Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Costco Wholesale Corp., EBITDA calculation

US$ in millions

12 months ended:	Sep 1, 2024	Sep 3, 2023	Aug 28, 2022	Aug 29, 2021	Aug 30, 2020	Sep 1, 2019
Net income attributable to Costco	7,367)	6,292)	5,844)	5,007)	4,002)	3,659)
Add: Net income attributable to noncontrolling interest	—)	—)	71)	72)	57)	45)
Add: Income tax expense	2,373)	2,195)	1,925)	1,601)	1,308)	1,061)
Earnings before tax (EBT)	9,740)	8,487)	7,840)	6,680)	5,367)	4,765)
Add: Interest expense	169)	160)	158)	171)	160)	150)
Earnings before interest and tax (EBIT)	9,909)	8,647)	7,998)	6,851)	5,527)	4,915)
Add: Depreciation and amortization	2,237)	2,077)	1,900)	1,781)	1,645)	1,492)
Earnings before interest, tax, depreciation and amortization (EBITDA)	12,146)	10,724)	9,898)	8,632)	7,172)	6,407)

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).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Costco Wholesale Corp. EBITDA increased from 2022 to 2023 and from 2023 to 2024.

Costco Wholesale Corp., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	419,762)
Earnings before interest, tax, depreciation and amortization (EBITDA)	12,146)
Valuation Ratio
EV/EBITDA	34.56
Benchmarks
EV/EBITDA, Competitors¹
Target Corp.	8.43
Walmart Inc.	21.56
EV/EBITDA, Sector
Consumer Staples Distribution & Retail	26.88
EV/EBITDA, Industry
Consumer Staples	20.51

Based on: 10-K (reporting date: 2024-09-01).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Costco Wholesale Corp., historical EV/EBITDA 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)
Enterprise value (EV)¹	399,049)	243,035)	209,733)	195,411)	155,588)	128,983)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	12,146)	10,724)	9,898)	8,632)	7,172)	6,407)
Valuation Ratio
EV/EBITDA³	32.85	22.66	21.19	22.64	21.69	20.13
Benchmarks
EV/EBITDA, Competitors⁴
Target Corp.	10.37	13.52	9.00	10.35	8.50	7.49
Walmart Inc.	14.63	13.92	13.94	12.01	11.12	13.73
EV/EBITDA, Sector
Consumer Staples Distribution & Retail	—	15.84	14.18	13.50	12.30	13.73
EV/EBITDA, Industry
Consumer Staples	—	15.65	15.91	15.94	14.71	18.45

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 See details »

² See details »

³ 2024 Calculation
EV/EBITDA = EV ÷ EBITDA
= 399,049 ÷ 12,146 = 32.85

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	Costco Wholesale Corp. EV/EBITDA ratio increased from 2022 to 2023 and from 2023 to 2024.

Costco Wholesale Corp. (NASDAQ:COST)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical