Price to Book Value (P/BV)
since 2005
Calculation
Costco Wholesale Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total Costco stockholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Oct 7, 2026 | 11.66 | = | 942.25 | ÷ | 80.80 | 80.80 | = | 35,803 | ÷ | 443,129,349 | |
| Oct 8, 2025 | 13.90 | = | 914.80 | ÷ | 65.81 | 65.81 | = | 29,164 | ÷ | 443,179,176 | |
| Oct 9, 2024 | 17.05 | = | 909.10 | ÷ | 53.31 | 53.31 | = | 23,622 | ÷ | 443,073,537 | |
| Oct 11, 2023 | 9.99 | = | 565.52 | ÷ | 56.60 | 56.60 | = | 25,058 | ÷ | 442,740,572 | |
| Oct 5, 2022 | 10.30 | = | 480.32 | ÷ | 46.64 | 46.64 | = | 20,642 | ÷ | 442,604,145 | |
| Oct 6, 2021 | 11.30 | = | 449.34 | ÷ | 39.75 | 39.75 | = | 17,564 | ÷ | 441,823,811 | |
| Oct 7, 2020 | 8.76 | = | 363.02 | ÷ | 41.44 | 41.44 | = | 18,284 | ÷ | 441,228,027 | |
| Oct 11, 2019 | 8.58 | = | 297.60 | ÷ | 34.67 | 34.67 | = | 15,243 | ÷ | 439,656,950 | |
| Oct 26, 2018 | 7.47 | = | 218.19 | ÷ | 29.21 | 29.21 | = | 12,799 | ÷ | 438,208,376 | |
| Oct 18, 2017 | 6.39 | = | 157.55 | ÷ | 24.66 | 24.66 | = | 10,778 | ÷ | 436,989,606 | |
| Oct 12, 2016 | 5.44 | = | 150.46 | ÷ | 27.63 | 27.63 | = | 12,079 | ÷ | 437,126,569 | |
| Oct 14, 2015 | 6.17 | = | 149.84 | ÷ | 24.27 | 24.27 | = | 10,617 | ÷ | 437,406,636 | |
| Oct 15, 2014 | 4.42 | = | 124.30 | ÷ | 28.10 | 28.10 | = | 12,303 | ÷ | 437,762,068 | |
| Oct 16, 2013 | 4.73 | = | 117.36 | ÷ | 24.79 | 24.79 | = | 10,833 | ÷ | 436,922,037 | |
| Oct 19, 2012 | 3.32 | = | 94.78 | ÷ | 28.59 | 28.59 | = | 12,361 | ÷ | 432,424,379 | |
| Oct 14, 2011 | 2.95 | = | 81.77 | ÷ | 27.69 | 27.69 | = | 12,002 | ÷ | 433,365,150 | |
| Oct 18, 2010 | 2.52 | = | 63.21 | ÷ | 25.05 | 25.05 | = | 10,829 | ÷ | 432,333,947 | |
| Oct 16, 2009 | 2.54 | = | 58.48 | ÷ | 22.99 | 22.99 | = | 10,024 | ÷ | 435,989,212 | |
| Oct 16, 2008 | 2.71 | = | 57.79 | ÷ | 21.29 | 21.29 | = | 9,192 | ÷ | 431,675,461 | |
| Oct 25, 2007 | 3.26 | = | 64.82 | ÷ | 19.87 | 19.87 | = | 8,623 | ÷ | 434,083,536 | |
| Nov 17, 2006 | 2.68 | = | 53.40 | ÷ | 19.95 | 19.95 | = | 9,143 | ÷ | 458,268,158 | |
| Nov 10, 2005 | 2.66 | = | 50.06 | ÷ | 18.81 | 18.81 | = | 8,881 | ÷ | 472,098,845 |
Based on: 10-K (reporting date: 2026-08-30), 10-K (reporting date: 2025-08-31), 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), 10-K (reporting date: 2018-09-02), 10-K (reporting date: 2017-09-03), 10-K (reporting date: 2016-08-28), 10-K (reporting date: 2015-08-30), 10-K (reporting date: 2014-08-31), 10-K (reporting date: 2013-09-01), 10-K (reporting date: 2012-09-02), 10-K (reporting date: 2011-08-28), 10-K (reporting date: 2010-08-29), 10-K (reporting date: 2009-08-30), 10-K (reporting date: 2008-08-31), 10-K (reporting date: 2007-09-02), 10-K (reporting date: 2006-09-03), 10-K (reporting date: 2005-08-28).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Costco Wholesale Corp. Annual Report.
