Walt Disney Co/The
DISAbove valueExpectations · demandingHeld by 22 superinvestors.
SEC 10-K · fundamentals
Business quality
as of 2025-09-27Valuation basis: trailing twelve months to 2026-06-27 — latest 10-K plus unaudited 10-Q filings.
- Revenue growth
- +3.4%
- Net margin
- 13.1%
- ROE
- 11.3%
- FCF margin
- 10.7%
Valuation · value band
Above fair value
Zero-growth floor
$18
Central IV
$19
Optimistic top
$52
Walt Disney Co/The (DIS): A conservative value band $18–$52 / sh (zero-growth floor to growth-capped optimistic top); central read about $19. Today’s price sits above that band (price $110 as of 2026-08-26).
The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.
Revenue growth 0% (lower of historical trend and fundamental cap, capped by moat) · moat 20 yr · discount 13.6% · Zero-growth downside $18
Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-26.
Method & numbers
A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.
Owner-earnings DCF $17.21 – $21.68 · Greenwald zero-growth $52.40 · zero-growth base $52.40 · reproduction $14.67
Moat Franchise (via earnings growth) · terminal value 8% of present value · owner-earnings yield 2% vs 10Y 4.7%.
Graham earnings-power value (normalized NOPAT)$38.61 – $52.40 / sh
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
Years: TTM 2026-06-27, 2024, 2023, 2022, 2021
v1 simplifications: Maintenance capex (ok) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Share-based compensation is left as a real expense (not added back).
Buffett owner-earnings value$18.25 – $21.28 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 12.1–14.1% band (9–11% base + 3.1pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: TTM 2026-06-27, 2024, 2023, 2022, 2021
v1 simplifications: Owner earnings = net income + D&A − maintenance capex (ok); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% base band plus a 3.1pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 9.1 years of owner earnings, adding 3.1pp of cost-of-equity risk premium.
Reproduction value = tangible net assets $25.56B = $14.67 / sh. Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).
Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Assumes a wide moat · competitive-advantage period ≈ 20 years (earnings intact, ROIC stable over history).
Growth value gated to zero — franchise via earnings-growth bypass; growth credit stays in the owner-earnings DCF only.
Window TTM 2026-06-27, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.
Baseline 9%–11%, net debt ≈ 9.1 years of owner earnings → +3.1pp cost-of-equity premium → effective 12.1%–14.1%.
Owner-earnings DCF: growth g₁ 0% · OE FY TTM 2026-06-27, 2024, 2023, 2022, 2021 · Discount band: 12.23%–15.07% (DGS10 +4.5% to a 12% strict end, each +3.07pp for leverage premium, as of 2026-08-26). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
Valuation basis: trailing twelve months to 2026-06-27 — latest 10-K plus unaudited 10-Q filings.
What the price is betting
Today's price pencils in about 24.8% a year in owner-earnings for the next few years. Revenue actually grew 8.4% a year.
The market wants it well ahead of its own track record.
SEC 13F · holders
Superinvestors Holding This Security
22 holders · $1.92B combined · this quarter +1 opened / -3 exited
- Value$689.0MWeight (prev→now)3.6% → 2.0% ▼
- Value$251.0MWeight (prev→now)9.9% → 9.5% ▼
- Value$195.5MWeight (prev→now)1.6% → 1.5% ▼
- Value$164.3MWeight (prev→now)0.7% → 0.9% ▲
- Value$132.4MWeight (prev→now)1.7% → 1.6% ▼
- Value$93.2MWeight (prev→now)3.1% → 2.9% ▼
- Value$85.0MWeight (prev→now)0.0% → 0.2% ▲
- Value$61.2MWeight (prev→now)0.7% → 0.6% ▼
- Value$49.6MWeight (prev→now)1.9% → 1.7% ▼
- Value$43.3MWeight (prev→now)2.6% → 2.7% ▲
Show all 22 holders ▸Collapse ▾
- Value$36.5MWeight (prev→now)6.5% → 6.5%
- Value$34.7MWeight (prev→now)0.7% → 0.4% ▼
- Value$25.1MWeight (prev→now)0.0% → 0.0% ▼
- Value$15.5MWeight (prev→now)1.8% → 1.7% ▼
- Value$10.0MWeight (prev→now)2.5% → 2.2% ▼
- Value$8.6MWeight (prev→now)0.0% → 0.0% ▼
- Value$6.5MWeight (prev→now)1.5% → 1.4% ▼
- Value$4.7MWeight (prev→now)0.0% → 0.0% ▲
- Value$4.3MWeight (prev→now)New · 0.3%
- Value$4.1MWeight (prev→now)0.0% → 0.0% ▲
- Value$2.4MWeight (prev→now)1.6% → 1.8% ▲
- Value$239,858Weight (prev→now)0.0% → 0.0% ▼
SEC 13F · notes
Written summary
Written summary
Walt Disney Co/The (DIS) is held by 22 of the superinvestors tracked on Compounder, with a combined $1.92B in reported 13F value. The largest position belongs to Andreas Halvorsen, where it makes up 2.0% of the portfolio.
Other notable holders by value include Nick Train (9.5% of its book), Thomas Gayner (1.5% of its book) and Duan Yongping (0.9% of its book).
Over the latest quarter, 1 of the tracked filers opened a new position in DIS, 10 added to existing ones, 8 trimmed, and 3 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
SEC 13F · co-ownership
Also held by these investors
Investors holding Walt Disney Co/The (DIS) also commonly hold →
- Microsoft CorpMSFT18 holders
- Apple IncAAPL14 holders
- Alphabet Inc-Cl CGOOG14 holders
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- Berkshire Hathaway Inc-Cl BBRK.B12 holders
- Unitedhealth Group IncUNH11 holders
DIS's price is not below its conservative value band. See current strike-zone stocks
Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
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