Microsoft Excel LibreOffice Calc

Costco Wholesale Corp. (COST)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Difficulty: Beginner

Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).

Historical Valuation Ratios (Summary)

Costco Wholesale Corp., historical price multiples (quarterly data)

Microsoft Excel LibreOffice Calc
Feb 17, 2019 Nov 25, 2018 Sep 2, 2018 May 13, 2018 Feb 18, 2018 Nov 26, 2017 Sep 3, 2017 May 7, 2017 Feb 12, 2017 Nov 20, 2016 Aug 28, 2016 May 8, 2016 Feb 14, 2016 Nov 22, 2015 Aug 30, 2015 May 10, 2015 Feb 15, 2015 Nov 23, 2014 Aug 31, 2014 May 11, 2014 Feb 16, 2014 Nov 24, 2013 Sep 1, 2013 May 12, 2013 Feb 17, 2013 Nov 25, 2012
Price to earnings (P/E) 30.15 26.63 30.51 29.51 27.50 29.57 25.70 31.20 30.52 29.18 27.99 28.58 29.10 29.37 27.57 26.79 28.64 29.29 26.44 26.09 25.41 25.45 25.15 – – –
Price to operating profit (P/OP) 22.29 19.39 21.34 19.81 18.56 19.47 16.75 20.57 19.45 18.77 17.91 18.37 18.67 19.15 18.09 17.37 18.66 18.77 16.90 16.74 16.27 16.91 16.80 – – –
Price to sales (P/S) 0.72 0.61 0.69 0.65 0.61 0.63 0.55 0.66 0.61 0.60 0.57 0.58 0.59 0.61 0.58 0.54 0.57 0.56 0.49 0.48 0.47 0.50 0.50 – – –
Price to book value (P/BV) 7.50 6.59 7.47 7.32 6.93 7.40 6.39 8.00 5.85 5.88 5.44 5.81 6.11 6.39 6.17 5.84 6.35 5.05 4.42 4.37 4.33 4.64 4.73 4.59 4.45 3.42

Based on: 10-Q (filing date: 2019-03-13), 10-Q (filing date: 2018-12-20), 10-K (filing date: 2018-10-26), 10-Q (filing date: 2018-06-07), 10-Q (filing date: 2018-03-15), 10-Q (filing date: 2017-12-21), 10-K (filing date: 2017-10-18), 10-Q (filing date: 2017-06-01), 10-Q (filing date: 2017-03-09), 10-Q (filing date: 2016-12-16), 10-K (filing date: 2016-10-12), 10-Q (filing date: 2016-06-01), 10-Q (filing date: 2016-03-09), 10-Q (filing date: 2015-12-18), 10-K (filing date: 2015-10-14), 10-Q (filing date: 2015-06-04), 10-Q (filing date: 2015-03-11), 10-Q (filing date: 2014-12-18), 10-K (filing date: 2014-10-15), 10-Q (filing date: 2014-06-05), 10-Q (filing date: 2014-03-14), 10-Q (filing date: 2013-12-20), 10-K (filing date: 2013-10-16), 10-Q (filing date: 2013-06-11), 10-Q (filing date: 2013-03-20), 10-Q (filing date: 2012-12-21).

Ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Costco Wholesale Corp.’s P/E ratio declined from Q4 2018 to Q1 2019 but then increased from Q1 2019 to Q2 2019 not reaching Q4 2018 level.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Costco Wholesale Corp.’s P/OP ratio declined from Q4 2018 to Q1 2019 but then increased from Q1 2019 to Q2 2019 exceeding Q4 2018 level.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Costco Wholesale Corp.’s P/S ratio declined from Q4 2018 to Q1 2019 but then increased from Q1 2019 to Q2 2019 exceeding Q4 2018 level.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. Costco Wholesale Corp.’s P/BV ratio declined from Q4 2018 to Q1 2019 but then increased from Q1 2019 to Q2 2019 exceeding Q4 2018 level.

