Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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)
Based on: 10-Q (reporting date: 2026-05-10), 10-Q (reporting date: 2026-02-15), 10-Q (reporting date: 2025-11-23), 10-K (reporting date: 2025-08-31), 10-Q (reporting date: 2025-05-11), 10-Q (reporting date: 2025-02-16), 10-Q (reporting date: 2024-11-24), 10-K (reporting date: 2024-09-01), 10-Q (reporting date: 2024-05-12), 10-Q (reporting date: 2024-02-18), 10-Q (reporting date: 2023-11-26), 10-K (reporting date: 2023-09-03), 10-Q (reporting date: 2023-05-07), 10-Q (reporting date: 2023-02-12), 10-Q (reporting date: 2022-11-20), 10-K (reporting date: 2022-08-28), 10-Q (reporting date: 2022-05-08), 10-Q (reporting date: 2022-02-13), 10-Q (reporting date: 2021-11-21), 10-K (reporting date: 2021-08-29), 10-Q (reporting date: 2021-05-09), 10-Q (reporting date: 2021-02-14), 10-Q (reporting date: 2020-11-22).
An analysis of valuation ratios between November 2020 and May 2026 reveals a general trend of multiple expansion across all tracked metrics, peaking predominantly between late 2024 and mid-2025, followed by a moderate contraction.
- Price to Earnings (P/E) and Price to Operating Profit (P/OP)
- The P/E ratio exhibited a sustained upward trajectory, rising from 37.85 in November 2020 to a peak of 57.16 in May 2025. Similarly, the P/OP ratio grew from 28.20 to a high of 44.63 in November 2024. This parallel movement suggests a consistent increase in the market's willingness to pay a premium for each unit of profit, though both ratios experienced a slight decline toward May 2026, ending at 48.26 and 38.00, respectively.
- Price to Sales (P/S)
- The P/S ratio remained relatively stable, fluctuating between 0.82 and 1.22 from 2021 through 2023. A period of acceleration followed, with the ratio peaking at 1.70 in May 2025. This represents a substantial shift in valuation relative to top-line revenue. By May 2026, the ratio settled at 1.48, maintaining a level significantly higher than the figures observed in the early stages of the analyzed timeframe.
- Price to Book Value (P/BV)
- The P/BV ratio showed relative stability between 9.16 and 13.20 from 2020 through 2023. A sharp increase occurred starting in February 2024, with the ratio reaching a peak of 17.33 in November 2024. A subsequent corrective trend is observed thereafter, with the ratio descending to 12.73 by May 2026.
Collectively, the data indicates a period of valuation inflation that culminated in early 2025, succeeded by a period of stabilization. The synchronized movement of the P/E, P/OP, and P/S ratios suggests that the valuation increase was driven by broad market sentiment or increased growth expectations, while the P/BV volatility highlights a significant divergence between market price and book value during the 2024-2025 peak.
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Price to Earnings (P/E)
Costco Wholesale Corp., historical P/E calculation (quarterly data)
| May 10, 2026 | Feb 15, 2026 | Nov 23, 2025 | Aug 31, 2025 | May 11, 2025 | Feb 16, 2025 | Nov 24, 2024 | Sep 1, 2024 | May 12, 2024 | Feb 18, 2024 | Nov 26, 2023 | Sep 3, 2023 | May 7, 2023 | Feb 12, 2023 | Nov 20, 2022 | Aug 28, 2022 | May 8, 2022 | Feb 13, 2022 | Nov 21, 2021 | Aug 29, 2021 | May 9, 2021 | Feb 14, 2021 | Nov 22, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 443,478,804 | 443,652,540 | 443,869,411 | 443,179,176 | 443,477,086 | 443,683,357 | 443,898,870 | 443,073,537 | 443,335,024 | 443,504,036 | 443,728,416 | 442,740,572 | 443,148,481 | 443,483,205 | 443,729,036 | 442,604,145 | 442,962,949 | 443,224,290 | 443,432,486 | 441,823,811 | 442,069,091 | 442,533,785 | 442,955,229 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Net income attributable to Costco (in millions) | 2,192) | 2,035) | 2,001) | 2,610) | 1,903) | 1,788) | 1,798) | 2,354) | 1,681) | 1,743) | 1,589) | 2,160) | 1,302) | 1,466) | 1,364) | 1,868) | 1,353) | 1,299) | 1,324) | 1,670) | 1,220) | 951) | 1,166) | |||||||
| Earnings per share (EPS)2 | 19.93 | 19.27 | 18.70 | 18.27 | 17.69 | 17.18 | 17.07 | 16.63 | 16.18 | 15.32 | 14.69 | 14.21 | 13.54 | 13.64 | 13.26 | 13.20 | 12.75 | 12.44 | 11.65 | 11.33 | 10.69 | 9.82 | 9.76 | |||||||
| Share price1, 3 | 961.83 | 992.23 | 862.65 | 914.80 | 1,010.81 | 890.62 | 954.80 | 909.10 | 842.64 | 734.20 | 661.00 | 565.52 | 512.60 | 479.52 | 456.53 | 480.32 | 487.61 | 532.72 | 549.67 | 449.34 | 383.87 | 323.83 | 369.44 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/E ratio4 | 48.26 | 51.49 | 46.12 | 50.06 | 57.16 | 51.85 | 55.94 | 54.68 | 52.08 | 47.93 | 45.01 | 39.79 | 37.86 | 35.14 | 34.43 | 36.38 | 38.26 | 42.83 | 47.19 | 39.65 | 35.91 | 32.99 | 37.85 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Target Corp. | 10.81 | 11.10 | 10.21 | 11.95 | 13.64 | 15.77 | 17.49 | 18.60 | 16.59 | 16.67 | 23.57 | 27.08 | 21.82 | 17.50 | 13.23 | 14.38 | 17.57 | 19.28 | 18.16 | — | — | — | — | |||||||
| Walmart Inc. | 39.80 | 36.23 | 41.33 | 35.20 | 39.07 | 39.92 | 27.98 | 31.52 | 25.73 | 30.97 | 35.47 | 32.17 | 46.12 | 26.02 | 26.43 | 29.27 | 47.43 | 41.22 | 32.45 | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-05-10), 10-Q (reporting date: 2026-02-15), 10-Q (reporting date: 2025-11-23), 10-K (reporting date: 2025-08-31), 10-Q (reporting date: 2025-05-11), 10-Q (reporting date: 2025-02-16), 10-Q (reporting date: 2024-11-24), 10-K (reporting date: 2024-09-01), 10-Q (reporting date: 2024-05-12), 10-Q (reporting date: 2024-02-18), 10-Q (reporting date: 2023-11-26), 10-K (reporting date: 2023-09-03), 10-Q (reporting date: 2023-05-07), 10-Q (reporting date: 2023-02-12), 10-Q (reporting date: 2022-11-20), 10-K (reporting date: 2022-08-28), 10-Q (reporting date: 2022-05-08), 10-Q (reporting date: 2022-02-13), 10-Q (reporting date: 2021-11-21), 10-K (reporting date: 2021-08-29), 10-Q (reporting date: 2021-05-09), 10-Q (reporting date: 2021-02-14), 10-Q (reporting date: 2020-11-22).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
EPS
= (Net income attributable to CostcoQ3 2026
+ Net income attributable to CostcoQ2 2026
+ Net income attributable to CostcoQ1 2026
+ Net income attributable to CostcoQ4 2025)
÷ No. shares of common stock outstanding
= (2,192,000,000 + 2,035,000,000 + 2,001,000,000 + 2,610,000,000)
÷ 443,478,804 = 19.93
3 Closing price as at the filing date of Costco Wholesale Corp. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/E ratio = Share price ÷ EPS
= 961.83 ÷ 19.93 = 48.26
5 Click competitor name to see calculations.
The analyzed period exhibits a strong positive correlation between share price appreciation and earnings growth, although the valuation multiple has expanded significantly over time. Share prices increased from 369.44 in November 2020 to 961.83 by May 2026, while Earnings per Share (EPS) demonstrated a steady, nearly linear ascent throughout the timeframe.
- Earnings per Share (EPS) Trajectory
- EPS grew consistently from 9.76 in November 2020 to 19.93 in May 2026. This upward trend reflects a robust and stable increase in profitability, with almost no quarterly declines observed across the entire period.
