Financials Costco Wholesale Corporation

Equities

COST

US22160K1051

Discount Stores

Market Closed - Nasdaq Other stock markets 04:00:00 2024-05-14 pm EDT			5-day change	1st Jan Change
777.9 ^USD	+0.35%		+0.85%	+17.85%

May. 14	Evercore ISI Adjusts Price Target on Costco Wholesale to $820 From $810, Keeps Outperform Rating	MT
May. 13	Strong Walmart earnings may already be priced in with shares near record	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	345,002	-	-
Enterprise Value (EV) ¹	125,180	149,115	200,712	226,300	233,942	340,189	336,750	332,273
P/E ratio	35.4 x	38.6 x	41 x	39.5 x	38.4 x	48.2 x	44.7 x	40.9 x
Yield	0.84%	0.78%	0.64%	0.65%	0.71%	2.49%	0.59%	0.6%
Capitalization / Revenue	0.84 x	0.92 x	1.04 x	1.01 x	1 x	1.36 x	1.27 x	1.19 x
EV / Revenue	0.82 x	0.89 x	1.02 x	1 x	0.97 x	1.34 x	1.24 x	1.15 x
EV / EBITDA	20.1 x	21.1 x	23.6 x	23.3 x	23 x	29.8 x	26.8 x	24.7 x
EV / FCF	37.3 x	24.6 x	37.4 x	64.6 x	34.7 x	54.3 x	49.1 x	38.6 x
FCF Yield	2.68%	4.06%	2.68%	1.55%	2.88%	1.84%	2.04%	2.59%
Price to Book	8.49 x	8.43 x	11.6 x	11.1 x	9.61 x	14.9 x	11.8 x	9.81 x
Nbr of stocks (in thousands)	439,789	441,524	442,069	442,963	443,148	443,504	-	-
Reference price ²	292.0	348.3	462.6	519.1	544.2	777.9	777.9	777.9
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	254,140	272,368	290,121
EBITDA ¹	6,229	7,080	8,489	9,693	10,191	11,424	12,566	13,442
EBIT ¹	4,903	5,435	6,708	7,793	8,114	9,125	10,092	11,101
Operating Margin	3.21%	3.26%	3.42%	3.43%	3.35%	3.59%	3.71%	3.83%
Earnings before Tax (EBT) ¹	4,765	5,367	6,680	7,840	8,487	9,558	10,392	11,385
Net income ¹	3,659	4,002	5,007	5,844	6,292	7,155	7,689	8,251
Net margin	2.4%	2.4%	2.56%	2.57%	2.6%	2.82%	2.82%	2.84%
EPS ²	8.260	9.020	11.27	13.14	14.16	16.13	17.39	19.03
Free Cash Flow ¹	3,358	6,051	5,370	3,501	6,745	6,268	6,861	8,599
FCF margin	2.2%	3.63%	2.74%	1.54%	2.78%	2.47%	2.52%	2.96%
FCF Conversion (EBITDA)	53.91%	85.47%	63.26%	36.12%	66.19%	54.86%	54.6%	63.97%
FCF Conversion (Net income)	91.77%	151.2%	107.25%	59.91%	107.2%	87.6%	89.24%	104.22%
Dividend per Share ²	2.440	2.700	2.980	3.380	3.840	19.35	4.587	4.655
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 Q1	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
Net sales ¹	50,363	51,904	52,596	72,091	54,437	55,266	53,648	78,939	57,799	58,442	57,969	79,845	62,097	62,752	62,269
EBITDA ¹	2,125	2,248	2,229	3,091	2,198	2,373	2,151	3,469	2,485	2,576	2,691	3,653	2,770	2,928	2,951
EBIT ¹	1,693	1,812	1,791	2,497	1,751	1,903	1,679	2,781	1,984	2,062	2,147	2,931	2,190	2,323	2,347
Operating Margin	3.36%	3.49%	3.41%	3.46%	3.22%	3.44%	3.13%	3.52%	3.43%	3.53%	3.7%	3.67%	3.53%	3.7%	3.77%
Earnings before Tax (EBT) ¹	1,696	1,801	1,827	2,516	1,770	1,983	1,771	2,963	2,106	2,237	2,221	3,010	2,304	2,429	2,448
Net income ¹	1,324	1,299	1,353	1,868	1,364	1,466	1,302	2,160	1,589	1,743	1,641	2,211	1,695	1,791	1,803
Net margin	2.63%	2.5%	2.57%	2.59%	2.51%	2.65%	2.43%	2.74%	2.75%	2.98%	2.83%	2.77%	2.73%	2.85%	2.9%
EPS ²	2.980	2.920	3.040	4.200	3.070	3.300	2.930	4.860	3.580	3.920	3.677	5.000	3.819	4.051	4.039
Dividend per Share ²	0.7000	0.7900	0.9000	0.9000	0.9000	0.9000	1.020	1.020	1.020	15.00	1.161	1.161	1.098	1.098	1.121
Announcement Date	12/9/21	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	-	-	-	-	-

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	4,813	8,252	12,729
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	3,358	6,051	5,370	3,501	6,745	6,268	6,861	8,599
ROE (net income / shareholders' equity)	25.9%	23.9%	27.9%	30.6%	27.5%	29.2%	28.5%	26.1%
ROA (Net income/ Total Assets)	8.41%	7.93%	8.72%	9.47%	9.45%	10.4%	10.4%	10.5%
Assets ¹	43,495	50,478	57,412	61,717	66,580	68,937	73,681	78,784
Book Value Per Share ²	34.40	41.30	39.80	46.60	56.60	52.20	65.90	79.30
Cash Flow per Share ²	14.40	20.00	20.20	16.60	24.90	23.40	25.50	29.90
Capex ¹	2,998	2,810	3,588	3,891	4,323	4,509	4,569	4,658
Capex / Sales	1.96%	1.69%	1.83%	1.71%	1.78%	1.77%	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

777.9 USD

Average target price

778.6 USD

Spread / Average Target

+0.09%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Discount Stores

	1st Jan change	Capi.
COSTCO WHOLESALE CORPORATION	+17.85%	345B
TARGET CORPORATION	+11.61%	73.54B
WAL-MART DE MÉXICO, S.A.B. DE C.V.	-6.23%	70.89B
DOLLAR GENERAL CORPORATION	+3.21%	30.82B
DOLLARAMA INC.	+26.06%	24.49B
PAN PACIFIC INTERNATIONAL HOLDINGS CORPORATION	+14.42%	14.15B
BJ'S WHOLESALE CLUB HOLDINGS, INC.	+16.62%	10.36B
SIAM MAKRO	+14.81%	8.97B
B&M EUROPEAN VALUE RETAIL S.A.	-4.64%	6.92B
OLLIE'S BARGAIN OUTLET HOLDINGS, INC.	-3.45%	4.49B

Other Discount Stores