Price to Earnings (P/E)

Costco Wholesale Corp., historical P/E calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Feb 17, 2019 Nov 25, 2018 Sep 2, 2018 May 13, 2018 Feb 18, 2018 Nov 26, 2017 Sep 3, 2017 May 7, 2017 Feb 12, 2017 Nov 20, 2016 Aug 28, 2016 May 8, 2016 Feb 14, 2016 Nov 22, 2015 Aug 30, 2015 May 10, 2015 Feb 15, 2015 Nov 23, 2014 Aug 31, 2014 May 11, 2014 Feb 16, 2014 Nov 24, 2013 Sep 1, 2013 May 12, 2013 Feb 17, 2013 Nov 25, 2012
No. shares of common stock outstanding1 439,880,257 440,490,478 438,208,376 438,541,544 438,820,272 439,105,871 436,989,606 438,593,340 438,941,216 439,240,344 437,126,569 438,065,563 439,035,055 439,777,272 437,406,636 439,487,656 439,974,264 440,504,400 437,762,068 438,295,696 439,877,548 439,722,405 436,922,037 436,684,233 436,371,394 435,636,480
Selected Financial Data (USD $)
Net income attributable to Costco (in millions) 889  767  1,043  750  701  640  919  700  515  545  779  545  546  480  767  516  598  496  697  473  463  425  617  459  547  416 
Earnings per share (EPS)3 7.84 7.40 7.15 6.86 6.75 6.32 6.13 5.79 5.43 5.50 5.38 5.34 5.26 5.37 5.43 5.25 5.15 4.83 4.70 4.51 4.46 4.66 4.67 0.00 0.00 0.00
Share price1, 2 236.38 197.13 218.19 202.57 185.51 186.80 157.55 180.63 165.77 160.41 150.46 152.52 153.05 157.70 149.84 140.65 147.40 141.56 124.30 117.75 113.45 118.53 117.36 110.02 103.08 99.49
P/E ratio4 30.15 26.63 30.51 29.51 27.50 29.57 25.70 31.20 30.52 29.18 27.99 28.58 29.10 29.37 27.57 26.79 28.64 29.29 26.44 26.09 25.41 25.45 25.15 – – –

Based on: 10-Q (filing date: 2019-03-13), 10-Q (filing date: 2018-12-20), 10-K (filing date: 2018-10-26), 10-Q (filing date: 2018-06-07), 10-Q (filing date: 2018-03-15), 10-Q (filing date: 2017-12-21), 10-K (filing date: 2017-10-18), 10-Q (filing date: 2017-06-01), 10-Q (filing date: 2017-03-09), 10-Q (filing date: 2016-12-16), 10-K (filing date: 2016-10-12), 10-Q (filing date: 2016-06-01), 10-Q (filing date: 2016-03-09), 10-Q (filing date: 2015-12-18), 10-K (filing date: 2015-10-14), 10-Q (filing date: 2015-06-04), 10-Q (filing date: 2015-03-11), 10-Q (filing date: 2014-12-18), 10-K (filing date: 2014-10-15), 10-Q (filing date: 2014-06-05), 10-Q (filing date: 2014-03-14), 10-Q (filing date: 2013-12-20), 10-K (filing date: 2013-10-16), 10-Q (filing date: 2013-06-11), 10-Q (filing date: 2013-03-20), 10-Q (filing date: 2012-12-21).

1 Data adjusted for splits and stock dividends.

2 Close price on the filing date of Costco Wholesale Corp.’s Quarterly or Annual Report.

Q2 2019 Calculations

3 EPS = (Net income attributable to CostcoQ2 2019 + Net income attributable to CostcoQ1 2019 + Net income attributable to CostcoQ4 2018 + Net income attributable to CostcoQ3 2018) ÷ No. shares of common stock outstanding
= (889,000,000 + 767,000,000 + 1,043,000,000 + 750,000,000) ÷ 439,880,257 = 7.84

4 P/E ratio = Share price ÷ EPS
= 236.38 ÷ 7.84 = 30.15

Ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Costco Wholesale Corp.’s P/E ratio declined from Q4 2018 to Q1 2019 but then increased from Q1 2019 to Q2 2019 not reaching Q4 2018 level.

