Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
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- Statement of Comprehensive Income
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Debt
- Aggregate Accruals
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Solvency Ratios (Summary)
Costco Wholesale Corp., solvency ratios
Based on: 10-K (reporting date: 2024-09-01), 10-K (reporting date: 2023-09-03), 10-K (reporting date: 2022-08-28), 10-K (reporting date: 2021-08-29), 10-K (reporting date: 2020-08-30), 10-K (reporting date: 2019-09-01).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Costco Wholesale Corp. debt to equity ratio improved from 2022 to 2023 and from 2023 to 2024. |
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Costco Wholesale Corp. debt to equity ratio (including operating lease liability) improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Costco Wholesale Corp. debt to capital ratio improved from 2022 to 2023 and from 2023 to 2024. |
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Costco Wholesale Corp. debt to capital ratio (including operating lease liability) improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Costco Wholesale Corp. debt to assets ratio improved from 2022 to 2023 and from 2023 to 2024. |
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Costco Wholesale Corp. debt to assets ratio (including operating lease liability) improved from 2022 to 2023 and from 2023 to 2024. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Costco Wholesale Corp. financial leverage ratio decreased from 2022 to 2023 but then increased from 2023 to 2024 not reaching 2022 level. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Costco Wholesale Corp. interest coverage ratio improved from 2022 to 2023 and from 2023 to 2024. |
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Costco Wholesale Corp. fixed charge coverage ratio improved from 2022 to 2023 and from 2023 to 2024. |
Debt to Equity
Costco Wholesale Corp., debt to equity calculation, comparison to benchmarks
| Sep 1, 2024 | Sep 3, 2023 | Aug 28, 2022 | Aug 29, 2021 | Aug 30, 2020 | Sep 1, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current portion of long-term debt | |||||||
| Current finance lease liabilities | |||||||
| Long-term debt, excluding current portion | |||||||
| Long-term finance lease liabilities | |||||||
| Total debt | |||||||
| Total Costco stockholders’ equity | |||||||
| Solvency Ratio | |||||||
| Debt to equity1 | |||||||
| Benchmarks | |||||||
| Debt to Equity, Competitors2 | |||||||
| Dollar General Corp. | |||||||
| Target Corp. | |||||||
| Walmart Inc. | |||||||
| Debt to Equity, Sector | |||||||
| Consumer Staples Distribution & Retail | |||||||
| Debt to Equity, Industry | |||||||
| Consumer Staples | |||||||
Based on: 10-K (reporting date: 2024-09-01), 10-K (reporting date: 2023-09-03), 10-K (reporting date: 2022-08-28), 10-K (reporting date: 2021-08-29), 10-K (reporting date: 2020-08-30), 10-K (reporting date: 2019-09-01).
1 2024 Calculation
Debt to equity = Total debt ÷ Total Costco stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Costco Wholesale Corp. debt to equity ratio improved from 2022 to 2023 and from 2023 to 2024. |
Debt to Equity (including Operating Lease Liability)
Costco Wholesale Corp., debt to equity (including operating lease liability) calculation, comparison to benchmarks
| Sep 1, 2024 | Sep 3, 2023 | Aug 28, 2022 | Aug 29, 2021 | Aug 30, 2020 | Sep 1, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current portion of long-term debt | |||||||
| Current finance lease liabilities | |||||||
| Long-term debt, excluding current portion | |||||||
| Long-term finance lease liabilities | |||||||
| Total debt | |||||||
| Current operating lease liabilities (included in Other current liabilities) | |||||||
| Long-term operating lease liabilities | |||||||
| Total debt (including operating lease liability) | |||||||
| Total Costco stockholders’ equity | |||||||
| Solvency Ratio | |||||||
| Debt to equity (including operating lease liability)1 | |||||||
| Benchmarks | |||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | |||||||
| Dollar General Corp. | |||||||
| Target Corp. | |||||||
| Walmart Inc. | |||||||
| Debt to Equity (including Operating Lease Liability), Sector | |||||||
| Consumer Staples Distribution & Retail | |||||||
| Debt to Equity (including Operating Lease Liability), Industry | |||||||
| Consumer Staples | |||||||
Based on: 10-K (reporting date: 2024-09-01), 10-K (reporting date: 2023-09-03), 10-K (reporting date: 2022-08-28), 10-K (reporting date: 2021-08-29), 10-K (reporting date: 2020-08-30), 10-K (reporting date: 2019-09-01).
1 2024 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Costco stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Costco Wholesale Corp. debt to equity ratio (including operating lease liability) improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024. |
Debt to Capital
Costco Wholesale Corp., debt to capital calculation, comparison to benchmarks
| Sep 1, 2024 | Sep 3, 2023 | Aug 28, 2022 | Aug 29, 2021 | Aug 30, 2020 | Sep 1, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current portion of long-term debt | |||||||
| Current finance lease liabilities | |||||||
| Long-term debt, excluding current portion | |||||||
| Long-term finance lease liabilities | |||||||
| Total debt | |||||||
| Total Costco stockholders’ equity | |||||||
| Total capital | |||||||
| Solvency Ratio | |||||||
| Debt to capital1 | |||||||
| Benchmarks | |||||||
| Debt to Capital, Competitors2 | |||||||
| Dollar General Corp. | |||||||
| Target Corp. | |||||||
| Walmart Inc. | |||||||
| Debt to Capital, Sector | |||||||
| Consumer Staples Distribution & Retail | |||||||
| Debt to Capital, Industry | |||||||
| Consumer Staples | |||||||
Based on: 10-K (reporting date: 2024-09-01), 10-K (reporting date: 2023-09-03), 10-K (reporting date: 2022-08-28), 10-K (reporting date: 2021-08-29), 10-K (reporting date: 2020-08-30), 10-K (reporting date: 2019-09-01).
1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Costco Wholesale Corp. debt to capital ratio improved from 2022 to 2023 and from 2023 to 2024. |
Debt to Capital (including Operating Lease Liability)
Costco Wholesale Corp., debt to capital (including operating lease liability) calculation, comparison to benchmarks
| Sep 1, 2024 | Sep 3, 2023 | Aug 28, 2022 | Aug 29, 2021 | Aug 30, 2020 | Sep 1, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current portion of long-term debt | |||||||
| Current finance lease liabilities | |||||||
| Long-term debt, excluding current portion | |||||||
| Long-term finance lease liabilities | |||||||
| Total debt | |||||||
| Current operating lease liabilities (included in Other current liabilities) | |||||||
| Long-term operating lease liabilities | |||||||
| Total debt (including operating lease liability) | |||||||
| Total Costco stockholders’ equity | |||||||
| Total capital (including operating lease liability) | |||||||
| Solvency Ratio | |||||||
| Debt to capital (including operating lease liability)1 | |||||||
| Benchmarks | |||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | |||||||
| Dollar General Corp. | |||||||
| Target Corp. | |||||||
| Walmart Inc. | |||||||
| Debt to Capital (including Operating Lease Liability), Sector | |||||||
| Consumer Staples Distribution & Retail | |||||||
| Debt to Capital (including Operating Lease Liability), Industry | |||||||
| Consumer Staples | |||||||
Based on: 10-K (reporting date: 2024-09-01), 10-K (reporting date: 2023-09-03), 10-K (reporting date: 2022-08-28), 10-K (reporting date: 2021-08-29), 10-K (reporting date: 2020-08-30), 10-K (reporting date: 2019-09-01).
1 2024 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Costco Wholesale Corp. debt to capital ratio (including operating lease liability) improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024. |
Debt to Assets
Costco Wholesale Corp., debt to assets calculation, comparison to benchmarks
| Sep 1, 2024 | Sep 3, 2023 | Aug 28, 2022 | Aug 29, 2021 | Aug 30, 2020 | Sep 1, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current portion of long-term debt | |||||||
| Current finance lease liabilities | |||||||
| Long-term debt, excluding current portion | |||||||
| Long-term finance lease liabilities | |||||||
| Total debt | |||||||
| Total assets | |||||||
| Solvency Ratio | |||||||
| Debt to assets1 | |||||||
| Benchmarks | |||||||
| Debt to Assets, Competitors2 | |||||||
| Dollar General Corp. | |||||||
| Target Corp. | |||||||
| Walmart Inc. | |||||||
| Debt to Assets, Sector | |||||||
| Consumer Staples Distribution & Retail | |||||||
| Debt to Assets, Industry | |||||||
| Consumer Staples | |||||||
Based on: 10-K (reporting date: 2024-09-01), 10-K (reporting date: 2023-09-03), 10-K (reporting date: 2022-08-28), 10-K (reporting date: 2021-08-29), 10-K (reporting date: 2020-08-30), 10-K (reporting date: 2019-09-01).
1 2024 Calculation
Debt to assets = Total debt ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Costco Wholesale Corp. debt to assets ratio improved from 2022 to 2023 and from 2023 to 2024. |
Debt to Assets (including Operating Lease Liability)
Costco Wholesale Corp., debt to assets (including operating lease liability) calculation, comparison to benchmarks
| Sep 1, 2024 | Sep 3, 2023 | Aug 28, 2022 | Aug 29, 2021 | Aug 30, 2020 | Sep 1, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current portion of long-term debt | |||||||
| Current finance lease liabilities | |||||||
| Long-term debt, excluding current portion | |||||||
| Long-term finance lease liabilities | |||||||
| Total debt | |||||||
| Current operating lease liabilities (included in Other current liabilities) | |||||||
| Long-term operating lease liabilities | |||||||
| Total debt (including operating lease liability) | |||||||
| Total assets | |||||||
| Solvency Ratio | |||||||
| Debt to assets (including operating lease liability)1 | |||||||
| Benchmarks | |||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | |||||||
| Dollar General Corp. | |||||||
| Target Corp. | |||||||
| Walmart Inc. | |||||||
| Debt to Assets (including Operating Lease Liability), Sector | |||||||
| Consumer Staples Distribution & Retail | |||||||
| Debt to Assets (including Operating Lease Liability), Industry | |||||||
| Consumer Staples | |||||||
Based on: 10-K (reporting date: 2024-09-01), 10-K (reporting date: 2023-09-03), 10-K (reporting date: 2022-08-28), 10-K (reporting date: 2021-08-29), 10-K (reporting date: 2020-08-30), 10-K (reporting date: 2019-09-01).