- Share Price Performance
- The share price experienced substantial growth, rising from 369.44 to a peak of 1,010.81 in May 2025, before settling at 961.83 in May 2026. While the general trend is upward, the price exhibited more volatility than the earnings, particularly between 2021 and 2023.
- Price-to-Earnings (P/E) Ratio Evolution
- The P/E ratio shifted from a baseline range of approximately 33.00 to 47.00 between 2020 and 2022 to a significantly higher valuation regime from 2023 onward. The ratio frequently exceeded 50.00 during the latter half of the period, reaching a peak of 57.16 in May 2025. This expansion indicates that the market began pricing the stock at a higher premium relative to its earnings, suggesting increased investor confidence or expectations for future growth.
- Valuation Divergence
- A notable divergence occurred between 2024 and 2025, where the P/E ratio climbed sharply from 47.93 in November 2023 to 57.16 in May 2025. This suggests that share price growth accelerated faster than earnings growth during this specific interval, leading to a peak in the valuation multiple before a slight correction toward 48.26 by May 2026.
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Price to Operating Profit (P/OP)
Costco Wholesale Corp., historical P/OP calculation (quarterly data)
| May 10, 2026 | Feb 15, 2026 | Nov 23, 2025 | Aug 31, 2025 | May 11, 2025 | Feb 16, 2025 | Nov 24, 2024 | Sep 1, 2024 | May 12, 2024 | Feb 18, 2024 | Nov 26, 2023 | Sep 3, 2023 | May 7, 2023 | Feb 12, 2023 | Nov 20, 2022 | Aug 28, 2022 | May 8, 2022 | Feb 13, 2022 | Nov 21, 2021 | Aug 29, 2021 | May 9, 2021 | Feb 14, 2021 | Nov 22, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 443,478,804 | 443,652,540 | 443,869,411 | 443,179,176 | 443,477,086 | 443,683,357 | 443,898,870 | 443,073,537 | 443,335,024 | 443,504,036 | 443,728,416 | 442,740,572 | 443,148,481 | 443,483,205 | 443,729,036 | 442,604,145 | 442,962,949 | 443,224,290 | 443,432,486 | 441,823,811 | 442,069,091 | 442,533,785 | 442,955,229 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Operating income (in millions) | 2,815) | 2,606) | 2,463) | 3,341) | 2,530) | 2,316) | 2,196) | 3,042) | 2,197) | 2,062) | 1,984) | 2,781) | 1,679) | 1,903) | 1,751) | 2,497) | 1,791) | 1,812) | 1,693) | 2,275) | 1,663) | 1,340) | 1,430) | |||||||
| Operating profit per share2 | 25.31 | 24.66 | 23.99 | 23.43 | 22.74 | 21.98 | 21.39 | 20.96 | 20.35 | 19.18 | 18.81 | 18.33 | 17.67 | 17.91 | 17.69 | 17.61 | 17.09 | 16.79 | 15.72 | 15.18 | 14.39 | 13.28 | 13.10 | |||||||
| Share price1, 3 | 961.83 | 992.23 | 862.65 | 914.80 | 1,010.81 | 890.62 | 954.80 | 909.10 | 842.64 | 734.20 | 661.00 | 565.52 | 512.60 | 479.52 | 456.53 | 480.32 | 487.61 | 532.72 | 549.67 | 449.34 | 383.87 | 323.83 | 369.44 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/OP ratio4 | 38.00 | 40.24 | 35.95 | 39.05 | 44.45 | 40.52 | 44.63 | 43.38 | 41.40 | 38.28 | 35.14 | 30.86 | 29.01 | 26.78 | 25.80 | 27.28 | 28.53 | 31.72 | 34.97 | 29.60 | 26.67 | 24.38 | 28.20 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Target Corp. | 7.81 | 8.04 | 7.44 | 8.78 | 9.99 | 11.58 | 12.73 | 13.48 | 12.05 | 11.95 | 16.74 | 19.56 | 15.72 | 12.81 | 9.79 | 11.17 | 13.72 | 14.12 | 13.29 | — | — | — | — | |||||||
