COSTCO WHOLESALE CORP /NEW
COST · Nasdaq · CIK 0000909832
SIC 5331
Retail-Variety Stores
Category
Retail
Entity
operating
Incorp.
WA
Fiscal Y/E
0830
Source: SEC EDGAR · All filings on SEC →
Investment Indicators
$999.30
-9.49 (-0.94%)
Open
$1,005.82
High
$1,007.00
Low
$985.15
Prev Close
$1,008.79
Volume
1,534,303
52W High
$1,061.11
52W Low
$841.69
50-day MA
$997.98
Quote as of: 2026-05-11
Market Cap
$441.77B
P/E
51.84
P/B
14.00
PEG
5.14
EPS
19.21
BPS
37.28
Dividend Yield
0.51%
Beta
0.91
ROE
27.77%
ROA
10.50%
D/E Ratio
1.64
Current Ratio
1.03
Operating Margin
3.77%
Net Margin
2.94%
Book Value/Share
$65.80
Intrinsic Value Estimates
Multiple valuation methods, each with its own assumptions — outputs can diverge widely
Median consensus (7 methods)
$203.10B
| Method | Implied market cap | vs current |
|---|---|---|
Graham Number √(22.5 × 순이익 × 자본) | $72.90B | +506% |
Graham Formula 순이익 × (8.5 + 2 × 성장률%) | $229.79B | +92% |
Justified P/E 순이익 × 산업 평균 P/E | $121.48B | +264% |
P/B 배수 자본 × 산업 평균 P/B | $43.75B | +910% |
P/S 배수 매출 × 산업 평균 P/S | $550.47B | -20% |
DCF (Gordon) CF × (1+g) / (r − g) | $276.91B | +60% |
DDM (Gordon) D × (1+g) / (r − g) | $203.10B | +118% |
▶ Detailed analysis — formula walk-through & scenarios
Why this conclusion
Of the 7 valuation methods, 7 were applicable. Their median fair-value lands +117.5% below the current market cap → the stock trades above most formulas' estimates (overvalued). 6 methods flag overvalued, 1 flag undervalued, the rest land within fair range. Read each formula's assumptions below before treating any single number as the answer.
Graham Number
Overvalued +506.0%√(22.5 × 순이익 × 자본)
Current
$441.77B
Implied fair
$72.90B
Gap (current − fair)
+$368.87B(+506.0%)
NetIncome = $8.10B Equity = $29.16B √(22.5 × $8.10B × $29.16B) = $72.90B
- 최대 PER 15배
- 최대 PBR 1.5배
- 안정적 흑자 기업 가정 (금융·고성장 부정확)
Graham Formula
Overvalued +92.2%순이익 × (8.5 + 2 × 성장률%)
Current
$441.77B
Implied fair
$229.79B
Gap (current − fair)
+$211.98B(+92.2%)
NetIncome = $8.10B Growth g = 9.9% → cap 9.9% Multiple = 8.5 + 2 × 9.9 = 28.4× $8.10B × 28.4 = $229.79B
- EPS 성장률 9.9%/년 가정 (직전 1년 기준)
- 무성장 기업 P/E = 8.5
- 현재 적용 배수: 28.4x
Justified P/E
Overvalued +263.6%순이익 × 산업 평균 P/E
Current
$441.77B
Implied fair
$121.48B
Gap (current − fair)
+$320.28B(+263.6%)
NetIncome = $8.10B Industry P/E = 15× $8.10B × 15 = $121.48B
- 산업 평균 PER 15x 가정 (사용자 정의 가능)
- 동종 업종 비교가 핵심 — 산업별 평균 P/E 사용 권장
P/B 배수
Overvalued +909.8%자본 × 산업 평균 P/B
Current
$441.77B
Implied fair
$43.75B
Gap (current − fair)
+$398.02B(+909.8%)
Equity = $29.16B Industry P/B = 1.5× $29.16B × 1.5 = $43.75B
- 산업 평균 PBR 1.5x 가정
- 은행·보험·자산집약적 산업에 특히 유효
P/S 배수
Undervalued -19.7%매출 × 산업 평균 P/S
Current
$441.77B
Implied fair
$550.47B
Gap (current − fair)
$-108.70B(-19.7%)
Revenue = $275.24B Industry P/S = 2× $275.24B × 2 = $550.47B
- 산업 평균 PSR 2x 가정
- 매출 기반 — 적자 기업·신생 기업에 적용 가능
- 이익률 차이 무시
DCF (Gordon)
Overvalued +59.5%CF × (1+g) / (r − g)
Current
$441.77B
Implied fair
$276.91B
Gap (current − fair)
+$164.86B(+59.5%)
FCF = $7.84B Discount r = 4.0% + 5.0% = 9.0% Growth g = 6.0% $7.84B × (1 + 6.0%) / (9.0% − 6.0%) = $276.91B
- 현금흐름 입력: FCF (잉여현금흐름)
- 할인율 9.0% (무위험 4.0% + 주식위험프리미엄 5.0%)
- 영구 성장률 6.0% (실질 GDP 수준)
DDM (Gordon)
Overvalued +117.5%D × (1+g) / (r − g)
Current
$441.77B
Implied fair
$203.10B
Gap (current − fair)
+$238.67B(+117.5%)
Dividend D = $5.75B Discount r = 9.0% Growth g = 6.0% $5.75B × (1 + 6.0%) / (9.0% − 6.0%) = $203.10B
- 배당 입력: 실제 지급 배당
- 할인율 9.0%
- 배당 영구 성장률 6.0%
DCF sensitivity: discount rate × terminal growth
Each cell is the (current vs FCF × (1+g) / (r − g)) discount % under the assumed growth g and discount r.
