Stock Analysis on Net

Costco Wholesale Corp. (NASDAQ:COST)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Microsoft Excel

Historical Valuation Ratios (Summary)

Costco Wholesale Corp., historical price multiples (quarterly data)

Microsoft Excel
Sep 1, 2024 May 12, 2024 Feb 18, 2024 Nov 26, 2023 Sep 3, 2023 May 7, 2023 Feb 12, 2023 Nov 20, 2022 Aug 28, 2022 May 8, 2022 Feb 13, 2022 Nov 21, 2021 Aug 29, 2021 May 9, 2021 Feb 14, 2021 Nov 22, 2020 Aug 30, 2020 May 10, 2020 Feb 16, 2020 Nov 24, 2019 Sep 1, 2019 May 12, 2019 Feb 17, 2019 Nov 25, 2018
Price to earnings (P/E) 54.68 52.08 47.93 45.01 39.79 37.86 35.14 34.43 36.38 38.26 42.83 47.19 39.65 35.91 32.99 37.85 40.02 36.98 32.71 34.68 35.76
Price to operating profit (P/OP) 43.38 41.40 38.28 35.14 30.86 29.01 26.78 25.80 27.28 28.53 31.72 34.97 29.60 26.67 24.38 28.20 29.47 27.61 25.16 26.72 27.62
Price to sales (P/S) 1.61 1.50 1.33 1.22 1.05 0.98 0.92 0.89 0.95 1.01 1.15 1.22 1.03 0.93 0.82 0.97 0.98 0.87 0.80 0.86 0.88
Price to book value (P/BV) 17.05 17.16 15.69 11.22 9.99 9.64 9.33 9.43 10.30 10.82 12.16 13.20 11.30 10.30 9.16 11.01 8.76 8.17 7.44 8.17 8.58 7.63 7.50 6.59

Based on: 10-K (reporting date: 2024-09-01), 10-Q (reporting date: 2024-05-12), 10-Q (reporting date: 2024-02-18), 10-Q (reporting date: 2023-11-26), 10-K (reporting date: 2023-09-03), 10-Q (reporting date: 2023-05-07), 10-Q (reporting date: 2023-02-12), 10-Q (reporting date: 2022-11-20), 10-K (reporting date: 2022-08-28), 10-Q (reporting date: 2022-05-08), 10-Q (reporting date: 2022-02-13), 10-Q (reporting date: 2021-11-21), 10-K (reporting date: 2021-08-29), 10-Q (reporting date: 2021-05-09), 10-Q (reporting date: 2021-02-14), 10-Q (reporting date: 2020-11-22), 10-K (reporting date: 2020-08-30), 10-Q (reporting date: 2020-05-10), 10-Q (reporting date: 2020-02-16), 10-Q (reporting date: 2019-11-24), 10-K (reporting date: 2019-09-01), 10-Q (reporting date: 2019-05-12), 10-Q (reporting date: 2019-02-17), 10-Q (reporting date: 2018-11-25).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Costco Wholesale Corp. P/E ratio increased from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Costco Wholesale Corp. P/OP ratio increased from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Costco Wholesale Corp. P/S ratio increased from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. Costco Wholesale Corp. P/BV ratio increased from Q2 2024 to Q3 2024 but then slightly decreased from Q3 2024 to Q4 2024.

Price to Earnings (P/E)

Costco Wholesale Corp., historical P/E calculation (quarterly data)

