Walt Disney (DIS -0.03%) is an iconic entertainment company whose shares took a beating last year as they fell by 44%. In early 2023, the stock has been rallying. But the danger is that it could soon be on its way back down because the company's performance hasn't been all that strong of late.

Here are three numbers from its most recent earnings report (from the first quarter of 2023) that you should look at before you consider buying the stock.

2.4 million: The decline in Disney+ subscriptions

The Disney+ streaming service has been growing rapidly since it launched in November 2019. Its subscriber count, however, has started to show cracks.

In the company's most recent earnings report (for the period ending Dec. 31), paid subscribers totaled 161.8 million, a decrease of 2.4 million from the previous period. It's a troubling sign that the service may have finally hit a peak. Even the company's other streaming services, ESPN+ and Hulu, only saw modest 2% increases in subscribers.

This is something investors should follow closely in future quarters. If the growth has stalled, Disney might need to be more aggressive on pricing to draw in subscribers. But its streaming business is already hugely unprofitable, with the company reporting a $1.1 billion operating loss on its direct-to-consumer segment.

$974 million: The cash used in day-to-day operations in Q1

When a company is burning through money from its day-to-day operating activities, that is another bad sign, since it means its operations aren't sustainable in their current state. If a business isn't generating sufficient cash, it might need to raise money in the future, diluting its shareholders in the process.

In the 2023 first quarter, Disney's cash burn totaled $974 million, which was more than four times the $209 million it used up in the prior-year period. The company has been spending more on content, and losses in its media business haven't helped the situation.

The positive is that as of the end of the period, Disney had cash and cash equivalents of $8.5 billion, so it's not like the company will run out of money anytime soon.

Disney has recently announced that it will slash 7,000 jobs and $5.5 billion in costs, and that should ultimately improve cash flow. But this is another number investors should watch in future quarters.

1%: The growth of its media and entertainment segment

Disney's revenue totaled $23.5 billion last quarter, which was a modest 8% increase year over year. But the one number that stuck out from that was the growth rate in its media and entertainment distribution segment: 1%. Revenue of $14.8 billion for that segment wasn't a whole lot higher from the $14.6 billion the company reported for that part of its business in the first quarter a year ago.

It was the parks, experiences, and products segment, which grew by 21%, that helped make up for what could have otherwise been a disastrous quarter for the company.

Amid inflation and a potential recession this year, the parks, experiences, and products business could slow down. And if that happens, Disney's top line could be even less impressive in the near future.

Disney could be a risky stock to own this year

Shares of Disney trade at 26 times the company's future earnings (based on analyst expectations), which is a steep multiple; the S&P 500 average is just 20.

If the company doesn't drastically improve its financials and find a way to bolster its growth, the stock has the potential to undo its recent gains and get back to its 52-week lows. That's why for now, I'd steer clear of Disney's stock.