Enterprise Value (EV)
Current Enterprise Value (EV)
Costco Wholesale Corp., current enterprise value calculation
| Current share price (P) | $1,012.28 |
| No. shares of common stock outstanding | 443,129,349 |
| US$ in millions | |
| Common equity (market value)1 | 448,571) |
| Add: Preferred stock $.005 par value; no shares issued and outstanding (per books) | —) |
| Add: Noncontrolling interests (per books) | —) |
| Total equity | 448,571) |
| Add: Current portion of long-term debt (per books) | 2,248) |
| Add: Current finance lease liabilities (per books) | 94) |
| Add: Long-term debt, excluding current portion (per books) | 3,914) |
| Add: Long-term finance lease liabilities (per books) | 1,319) |
| Total equity and debt | 456,146) |
| Less: Cash and cash equivalents | 20,207) |
| Less: Short-term investments | 1,094) |
| Enterprise value (EV) | 434,845) |
Based on: 10-K (reporting date: 2026-08-30).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 1,012.28 × 443,129,349
Historical Enterprise Value (EV)
Costco Wholesale Corp., EV calculation
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).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Costco Wholesale Corp. Annual Report.
3 2026 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 942.25 × 443,129,349
The financial trajectory from 2021 to 2026 exhibits a sustained upward trend in overall valuation, characterized by a period of moderate growth followed by a significant acceleration in the 2024 fiscal period.
- Market Valuation Trends
- Common equity market value increased steadily from 198,529 million USD in August 2021 to 250,379 million USD by September 2023. A substantial surge is observed between September 2023 and September 2024, where the market value rose to 402,798 million USD, representing an increase of approximately 60.9%. Growth stabilized in the subsequent two years, reaching 417,539 million USD by August 2026.
- Enterprise Value (EV) Dynamics
- Enterprise value closely mirrors the movement of market equity, ascending from 195,411 million USD in 2021 to 243,035 million USD in 2023. Similar to the equity trend, a sharp escalation occurred in 2024, with EV peaking at 399,049 million USD. A slight contraction was noted in 2025 to 397,403 million USD, before recovering to 403,813 million USD in 2026.
- Capital Structure and EV Relationship
- The proximity between enterprise value and common equity suggests a capital structure where debt plays a minimal role in the total valuation. Throughout the observed period, enterprise value consistently remained slightly below the market value of common equity, indicating a net cash position where cash and cash equivalents exceed total debt. This relationship is further evidenced by the narrow gap between total equity and total equity and debt figures across all reporting dates.
The analysis indicates a significant shift in valuation scale starting in 2024, transitioning from a baseline of approximately 200-250 billion USD to a new plateau exceeding 400 billion USD, while maintaining a consistent low-leverage financial profile.
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