An analysis of the price-to-book value (P/BV) trajectory reveals a significant long-term expansion in market valuation relative to equity book value. While both the share price and book value per share have increased over the observed period, the rate of share price appreciation has vastly outpaced the growth of the book value, resulting in a substantial increase in the valuation multiple.
- Initial Stability Phase (2005–2012)
- During the period from 2005 to 2012, the P/BV ratio remained relatively stable, fluctuating within a narrow range between 2.52 and 3.32. Market valuation during this era closely tracked the growth of the book value per share, suggesting a period of consistent and conservative valuation multiples.
- Valuation Expansion (2013–2020)
- A structural shift in valuation is observed beginning in 2013, when the P/BV ratio rose to 4.73 and continued a steady upward trend to reach 8.76 by 2020. This trend indicates a growing market premium attributed to the company, where the share price began to decouple from the tangible book value, reflecting increased investor confidence in intangible assets, brand equity, or future growth prospects.
- Peak Valuation and Recent Normalization (2021–2026)
- The P/BV ratio experienced a period of rapid acceleration starting in 2021, peaking at 17.05 in 2023. This peak was driven by a sharp increase in the share price that far exceeded the growth rate of the book value per share. Subsequently, a downward adjustment is observed from 2024 through 2026, with the ratio moderating to 11.66. Despite this correction, the current valuation remains historically high compared to the baseline established prior to 2013.
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Comparison to Competitors
Costco Wholesale Corp., P/BV, long-term trends, comparison to competitors
| Costco Wholesale Corp. | Target Corp. | Walmart Inc. | |
|---|---|---|---|
| Oct 7, 2026 | 11.66 | 3.33 | 10.13 |
| Oct 8, 2025 | 13.90 | 3.33 | 7.52 |
| Oct 9, 2024 | 17.05 | 5.73 | 5.83 |
| Oct 11, 2023 | 9.99 | 6.70 | 4.90 |
| Oct 5, 2022 | 10.30 | 7.79 | 4.81 |
| Oct 6, 2021 | 11.30 | 6.17 | 4.59 |
| Oct 7, 2020 | 8.76 | 4.47 | 4.32 |
| Oct 11, 2019 | 8.58 | 3.52 | 3.85 |
| Oct 26, 2018 | 7.47 | 3.25 | 3.37 |
| Oct 18, 2017 | 6.39 | 2.78 | 2.81 |
| Oct 12, 2016 | 5.44 | 3.79 | 2.69 |
| Oct 14, 2015 | 6.17 | 3.63 | 3.20 |
| Oct 15, 2014 | 4.42 | 2.32 | 3.22 |
| Oct 16, 2013 | 4.73 | 2.65 | 3.22 |
| Oct 19, 2012 | 3.32 | 2.48 | 2.92 |
| Oct 14, 2011 | 2.95 | 2.31 | 2.67 |
| Oct 18, 2010 | 2.52 | 2.56 | 2.97 |
| Oct 16, 2009 | 2.54 | 1.65 | 3.17 |
| Oct 16, 2008 | 2.71 | 2.69 | 3.22 |
| Oct 25, 2007 | 3.26 | 3.27 | 3.18 |
| Nov 17, 2006 | 2.68 | 3.17 | 3.77 |
| Nov 10, 2005 | 2.66 | 3.38 | 4.29 |
Based on: 10-K (reporting date: 2026-08-30), 10-K (reporting date: 2025-08-31), 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), 10-K (reporting date: 2018-09-02), 10-K (reporting date: 2017-09-03), 10-K (reporting date: 2016-08-28), 10-K (reporting date: 2015-08-30), 10-K (reporting date: 2014-08-31), 10-K (reporting date: 2013-09-01), 10-K (reporting date: 2012-09-02), 10-K (reporting date: 2011-08-28), 10-K (reporting date: 2010-08-29), 10-K (reporting date: 2009-08-30), 10-K (reporting date: 2008-08-31), 10-K (reporting date: 2007-09-02), 10-K (reporting date: 2006-09-03), 10-K (reporting date: 2005-08-28).
