Stock Analysis on Net

Costco Wholesale Corp. (NASDAQ:COST)

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Analysis of Long-term (Investment) Activity Ratios
Quarterly Data

Microsoft Excel

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Long-term Activity Ratios (Summary)

Costco Wholesale Corp., long-term (investment) activity ratios (quarterly data)

Microsoft Excel
Aug 31, 2025 May 11, 2025 Feb 16, 2025 Nov 24, 2024 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
Net fixed asset turnover
Net fixed asset turnover (including operating lease, right-of-use asset)
Total asset turnover
Equity turnover

Based on: 10-K (reporting date: 2025-08-31), 10-Q (reporting date: 2025-05-11), 10-Q (reporting date: 2025-02-16), 10-Q (reporting date: 2024-11-24), 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).


The analysis of the quarterly financial ratios reveals several notable trends and patterns over the examined periods.

Net Fixed Asset Turnover
The net fixed asset turnover ratio indicates a general upward trend beginning from the earliest available data point. It rose steadily from approximately 7.48 to a peak near 9.04, reflecting increased efficiency in utilizing net fixed assets to generate revenue. Following this peak, the ratio shows minor fluctuations but remains relatively stable, maintaining values close to 8.6 through the most recent periods. This stability suggests consistent asset utilization efficiency after the initial growth phase.
Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
This adjusted measure shows a similar upward trajectory but at slightly lower absolute values compared to the unadjusted net fixed asset turnover. Starting at about 6.64, the ratio increases steadily to a maximum of around 8.12, matching the timing of the net fixed asset turnover peak. Subsequently, it exhibits slight variability but generally sustains values just above 7.7, indicating relatively stable efficiency in using both owned and leased fixed assets.
Total Asset Turnover
The total asset turnover presents a more variable pattern. Initial values around 2.94 decrease slightly before increasing to a maximum of approximately 3.47. After reaching this peak, the ratio fluctuates mildly but remains consistently above 3.4. The pattern suggests an overall improvement in how total assets are employed to generate sales, albeit with some short-term variations.
Equity Turnover
The equity turnover ratio demonstrates significant fluctuations over the observed timeline. It begins around 8.93, then increases sharply to peak near 11.4 and maintains high levels near this mark through several periods. However, from the mid-point onward, the ratio trends downward, falling below 10 in the later quarters and reaching values near 9.2. This decline points to a gradual reduction in revenue generated per unit of equity, which could be reflective of changes in equity levels or revenue growth rates relative to shareholders' equity.

In summary, asset utilization metrics broadly show improvement followed by relative stabilization, indicating effective management of assets over time. Conversely, equity turnover encounters a peak and subsequent decline, warranting attention to the relationship between equity financing and revenue generation in future periods.


Net Fixed Asset Turnover

Costco Wholesale Corp., net fixed asset turnover calculation (quarterly data)

Microsoft Excel
Aug 31, 2025 May 11, 2025 Feb 16, 2025 Nov 24, 2024 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
Selected Financial Data (US$ in millions)
Net sales
Property and equipment, net
Long-term Activity Ratio
Net fixed asset turnover1
Benchmarks
Net Fixed Asset Turnover, Competitors2
Target Corp.
Walmart Inc.

Based on: 10-K (reporting date: 2025-08-31), 10-Q (reporting date: 2025-05-11), 10-Q (reporting date: 2025-02-16), 10-Q (reporting date: 2024-11-24), 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).

1 Q4 2025 Calculation
Net fixed asset turnover = (Net salesQ4 2025 + Net salesQ3 2025 + Net salesQ2 2025 + Net salesQ1 2025) ÷ Property and equipment, net
= ( + + + ) ÷ =

