Stock Analysis on Net
Stock Analysis on Net

Costco Wholesale Corp. (NASDAQ:COST)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Beginner level

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
May 9, 2021 Feb 14, 2021 Nov 22, 2020 Aug 30, 2020 May 10, 2020 Feb 16, 2020 Nov 24, 2019 Sep 1, 2019 May 12, 2019 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
Price to earnings (P/E) 35.91 32.99 37.85 40.02 36.98 32.71 34.68 35.76 30.65 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
Price to operating profit (P/OP) 26.67 24.38 28.20 29.47 27.61 25.16 26.72 27.62 23.41 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
Price to sales (P/S) 0.93 0.82 0.97 0.98 0.87 0.80 0.86 0.88 0.76 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
Price to book value (P/BV) 10.30 9.16 11.01 8.76 8.17 7.44 8.17 8.58 7.63 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

Based on: 10-Q (filing date: 2021-06-03), 10-Q (filing date: 2021-03-10), 10-Q (filing date: 2020-12-16), 10-K (filing date: 2020-10-07), 10-Q (filing date: 2020-06-04), 10-Q (filing date: 2020-03-12), 10-Q (filing date: 2019-12-23), 10-K (filing date: 2019-10-11), 10-Q (filing date: 2019-06-06), 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).

Valuation 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 decreased from Q1 2021 to Q2 2021 but then increased from Q2 2021 to Q3 2021 not reaching Q1 2021 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 decreased from Q1 2021 to Q2 2021 but then increased from Q2 2021 to Q3 2021 not reaching Q1 2021 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 decreased from Q1 2021 to Q2 2021 but then increased from Q2 2021 to Q3 2021 not reaching Q1 2021 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 decreased from Q1 2021 to Q2 2021 but then increased from Q2 2021 to Q3 2021 not reaching Q1 2021 level.

Price to Earnings (P/E)

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

Microsoft Excel LibreOffice Calc
May 9, 2021 Feb 14, 2021 Nov 22, 2020 Aug 30, 2020 May 10, 2020 Feb 16, 2020 Nov 24, 2019 Sep 1, 2019 May 12, 2019 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
No. shares of common stock outstanding1 442,069,091 442,533,785 442,955,229 441,228,027 441,523,711 441,579,952 441,757,627 439,656,950 439,789,186 439,880,257 440,490,478 438,208,376 438,541,544 438,820,272 439,105,871 436,989,606 438,593,340 438,941,216 439,240,344 437,126,569 438,065,563 439,035,055 439,777,272 437,406,636 439,487,656 439,974,264 440,504,400
Selected Financial Data (US$)
Net income attributable to Costco (in millions) 1,220  951  1,166  1,389  838  931  844  1,097  906  889  767  1,043  750  701  640  919  700  515  545  779  545  546  480  767  516  598  496 
Earnings per share (EPS)2 10.69 9.82 9.76 9.07 8.40 8.56 8.46 8.32 8.20 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 0.00 0.00 0.00
Share price1, 3 383.87 323.83 369.44 363.02 310.75 279.85 293.31 297.60 251.21 236.38 197.13 218.19 202.57 185.51 186.80 157.55 180.63 165.77 160.41 150.46 152.52 153.05 157.70 149.84 140.65 147.40 141.56
Valuation Ratio
P/E ratio4 35.91 32.99 37.85 40.02 36.98 32.71 34.68 35.76 30.65 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
Benchmarks
P/E Ratio, Competitors5
Walmart Inc. 21.57 23.39 23.27 21.69 23.34 25.40 36.14 41.79 55.00 54.35 28.14 26.62 25.20 18.32 17.64 16.02 15.02 15.00 15.30 14.72

Based on: 10-Q (filing date: 2021-06-03), 10-Q (filing date: 2021-03-10), 10-Q (filing date: 2020-12-16), 10-K (filing date: 2020-10-07), 10-Q (filing date: 2020-06-04), 10-Q (filing date: 2020-03-12), 10-Q (filing date: 2019-12-23), 10-K (filing date: 2019-10-11), 10-Q (filing date: 2019-06-06), 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).

1 Data adjusted for splits and stock dividends.

2 Q3 2021 Calculation
EPS = (Net income attributable to CostcoQ3 2021 + Net income attributable to CostcoQ2 2021 + Net income attributable to CostcoQ1 2021 + Net income attributable to CostcoQ4 2020) ÷ No. shares of common stock outstanding
= (1,220,000,000 + 951,000,000 + 1,166,000,000 + 1,389,000,000) ÷ 442,069,091 = 10.69

3 Closing price as at the filing date of Costco Wholesale Corp.’s Quarterly or Annual Report.

4 Q3 2021 Calculation
P/E ratio = Share price ÷ EPS
= 383.87 ÷ 10.69 = 35.91

5 Click competitor name to see calculations.

Valuation 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 decreased from Q1 2021 to Q2 2021 but then increased from Q2 2021 to Q3 2021 not reaching Q1 2021 level.