Comparison to Sector (Consumer Staples Distribution & Retail)
Costco Wholesale Corp., P/BV, long-term trends, comparison to sector (consumer staples distribution & retail)
| Costco Wholesale Corp. | Consumer Staples Distribution & Retail | |
|---|---|---|
| Oct 7, 2026 | 11.66 | — |
| Oct 8, 2025 | 13.90 | 8.44 |
| Oct 9, 2024 | 17.05 | 8.01 |
| Oct 11, 2023 | 9.99 | 6.21 |
| Oct 5, 2022 | 10.30 | 6.11 |
| Oct 6, 2021 | 11.30 | 5.83 |
| Oct 7, 2020 | 8.76 | 5.11 |
| Oct 11, 2019 | 8.58 | 4.54 |
| Oct 26, 2018 | 7.47 | 3.87 |
| Oct 18, 2017 | 6.39 | 3.19 |
| Oct 12, 2016 | 5.44 | 3.14 |
| Oct 14, 2015 | 6.17 | 3.55 |
| Oct 15, 2014 | 4.42 | 3.22 |
| Oct 16, 2013 | 4.73 | 3.29 |
| Oct 19, 2012 | 3.32 | 2.90 |
| Oct 14, 2011 | 2.95 | 2.64 |
| Oct 18, 2010 | 2.52 | 2.86 |
| Oct 16, 2009 | 2.54 | 2.86 |
| Oct 16, 2008 | 2.71 | 3.08 |
| Oct 25, 2007 | 3.26 | 3.21 |
| Nov 17, 2006 | 2.68 | 3.52 |
| Nov 10, 2005 | 2.66 | 3.92 |
Based on: 10-K (reporting date: 2026-08-30), 10-K (reporting date: 2025-08-31), 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), 10-K (reporting date: 2018-09-02), 10-K (reporting date: 2017-09-03), 10-K (reporting date: 2016-08-28), 10-K (reporting date: 2015-08-30), 10-K (reporting date: 2014-08-31), 10-K (reporting date: 2013-09-01), 10-K (reporting date: 2012-09-02), 10-K (reporting date: 2011-08-28), 10-K (reporting date: 2010-08-29), 10-K (reporting date: 2009-08-30), 10-K (reporting date: 2008-08-31), 10-K (reporting date: 2007-09-02), 10-K (reporting date: 2006-09-03), 10-K (reporting date: 2005-08-28).
Comparison to Industry (Consumer Staples)
Costco Wholesale Corp., P/BV, long-term trends, comparison to industry (consumer staples)
| Costco Wholesale Corp. | Consumer Staples | |
|---|---|---|
| Oct 7, 2026 | 11.66 | — |
| Oct 8, 2025 | 13.90 | 9.47 |
| Oct 9, 2024 | 17.05 | 9.43 |
| Oct 11, 2023 | 9.99 | 8.14 |
| Oct 5, 2022 | 10.30 | 8.11 |
| Oct 6, 2021 | 11.30 | 8.15 |
| Oct 7, 2020 | 8.76 | 7.44 |
| Oct 11, 2019 | 8.58 | 7.21 |
| Oct 26, 2018 | 7.47 | 5.76 |
| Oct 18, 2017 | 6.39 | 5.70 |
| Oct 12, 2016 | 5.44 | 5.35 |
| Oct 14, 2015 | 6.17 | 5.06 |
| Oct 15, 2014 | 4.42 | 4.55 |
| Oct 16, 2013 | 4.73 | 4.08 |
| Oct 19, 2012 | 3.32 | 3.89 |
| Oct 14, 2011 | 2.95 | 3.50 |
| Oct 18, 2010 | 2.52 | 3.45 |
| Oct 16, 2009 | 2.54 | 3.38 |
| Oct 16, 2008 | 2.71 | 3.48 |
| Oct 25, 2007 | 3.26 | 3.56 |
| Nov 17, 2006 | 2.68 | 3.66 |
| Nov 10, 2005 | 2.66 | 4.47 |
Based on: 10-K (reporting date: 2026-08-30), 10-K (reporting date: 2025-08-31), 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), 10-K (reporting date: 2018-09-02), 10-K (reporting date: 2017-09-03), 10-K (reporting date: 2016-08-28), 10-K (reporting date: 2015-08-30), 10-K (reporting date: 2014-08-31), 10-K (reporting date: 2013-09-01), 10-K (reporting date: 2012-09-02), 10-K (reporting date: 2011-08-28), 10-K (reporting date: 2010-08-29), 10-K (reporting date: 2009-08-30), 10-K (reporting date: 2008-08-31), 10-K (reporting date: 2007-09-02), 10-K (reporting date: 2006-09-03), 10-K (reporting date: 2005-08-28).