Enterprise Value to EBITDA (EV/EBITDA)
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Costco Wholesale Corp. pages available for free this week:
- Cash Flow Statement
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Costco Wholesale Corp., EBITDA calculation
US$ in millions
Based on: 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).
The financial performance over the reported periods demonstrates a consistent upward trajectory across all key earnings metrics.
- Net Income Attributable to Costco
- This metric shows a steady increase each year, rising from $4,002 million in 2020 to $8,099 million in 2025. This suggests improving profitability and effective management of costs and revenues over time.
- Earnings Before Tax (EBT)
- EBT similarly follows an upward trend, growing from $5,367 million in 2020 to $10,818 million in 2025. This growth indicates enhanced operational performance before tax impacts, reflecting potentially stronger sales or improved expense control.
- Earnings Before Interest and Tax (EBIT)
- EBIT has increased from $5,527 million in 2020 to $10,972 million in 2025. The consistent increases over time underline sustained operational efficiency and profitability before financing costs are taken into account.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)
- EBITDA also exhibits a clear growth pattern, rising from $7,172 million in 2020 to $13,398 million in 2025. This reflects a strong cash flow generation capability from operations, improving financial flexibility and potential for reinvestment or debt servicing.
Overall, each financial measure reflects robust growth, with approximately doubling from 2020 to 2025. The consistent year-over-year increases suggest effective operational management and strong market position, contributing to enhanced profitability and financial health.
Enterprise Value to EBITDA Ratio, Current
Costco Wholesale Corp., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | |
| Valuation Ratio | |
| EV/EBITDA | |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| Target Corp. | |
| Walmart Inc. | |
| EV/EBITDA, Sector | |
| Consumer Staples Distribution & Retail | |
| EV/EBITDA, Industry | |
| Consumer Staples | |
Based on: 10-K (reporting date: 2025-08-31).
1 Click competitor name to see calculations.
If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.
Enterprise Value to EBITDA Ratio, Historical
Costco Wholesale Corp., historical EV/EBITDA calculation, comparison to benchmarks
| Aug 31, 2025 | Sep 1, 2024 | Sep 3, 2023 | Aug 28, 2022 | Aug 29, 2021 | Aug 30, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Enterprise value (EV)1 | |||||||
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | |||||||
| Valuation Ratio | |||||||
| EV/EBITDA3 | |||||||
| Benchmarks | |||||||
| EV/EBITDA, Competitors4 | |||||||
| Target Corp. | |||||||
| Walmart Inc. | |||||||
| EV/EBITDA, Sector | |||||||
| Consumer Staples Distribution & Retail | |||||||
| EV/EBITDA, Industry | |||||||
| Consumer Staples | |||||||
Based on: 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).
3 2025 Calculation
EV/EBITDA = EV ÷ EBITDA
= ÷ =
4 Click competitor name to see calculations.
- Enterprise Value (EV)
- The enterprise value demonstrated a consistent upward trend from 2020 through 2024, increasing from approximately 155.6 billion USD to nearly 399.0 billion USD. This represents a substantial growth in enterprise valuation over the five-year period. However, a slight decline was observed in 2025, with EV marginally decreasing to roughly 397.4 billion USD.
- Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)
- EBITDA exhibited steady growth across all reported years. Starting at approximately 7.2 billion USD in 2020, it increased consistently each year, reaching nearly 13.4 billion USD by 2025. This continual increase suggests improving operational profitability and effective cost management.
- EV/EBITDA Ratio
- The EV/EBITDA ratio fluctuated during the period. It initially rose from 21.69 in 2020 to a peak of 22.64 in 2021, then decreased slightly to 21.19 in 2022. Subsequently, the ratio increased again to 22.66 in 2023, followed by a sharp rise to 32.85 in 2024, indicating a possible premium valuation of the company's earnings relative to its enterprise value. By 2025, it decreased somewhat to 29.66, which remains elevated compared to earlier years. These variations may reflect changing market conditions, investor sentiment, or shifts in company risk or growth expectations.