| g \ r | 7% | 8% | 9% | 10% | 11% |
|---|---|---|---|---|---|
| 1% | +234.9% | +290.7% | +346.5% | +402.3% | +458.1% |
| 2% | +176.3% | +231.6% | +286.8% | +342.1% | +397.4% |
| 3% | +118.9% | +173.6% | +228.4% | +283.1% | +337.8% |
| 4% | +62.6% | +116.8% | +171.0% | +225.2% | +279.4% |
| 5% | +7.4% | +61.1% | +114.7% | +168.4% | +222.1% |
DDM sensitivity: discount rate × dividend growth
Each cell is the discount % vs Dividend × (1+g) / (r − g) under the assumed growth g and discount r.
| g \ r | 7% | 8% | 9% | 10% | 11% |
|---|---|---|---|---|---|
| 1% | +356.6% | +432.7% | +508.8% | +584.9% | +660.9% |
| 2% | +276.7% | +352.1% | +427.4% | +502.8% | +578.1% |
| 3% | +198.5% | +273.1% | +347.7% | +422.3% | +496.9% |
| 4% | +121.7% | +195.6% | +269.5% | +343.4% | +417.3% |
| 5% | +46.4% | +119.6% | +192.8% | +266.0% | +339.2% |
All estimates rest on strong assumptions. Treat the spread, not any single number, as the signal.
Financial Statements
In USD millions (per-share figures shown directly) · Financials as of: 2025-10-08
Income Statement
| FY | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 275,235 | 254,453 | 242,290 | 226,954 | 195,929 |
| Cost of Revenue | 239,886 | 222,358 | 212,586 | 199,382 | 170,684 |
| Operating Income | 10,383 | 9,285 | 8,114 | 7,793 | 6,708 |
| Net Income | 8,099 | 7,367 | 6,292 | 5,844 | 5,007 |
| EPS (Basic) | 18.24 | 16.59 | 14.18 | 13.17 | 11.30 |
| EPS (Diluted) | 18.21 | 16.56 | 14.16 | 13.14 | 11.27 |
Balance Sheet
| FY | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total Assets | 77,099 | 69,831 | 68,994 | 64,166 | 59,268 |
| Current Assets | 38,380 | 34,246 | 35,879 | 32,696 | 29,505 |
| Cash & Equivalents | 14,161 | 9,906 | 13,700 | 10,203 | 11,258 |
| Total Liabilities | 47,935 | 46,209 | 43,936 | 43,519 | 41,190 |
| Current Liabilities | 37,108 | 35,464 | 33,583 | 31,998 | 29,441 |
| Long-term Debt | — | — | — | — | 7,531 |
| Total Equity | 29,164 | 23,622 | 25,058 | 20,642 | 17,564 |
Cash Flow
| FY | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating CF | 13,335 | 11,339 | 11,068 | 7,392 | 8,958 |
| Investing CF | -5,311 | -4,409 | -4,972 | -3,915 | -3,535 |
| Financing CF | -3,775 | -10,764 | -2,614 | -4,283 | -6,488 |
| CapEx | 5,498 | 4,710 | 4,323 | 3,891 | 3,588 |
| Dividends Paid | — | — | — | — | 5,748 |
📄 SEC Filings
Current Report
8-K
2026-04-15
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Quarterly Report
10-Q
2026-03-11
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2026-03-05
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2026-01-21
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2025-12-17
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2025-12-11
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Proxy Statement
DEF 14A
2025-12-04
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2025-10-20
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2025-10-15
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Annual Report
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2025-10-08
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2025-09-25
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2025-08-07
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2025-07-16
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2025-06-11
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2025-06-05
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2025-05-29
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Other filings (84)
SCHEDULE 13G
xslSCHEDULE_13G_X02/primary_doc.xml
2026-04-29
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Insider Transaction
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2026-04-01
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2026-04-01
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SCHEDULE 13G/A
xslSCHEDULE_13G_X02/primary_doc.xml
2026-03-26
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Insider Transaction
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xsl144X01/primary_doc.xml
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Insider Transaction
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2026-01-09
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2025-12-31
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144
xsl144X01/primary_doc.xml
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xsl144X01/primary_doc.xml
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2025-12-17
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DEFA14A
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2025-12-04
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ARS
ARS
2025-12-04
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Insider Transaction
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2025-11-12
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Insider Transaction
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2025-11-12
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xsl144X01/primary_doc.xml
2025-11-07
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xsl144X01/primary_doc.xml
2025-10-24
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xsl144X01/primary_doc.xml
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PRIMARY DOCUMENT
2025-10-09
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Insider Transaction
PRIMARY DOCUMENT
2025-10-01
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Insider Transaction
PRIMARY DOCUMENT
2025-09-30
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144
xsl144X01/primary_doc.xml
2025-09-29
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144
xsl144X01/primary_doc.xml
2025-09-29
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Insider Transaction
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2025-09-24
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Insider Transaction
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2025-09-12
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Insider Transaction
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2025-09-12
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2025-07-15
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2025-07-15
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xsl144X01/primary_doc.xml
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2025-07-10
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11-K
11-K
2025-06-27
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Insider Transaction
PRIMARY DOCUMENT
2025-06-20
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144
xsl144X01/primary_doc.xml
2025-06-18
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xsl144X01/primary_doc.xml
2025-06-18
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Insider Transaction
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2025-06-10
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2025-06-09
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xsl144X01/primary_doc.xml
2025-06-09
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xsl144X01/primary_doc.xml
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UPLOAD
filename1.pdf
2025-05-20
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CORRESP
filename1.htm
2025-05-15
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SD
2025-05-15
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2025-05-12
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filename1.htm
2025-04-21
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