Price to Operating Profit (P/OP)

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

Microsoft Excel LibreOffice Calc
May 9, 2021 Feb 14, 2021 Nov 22, 2020 Aug 30, 2020 May 10, 2020 Feb 16, 2020 Nov 24, 2019 Sep 1, 2019 May 12, 2019 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
No. shares of common stock outstanding1 442,069,091 442,533,785 442,955,229 441,228,027 441,523,711 441,579,952 441,757,627 439,656,950 439,789,186 439,880,257 440,490,478 438,208,376 438,541,544 438,820,272 439,105,871 436,989,606 438,593,340 438,941,216 439,240,344 437,126,569 438,065,563 439,035,055 439,777,272 437,406,636 439,487,656 439,974,264 440,504,400
Selected Financial Data (US$)
Operating income (in millions) 1,663  1,340  1,430  1,929  1,179  1,266  1,061  1,463  1,122  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 
Operating profit per share2 14.39 13.28 13.10 12.32 11.25 11.12 10.98 10.77 10.73 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 0.00 0.00 0.00
Share price1, 3 383.87 323.83 369.44 363.02 310.75 279.85 293.31 297.60 251.21 236.38 197.13 218.19 202.57 185.51 186.80 157.55 180.63 165.77 160.41 150.46 152.52 153.05 157.70 149.84 140.65 147.40 141.56
Valuation Ratio
P/OP ratio4 26.67 24.38 28.20 29.47 27.61 25.16 26.72 27.62 23.41 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
Benchmarks
P/OP Ratio, Competitors5
Walmart Inc. 19.03 19.63 16.77 15.69 15.80 15.12 13.92 12.69 13.94 14.03 12.38 12.85 13.01 10.35 10.56 9.60 9.36 9.29 9.32 8.97

Based on: 10-Q (filing date: 2021-06-03), 10-Q (filing date: 2021-03-10), 10-Q (filing date: 2020-12-16), 10-K (filing date: 2020-10-07), 10-Q (filing date: 2020-06-04), 10-Q (filing date: 2020-03-12), 10-Q (filing date: 2019-12-23), 10-K (filing date: 2019-10-11), 10-Q (filing date: 2019-06-06), 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).

1 Data adjusted for splits and stock dividends.

2 Q3 2021 Calculation
Operating profit per share = (Operating incomeQ3 2021 + Operating incomeQ2 2021 + Operating incomeQ1 2021 + Operating incomeQ4 2020) ÷ No. shares of common stock outstanding
= (1,663,000,000 + 1,340,000,000 + 1,430,000,000 + 1,929,000,000) ÷ 442,069,091 = 14.39

3 Closing price as at the filing date of Costco Wholesale Corp.’s Quarterly or Annual Report.

4 Q3 2021 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 383.87 ÷ 14.39 = 26.67

5 Click competitor name to see calculations.

Valuation 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 decreased from Q1 2021 to Q2 2021 but then increased from Q2 2021 to Q3 2021 not reaching Q1 2021 level.

Price to Sales (P/S)

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

Microsoft Excel LibreOffice Calc
May 9, 2021 Feb 14, 2021 Nov 22, 2020 Aug 30, 2020 May 10, 2020 Feb 16, 2020 Nov 24, 2019 Sep 1, 2019 May 12, 2019 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
No. shares of common stock outstanding1 442,069,091 442,533,785 442,955,229 441,228,027 441,523,711 441,579,952 441,757,627 439,656,950 439,789,186 439,880,257 440,490,478 438,208,376 438,541,544 438,820,272 439,105,871 436,989,606 438,593,340 438,941,216 439,240,344 437,126,569 438,065,563 439,035,055 439,777,272 437,406,636 439,487,656 439,974,264 440,504,400
Selected Financial Data (US$)
Net sales (in millions) 44,376  43,888  42,347  52,277  36,451  38,256  36,236  46,448  33,964  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 
Sales per share2 413.71 395.37 382.28 369.92 356.47 350.79 342.44 339.70 332.70 327.31 321.52 315.91 310.98 303.01 295.65 288.73 274.84 269.92 266.18 265.54 263.29 261.26 259.24 259.86 0.00 0.00 0.00
Share price1, 3 383.87 323.83 369.44 363.02 310.75 279.85 293.31 297.60 251.21 236.38 197.13 218.19 202.57 185.51 186.80 157.55 180.63 165.77 160.41 150.46 152.52 153.05 157.70 149.84 140.65 147.40 141.56
Valuation Ratio
P/S ratio4 0.93 0.82 0.97 0.98 0.87 0.80 0.86 0.88 0.76 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
Benchmarks
P/S Ratio, Competitors5
Walmart Inc. 0.78 0.78 0.66 0.62 0.65 0.63 0.59 0.55 0.56 0.56 0.50 0.53 0.59 0.48 0.50 0.45 0.45 0.46 0.46 0.45