Microsoft Excel
Sep 1, 2024 May 12, 2024 Feb 18, 2024 Nov 26, 2023 Sep 3, 2023 May 7, 2023 Feb 12, 2023 Nov 20, 2022 Aug 28, 2022 May 8, 2022 Feb 13, 2022 Nov 21, 2021 Aug 29, 2021 May 9, 2021 Feb 14, 2021 Nov 22, 2020 Aug 30, 2020 May 10, 2020 Feb 16, 2020 Nov 24, 2019 Sep 1, 2019 May 12, 2019 Feb 17, 2019 Nov 25, 2018
No. shares of common stock outstanding1 443,073,537 443,335,024 443,504,036 443,728,416 442,740,572 443,148,481 443,483,205 443,729,036 442,604,145 442,962,949 443,224,290 443,432,486 441,823,811 442,069,091 442,533,785 442,955,229 441,228,027 441,523,711 441,579,952 441,757,627 439,656,950 439,789,186 439,880,257 440,490,478
Selected Financial Data (US$)
Net income attributable to Costco (in millions) 2,354 1,681 1,743 1,589 2,160 1,302 1,466 1,364 1,868 1,353 1,299 1,324 1,670 1,220 951 1,166 1,389 838 931 844 1,097 906 889 767
Earnings per share (EPS)2 16.63 16.18 15.32 14.69 14.21 13.54 13.64 13.26 13.20 12.75 12.44 11.65 11.33 10.69 9.82 9.76 9.07 8.40 8.56 8.46 8.32 0.00 0.00 0.00
Share price1, 3 909.10 842.64 734.20 661.00 565.52 512.60 479.52 456.53 480.32 487.61 532.72 549.67 449.34 383.87 323.83 369.44 363.02 310.75 279.85 293.31 297.60 251.21 236.38 197.13
Valuation Ratio
P/E ratio4 54.68 52.08 47.93 45.01 39.79 37.86 35.14 34.43 36.38 38.26 42.83 47.19 39.65 35.91 32.99 37.85 40.02 36.98 32.71 34.68 35.76
Benchmarks
P/E Ratio, Competitors5
Dollar General Corp. 19.94 15.14 14.02 14.93 18.67 22.44 23.98 22.17 21.90 20.46 20.82 18.00 16.92 20.63 21.44 23.43 21.04 23.78 24.63 20.38 19.18
Target Corp. 18.60 16.59 16.67 23.57 27.08 21.82 17.50 13.23 14.38 17.57 19.28 18.16 20.39 23.56 21.44 22.08 16.12 19.66 17.35 13.68 13.56
Walmart Inc. 31.52 25.73 30.97 35.47 32.17 46.12 26.02 26.43 29.27 47.43 41.22 32.45 27.47 21.57 23.39 23.27 21.69 23.34 25.39 36.14 41.79

Based on: 10-K (reporting date: 2024-09-01), 10-Q (reporting date: 2024-05-12), 10-Q (reporting date: 2024-02-18), 10-Q (reporting date: 2023-11-26), 10-K (reporting date: 2023-09-03), 10-Q (reporting date: 2023-05-07), 10-Q (reporting date: 2023-02-12), 10-Q (reporting date: 2022-11-20), 10-K (reporting date: 2022-08-28), 10-Q (reporting date: 2022-05-08), 10-Q (reporting date: 2022-02-13), 10-Q (reporting date: 2021-11-21), 10-K (reporting date: 2021-08-29), 10-Q (reporting date: 2021-05-09), 10-Q (reporting date: 2021-02-14), 10-Q (reporting date: 2020-11-22), 10-K (reporting date: 2020-08-30), 10-Q (reporting date: 2020-05-10), 10-Q (reporting date: 2020-02-16), 10-Q (reporting date: 2019-11-24), 10-K (reporting date: 2019-09-01), 10-Q (reporting date: 2019-05-12), 10-Q (reporting date: 2019-02-17), 10-Q (reporting date: 2018-11-25).

1 Data adjusted for splits and stock dividends.

2 Q4 2024 Calculation
EPS = (Net income attributable to CostcoQ4 2024 + Net income attributable to CostcoQ3 2024 + Net income attributable to CostcoQ2 2024 + Net income attributable to CostcoQ1 2024) ÷ No. shares of common stock outstanding
= (2,354,000,000 + 1,681,000,000 + 1,743,000,000 + 1,589,000,000) ÷ 443,073,537 = 16.63

3 Closing price as at the filing date of Costco Wholesale Corp. Quarterly or Annual Report.

4 Q4 2024 Calculation
P/E ratio = Share price ÷ EPS
= 909.10 ÷ 16.63 = 54.68

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Costco Wholesale Corp. P/E ratio increased from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.

Price to Operating Profit (P/OP)

Costco Wholesale Corp., historical P/OP calculation (quarterly data)

