This year has been a mixed one for Disney (DIS 1.09%). A new CEO usually brings volatility, but since it's Disney's former CEO Bob Iger who has returned to the helm, there's a bit more confidence in the move. Disney has also demonstrated progress in its sales growth, but streaming is pulling down its bottom line. 

However, heading into 2023, there are still many reasons to be excited about Disney's future. Check out these three charts that illustrate why you should consider buying Disney stock.

1. Disney is returning to strong growth

Growing revenue has been a headache since the pandemic started and parks had to close. But with parks now open and thriving, along with the success of Disney+, Disney is enjoying a robust rebound in revenue growth.

DIS Revenue (Annual) Chart.

DIS Revenue (Annual) data by YCharts.

Management is taking somewhat of a risk in raising the price of Disney+ this week as it launches an ad-supported tier, but this is part of an all-over strategy that involves charging higher prices both for streaming and parks.

Disney sees these as premium services, and it's banking on spenders seeing it that way too. It's also banking on the idea that that loyal fans will pay up for the specialty content and encounters that you can only experience through a Disney-branded medium. As we head into 2023, demand is still strong for streaming and Disney parks, and with higher prices, these should generate powerful revenue growth in the new year and beyond.

2. It's taking the lead in streaming

Disney overtook Netflix as the streaming company with the highest number of subscriptions again in the fourth quarter. That may cool down as the company puts the brakes on a strategy of growth at any cost and begins to pay more attention to profitability. But even if growth slows, Disney already has 235 million subscribers and counting, and streaming revenue is projected to grow at a compound annual growth rate of 11.5% through 2027. As the leader, Disney is well positioned to benefit from streaming growth. 

Streaming video on demand projections through 2027.

Streaming video on-demand projections through 2027. Image source: Statista.

With Iger back in charge and the company's commitment to getting costs under control, losses should narrow. As of now, the company still insists that Disney+ will become profitable by 2024. If investors see improvement, the stock price is likely to increase.

3. Disney's stock is as cheap as ever

I usually like to use the price-to-earnings ratio as a valuation metric when a company is profitable since earnings are a better way to assess how well a company is using its money than sales. However, since Disney was unprofitable for a short period of time at the beginning of the pandemic, and profitability is variable right now due to streaming losses. As such, I don't think it gives as good of an idea of how cheap Disney stock looks right now as the price-to-sales ratio.

DIS PS Ratio Chart.

DIS PS Ratio data by YCharts.

Using this metric, Disney stock is the cheapest it has been in the past 10 years, including the 2020 market crash. Disney stock is down 41% this year, and at this price, it looks like a very attractive buy.

When you factor in its potential and the likelihood that it will begin to whip its streaming operations into shape, Disney stock looks like it's poised to soar in 2023.