Price to Operating Profit (P/OP)

Costco Wholesale Corp., historical P/OP calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Feb 17, 2019 Nov 25, 2018 Sep 2, 2018 May 13, 2018 Feb 18, 2018 Nov 26, 2017 Sep 3, 2017 May 7, 2017 Feb 12, 2017 Nov 20, 2016 Aug 28, 2016 May 8, 2016 Feb 14, 2016 Nov 22, 2015 Aug 30, 2015 May 10, 2015 Feb 15, 2015 Nov 23, 2014 Aug 31, 2014 May 11, 2014 Feb 16, 2014 Nov 24, 2013 Sep 1, 2013 May 12, 2013 Feb 17, 2013 Nov 25, 2012
No. shares of common stock outstanding1 439,880,257 440,490,478 438,208,376 438,541,544 438,820,272 439,105,871 436,989,606 438,593,340 438,941,216 439,240,344 437,126,569 438,065,563 439,035,055 439,777,272 437,406,636 439,487,656 439,974,264 440,504,400 437,762,068 438,295,696 439,877,548 439,722,405 436,922,037 436,684,233 436,371,394 435,636,480
Selected Financial Data (USD $)
Operating income (in millions) 1,203  949  1,446  1,067  1,016  951  1,450  968  844  849  1,191  858  856  767  1,156  821  877  770  1,091  737  724  668  954  722  738  639 
Operating profit per share3 10.61 10.17 10.22 10.22 9.99 9.59 9.41 8.78 8.53 8.55 8.40 8.30 8.20 8.23 8.29 8.10 7.90 7.54 7.36 7.03 6.97 7.01 6.99 0.00 0.00 0.00
Share price1, 2 236.38 197.13 218.19 202.57 185.51 186.80 157.55 180.63 165.77 160.41 150.46 152.52 153.05 157.70 149.84 140.65 147.40 141.56 124.30 117.75 113.45 118.53 117.36 110.02 103.08 99.49
P/OP ratio4 22.29 19.39 21.34 19.81 18.56 19.47 16.75 20.57 19.45 18.77 17.91 18.37 18.67 19.15 18.09 17.37 18.66 18.77 16.90 16.74 16.27 16.91 16.80 – – –

Based on: 10-Q (filing date: 2019-03-13), 10-Q (filing date: 2018-12-20), 10-K (filing date: 2018-10-26), 10-Q (filing date: 2018-06-07), 10-Q (filing date: 2018-03-15), 10-Q (filing date: 2017-12-21), 10-K (filing date: 2017-10-18), 10-Q (filing date: 2017-06-01), 10-Q (filing date: 2017-03-09), 10-Q (filing date: 2016-12-16), 10-K (filing date: 2016-10-12), 10-Q (filing date: 2016-06-01), 10-Q (filing date: 2016-03-09), 10-Q (filing date: 2015-12-18), 10-K (filing date: 2015-10-14), 10-Q (filing date: 2015-06-04), 10-Q (filing date: 2015-03-11), 10-Q (filing date: 2014-12-18), 10-K (filing date: 2014-10-15), 10-Q (filing date: 2014-06-05), 10-Q (filing date: 2014-03-14), 10-Q (filing date: 2013-12-20), 10-K (filing date: 2013-10-16), 10-Q (filing date: 2013-06-11), 10-Q (filing date: 2013-03-20), 10-Q (filing date: 2012-12-21).

1 Data adjusted for splits and stock dividends.

2 Close price on the filing date of Costco Wholesale Corp.’s Quarterly or Annual Report.

Q2 2019 Calculations

3 Operating profit per share = (Operating incomeQ2 2019 + Operating incomeQ1 2019 + Operating incomeQ4 2018 + Operating incomeQ3 2018) ÷ No. shares of common stock outstanding
= (1,203,000,000 + 949,000,000 + 1,446,000,000 + 1,067,000,000) ÷ 439,880,257 = 10.61

4 P/OP ratio = Share price ÷ Operating profit per share
= 236.38 ÷ 10.61 = 22.29

Ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Costco Wholesale Corp.’s P/OP ratio declined from Q4 2018 to Q1 2019 but then increased from Q1 2019 to Q2 2019 exceeding Q4 2018 level.