2 Click competitor name to see calculations.


Net Sales
Over the observed periods, net sales exhibit a clear growth trend with seasonal fluctuations. From late 2019 through 2025, sales show notable jumps particularly in the August and November quarters of each year, reflecting possible holiday or peak shopping seasons. For instance, there is a significant increase from $36,451 million in May 2020 to $52,277 million in August 2020, and similar spikes recur in subsequent years. Despite these peaks, some quarters show stabilization or mild declines, suggesting variability in consumer demand or external economic factors. Overall, net sales grow from approximately $36 billion in late 2019 to over $84 billion by late 2025, representing strong revenue expansion.
Property and Equipment, Net
The net value of property and equipment demonstrates steady, incremental increases throughout the periods. Starting at about $21,237 million in November 2019, this asset base grows consistently to about $31,909 million by late 2025. This pattern indicates continuous investment in fixed assets, likely reflecting ongoing expansion, renovations, or acquisition of new facilities and equipment. The growth is steady without sharp rises or drops, signifying a deliberate and stable capital expenditure strategy.
Net Fixed Asset Turnover Ratio
The net fixed asset turnover ratio, available from mid-2020 onwards, shows relatively stable values indicating consistent efficiency in the use of fixed assets to generate sales. The ratio starts around 7.48 and increases to a peak near 9.04 in late 2022, suggesting improved asset utilization during that period. Following this peak, a gradual decline is observed, with the ratio settling around 8.46 by late 2025. This slight decrease may reflect that capital investments are growing faster than sales or that operational efficiency is mildly tapering. Nevertheless, the ratio remains within a narrow range, implying generally effective management of fixed assets relative to sales.
Overall Insights
The combined analysis of sales, fixed assets, and asset turnover paints a picture of a growing business with deliberate asset expansion and generally effective asset utilization. The spikes in net sales during certain quarters indicate cyclical or seasonal influences on revenue, possibly aligned with consumer shopping patterns. The steady rise in property and equipment values underscores ongoing capital investment supporting growth. The net fixed asset turnover ratio's relative stability suggests that despite asset additions, the company maintains a balanced level of operational efficiency, though a minor downward trend post-2022 could warrant monitoring for future productivity impacts.

Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)

Costco Wholesale Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)

Microsoft Excel
Aug 31, 2025 May 11, 2025 Feb 16, 2025 Nov 24, 2024 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
Selected Financial Data (US$ in millions)
Net sales
 
Property and equipment, net
Operating lease right-of-use assets
Property and equipment, net (including operating lease, right-of-use asset)
Long-term Activity Ratio
Net fixed asset turnover (including operating lease, right-of-use asset)1
Benchmarks
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2
Target Corp.
Walmart Inc.

Based on: 10-K (reporting date: 2025-08-31), 10-Q (reporting date: 2025-05-11), 10-Q (reporting date: 2025-02-16), 10-Q (reporting date: 2024-11-24), 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).

1 Q4 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = (Net salesQ4 2025 + Net salesQ3 2025 + Net salesQ2 2025 + Net salesQ1 2025) ÷ Property and equipment, net (including operating lease, right-of-use asset)
= ( + + + ) ÷ =

2 Click competitor name to see calculations.


The financial data reveals several significant trends regarding sales, asset management, and overall operational efficiency.

Net Sales
Overall, net sales demonstrate a pattern of marked growth interspersed with periodic fluctuations. Beginning at approximately 36,236 million USD in late 2019, sales increase gradually, with notable surges in mid-2020 and mid-2022, peaking at 77,430 million USD in August 2023 and again approaching similar levels in late 2024. These peaks indicate strong revenue performance during these periods. Post-peak intervals show a moderate decline or stabilization, signaling possible seasonal effects or market adjustments.
Property and Equipment, Net
There is a consistent upward trajectory in net property and equipment values, reflecting ongoing capital investment and asset accumulation. Starting from around 23,834 million USD at the end of 2019, the asset base steadily grows to 34,634 million USD by late 2025. This growth suggests continued expansion or refreshment of physical assets, with no significant reversals observed.
Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
This ratio, available from mid-2020 onwards, exhibits a generally improving trend indicative of enhanced efficiency in generating sales from fixed assets. The metric rises from 6.64 to a peak near 8.12 in late 2021 and early 2022, reflecting better utilization of property and equipment to drive revenue. Following this peak, the ratio experiences minor fluctuations but remains relatively stable around 8.0, implying sustained operational efficiency despite increasing asset levels.

In summary, the data portrays a company that has effectively increased its revenue base while simultaneously expanding its asset holdings. The stable and relatively high fixed asset turnover ratio suggests proficient management of capital assets to maintain sales growth. Periodic sales volatility may correspond with market dynamics or seasonal factors but does not detract from the overarching upward sales and asset investment trends observed.


Total Asset Turnover

Costco Wholesale Corp., total asset turnover calculation (quarterly data)

Microsoft Excel
Aug 31, 2025 May 11, 2025 Feb 16, 2025 Nov 24, 2024 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
Selected Financial Data (US$ in millions)
Net sales
Total assets
Long-term Activity Ratio
Total asset turnover1
Benchmarks
Total Asset Turnover, Competitors2
Target Corp.
Walmart Inc.

Based on: 10-K (reporting date: 2025-08-31), 10-Q (reporting date: 2025-05-11), 10-Q (reporting date: 2025-02-16), 10-Q (reporting date: 2024-11-24), 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).