| Walmart Inc. | 31.47 | 26.67 | 26.24 | 23.31 | 26.75 | 21.99 | 19.19 | 18.10 | 16.56 | 19.94 | 18.77 | 18.40 | 19.93 | 15.13 | 14.11 | 15.43 | 14.89 | 16.23 | 16.40 | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-05-10), 10-Q (reporting date: 2026-02-15), 10-Q (reporting date: 2025-11-23), 10-K (reporting date: 2025-08-31), 10-Q (reporting date: 2025-05-11), 10-Q (reporting date: 2025-02-16), 10-Q (reporting date: 2024-11-24), 10-K (reporting date: 2024-09-01), 10-Q (reporting date: 2024-05-12), 10-Q (reporting date: 2024-02-18), 10-Q (reporting date: 2023-11-26), 10-K (reporting date: 2023-09-03), 10-Q (reporting date: 2023-05-07), 10-Q (reporting date: 2023-02-12), 10-Q (reporting date: 2022-11-20), 10-K (reporting date: 2022-08-28), 10-Q (reporting date: 2022-05-08), 10-Q (reporting date: 2022-02-13), 10-Q (reporting date: 2021-11-21), 10-K (reporting date: 2021-08-29), 10-Q (reporting date: 2021-05-09), 10-Q (reporting date: 2021-02-14), 10-Q (reporting date: 2020-11-22).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
Operating profit per share
= (Operating incomeQ3 2026
+ Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025)
÷ No. shares of common stock outstanding
= (2,815,000,000 + 2,606,000,000 + 2,463,000,000 + 3,341,000,000)
÷ 443,478,804 = 25.31
3 Closing price as at the filing date of Costco Wholesale Corp. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 961.83 ÷ 25.31 = 38.00
5 Click competitor name to see calculations.
The analyzed period reveals a significant divergence between the growth of the share price and the growth of operating profit per share, resulting in a substantial expansion of the valuation multiple.
- Share Price Performance
- The share price exhibits a strong long-term upward trajectory, increasing from 369.44 USD in November 2020 to a peak of 1,010.81 USD in May 2025. While the growth was generally positive, periods of volatility occurred, particularly between May 2022 and November 2022, and again during the second half of 2025, before recovering toward the end of the period to 961.83 USD in May 2026.
- Operating Profit per Share Trends
- Operating profit per share demonstrates consistent, linear growth throughout the entire timeframe. Starting at 13.10 USD in November 2020, the figure rose steadily to 25.31 USD by May 2026. This indicates a stable and predictable increase in operational efficiency and profitability regardless of the fluctuations observed in the equity market price.
- Price to Operating Profit (P/OP) Ratio Analysis
- The P/OP ratio reflects a marked increase in the premium the market is willing to pay for each unit of operating profit. The ratio initially fluctuated between 24.38 and 34.97 from late 2020 through 2022. A phase of rapid valuation expansion began in 2023, with the ratio climbing from 29.01 in May 2023 to a peak of 44.63 in November 2024.
- In the final period from May 2025 to May 2026, the P/OP ratio stabilized in a higher range, oscillating between 35.95 and 44.45. The current ratio of 38.00 remains significantly elevated compared to the 28.20 recorded at the start of the analysis, confirming that share price appreciation has outpaced operational profit growth.
The combination of steadily increasing operating profits and a rising P/OP ratio suggests a shift in investor sentiment toward a higher valuation multiple, indicating increased market expectations or a higher perceived quality of earnings over time.
