8,980 = 18.04, / 55,137 = 2.939; 2018 164.47 / 12,598 = 13.06, / 59,434 = 2.767; 2019 257.58 / 11,054 = 23.30, / 69,607 = 3.700; 2020 328.02 / 65,388 = 5.017 (loss year); 2021 281.53 / 1,995 = 141.1, / 67,418 = 4.176; 2022 158.43 / 3,145 = 50.38, / 82,722 = 1.915; 2023 165.25 / 2,354 = 70.20, / 88,898 = 1.859; 2024 202.01 / 4,972 = 40.63, / 91,361 = 2.211; 2025 204.17 / 12,404 = 16.46, / 94,425 = 2.162; October 2026 176.45bn / 8,600 = 20.52, / 98,861 = 1.785 - cash, capital returns, debt, goodwill, impairments and valuation. — FY2015-Q3 FY2026 · publ. October 2026 · source ↗
    Method: Arithmetic on figures reported in Walt Disney Forms 10-K, 10-Q and earnings releases, SEC XBRL, and stockanalysis.com and companiesmarketcap.com market values; each operand is stated in the source line.
  9. Moat Explorer calcInvested capital on the repo method rose from $76.6 billion in fiscal 2018 to $157.2 billion in fiscal 2019, and return on invested capital has not been back near its pre-Fox level of 14% to 19% since.
    Moat Explorer calculation, repo method (tools_roic_edgar.py logic run on CIK 1744489, and CIK 1001039 for fiscal 2015-2018): return on invested capital 14.1% (fiscal 2015), 15.0%, 14.1%, 18.7%, 9.9% (2019), 4.1%, 4.9%, 5.1%, 5.7%, 7.5%, 11.2% (fiscal 2025). Disney tags total segment operating income as OperatingIncomeLoss: 14,681 (2015), 15,721, 14,775, 15,706, 14,847, 8,108, 7,766, 12,121, 12,863, 15,601, 17,551 (2025). Invested capital (total assets less current liabilities less cash): 67,579 (2015), 70,581, 72,177, 76,588 (2018), 157,225 (2019), 157,007, 156,573, 162,943, 160,258, 155,618 (2024), 157,657 (2025: 197,514 - 34,162 - 5,695). Effective tax rates: 35% cap (2015), 34.2%, 32.1%, 11.3% (2018), 21.7%, 21% assumed (2020 loss), 1.0% (2021), 32.8%, 28.9%, 23.7%, 0% (2025, a tax benefit). 2025: 17,551 x (1 - 0) / ((155,618 + 157,657) / 2 = 156,638) = 11.2%; at a 21% tax rate 17,551 x 0.79 = 13,865 / 156,638 = 8.9%. Invested capital doubled from 76,588 to 157,225 when TFCF was acquired in fiscal 2019. Excluding fiscal 2025 goodwill of 73,294, invested capital would be 84,363, and the 21%-tax NOPAT of 13,865 on that year-end figure is about 16.4%. — FY2015-FY2025 · publ. October 2026 · source ↗
    Method: NOPAT (operating income times one minus the effective tax rate, capped at 35%) divided by average operating invested capital (total assets less current liabilities less cash and equivalents); SEC EDGAR XBRL. Disney's OperatingIncomeLoss tag is total segment operating income, which is before corporate and unallocated shared expenses, restructuring and impairment charges and acquisition amortization, so the ratio flatters the company; the fiscal 2025 figure is also flattered by a zero tax rate.
  10. Moat Explorer calcInvested capital on the repo method rose from $76.6 billion in fiscal 2018 to $157.2 billion in fiscal 2019, and return on invested capital has not been back near its pre-Fox level of 14% to 19% since.
    Moat Explorer calculation, repo method (tools_roic_edgar.py logic run on CIK 1744489, and CIK 1001039 for fiscal 2015-2018): return on invested capital 14.1% (fiscal 2015), 15.0%, 14.1%, 18.7%, 9.9% (2019), 4.1%, 4.9%, 5.1%, 5.7%, 7.5%, 11.2% (fiscal 2025). Disney tags total segment operating income as OperatingIncomeLoss: 14,681 (2015), 15,721, 14,775, 15,706, 14,847, 8,108, 7,766, 12,121, 12,863, 15,601, 17,551 (2025). Invested capital (total assets less current liabilities less cash): 67,579 (2015), 70,581, 72,177, 76,588 (2018), 157,225 (2019), 157,007, 156,573, 162,943, 160,258, 155,618 (2024), 157,657 (2025: 197,514 - 34,162 - 5,695). Effective tax rates: 35% cap (2015), 34.2%, 32.1%, 11.3% (2018), 21.7%, 21% assumed (2020 loss), 1.0% (2021), 32.8%, 28.9%, 23.7%, 0% (2025, a tax benefit). 2025: 17,551 x (1 - 0) / ((155,618 + 157,657) / 2 = 156,638) = 11.2%; at a 21% tax rate 17,551 x 0.79 = 13,865 / 156,638 = 8.9%. Invested capital doubled from 76,588 to 157,225 when TFCF was acquired in fiscal 2019. Excluding fiscal 2025 goodwill of 73,294, invested capital would be 84,363, and the 21%-tax NOPAT of 13,865 on that year-end figure is about 16.4%. — FY2015-FY2025 · publ. October 2026 · source ↗
    Method: NOPAT (operating income times one minus the effective tax rate, capped at 35%) divided by average operating invested capital (total assets less current liabilities less cash and equivalents); SEC EDGAR XBRL. Disney's OperatingIncomeLoss tag is total segment operating income, which is before corporate and unallocated shared expenses, restructuring and impairment charges and acquisition amortization, so the ratio flatters the company; the fiscal 2025 figure is also flattered by a zero tax rate.
  11. ReportedUnder the acquisition agreement Disney would "generally phase-out Fox brands by 2024", while keeping perpetual rights to certain Fox brands, including "the Twentieth Century Fox and Fox Searchlight brands".
    The Walt Disney Company Form 10-K for fiscal 2019 - the acquisition of TFCF (Twenty-First Century Fox) on 20 March 2019 for $69.5 billion ($35.7 billion cash, $33.8 billion in 307 million shares at $110.00), the businesses acquired, goodwill of $49,085 million and the Hulu ownership steps. — FY2019 · publ. November 2019 · source ↗
Sources
Generated October 5, 2026