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  "documentTitle": "The Walt Disney Company (DIS)",
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      "text": "Disney's overall ROIC significantly underperforms its self-selected “media industry” peers despite generating 70% of its operating income from its Experiences business",
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      "text": "According to Disney, “over the last 5 years, return on invested capital has nearly doubled in [its] domestic parks and [it has] seen sizable increases over that same time frame across the total Experiences portfolio.”",
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      "text": "Disney’s current return on invested capital (“ROIC”) of 6% is materially below its weighted average cost of capital (WACC) of ~9%, suggesting that the Board and management have been poor stewards of shareholder capital.",
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      "text": "According to Disney, “over the last 5 years, return on invested capital has nearly doubled in [its] domestic parks and [it has] seen sizable increases over that same time frame across the total Experiences portfolio.” — The Walt Disney Company",
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      "text": "Source: SEC filings, Company transcripts, FactSet. Note: “Media Industry (Proxy) Peers” represents “Media Industry Peers” as defined in Disney’s 2024 Definitive Proxy Statement...",
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      "text": "Almost Every One of Disney’s Self-Selected “Media Industry” Peers Have Better Returns on Invested Capital",
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