Microsoft Excel
Sep 1, 2024 May 12, 2024 Feb 18, 2024 Nov 26, 2023 Sep 3, 2023 May 7, 2023 Feb 12, 2023 Nov 20, 2022 Aug 28, 2022 May 8, 2022 Feb 13, 2022 Nov 21, 2021 Aug 29, 2021 May 9, 2021 Feb 14, 2021 Nov 22, 2020 Aug 30, 2020 May 10, 2020 Feb 16, 2020 Nov 24, 2019 Sep 1, 2019 May 12, 2019 Feb 17, 2019 Nov 25, 2018
No. shares of common stock outstanding1 443,073,537 443,335,024 443,504,036 443,728,416 442,740,572 443,148,481 443,483,205 443,729,036 442,604,145 442,962,949 443,224,290 443,432,486 441,823,811 442,069,091 442,533,785 442,955,229 441,228,027 441,523,711 441,579,952 441,757,627 439,656,950 439,789,186 439,880,257 440,490,478
Selected Financial Data (US$)
Operating income (in millions) 3,042 2,197 2,062 1,984 2,781 1,679 1,903 1,751 2,497 1,791 1,812 1,693 2,275 1,663 1,340 1,430 1,929 1,179 1,266 1,061 1,463 1,122 1,203 949
Operating profit per share2 20.96 20.35 19.18 18.81 18.33 17.67 17.91 17.69 17.61 17.09 16.79 15.72 15.18 14.39 13.28 13.10 12.32 11.25 11.12 10.98 10.77 0.00 0.00 0.00
Share price1, 3 909.10 842.64 734.20 661.00 565.52 512.60 479.52 456.53 480.32 487.61 532.72 549.67 449.34 383.87 323.83 369.44 363.02 310.75 279.85 293.31 297.60 251.21 236.38 197.13
Valuation Ratio
P/OP ratio4 43.38 41.40 38.28 35.14 30.86 29.01 26.78 25.80 27.28 28.53 31.72 34.97 29.60 26.67 24.38 28.20 29.47 27.61 25.16 26.72 27.62
Benchmarks
P/OP Ratio, Competitors5
Dollar General Corp. 13.54 10.37 9.80 10.68 13.55 16.55 17.78 16.49 16.32 15.17 15.48 13.42 12.64 15.44 16.06 17.44 15.65 17.79 18.49 15.34 14.41
Target Corp. 13.48 12.05 11.95 16.74 19.56 15.72 12.81 9.79 11.17 13.72 14.12 13.29 13.62 15.26 15.20 15.33 11.35 13.94 12.44 9.80 9.69
Walmart Inc. 18.10 16.56 19.94 18.77 18.40 19.93 15.13 14.11 15.43 14.89 16.23 16.40 16.46 19.02 19.63 16.77 15.69 15.80 15.12 13.92 12.70

Based on: 10-K (reporting date: 2024-09-01), 10-Q (reporting date: 2024-05-12), 10-Q (reporting date: 2024-02-18), 10-Q (reporting date: 2023-11-26), 10-K (reporting date: 2023-09-03), 10-Q (reporting date: 2023-05-07), 10-Q (reporting date: 2023-02-12), 10-Q (reporting date: 2022-11-20), 10-K (reporting date: 2022-08-28), 10-Q (reporting date: 2022-05-08), 10-Q (reporting date: 2022-02-13), 10-Q (reporting date: 2021-11-21), 10-K (reporting date: 2021-08-29), 10-Q (reporting date: 2021-05-09), 10-Q (reporting date: 2021-02-14), 10-Q (reporting date: 2020-11-22), 10-K (reporting date: 2020-08-30), 10-Q (reporting date: 2020-05-10), 10-Q (reporting date: 2020-02-16), 10-Q (reporting date: 2019-11-24), 10-K (reporting date: 2019-09-01), 10-Q (reporting date: 2019-05-12), 10-Q (reporting date: 2019-02-17), 10-Q (reporting date: 2018-11-25).

1 Data adjusted for splits and stock dividends.

2 Q4 2024 Calculation
Operating profit per share = (Operating incomeQ4 2024 + Operating incomeQ3 2024 + Operating incomeQ2 2024 + Operating incomeQ1 2024) ÷ No. shares of common stock outstanding
= (3,042,000,000 + 2,197,000,000 + 2,062,000,000 + 1,984,000,000) ÷ 443,073,537 = 20.96

3 Closing price as at the filing date of Costco Wholesale Corp. Quarterly or Annual Report.

4 Q4 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 909.10 ÷ 20.96 = 43.38

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Costco Wholesale Corp. P/OP ratio increased from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.