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Price to Sales (P/S)
Costco Wholesale Corp., historical P/S calculation (quarterly data)
| May 10, 2026 | Feb 15, 2026 | Nov 23, 2025 | Aug 31, 2025 | May 11, 2025 | Feb 16, 2025 | Nov 24, 2024 | Sep 1, 2024 | May 12, 2024 | Feb 18, 2024 | Nov 26, 2023 | Sep 3, 2023 | May 7, 2023 | Feb 12, 2023 | Nov 20, 2022 | Aug 28, 2022 | May 8, 2022 | Feb 13, 2022 | Nov 21, 2021 | Aug 29, 2021 | May 9, 2021 | Feb 14, 2021 | Nov 22, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 443,478,804 | 443,652,540 | 443,869,411 | 443,179,176 | 443,477,086 | 443,683,357 | 443,898,870 | 443,073,537 | 443,335,024 | 443,504,036 | 443,728,416 | 442,740,572 | 443,148,481 | 443,483,205 | 443,729,036 | 442,604,145 | 442,962,949 | 443,224,290 | 443,432,486 | 441,823,811 | 442,069,091 | 442,533,785 | 442,955,229 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Net sales (in millions) | 69,154) | 68,242) | 65,978) | 84,432) | 61,965) | 62,530) | 60,985) | 78,185) | 57,392) | 57,331) | 56,717) | 77,430) | 52,604) | 54,239) | 53,437) | 70,764) | 51,612) | 50,937) | 49,417) | 61,441) | 44,376) | 43,888) | 42,347) | |||||||
| Sales per share2 | 648.97 | 632.52 | 619.34 | 609.04 | 594.54 | 583.96 | 571.96 | 563.39 | 561.36 | 550.35 | 543.10 | 536.91 | 521.37 | 518.74 | 511.01 | 503.23 | 481.77 | 465.16 | 449.05 | 434.68 | 413.71 | 395.37 | 382.28 | |||||||
| Share price1, 3 | 961.83 | 992.23 | 862.65 | 914.80 | 1,010.81 | 890.62 | 954.80 | 909.10 | 842.64 | 734.20 | 661.00 | 565.52 | 512.60 | 479.52 | 456.53 | 480.32 | 487.61 | 532.72 | 549.67 | 449.34 | 383.87 | 323.83 | 369.44 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/S ratio4 | 1.48 | 1.57 | 1.39 | 1.50 | 1.70 | 1.53 | 1.67 | 1.61 | 1.50 | 1.33 | 1.22 | 1.05 | 0.98 | 0.92 | 0.89 | 0.95 | 1.01 | 1.15 | 1.22 | 1.03 | 0.93 | 0.82 | 0.97 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Target Corp. | 0.39 | 0.41 | 0.40 | 0.46 | 0.55 | 0.66 | 0.68 | 0.72 | 0.56 | 0.52 | 0.59 | 0.69 | 0.69 | 0.69 | 0.72 | 0.94 | 1.15 | 1.21 | 1.14 | — | — | — | — | |||||||
| Walmart Inc. | 1.31 | 1.13 | 1.15 | 1.01 | 1.15 | 0.94 | 0.81 | 0.76 | 0.66 | 0.70 | 0.65 | 0.62 | 0.70 | 0.62 | 0.60 | 0.70 | 0.67 | 0.74 | 0.71 | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-05-10), 10-Q (reporting date: 2026-02-15), 10-Q (reporting date: 2025-11-23), 10-K (reporting date: 2025-08-31), 10-Q (reporting date: 2025-05-11), 10-Q (reporting date: 2025-02-16), 10-Q (reporting date: 2024-11-24), 10-K (reporting date: 2024-09-01), 10-Q (reporting date: 2024-05-12), 10-Q (reporting date: 2024-02-18), 10-Q (reporting date: 2023-11-26), 10-K (reporting date: 2023-09-03), 10-Q (reporting date: 2023-05-07), 10-Q (reporting date: 2023-02-12), 10-Q (reporting date: 2022-11-20), 10-K (reporting date: 2022-08-28), 10-Q (reporting date: 2022-05-08), 10-Q (reporting date: 2022-02-13), 10-Q (reporting date: 2021-11-21), 10-K (reporting date: 2021-08-29), 10-Q (reporting date: 2021-05-09), 10-Q (reporting date: 2021-02-14), 10-Q (reporting date: 2020-11-22).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
Sales per share
= (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
÷ No. shares of common stock outstanding
= (69,154,000,000 + 68,242,000,000 + 65,978,000,000 + 84,432,000,000)
÷ 443,478,804 = 648.97
3 Closing price as at the filing date of Costco Wholesale Corp. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 961.83 ÷ 648.97 = 1.48
5 Click competitor name to see calculations.
An analysis of the valuation metrics reveals a significant expansion in the Price to Sales (P/S) ratio over the observed period, driven primarily by a share price increase that outpaced the steady growth in sales per share.