Price to Sales (P/S)

Costco Wholesale Corp., historical P/S calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Feb 17, 2019 Nov 25, 2018 Sep 2, 2018 May 13, 2018 Feb 18, 2018 Nov 26, 2017 Sep 3, 2017 May 7, 2017 Feb 12, 2017 Nov 20, 2016 Aug 28, 2016 May 8, 2016 Feb 14, 2016 Nov 22, 2015 Aug 30, 2015 May 10, 2015 Feb 15, 2015 Nov 23, 2014 Aug 31, 2014 May 11, 2014 Feb 16, 2014 Nov 24, 2013 Sep 1, 2013 May 12, 2013 Feb 17, 2013 Nov 25, 2012
No. shares of common stock outstanding1 439,880,257 440,490,478 438,208,376 438,541,544 438,820,272 439,105,871 436,989,606 438,593,340 438,941,216 439,240,344 437,126,569 438,065,563 439,035,055 439,777,272 437,406,636 439,487,656 439,974,264 440,504,400 437,762,068 438,295,696 439,877,548 439,722,405 436,922,037 436,684,233 436,371,394 435,636,480
Selected Financial Data (USD $)
Net sales (in millions) 34,628  34,311  43,414  31,624  32,279  31,117  41,357  28,216  29,130  27,469  35,728  26,151  27,567  26,627  34,993  25,517  26,872  26,284  34,755  25,233  25,756  24,468  31,771  23,552  24,343  23,204 
Sales per share3 327.31 321.52 315.91 310.98 303.01 295.65 288.73 274.84 269.92 266.18 265.54 263.29 261.26 259.24 259.86 258.09 257.16 254.32 251.76 244.65 239.95 236.82 235.44 0.00 0.00 0.00
Share price1, 2 236.38 197.13 218.19 202.57 185.51 186.80 157.55 180.63 165.77 160.41 150.46 152.52 153.05 157.70 149.84 140.65 147.40 141.56 124.30 117.75 113.45 118.53 117.36 110.02 103.08 99.49
P/S ratio4 0.72 0.61 0.69 0.65 0.61 0.63 0.55 0.66 0.61 0.60 0.57 0.58 0.59 0.61 0.58 0.54 0.57 0.56 0.49 0.48 0.47 0.50 0.50 – – –

Based on: 10-Q (filing date: 2019-03-13), 10-Q (filing date: 2018-12-20), 10-K (filing date: 2018-10-26), 10-Q (filing date: 2018-06-07), 10-Q (filing date: 2018-03-15), 10-Q (filing date: 2017-12-21), 10-K (filing date: 2017-10-18), 10-Q (filing date: 2017-06-01), 10-Q (filing date: 2017-03-09), 10-Q (filing date: 2016-12-16), 10-K (filing date: 2016-10-12), 10-Q (filing date: 2016-06-01), 10-Q (filing date: 2016-03-09), 10-Q (filing date: 2015-12-18), 10-K (filing date: 2015-10-14), 10-Q (filing date: 2015-06-04), 10-Q (filing date: 2015-03-11), 10-Q (filing date: 2014-12-18), 10-K (filing date: 2014-10-15), 10-Q (filing date: 2014-06-05), 10-Q (filing date: 2014-03-14), 10-Q (filing date: 2013-12-20), 10-K (filing date: 2013-10-16), 10-Q (filing date: 2013-06-11), 10-Q (filing date: 2013-03-20), 10-Q (filing date: 2012-12-21).

1 Data adjusted for splits and stock dividends.

2 Close price on the filing date of Costco Wholesale Corp.’s Quarterly or Annual Report.

Q2 2019 Calculations

3 Sales per share = (Net salesQ2 2019 + Net salesQ1 2019 + Net salesQ4 2018 + Net salesQ3 2018) ÷ No. shares of common stock outstanding
= (34,628,000,000 + 34,311,000,000 + 43,414,000,000 + 31,624,000,000) ÷ 439,880,257 = 327.31

4 P/S ratio = Share price ÷ Sales per share
= 236.38 ÷ 327.31 = 0.72

Ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Costco Wholesale Corp.’s P/S ratio declined from Q4 2018 to Q1 2019 but then increased from Q1 2019 to Q2 2019 exceeding Q4 2018 level.

