COSTCO WHOLESALE CORP /NEW
$1,106.21
+14.00 (+1.28%) · delayed · Nov 13, 2026
Five-year price
52w $844.06 to $1,109.50
- Market cap
- $490.2B
- Enterprise value
- $476.1B
- P/E
- 53.3×
- 59.8× on 3y avg EPS
- EV / EBIT
- 40.7×
- FCF yield
- 1.9%
- ROIC
- 40.4%
- Debt / equity
- 0.17
- Piotroski F
- 6/9
Value scorecard · FY2026
Does it pass the value tests?
Quality
83
- ●ROIC > 12% (5y avg)5y avg ROIC 36.4%
- ●ROE > 15% (5y avg)5y avg ROE 27.6%
- ●Stable operating marginsMargin volatility 0.2% (σ, 5y)
- ●Earnings convert to cashFCF / net income 91% (5y avg)
- ●Growing revenueRevenue CAGR 5y 9.1%
- ○Shrinking share countDiluted shares 0.0% over 5y
Value
0
- ○P/E below 15P/E 53.3
- ○EV/EBIT below 12EV/EBIT 40.7
- ○FCF yield above 6%FCF yield 1.9%
- ○Price below Graham NumberGraham Number $194.27
- ○P/B below 3P/B 13.7
Safety
80
- ●Debt / equity below 0.5D/E 0.17
- ●Debt payable in < 4 yrs of earningsNet debt $-14.0B
- ●Interest coverage > 8xCoverage 80.6x
- ○Current ratio > 1.5Current ratio 1.06
- ●Piotroski F-score ≥ 6F-score 6/9
Graham Defensive
57
- ●Adequate size (revenue > $2B)Revenue $303.2B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.06
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 159%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 59.8
- ○P/E × P/B ≤ 22.5Product 818.2
Valuation lab
What do you have to believe?
At $1,106.21, the market is pricing in about 18.0% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt −$14.0B · 443M shares · 5y revenue CAGR 9.1%
Intrinsic value
$577.28
Price
$1,106.21
Premium paid
92%
What the price implies
The market is paying for 18.0% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
61% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 129,025 | 141,576 | 152,703 | 166,761 | 195,929 | 226,954 | 242,290 | 254,453 | 275,235 | 303,154 |
| Gross profit | — | — | 16,465 | — | — | — | — | — | — | — |
| Operating income | 4,111 | 4,480 | 4,737 | 5,435 | 6,708 | 7,793 | 8,114 | 9,285 | 10,383 | 11,685 |
| Operating margin | 3.2% | 3.2% | 3.1% | 3.3% | 3.4% | 3.4% | 3.3% | 3.6% | 3.8% | 3.9% |
| Pre-tax income | 4,039 | 4,442 | 4,765 | 5,367 | 6,680 | 7,840 | 8,487 | 9,740 | 10,818 | 12,251 |
| Income tax | 1,325 | 1,263 | 1,061 | 1,308 | 1,601 | 1,925 | 2,195 | 2,373 | 2,719 | 3,025 |
| Net income | 2,679 | 3,134 | 3,659 | 4,002 | 5,007 | 5,844 | 6,292 | 7,367 | 8,099 | 9,226 |
| EPS (diluted) | 6.08 | 7.09 | 8.26 | 9.02 | 11.27 | 13.14 | 14.16 | 16.56 | 18.21 | 20.76 |
| Diluted shares | 441 | 442 | 443 | 444 | 444 | 445 | 444 | 445 | 445 | 444 |
Who owns it