- Sales per Share Performance
- A consistent and linear upward trajectory is observed in sales per share, rising from 382.28 US$ in November 2020 to 648.97 US$ by May 2026. This represents a steady increase in revenue generation per unit of equity, indicating stable organic growth throughout the entire timeframe.
- Share Price Volatility and Growth
- The share price exhibited substantial growth with periods of volatility. After starting at 369.44 US$ in November 2020, the price experienced a period of fluctuation between 2021 and 2022, reaching a low of 456.53 US$ in November 2022. Subsequently, a strong bullish trend emerged, leading to a peak of 1,010.81 US$ in May 2025, before settling at 961.83 US$ in May 2026.
- Price to Sales (P/S) Ratio Trends
- The P/S ratio underwent three distinct phases. From November 2020 to November 2022, the ratio remained relatively constrained, fluctuating between a low of 0.82 and a high of 1.22. A significant valuation expansion occurred between November 2022 (0.89) and May 2025, where the ratio peaked at 1.70, signaling an increased market premium attributed to the company's revenue. In the final year of the data, the ratio entered a stabilization phase, oscillating between 1.39 and 1.57.
- Correlation Analysis
- While sales per share grew at a predictable and constant rate, the P/S ratio was primarily influenced by shifts in investor sentiment and share price movements. The divergence between the linear growth of sales and the exponential growth of the share price between 2023 and 2025 resulted in the marked increase of the P/S multiple.
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Price to Book Value (P/BV)
Costco Wholesale Corp., historical P/BV calculation (quarterly data)
| May 10, 2026 | Feb 15, 2026 | Nov 23, 2025 | Aug 31, 2025 | May 11, 2025 | Feb 16, 2025 | Nov 24, 2024 | Sep 1, 2024 | May 12, 2024 | Feb 18, 2024 | Nov 26, 2023 | Sep 3, 2023 | May 7, 2023 | Feb 12, 2023 | Nov 20, 2022 | Aug 28, 2022 | May 8, 2022 | Feb 13, 2022 | Nov 21, 2021 | Aug 29, 2021 | May 9, 2021 | Feb 14, 2021 | Nov 22, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 443,478,804 | 443,652,540 | 443,869,411 | 443,179,176 | 443,477,086 | 443,683,357 | 443,898,870 | 443,073,537 | 443,335,024 | 443,504,036 | 443,728,416 | 442,740,572 | 443,148,481 | 443,483,205 | 443,729,036 | 442,604,145 | 442,962,949 | 443,224,290 | 443,432,486 | 441,823,811 | 442,069,091 | 442,533,785 | 442,955,229 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Total Costco stockholders’ equity (in millions) | 33,509) | 32,087) | 30,303) | 29,164) | 27,125) | 25,577) | 24,451) | 23,622) | 21,771) | 20,760) | 26,147) | 25,058) | 23,568) | 22,794) | 21,471) | 20,642) | 19,968) | 19,418) | 18,463) | 17,564) | 16,482) | 15,652) | 14,860) | |||||||
| Book value per share (BVPS)2 | 75.56 | 72.32 | 68.27 | 65.81 | 61.16 | 57.65 | 55.08 | 53.31 | 49.11 | 46.81 | 58.93 | 56.60 | 53.18 | 51.40 | 48.39 | 46.64 | 45.08 | 43.81 | 41.64 | 39.75 | 37.28 | 35.37 | 33.55 | |||||||
| Share price1, 3 | 961.83 | 992.23 | 862.65 | 914.80 | 1,010.81 | 890.62 | 954.80 | 909.10 | 842.64 | 734.20 | 661.00 | 565.52 | 512.60 | 479.52 | 456.53 | 480.32 | 487.61 | 532.72 | 549.67 | 449.34 | 383.87 | 323.83 | 369.44 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/BV ratio4 | 12.73 | 13.72 | 12.64 | 13.90 | 16.53 | 15.45 | 17.33 | 17.05 | 17.16 | 15.69 | 11.22 | 9.99 | 9.64 | 9.33 | 9.43 | 10.30 | 10.82 | 12.16 | 13.20 | 11.30 | 10.30 | 9.16 | 11.01 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Target Corp. | 2.62 | 2.83 | 2.86 | 3.33 | 4.11 | 4.90 | 5.22 | 5.73 | 4.81 | 4.69 | 5.53 | 6.70 | 6.83 | 6.98 | 7.19 | 7.79 | 8.63 | 8.18 | 7.50 | — | — | — | — | |||||||