1 2024 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Costco Wholesale Corp. debt to assets ratio (including operating lease liability) improved from 2022 to 2023 and from 2023 to 2024. |
Financial Leverage
Costco Wholesale Corp., financial leverage calculation, comparison to benchmarks
| Sep 1, 2024 | Sep 3, 2023 | Aug 28, 2022 | Aug 29, 2021 | Aug 30, 2020 | Sep 1, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Total assets | |||||||
| Total Costco stockholders’ equity | |||||||
| Solvency Ratio | |||||||
| Financial leverage1 | |||||||
| Benchmarks | |||||||
| Financial Leverage, Competitors2 | |||||||
| Dollar General Corp. | |||||||
| Target Corp. | |||||||
| Walmart Inc. | |||||||
| Financial Leverage, Sector | |||||||
| Consumer Staples Distribution & Retail | |||||||
| Financial Leverage, Industry | |||||||
| Consumer Staples | |||||||
Based on: 10-K (reporting date: 2024-09-01), 10-K (reporting date: 2023-09-03), 10-K (reporting date: 2022-08-28), 10-K (reporting date: 2021-08-29), 10-K (reporting date: 2020-08-30), 10-K (reporting date: 2019-09-01).
1 2024 Calculation
Financial leverage = Total assets ÷ Total Costco stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Costco Wholesale Corp. financial leverage ratio decreased from 2022 to 2023 but then increased from 2023 to 2024 not reaching 2022 level. |
Interest Coverage
Costco Wholesale Corp., interest coverage calculation, comparison to benchmarks
| Sep 1, 2024 | Sep 3, 2023 | Aug 28, 2022 | Aug 29, 2021 | Aug 30, 2020 | Sep 1, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net income attributable to Costco | |||||||
| Add: Net income attributable to noncontrolling interest | |||||||
| Add: Income tax expense | |||||||
| Add: Interest expense | |||||||
| Earnings before interest and tax (EBIT) | |||||||
| Solvency Ratio | |||||||
| Interest coverage1 | |||||||
| Benchmarks | |||||||
| Interest Coverage, Competitors2 | |||||||
| Dollar General Corp. | |||||||
| Target Corp. | |||||||
| Walmart Inc. | |||||||
| Interest Coverage, Sector | |||||||
| Consumer Staples Distribution & Retail | |||||||
| Interest Coverage, Industry | |||||||
| Consumer Staples | |||||||
Based on: 10-K (reporting date: 2024-09-01), 10-K (reporting date: 2023-09-03), 10-K (reporting date: 2022-08-28), 10-K (reporting date: 2021-08-29), 10-K (reporting date: 2020-08-30), 10-K (reporting date: 2019-09-01).
1 2024 Calculation
Interest coverage = EBIT ÷ Interest expense
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Costco Wholesale Corp. interest coverage ratio improved from 2022 to 2023 and from 2023 to 2024. |
Fixed Charge Coverage
Costco Wholesale Corp., fixed charge coverage calculation, comparison to benchmarks
| Sep 1, 2024 | Sep 3, 2023 | Aug 28, 2022 | Aug 29, 2021 | Aug 30, 2020 | Sep 1, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net income attributable to Costco | |||||||
| Add: Net income attributable to noncontrolling interest | |||||||
| Add: Income tax expense | |||||||
| Add: Interest expense | |||||||
| Earnings before interest and tax (EBIT) | |||||||
| Add: Operating lease costs | |||||||
| Earnings before fixed charges and tax | |||||||
| Interest expense | |||||||
| Operating lease costs | |||||||
| Fixed charges | |||||||
| Solvency Ratio | |||||||
| Fixed charge coverage1 | |||||||
| Benchmarks | |||||||
| Fixed Charge Coverage, Competitors2 | |||||||
| Dollar General Corp. | |||||||
| Target Corp. | |||||||
| Walmart Inc. | |||||||
| Fixed Charge Coverage, Sector | |||||||
| Consumer Staples Distribution & Retail | |||||||
| Fixed Charge Coverage, Industry | |||||||
| Consumer Staples | |||||||
Based on: 10-K (reporting date: 2024-09-01), 10-K (reporting date: 2023-09-03), 10-K (reporting date: 2022-08-28), 10-K (reporting date: 2021-08-29), 10-K (reporting date: 2020-08-30), 10-K (reporting date: 2019-09-01).
1 2024 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Costco Wholesale Corp. fixed charge coverage ratio improved from 2022 to 2023 and from 2023 to 2024. |