Price to Sales (P/S)

Costco Wholesale Corp., historical P/S calculation (quarterly data)

Microsoft Excel
Sep 1, 2024 May 12, 2024 Feb 18, 2024 Nov 26, 2023 Sep 3, 2023 May 7, 2023 Feb 12, 2023 Nov 20, 2022 Aug 28, 2022 May 8, 2022 Feb 13, 2022 Nov 21, 2021 Aug 29, 2021 May 9, 2021 Feb 14, 2021 Nov 22, 2020 Aug 30, 2020 May 10, 2020 Feb 16, 2020 Nov 24, 2019 Sep 1, 2019 May 12, 2019 Feb 17, 2019 Nov 25, 2018
No. shares of common stock outstanding1 443,073,537 443,335,024 443,504,036 443,728,416 442,740,572 443,148,481 443,483,205 443,729,036 442,604,145 442,962,949 443,224,290 443,432,486 441,823,811 442,069,091 442,533,785 442,955,229 441,228,027 441,523,711 441,579,952 441,757,627 439,656,950 439,789,186 439,880,257 440,490,478
Selected Financial Data (US$)
Net sales (in millions) 78,185 57,392 57,331 56,717 77,430 52,604 54,239 53,437 70,764 51,612 50,937 49,417 61,441 44,376 43,888 42,347 52,277 36,451 38,256 36,236 46,448 33,964 34,628 34,311
Sales per share2 563.39 561.36 550.35 543.10 536.91 521.37 518.74 511.01 503.23 481.77 465.16 449.05 434.68 413.71 395.37 382.28 369.92 356.47 350.79 342.44 339.70 0.00 0.00 0.00
Share price1, 3 909.10 842.64 734.20 661.00 565.52 512.60 479.52 456.53 480.32 487.61 532.72 549.67 449.34 383.87 323.83 369.44 363.02 310.75 279.85 293.31 297.60 251.21 236.38 197.13
Valuation Ratio
P/S ratio4 1.61 1.50 1.33 1.22 1.05 0.98 0.92 0.89 0.95 1.01 1.15 1.22 1.03 0.93 0.82 0.97 0.98 0.87 0.80 0.86 0.88
Benchmarks
P/S Ratio, Competitors5
Dollar General Corp. 0.86 0.74 0.78 0.92 1.19 1.46 1.57 1.46 1.54 1.47 1.57 1.43 1.33 1.62 1.60 1.57 1.30 1.45 1.50 1.26 1.19
Target Corp. 0.73 0.57 0.53 0.60 0.70 0.70 0.69 0.73 0.95 1.17 1.23 1.16 0.96 1.03 0.90 0.77 0.69 0.83 0.72 0.55 0.53
Walmart Inc. 0.76 0.66 0.70 0.65 0.62 0.70 0.62 0.60 0.70 0.67 0.74 0.71 0.67 0.78 0.78 0.66 0.62 0.65 0.63 0.59 0.55

Based on: 10-K (reporting date: 2024-09-01), 10-Q (reporting date: 2024-05-12), 10-Q (reporting date: 2024-02-18), 10-Q (reporting date: 2023-11-26), 10-K (reporting date: 2023-09-03), 10-Q (reporting date: 2023-05-07), 10-Q (reporting date: 2023-02-12), 10-Q (reporting date: 2022-11-20), 10-K (reporting date: 2022-08-28), 10-Q (reporting date: 2022-05-08), 10-Q (reporting date: 2022-02-13), 10-Q (reporting date: 2021-11-21), 10-K (reporting date: 2021-08-29), 10-Q (reporting date: 2021-05-09), 10-Q (reporting date: 2021-02-14), 10-Q (reporting date: 2020-11-22), 10-K (reporting date: 2020-08-30), 10-Q (reporting date: 2020-05-10), 10-Q (reporting date: 2020-02-16), 10-Q (reporting date: 2019-11-24), 10-K (reporting date: 2019-09-01), 10-Q (reporting date: 2019-05-12), 10-Q (reporting date: 2019-02-17), 10-Q (reporting date: 2018-11-25).

1 Data adjusted for splits and stock dividends.

2 Q4 2024 Calculation
Sales per share = (Net salesQ4 2024 + Net salesQ3 2024 + Net salesQ2 2024 + Net salesQ1 2024) ÷ No. shares of common stock outstanding
= (78,185,000,000 + 57,392,000,000 + 57,331,000,000 + 56,717,000,000) ÷ 443,073,537 = 563.39

3 Closing price as at the filing date of Costco Wholesale Corp. Quarterly or Annual Report.

4 Q4 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= 909.10 ÷ 563.39 = 1.61

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Costco Wholesale Corp. P/S ratio increased from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.