| Walmart Inc. | 9.49 | 8.58 | 9.28 | 7.52 | 8.73 | 7.35 | 6.52 | 5.83 | 5.28 | 5.47 | 5.54 | 4.90 | 5.72 | 4.65 | 4.47 | 4.81 | 4.62 | 5.14 | 5.07 | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-05-10), 10-Q (reporting date: 2026-02-15), 10-Q (reporting date: 2025-11-23), 10-K (reporting date: 2025-08-31), 10-Q (reporting date: 2025-05-11), 10-Q (reporting date: 2025-02-16), 10-Q (reporting date: 2024-11-24), 10-K (reporting date: 2024-09-01), 10-Q (reporting date: 2024-05-12), 10-Q (reporting date: 2024-02-18), 10-Q (reporting date: 2023-11-26), 10-K (reporting date: 2023-09-03), 10-Q (reporting date: 2023-05-07), 10-Q (reporting date: 2023-02-12), 10-Q (reporting date: 2022-11-20), 10-K (reporting date: 2022-08-28), 10-Q (reporting date: 2022-05-08), 10-Q (reporting date: 2022-02-13), 10-Q (reporting date: 2021-11-21), 10-K (reporting date: 2021-08-29), 10-Q (reporting date: 2021-05-09), 10-Q (reporting date: 2021-02-14), 10-Q (reporting date: 2020-11-22).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
BVPS = Total Costco stockholders’ equity ÷ No. shares of common stock outstanding
= 33,509,000,000 ÷ 443,478,804 = 75.56
3 Closing price as at the filing date of Costco Wholesale Corp. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 961.83 ÷ 75.56 = 12.73
5 Click competitor name to see calculations.
The Price to Book Value (P/BV) ratio exhibits a long-term upward trajectory characterized by a period of relative stability followed by a significant valuation expansion and a subsequent moderate correction. Over the analyzed period, the market valuation relative to the accounting value of equity transitioned from a baseline range of approximately 9x to 13x to a peak exceeding 17x.
- Book Value Per Share (BVPS) Progression
- A consistent growth pattern in Book Value Per Share is observed for the majority of the timeline, rising from 33.55 in November 2020 to 58.93 by November 2023. A notable reduction in BVPS occurred in February 2024, where the value dropped to 46.81, subsequently resuming a steady climb to reach 75.56 by May 2026. This temporary contraction in book value contributed significantly to the volatility of the P/BV ratio during the 2024 fiscal period.
- Valuation Cycle and Peak Analysis
- The P/BV ratio remained moderately volatile between 9.16 and 13.20 from late 2020 through late 2023. A sharp valuation expansion began in February 2024, with the ratio climbing rapidly from 11.22 in November 2023 to a peak of 17.33 in November 2024. This spike reflects a period where the share price increased substantially while the book value per share remained relatively lower, indicating a significant increase in the market premium attributed to the company's intangible assets or future growth prospects.
- Recent Stabilization Trends
- Following the peak in late 2024, a downward correction in the P/BV ratio is evident. From May 2025 through May 2026, the ratio fluctuated between 12.64 and 13.90. This suggests a normalization of the valuation multiple, moving away from the 2024 extremes and returning to a range more consistent with historical norms, even as the absolute share price and book value continued to increase.
- Correlation Between Share Price and P/BV
- The share price demonstrates a strong overall growth trend, increasing from 369.44 to 961.83. However, the P/BV ratio indicates that this price appreciation did not always occur in tandem with book value growth. The divergence was most prominent in 2024, where the ratio expanded aggressively, whereas the 2025-2026 period shows a more balanced relationship where BVPS growth helped offset share price gains, thereby stabilizing the valuation multiple.
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