Price to Earnings (P/E)
since 2005
Calculation
Costco Wholesale Corp., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income attributable to Costco1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Oct 7, 2026 | 45.26 | = | 942.25 | ÷ | 20.82 | 20.82 | = | 9,226 | ÷ | 443,129,349 | |
| Oct 8, 2025 | 50.06 | = | 914.80 | ÷ | 18.27 | 18.27 | = | 8,099 | ÷ | 443,179,176 | |
| Oct 9, 2024 | 54.68 | = | 909.10 | ÷ | 16.63 | 16.63 | = | 7,367 | ÷ | 443,073,537 | |
| Oct 11, 2023 | 39.79 | = | 565.52 | ÷ | 14.21 | 14.21 | = | 6,292 | ÷ | 442,740,572 | |
| Oct 5, 2022 | 36.38 | = | 480.32 | ÷ | 13.20 | 13.20 | = | 5,844 | ÷ | 442,604,145 | |
| Oct 6, 2021 | 39.65 | = | 449.34 | ÷ | 11.33 | 11.33 | = | 5,007 | ÷ | 441,823,811 | |
| Oct 7, 2020 | 40.02 | = | 363.02 | ÷ | 9.07 | 9.07 | = | 4,002 | ÷ | 441,228,027 | |
| Oct 11, 2019 | 35.76 | = | 297.60 | ÷ | 8.32 | 8.32 | = | 3,659 | ÷ | 439,656,950 | |
| Oct 26, 2018 | 30.51 | = | 218.19 | ÷ | 7.15 | 7.15 | = | 3,134 | ÷ | 438,208,376 | |
| Oct 18, 2017 | 25.70 | = | 157.55 | ÷ | 6.13 | 6.13 | = | 2,679 | ÷ | 436,989,606 | |
| Oct 12, 2016 | 27.99 | = | 150.46 | ÷ | 5.38 | 5.38 | = | 2,350 | ÷ | 437,126,569 | |
| Oct 14, 2015 | 27.57 | = | 149.84 | ÷ | 5.43 | 5.43 | = | 2,377 | ÷ | 437,406,636 | |
| Oct 15, 2014 | 26.44 | = | 124.30 | ÷ | 4.70 | 4.70 | = | 2,058 | ÷ | 437,762,068 | |
| Oct 16, 2013 | 25.15 | = | 117.36 | ÷ | 4.67 | 4.67 | = | 2,039 | ÷ | 436,922,037 | |
| Oct 19, 2012 | 23.98 | = | 94.78 | ÷ | 3.95 | 3.95 | = | 1,709 | ÷ | 432,424,379 | |
| Oct 14, 2011 | 24.24 | = | 81.77 | ÷ | 3.37 | 3.37 | = | 1,462 | ÷ | 433,365,150 | |
| Oct 18, 2010 | 20.97 | = | 63.21 | ÷ | 3.01 | 3.01 | = | 1,303 | ÷ | 432,333,947 | |
| Oct 16, 2009 | 23.48 | = | 58.48 | ÷ | 2.49 | 2.49 | = | 1,086 | ÷ | 435,989,212 | |
| Oct 16, 2008 | 19.45 | = | 57.79 | ÷ | 2.97 | 2.97 | = | 1,283 | ÷ | 431,675,461 | |
| Oct 25, 2007 | 25.99 | = | 64.82 | ÷ | 2.49 | 2.49 | = | 1,083 | ÷ | 434,083,536 | |
| Nov 17, 2006 | 22.18 | = | 53.40 | ÷ | 2.41 | 2.41 | = | 1,103 | ÷ | 458,268,158 | |
| Nov 10, 2005 | 22.23 | = | 50.06 | ÷ | 2.25 | 2.25 | = | 1,063 | ÷ | 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.
The financial trajectory from 2005 to 2026 is characterized by consistent growth in both nominal share price and earnings per share, accompanied by a significant expansion in the price-to-earnings valuation multiple over time.
- Share Price Performance
- A sustained long-term upward trend is observed, with the share price increasing from 50.06 in 2005 to 942.25 by 2026. The most aggressive acceleration occurred between 2023 and 2024, where the price rose from 565.52 to 909.10, representing a substantial short-term appreciation.
- Earnings Per Share (EPS) Growth
- Earnings per share demonstrated a steady and nearly linear progression, growing from 2.25 in 2005 to 20.82 in 2026. This consistent increase indicates a stable expansion of profitability over the two-decade period.
- Price-to-Earnings (P/E) Ratio Evolution
- The P/E ratio evolved through three distinct phases. From 2005 to 2017, the ratio remained relatively stable, fluctuating primarily between 19.45 and 27.99. Starting in 2018, a valuation expansion occurred, with the ratio consistently exceeding 30 and reaching 40.02 in 2020. A significant peak was reached in 2024 at 54.68, followed by a gradual contraction to 45.26 by 2026, suggesting a normalization of the valuation relative to earnings growth.
The divergence between the linear growth of earnings and the exponential growth of the share price is reflected in the elevated P/E ratios observed in the latter part of the period. This indicates that investors have assigned a higher premium to the stock in recent years compared to the baseline valuations maintained between 2005 and 2017.
