Price to Book Value (P/BV)
since 2005
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Costco Wholesale Corp. pages available for free this week:
- Statement of Comprehensive Income
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Analysis of Debt
- Aggregate Accruals
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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 9, 2024 | = | ÷ | = | ÷ | |||||||
| Oct 11, 2023 | = | ÷ | = | ÷ | |||||||
| Oct 5, 2022 | = | ÷ | = | ÷ | |||||||
| Oct 6, 2021 | = | ÷ | = | ÷ | |||||||
| Oct 7, 2020 | = | ÷ | = | ÷ | |||||||
| Oct 11, 2019 | = | ÷ | = | ÷ | |||||||
| Oct 26, 2018 | = | ÷ | = | ÷ | |||||||
| Oct 18, 2017 | = | ÷ | = | ÷ | |||||||
| Oct 12, 2016 | = | ÷ | = | ÷ | |||||||
| Oct 14, 2015 | = | ÷ | = | ÷ | |||||||
| Oct 15, 2014 | = | ÷ | = | ÷ | |||||||
| Oct 16, 2013 | = | ÷ | = | ÷ | |||||||
| Oct 19, 2012 | = | ÷ | = | ÷ | |||||||
| Oct 14, 2011 | = | ÷ | = | ÷ | |||||||
| Oct 18, 2010 | = | ÷ | = | ÷ | |||||||
| Oct 16, 2009 | = | ÷ | = | ÷ | |||||||
| Oct 16, 2008 | = | ÷ | = | ÷ | |||||||
| Oct 25, 2007 | = | ÷ | = | ÷ | |||||||
| Nov 17, 2006 | = | ÷ | = | ÷ | |||||||
| Nov 10, 2005 | = | ÷ | = | ÷ |
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), 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.
- Share Price Trend
- The share price exhibited a general upward trajectory over the observed period. Starting at $50.06 in November 2005, it showed moderate growth interspersed with some fluctuations, such as a dip in 2008 to $57.79 from a prior peak of $64.82. From 2012 onward, the share price increased more rapidly, moving from $94.78 and reaching $565.52 by October 2023, and then surging sharply to $909.10 by October 2024, indicating significant market appreciation in recent years.
- Book Value Per Share (BVPS) Pattern
- The book value per share demonstrated a more gradual and stable growth compared to the share price. Beginning at $18.81 in November 2005, BVPS experienced some fluctuations, including a decline between 2012 and 2015 where it dropped from $28.59 to $24.27. However, growth resumed thereafter, reaching $56.60 in 2023 before slightly decreasing to $53.31 in 2024. Overall, the BVPS roughly tripled across the 19-year span, suggesting steady increases in net asset value per share.
- Price-to-Book Value (P/BV) Ratio Analysis
- The P/BV ratio frequently rose over the period, indicating that the share price increased at a faster pace than the book value. It started at a more conservative level of 2.66 in 2005, remaining relatively stable around 2.5 to 3.3 during the early years. Starting in 2013, the ratio escalated sharply, peaking at 11.3 in 2021, then slightly decreasing but staying elevated near 10 by 2023. By 2024, it spiked dramatically to 17.05, emphasizing a disproportionate increase in market valuation relative to the underlying book value. This pattern could imply heightened investor confidence or market speculation during the later years.
- Overall Insights
- The financial data indicates that while the company’s book value per share has grown steadily, the market price has outpaced this growth considerably, especially in the last decade. The increasing P/BV ratio suggests that investors have progressively valued the company's shares more highly relative to its book value, which may reflect expectations of future growth, strong earnings performance, or other qualitative factors not captured by book value alone. The dramatic rise in share price and P/BV ratio in 2024 stands out as a significant departure from prior trends and warrants further investigation into underlying drivers.
Comparison to Competitors
Costco Wholesale Corp., P/BV, long-term trends, comparison to competitors
| Costco Wholesale Corp. | Target Corp. | Walmart Inc. | |
|---|---|---|---|
| Oct 9, 2024 | |||
| Oct 11, 2023 | |||
| Oct 5, 2022 | |||
| Oct 6, 2021 | |||
| Oct 7, 2020 | |||
| Oct 11, 2019 | |||
| Oct 26, 2018 | |||
| Oct 18, 2017 | |||
| Oct 12, 2016 | |||
| Oct 14, 2015 | |||
| Oct 15, 2014 | |||
| Oct 16, 2013 | |||
| Oct 19, 2012 | |||
| Oct 14, 2011 | |||
| Oct 18, 2010 | |||
| Oct 16, 2009 | |||
| Oct 16, 2008 | |||
| Oct 25, 2007 | |||
| Nov 17, 2006 | |||
| Nov 10, 2005 |
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), 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 9, 2024 | ||
| Oct 11, 2023 | ||
| Oct 5, 2022 | ||
| Oct 6, 2021 | ||
| Oct 7, 2020 | ||
| Oct 11, 2019 | ||
| Oct 26, 2018 | ||
| Oct 18, 2017 | ||
| Oct 12, 2016 | ||
| Oct 14, 2015 | ||
| Oct 15, 2014 | ||
| Oct 16, 2013 | ||
| Oct 19, 2012 | ||
| Oct 14, 2011 | ||
| Oct 18, 2010 | ||
| Oct 16, 2009 | ||
| Oct 16, 2008 | ||
| Oct 25, 2007 | ||
| Nov 17, 2006 | ||
| Nov 10, 2005 |
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), 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 9, 2024 | ||
| Oct 11, 2023 | ||
| Oct 5, 2022 | ||
| Oct 6, 2021 | ||
| Oct 7, 2020 | ||
| Oct 11, 2019 | ||
| Oct 26, 2018 | ||
| Oct 18, 2017 | ||
| Oct 12, 2016 | ||
| Oct 14, 2015 | ||
| Oct 15, 2014 | ||
| Oct 16, 2013 | ||
| Oct 19, 2012 | ||
| Oct 14, 2011 | ||
| Oct 18, 2010 | ||
| Oct 16, 2009 | ||
| Oct 16, 2008 | ||
| Oct 25, 2007 | ||
| Nov 17, 2006 | ||
| Nov 10, 2005 |
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), 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).