1 Q4 2025 Calculation
Total asset turnover = (Net salesQ4 2025 + Net salesQ3 2025 + Net salesQ2 2025 + Net salesQ1 2025) ÷ Total assets
= ( + + + ) ÷ =

2 Click competitor name to see calculations.


The financial data indicates a general upward trend in net sales over the observed periods, with several fluctuations corresponding to quarterly variations. Starting from approximately $36.2 billion, net sales rose significantly to peaks exceeding $78 billion in certain quarters, demonstrating strong revenue growth. Notable spikes in sales appear around mid-2020 and mid-2023, signaling periods of accelerated business activity or seasonal impact.

Total assets exhibit a steady increase over time, rising from about $51.4 billion to nearly $77.1 billion by the most recent quarter. This consistent growth in asset base suggests ongoing investments or asset accumulation to support expanding operations. Despite some minor declines or plateaus in a few quarters, the overall asset trajectory remains positive, reflecting organizational expansion or strategic asset management.

The total asset turnover ratio, reported for several consecutive quarters starting mid-2020, shows values generally fluctuating between approximately 2.8 and 3.7. This ratio indicates the efficiency with which assets generate sales revenue. The data depicts a relatively stable asset turnover, with occasional increases pointing to periods where asset utilization improved. A peak around early-to-mid 2024 suggests that the company achieved higher productivity in using its assets during that timeframe.

In summary, the data demonstrates sustained growth in net sales alongside expanding assets, coupled with stable and occasionally improving asset turnover ratios. This combination reflects effective scaling of operations with efficient use of resources, supporting a positive operational performance over the examined quarters.

Net Sales
Overall upward trend with quarterly fluctuations; several peaks indicating increased activity or seasonal effects; from approximately $36.2 billion to over $78 billion.
Total Assets
Steady increase from about $51.4 billion to nearly $77.1 billion, suggesting asset growth to support expanding business needs.
Total Asset Turnover
Generally stable ranging between 2.8 and 3.7, indicating consistent efficiency in asset use with some periods of improved turnover, notably around 2024.

Equity Turnover

Costco Wholesale Corp., equity turnover calculation (quarterly data)

Microsoft Excel
Aug 31, 2025 May 11, 2025 Feb 16, 2025 Nov 24, 2024 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
Selected Financial Data (US$ in millions)
Net sales
Total Costco stockholders’ equity
Long-term Activity Ratio
Equity turnover1
Benchmarks
Equity Turnover, Competitors2
Target Corp.
Walmart Inc.

Based on: 10-K (reporting date: 2025-08-31), 10-Q (reporting date: 2025-05-11), 10-Q (reporting date: 2025-02-16), 10-Q (reporting date: 2024-11-24), 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).

1 Q4 2025 Calculation
Equity turnover = (Net salesQ4 2025 + Net salesQ3 2025 + Net salesQ2 2025 + Net salesQ1 2025) ÷ Total Costco stockholders’ equity
= ( + + + ) ÷ =

2 Click competitor name to see calculations.


The analysis of the quarterly financial data reveals several meaningful trends over the observed periods.

Net Sales
Net sales demonstrate a generally upward trajectory with notable seasonal fluctuations. There are sharp increases particularly in the quarters ending in August 2020, August 2021, August 2022, and August 2023, suggesting strong mid-year performance peaks. Throughout the periods, net sales have grown from approximately $36.2 billion in late 2019 to over $84 billion by September 2024, reflecting robust revenue growth overall. However, some quarters show modest declines or stabilization following peak sales quarters, consistent with typical retail cycles.
Total Costco Stockholders’ Equity
Stockholders’ equity shows a steady increase throughout the periods analyzed. Starting at about $15.9 billion in late 2019, equity rises consistently to nearly $29.2 billion by September 2024. There are no significant declines, indicating ongoing profitability and retention of earnings or equitable capital management. The steady ascent in equity aligns with expanding net sales and suggests a strengthening financial position.
Equity Turnover Ratio
The equity turnover ratio, available only for later periods, fluctuates but generally trends downward over time. The ratio peaked around 11.4 in early 2021 and decreased to around 9.25 by mid-2025. This decline suggests that while sales have grown significantly, the growth in equity has outpaced the growth in net sales in more recent periods, reflecting either increased capital investment or slower sales growth relative to equity expansion.

In summary, the company exhibits strong and consistent revenue growth complemented by steady increases in equity. The equity turnover ratio’s decline may indicate a strategic shift towards a more capital-intensive model or a maturation phase with less aggressive sales relative to equity growth. Seasonal patterns in sales highlight cyclical peaks, especially mid-year, which may guide inventory and resource planning.