🐂 DIS — Company Profile (Educational)¶
Educational site, not investment advice. Market cap / stock price / quarterly financials are volatile — not written here. Links to SEC + Yahoo Finance instead; verify real-time data yourself.
📌 Basics¶
| Dimension | Content | Source |
|---|---|---|
| Core business | Entertainment (Disney+ / Hulu / ESPN+) + Experiences (theme parks / cruises / resorts) + Linear TV (ABC + Disney + ESPN linear) | SEC 10-K |
| Founded / HQ | 1923 / Burbank, California, USA | wiki |
| CEO | Josh D'Amaro (effective 2026/03/18, former Disney Experiences Chairman); Bob Iger transitioned to Senior Advisor + board member, retiring 2026/12/31 | Disney 2026/02/03 announcement |
| Primary listing | NYSE: DIS | — |
| Fiscal year | Early Oct – late Sep (FY26 Q4 = Jul-Sep 2026) | SEC EDGAR |
💡 Real-time market cap / stock price / Disney+ subs / park revenue: see SEC + IR links below
🏭 Industry Chain Coordinates (Part 1-C6 framework)¶
Upstream (Who DIS depends on)¶
| Supplier | What flows | Key dependency |
|---|---|---|
| Marvel / Pixar / Lucasfilm subsidiaries | Owned IP production | Internal, locked |
| Sports rights holders (NFL / partial NBA / MLB / college sports) | ESPN live rights | Multi-year contracts, intense bidding |
| Studios + actor unions | Content production labor | Multi-supplier, top talent has pricing power |
| Park / resort supply chain | Theme park operations | Fragmented |
Downstream (Who depends on DIS)¶
| Customer | Relationship | Customer concentration |
|---|---|---|
| Global paid subs (Disney+ / Hulu / ESPN+) | B2C subscription | Extremely fragmented |
| Park visitors (US + Paris + Tokyo + HK + Shanghai) | B2C tickets + cruise + merchandise | Extremely fragmented |
Theaters (theatrical window) — AMC / CNK / IMAX |
B2B revenue share | DIS holds pricing leverage |
Cable / vMVPD carriage (CHTR / CMCSA / GOOGL YouTube TV) |
Channel licensing (ABC / ESPN linear) | Intense bidding, periodic blackout risk |
Competitors¶
- Streaming / content (DTC):
NFLX·PSKY(Paramount post-merger) ·WBD(Max) ·CMCSA(Peacock) - Tech-platform streaming:
AMZN(Prime Video) ·AAPL(Apple TV+) ·GOOGL(YouTube) - Theme parks:
CMCSA(Universal Studios) ·SIX(Six Flags) · Sanrio Puroland (Japan) - Live sports:
WBD(TNT, partial NBA) ·AMZN(Prime Video NFL Thursday) ·GOOGL(YouTube NFL Sunday Ticket)
💼 Business Model + Value Capture (Part 1-C7 lens)¶
- Revenue mix: Entertainment (DTC + Linear + Content Sales) ~45% / Sports (ESPN) ~15-20% / Experiences (Parks + Cruise + Consumer Products) ~35-40%
- Gross margin: 30-35% overall (park + content mix); Entertainment DTC operating margin improving
- Pricing power: Strong IP lock-in (Marvel + Pixar + Star Wars + Disney princesses), monetized via tickets + parks + merchandise
- Substitution difficulty: Medium - High — IP catalog non-replicable (100 years of accumulation), but Disney+ subscription is cancellable anytime
(Quarterly DTC subs / parks profit / ESPN OTT progress: see latest 10-Q)
🏰 Moat Assessment (Part 3-C2 Buffett 5-step lens)¶
| Type | Strength (0-1) | Source |
|---|---|---|
| Brand | 1.0 | Global family-entertainment default; IP catalog irreplaceable |
| Switching cost | 0.4 | DTC switching cost low, but IP gravity pulls customers back |
| Network effects | 0.5 | IP cross-business flywheel (film → park → merch → streaming) |
| Scale + cost | 0.7 | 12 global parks + content spend amortization |
Composite: 2.6 / 4 → Extremely strong IP + brand moat, structurally weak DTC switching cost
⚠️ Key Reverse Trigger Conditions (Part 3-C5 anti-thesis lens)¶
- Trigger 1 (quarterly): Disney+ net sub adds < 5M YoY for 2 quarters (saturation signal)
- Trigger 2 (quarterly): Parks revenue YoY decline (consumer downtrade + cyclical signal)
- Trigger 3 (annual): ESPN OTT retention < 50% post-launch, or cord-cutting accelerating ESPN linear ARPU drop
- Trigger 4 (event): Sports rights lost to
AMZN/AAPL(e.g., NBA / MLB key contracts) - Trigger 5 (execution): Josh D'Amaro became CEO 2026/03/18; succession execution + Dana Walden (President + CCO) new structure transition risk
🔗 Cross-Chapter Teaching Links¶
- Part 1-C6 · 5 Roles in Industry Chain — Downstream D.4 media + content
- Part 1-C7 · Value Capture — IP-driven multi-business monetization
- Patterns Investing Laws — #4 platform moat (IP moat) · #6 bundle-unbundle (cable → DTC)
📚 SEC Primary Public Filings (look it up yourself)¶
- SEC EDGAR DIS all filings — 10-K / 10-Q / 8-K / DEF 14A full history
- Investor Relations page — earnings calendar + historical reports
- Latest 10-K search — full annual financials + segments + risk factors
Real-time stock price: Yahoo Finance DIS
Educational — numbers shift; learn the method, not the figures · investment decisions based on your own research + risk tolerance