Walt Disney Co. shares have lagged the S&P 500 in 2021, generating a year-to-date loss of 18.5 percent. Disney stock has had a wild ride in recent years, but investors may be wondering whether there is any value in Disney shares after the recent pullback. Earnings A price-to-earnings ratio (PE) is one of the most basic fundamental metrics for gauging a stock’s value. The lower the PE, the higher the value. For comparison, the S&P 500’s PE is currently at about 29.4, nearly double its long-term average of 15.9. Disney’s PE is 133.9, about 4.5 times higher than the S&P 500 average as a whole. Growth Looking ahead to the next four quarters, the S&P 500’s forward PE ratio looks much more reasonable at just 20.8. Disney’s forward earnings multiple of 36.1 is still more than 50 percent higher than the S&P 500’s, making Disney look overvalued. Disney’s forward PE …