Financials Costco Wholesale Corporation

Equities

COST

US22160K1051

Discount Stores

Market Closed - Nasdaq Other stock markets 04:00:00 2024-06-07 pm EDT			5-day change	1st Jan Change
845.6 ^USD	+0.35%		+4.41%	+28.10%

Jun. 07	General Motors Increasingly Uses Costco Auto Program to Sell EVs	MT
Jun. 06	Why Costco might fire up Japan's low-pay economy	RE

Valuation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	128,440	153,783	204,479	229,946	241,184	374,875	-	-
Enterprise Value (EV) ¹	125,180	149,115	200,712	226,300	233,942	370,322	367,160	363,186
P/E ratio	35.4 x	38.6 x	41 x	39.5 x	38.4 x	51.8 x	48 x	44.6 x
Yield	0.84%	0.78%	0.64%	0.65%	0.71%	2.28%	0.54%	0.54%
Capitalization / Revenue	0.84 x	0.92 x	1.04 x	1.01 x	1 x	1.47 x	1.37 x	1.29 x
EV / Revenue	0.82 x	0.89 x	1.02 x	1 x	0.97 x	1.45 x	1.34 x	1.25 x
EV / EBITDA	20.1 x	21.1 x	23.6 x	23.3 x	23 x	32.5 x	28.9 x	26.7 x
EV / FCF	37.3 x	24.6 x	37.4 x	64.6 x	34.7 x	57.9 x	52.9 x	43.7 x
FCF Yield	2.68%	4.06%	2.68%	1.55%	2.88%	1.73%	1.89%	2.29%
Price to Book	8.49 x	8.43 x	11.6 x	11.1 x	9.61 x	16.1 x	12.6 x	10.6 x
Nbr of stocks (in thousands)	439,789	441,524	442,069	442,963	443,148	443,335	-	-
Reference price ²	292.0	348.3	462.6	519.1	544.2	845.6	845.6	845.6
Announcement Date	10/3/19	9/24/20	9/23/21	9/22/22	9/26/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	152,703	166,761	195,929	226,954	242,290	254,885	273,664	291,059
EBITDA ¹	6,229	7,080	8,489	9,693	10,191	11,397	12,683	13,593
EBIT ¹	4,903	5,435	6,708	7,793	8,114	9,172	10,194	11,207
Operating Margin	3.21%	3.26%	3.42%	3.43%	3.35%	3.6%	3.72%	3.85%
Earnings before Tax (EBT) ¹	4,765	5,367	6,680	7,840	8,487	9,655	10,510	11,279
Net income ¹	3,659	4,002	5,007	5,844	6,292	7,253	7,801	8,358
Net margin	2.4%	2.4%	2.56%	2.57%	2.6%	2.85%	2.85%	2.87%
EPS ²	8.260	9.020	11.27	13.14	14.16	16.31	17.62	18.97
Free Cash Flow ¹	3,358	6,051	5,370	3,501	6,745	6,399	6,944	8,305
FCF margin	2.2%	3.63%	2.74%	1.54%	2.78%	2.51%	2.54%	2.85%
FCF Conversion (EBITDA)	53.91%	85.47%	63.26%	36.12%	66.19%	56.14%	54.75%	61.1%
FCF Conversion (Net income)	91.77%	151.2%	107.25%	59.91%	107.2%	88.22%	89.01%	99.36%
Dividend per Share ²	2.440	2.700	2.980	3.380	3.840	19.25	4.560	4.596
Announcement Date	10/3/19	9/24/20	9/23/21	9/22/22	9/26/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	51,904	52,596	72,091	54,437	55,266	53,648	78,939	57,799	58,442	58,515	80,103	62,416	63,051	62,790	86,460
EBITDA ¹	2,248	2,229	3,091	2,198	2,373	2,151	3,469	2,485	2,576	2,713	3,587	2,806	2,964	3,025	4,167
EBIT ¹	1,812	1,791	2,497	1,751	1,903	1,679	2,781	1,984	2,062	2,197	2,931	2,221	2,355	2,401	3,322
Operating Margin	3.49%	3.41%	3.46%	3.22%	3.44%	3.13%	3.52%	3.43%	3.53%	3.75%	3.66%	3.56%	3.73%	3.82%	3.84%
Earnings before Tax (EBT) ¹	1,801	1,827	2,516	1,770	1,983	1,771	2,963	2,106	2,237	2,284	3,025	2,303	2,434	2,494	3,374
Net income ¹	1,299	1,353	1,868	1,364	1,466	1,302	2,160	1,589	1,743	1,681	2,237	1,718	1,818	1,847	2,498
Net margin	2.5%	2.57%	2.59%	2.51%	2.65%	2.43%	2.74%	2.75%	2.98%	2.87%	2.79%	2.75%	2.88%	2.94%	2.89%
EPS ²	2.920	3.040	4.200	3.070	3.300	2.930	4.860	3.580	3.920	3.780	5.026	3.887	4.082	4.140	5.710
Dividend per Share ²	0.7900	0.9000	0.9000	0.9000	0.9000	1.020	1.020	1.020	15.00	1.160	1.124	1.098	1.098	1.120	1.120
Announcement Date	3/3/22	5/26/22	9/22/22	12/8/22	3/2/23	6/1/23	9/26/23	12/14/23	3/7/24	6/6/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	3,260	4,668	3,767	3,646	7,242	4,553	7,716	11,690
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	3,358	6,051	5,370	3,501	6,745	6,399	6,944	8,305
ROE (net income / shareholders' equity)	25.9%	23.9%	27.9%	30.6%	27.5%	29.5%	28.8%	26.5%
ROA (Net income/ Total Assets)	8.41%	7.93%	8.72%	9.47%	9.45%	10.4%	10.7%	10.8%
Assets ¹	43,495	50,478	57,412	61,717	66,580	69,676	72,763	77,373
Book Value Per Share ²	34.40	41.30	39.80	46.60	56.60	52.40	67.00	80.00
Cash Flow per Share ²	14.40	20.00	20.20	16.60	24.90	23.30	25.50	30.80
Capex ¹	2,998	2,810	3,588	3,891	4,323	4,469	4,596	4,679
Capex / Sales	1.96%	1.69%	1.83%	1.71%	1.78%	1.75%	1.68%	1.61%
Announcement Date	10/3/19	9/24/20	9/23/21	9/22/22	9/26/23	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Costco Wholesale Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

845.6 USD

Average target price

836 USD

Spread / Average Target

-1.13%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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