Price to Book Value (P/BV)

Costco Wholesale Corp., historical P/BV calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Feb 17, 2019 Nov 25, 2018 Sep 2, 2018 May 13, 2018 Feb 18, 2018 Nov 26, 2017 Sep 3, 2017 May 7, 2017 Feb 12, 2017 Nov 20, 2016 Aug 28, 2016 May 8, 2016 Feb 14, 2016 Nov 22, 2015 Aug 30, 2015 May 10, 2015 Feb 15, 2015 Nov 23, 2014 Aug 31, 2014 May 11, 2014 Feb 16, 2014 Nov 24, 2013 Sep 1, 2013 May 12, 2013 Feb 17, 2013 Nov 25, 2012
No. shares of common stock outstanding1 439,880,257 440,490,478 438,208,376 438,541,544 438,820,272 439,105,871 436,989,606 438,593,340 438,941,216 439,240,344 437,126,569 438,065,563 439,035,055 439,777,272 437,406,636 439,487,656 439,974,264 440,504,400 437,762,068 438,295,696 439,877,548 439,722,405 436,922,037 436,684,233 436,371,394 435,636,480
Selected Financial Data (USD $)
Total Costco stockholders’ equity (in millions) 13,858  13,167  12,799  12,143  11,754  11,078  10,778  9,898  12,440  11,973  12,079  11,505  11,000  10,848  10,617  10,587  10,206  12,359  12,303  11,819  11,515  11,221  10,833  10,472  10,112  12,665 
Book value per share (BVPS)3 31.50 29.89 29.21 27.69 26.79 25.23 24.66 22.57 28.34 27.26 27.63 26.26 25.05 24.67 24.27 24.09 23.20 28.06 28.10 26.97 26.18 25.52 24.79 23.98 23.17 29.07
Share price1, 2 236.38 197.13 218.19 202.57 185.51 186.80 157.55 180.63 165.77 160.41 150.46 152.52 153.05 157.70 149.84 140.65 147.40 141.56 124.30 117.75 113.45 118.53 117.36 110.02 103.08 99.49
P/BV ratio4 7.50 6.59 7.47 7.32 6.93 7.40 6.39 8.00 5.85 5.88 5.44 5.81 6.11 6.39 6.17 5.84 6.35 5.05 4.42 4.37 4.33 4.64 4.73 4.59 4.45 3.42

Based on: 10-Q (filing date: 2019-03-13), 10-Q (filing date: 2018-12-20), 10-K (filing date: 2018-10-26), 10-Q (filing date: 2018-06-07), 10-Q (filing date: 2018-03-15), 10-Q (filing date: 2017-12-21), 10-K (filing date: 2017-10-18), 10-Q (filing date: 2017-06-01), 10-Q (filing date: 2017-03-09), 10-Q (filing date: 2016-12-16), 10-K (filing date: 2016-10-12), 10-Q (filing date: 2016-06-01), 10-Q (filing date: 2016-03-09), 10-Q (filing date: 2015-12-18), 10-K (filing date: 2015-10-14), 10-Q (filing date: 2015-06-04), 10-Q (filing date: 2015-03-11), 10-Q (filing date: 2014-12-18), 10-K (filing date: 2014-10-15), 10-Q (filing date: 2014-06-05), 10-Q (filing date: 2014-03-14), 10-Q (filing date: 2013-12-20), 10-K (filing date: 2013-10-16), 10-Q (filing date: 2013-06-11), 10-Q (filing date: 2013-03-20), 10-Q (filing date: 2012-12-21).

1 Data adjusted for splits and stock dividends.

2 Close price on the filing date of Costco Wholesale Corp.’s Quarterly or Annual Report.

Q2 2019 Calculations

3 BVPS = Total Costco stockholders’ equity ÷ No. shares of common stock outstanding
= 13,858,000,000 ÷ 439,880,257 = 31.50

4 P/BV ratio = Share price ÷ BVPS
= 236.38 ÷ 31.50 = 7.50

Ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. Costco Wholesale Corp.’s P/BV ratio declined from Q4 2018 to Q1 2019 but then increased from Q1 2019 to Q2 2019 exceeding Q4 2018 level.