Price to Book Value (P/BV)

Costco Wholesale Corp., historical P/BV calculation (quarterly data)

Microsoft Excel
Sep 1, 2024 May 12, 2024 Feb 18, 2024 Nov 26, 2023 Sep 3, 2023 May 7, 2023 Feb 12, 2023 Nov 20, 2022 Aug 28, 2022 May 8, 2022 Feb 13, 2022 Nov 21, 2021 Aug 29, 2021 May 9, 2021 Feb 14, 2021 Nov 22, 2020 Aug 30, 2020 May 10, 2020 Feb 16, 2020 Nov 24, 2019 Sep 1, 2019 May 12, 2019 Feb 17, 2019 Nov 25, 2018
No. shares of common stock outstanding1 443,073,537 443,335,024 443,504,036 443,728,416 442,740,572 443,148,481 443,483,205 443,729,036 442,604,145 442,962,949 443,224,290 443,432,486 441,823,811 442,069,091 442,533,785 442,955,229 441,228,027 441,523,711 441,579,952 441,757,627 439,656,950 439,789,186 439,880,257 440,490,478
Selected Financial Data (US$)
Total Costco stockholders’ equity (in millions) 23,622 21,771 20,760 26,147 25,058 23,568 22,794 21,471 20,642 19,968 19,418 18,463 17,564 16,482 15,652 14,860 18,284 16,802 16,614 15,861 15,243 14,486 13,858 13,167
Book value per share (BVPS)2 53.31 49.11 46.81 58.93 56.60 53.18 51.40 48.39 46.64 45.08 43.81 41.64 39.75 37.28 35.37 33.55 41.44 38.05 37.62 35.90 34.67 32.94 31.50 29.89
Share price1, 3 909.10 842.64 734.20 661.00 565.52 512.60 479.52 456.53 480.32 487.61 532.72 549.67 449.34 383.87 323.83 369.44 363.02 310.75 279.85 293.31 297.60 251.21 236.38 197.13
Valuation Ratio
P/BV ratio4 17.05 17.16 15.69 11.22 9.99 9.64 9.33 9.43 10.30 10.82 12.16 13.20 11.30 10.30 9.16 11.01 8.76 8.17 7.44 8.17 8.58 7.63 7.50 6.59
Benchmarks
P/BV Ratio, Competitors5
Dollar General Corp. 4.91 4.50 4.83 5.98 8.14 8.67 8.97 8.46 8.39 8.08 8.59 7.72 6.74 7.52 6.82 6.43 5.38 5.94 5.95 4.99 4.75 4.31 4.40 3.75
Target Corp. 5.73 4.81 4.69 5.53 6.70 6.83 6.98 7.19 7.79 8.63 8.18 7.50 6.17 6.76 6.00 5.48 4.47 5.53 4.62 3.71 3.52 3.36 4.08 3.43
Walmart Inc. 5.83 5.28 5.47 5.54 4.90 5.72 4.65 4.47 4.81 4.62 5.14 5.07 4.59 5.23 5.56 5.12 4.32 4.70 4.64 4.44 3.85 3.94 3.97 3.34

Based on: 10-K (reporting date: 2024-09-01), 10-Q (reporting date: 2024-05-12), 10-Q (reporting date: 2024-02-18), 10-Q (reporting date: 2023-11-26), 10-K (reporting date: 2023-09-03), 10-Q (reporting date: 2023-05-07), 10-Q (reporting date: 2023-02-12), 10-Q (reporting date: 2022-11-20), 10-K (reporting date: 2022-08-28), 10-Q (reporting date: 2022-05-08), 10-Q (reporting date: 2022-02-13), 10-Q (reporting date: 2021-11-21), 10-K (reporting date: 2021-08-29), 10-Q (reporting date: 2021-05-09), 10-Q (reporting date: 2021-02-14), 10-Q (reporting date: 2020-11-22), 10-K (reporting date: 2020-08-30), 10-Q (reporting date: 2020-05-10), 10-Q (reporting date: 2020-02-16), 10-Q (reporting date: 2019-11-24), 10-K (reporting date: 2019-09-01), 10-Q (reporting date: 2019-05-12), 10-Q (reporting date: 2019-02-17), 10-Q (reporting date: 2018-11-25).

1 Data adjusted for splits and stock dividends.

2 Q4 2024 Calculation
BVPS = Total Costco stockholders’ equity ÷ No. shares of common stock outstanding
= 23,622,000,000 ÷ 443,073,537 = 53.31

3 Closing price as at the filing date of Costco Wholesale Corp. Quarterly or Annual Report.

4 Q4 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= 909.10 ÷ 53.31 = 17.05

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. Costco Wholesale Corp. P/BV ratio increased from Q2 2024 to Q3 2024 but then slightly decreased from Q3 2024 to Q4 2024.