Based on: 10-Q (filing date: 2021-06-03), 10-Q (filing date: 2021-03-10), 10-Q (filing date: 2020-12-16), 10-K (filing date: 2020-10-07), 10-Q (filing date: 2020-06-04), 10-Q (filing date: 2020-03-12), 10-Q (filing date: 2019-12-23), 10-K (filing date: 2019-10-11), 10-Q (filing date: 2019-06-06), 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).

1 Data adjusted for splits and stock dividends.

2 Q3 2021 Calculation
Sales per share = (Net salesQ3 2021 + Net salesQ2 2021 + Net salesQ1 2021 + Net salesQ4 2020) ÷ No. shares of common stock outstanding
= (44,376,000,000 + 43,888,000,000 + 42,347,000,000 + 52,277,000,000) ÷ 442,069,091 = 413.71

3 Closing price as at the filing date of Costco Wholesale Corp.’s Quarterly or Annual Report.

4 Q3 2021 Calculation
P/S ratio = Share price ÷ Sales per share
= 383.87 ÷ 413.71 = 0.93

5 Click competitor name to see calculations.

Valuation 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 decreased from Q1 2021 to Q2 2021 but then increased from Q2 2021 to Q3 2021 not reaching Q1 2021 level.

Price to Book Value (P/BV)

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

Microsoft Excel LibreOffice Calc
May 9, 2021 Feb 14, 2021 Nov 22, 2020 Aug 30, 2020 May 10, 2020 Feb 16, 2020 Nov 24, 2019 Sep 1, 2019 May 12, 2019 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
No. shares of common stock outstanding1 442,069,091 442,533,785 442,955,229 441,228,027 441,523,711 441,579,952 441,757,627 439,656,950 439,789,186 439,880,257 440,490,478 438,208,376 438,541,544 438,820,272 439,105,871 436,989,606 438,593,340 438,941,216 439,240,344 437,126,569 438,065,563 439,035,055 439,777,272 437,406,636 439,487,656 439,974,264 440,504,400
Selected Financial Data (US$)
Total Costco stockholders’ equity (in millions) 16,482  15,652  14,860  18,284  16,802  16,614  15,861  15,243  14,486  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 
Book value per share (BVPS)2 37.28 35.37 33.55 41.44 38.05 37.62 35.90 34.67 32.94 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
Share price1, 3 383.87 323.83 369.44 363.02 310.75 279.85 293.31 297.60 251.21 236.38 197.13 218.19 202.57 185.51 186.80 157.55 180.63 165.77 160.41 150.46 152.52 153.05 157.70 149.84 140.65 147.40 141.56
Valuation Ratio
P/BV ratio4 10.30 9.16 11.01 8.76 8.17 7.44 8.17 8.58 7.63 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
Benchmarks
P/BV Ratio, Competitors5
Walmart Inc. 5.23 5.56 5.12 4.32 4.70 4.64 4.44 3.84 3.94 3.97 3.34 3.37 3.79 3.05 3.26 2.81 2.80 2.89 2.94 2.69 2.35 2.65 3.07

Based on: 10-Q (filing date: 2021-06-03), 10-Q (filing date: 2021-03-10), 10-Q (filing date: 2020-12-16), 10-K (filing date: 2020-10-07), 10-Q (filing date: 2020-06-04), 10-Q (filing date: 2020-03-12), 10-Q (filing date: 2019-12-23), 10-K (filing date: 2019-10-11), 10-Q (filing date: 2019-06-06), 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).

1 Data adjusted for splits and stock dividends.

2 Q3 2021 Calculation
BVPS = Total Costco stockholders’ equity ÷ No. shares of common stock outstanding
= 16,482,000,000 ÷ 442,069,091 = 37.28

3 Closing price as at the filing date of Costco Wholesale Corp.’s Quarterly or Annual Report.

4 Q3 2021 Calculation
P/BV ratio = Share price ÷ BVPS
= 383.87 ÷ 37.28 = 10.30

5 Click competitor name to see calculations.

Valuation 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 decreased from Q1 2021 to Q2 2021 but then increased from Q2 2021 to Q3 2021 not reaching Q1 2021 level.