Price to FCFE (P/FCFE)
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Costco Wholesale Corp. pages available for free this week:
- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Return on Assets (ROA) since 2005
- Analysis of Revenues
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Free Cash Flow to Equity (FCFE)
Costco Wholesale Corp., FCFE 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).
- Net Cash Provided by Operating Activities
- The net cash provided by operating activities experienced fluctuations over the observed periods. Initially, there was a slight increase from 8,861 million US dollars to 8,958 million US dollars. This was followed by a noticeable decline to 7,392 million US dollars. However, the trend reversed subsequently, showing significant growth to 11,068 million US dollars, further increasing to 11,339 million US dollars and culminating at 13,335 million US dollars. Overall, the data indicates a recovery and strengthening of operating cash flows in the more recent years.
- Free Cash Flow to Equity (FCFE)
- The free cash flow to equity displayed a declining trend in the initial periods, dropping from 6,843 million US dollars to 2,748 million US dollars, indicating potential challenges in generating cash available to equity holders. After this low point, the FCFE recovered to some extent, reaching 6,652 million US dollars, but then experienced a modest dip to 6,058 million US dollars before rising again to 7,688 million US dollars. This pattern suggests variability in the company's ability to generate free cash flow for shareholders, with improved performance in the later years compared to the mid-period trough.
Price to FCFE Ratio, Current
Costco Wholesale Corp., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Target Corp. | |
| Walmart Inc. | |
| P/FCFE, Sector | |
| Consumer Staples Distribution & Retail | |
| P/FCFE, Industry | |
| Consumer Staples | |
Based on: 10-K (reporting date: 2025-08-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Costco Wholesale Corp., historical P/FCFE calculation, comparison to benchmarks
| Aug 31, 2025 | Sep 1, 2024 | Sep 3, 2023 | Aug 28, 2022 | Aug 29, 2021 | Aug 30, 2020 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||
| Selected Financial Data (US$) | |||||||
| Free cash flow to equity (FCFE) (in millions)2 | |||||||
| FCFE per share3 | |||||||
| Share price1, 4 | |||||||
| Valuation Ratio | |||||||
| P/FCFE5 | |||||||
| Benchmarks | |||||||
| P/FCFE, Competitors6 | |||||||
| Target Corp. | |||||||
| Walmart Inc. | |||||||
| P/FCFE, Sector | |||||||
| Consumer Staples Distribution & Retail | |||||||
| P/FCFE, 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).
1 Data adjusted for splits and stock dividends.
3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Costco Wholesale Corp. Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The financial data presents key indicators regarding share price, free cash flow to equity (FCFE) per share, and the price-to-FCFE ratio over a six-year period.
- Share Price Trend
- The share price exhibited a consistent upward trajectory from 2020 to 2025. It rose from $363.02 in 2020 to $914.8 in 2025, representing more than a twofold increase. Notably, the rate of increase accelerated significantly in the last two years, with the price advancing from $565.52 in 2023 to $909.1 in 2024, and modestly increasing to $914.8 in 2025.
- FCFE per Share Fluctuation
- FCFE per share demonstrated variability throughout the period. It began at $15.51 in 2020, declined notably to $6.21 by 2022, before recovering to $15.02 in 2023. Thereafter, it showed slight fluctuation with values of $13.67 in 2024 and an increase to $17.35 by 2025, indicating a recovery and growth in free cash flow generation attributable to shareholders.
- Price-to-FCFE Ratio Dynamics
- The price-to-FCFE ratio showed significant volatility and generally high levels across the years. Starting at 23.41 in 2020, it surged to a peak of 77.36 in 2022, indicating that share prices were relatively high compared to FCFE, possibly reflecting elevated market expectations or reduced cash flow performance. This ratio moderated somewhat in 2023 to 37.64, then increased again to 66.49 in 2024 before declining to 52.73 in 2025. These fluctuations suggest shifts in market valuation relative to the company’s cash flow generation capacity.
- Insights and Implications
- The increase in share price over the six years contrasts with the fluctuating FCFE per share, indicating investor optimism or external factors influencing equity valuation beyond cash flow fundamentals. The elevated and variable P/FCFE ratios imply changing market sentiment or expectations about future growth and profitability. The recovery in FCFE per share after a low in 2022 is a positive sign for financial strength, but the continued high P/FCFE ratios caution that valuations remain stretched relative to current cash flow levels.