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Comparison to Competitors
Costco Wholesale Corp., P/E, long-term trends, comparison to competitors
| Costco Wholesale Corp. | Target Corp. | Walmart Inc. | |
|---|---|---|---|
| Oct 7, 2026 | 45.26 | 14.52 | 46.07 |
| Oct 8, 2025 | 50.06 | 11.95 | 35.20 |
| Oct 9, 2024 | 54.68 | 18.60 | 31.52 |
| Oct 11, 2023 | 39.79 | 27.08 | 32.17 |
| Oct 5, 2022 | 36.38 | 14.38 | 29.27 |
| Oct 6, 2021 | 39.65 | 20.39 | 27.47 |
| Oct 7, 2020 | 40.02 | 16.12 | 21.69 |
| Oct 11, 2019 | 35.76 | 13.56 | 41.79 |
| Oct 26, 2018 | 30.51 | 12.97 | 26.62 |
| Oct 18, 2017 | 25.70 | 11.11 | 16.03 |
| Oct 12, 2016 | 27.99 | 14.61 | 14.72 |
| Oct 14, 2015 | 27.57 | — | 15.91 |
| Oct 15, 2014 | 26.44 | 19.07 | 15.34 |
| Oct 16, 2013 | 25.15 | 14.65 | 14.48 |
| Oct 19, 2012 | 23.98 | 13.41 | 13.25 |
| Oct 14, 2011 | 24.24 | 12.23 | 11.15 |
| Oct 18, 2010 | 20.97 | 15.77 | 14.66 |
| Oct 16, 2009 | 23.48 | 10.19 | 15.44 |
| Oct 16, 2008 | 19.45 | 14.43 | 16.36 |
| Oct 25, 2007 | 25.99 | 18.35 | 17.36 |
| Nov 17, 2006 | 22.18 | 18.67 | 17.83 |
| Nov 10, 2005 | 22.23 | 13.78 | 20.66 |
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/E, long-term trends, comparison to sector (consumer staples distribution & retail)
| Costco Wholesale Corp. | Consumer Staples Distribution & Retail | |
|---|---|---|
| Oct 7, 2026 | 45.26 | — |
| Oct 8, 2025 | 50.06 | 36.00 |
| Oct 9, 2024 | 54.68 | 35.86 |
| Oct 11, 2023 | 39.79 | 33.80 |
| Oct 5, 2022 | 36.38 | 26.93 |
| Oct 6, 2021 | 39.65 | 28.78 |
| Oct 7, 2020 | 40.02 | 24.18 |
| Oct 11, 2019 | 35.76 | 33.88 |
| Oct 26, 2018 | 30.51 | 24.87 |
| Oct 18, 2017 | 25.70 | 16.68 |
| Oct 12, 2016 | 27.99 | 16.23 |
| Oct 14, 2015 | 27.57 | 22.02 |
| Oct 15, 2014 | 26.44 | 16.85 |
| Oct 16, 2013 | 25.15 | 15.49 |
| Oct 19, 2012 | 23.98 | 14.17 |
| Oct 14, 2011 | 24.24 | 12.22 |
| Oct 18, 2010 | 20.97 | 15.27 |
| Oct 16, 2009 | 23.48 | 15.26 |
| Oct 16, 2008 | 19.45 | 16.27 |
| Oct 25, 2007 | 25.99 | 18.16 |
| Nov 17, 2006 | 22.18 | 18.30 |
| Nov 10, 2005 | 22.23 | 19.26 |
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/E, long-term trends, comparison to industry (consumer staples)
| Costco Wholesale Corp. | Consumer Staples | |
|---|---|---|
| Oct 7, 2026 | 45.26 | — |
| Oct 8, 2025 | 50.06 | 29.33 |
| Oct 9, 2024 | 54.68 | 29.43 |
| Oct 11, 2023 | 39.79 | 26.62 |
| Oct 5, 2022 | 36.38 | 25.35 |
| Oct 6, 2021 | 39.65 | 26.07 |
| Oct 7, 2020 | 40.02 | 24.12 |
| Oct 11, 2019 | 35.76 | 31.92 |
| Oct 26, 2018 | 30.51 | 20.62 |
| Oct 18, 2017 | 25.70 | 22.78 |
| Oct 12, 2016 | 27.99 | 21.50 |
| Oct 14, 2015 | 27.57 | 21.97 |
| Oct 15, 2014 | 26.44 | 19.71 |
| Oct 16, 2013 | 25.15 | 17.00 |
| Oct 19, 2012 | 23.98 | 16.60 |
| Oct 14, 2011 | 24.24 | 14.81 |
| Oct 18, 2010 | 20.97 | 14.32 |
| Oct 16, 2009 | 23.48 | 14.63 |
| Oct 16, 2008 | 19.45 | 15.52 |
| Oct 25, 2007 | 25.99 | 19.68 |
| Nov 17, 2006 | 22.18 | 19.79 |
| Nov 10, 2005 | 22.23 | 20.04 |
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).