Financials Costco Wholesale Corporation

Equities

COST

US22160K1051

Discount Stores

Market Closed - Nasdaq Other stock markets 04:00:00 2024-04-26 pm EDT			5-day change	1st Jan Change
729.2 ^USD	+1.01%		+2.77%	+10.47%

Apr. 23	Citigroup Adjusts Costco Wholesale's Price Target to $710 From $630, Keeps Neutral Rating	MT
Apr. 22	Consumer Cos Climb, Recouping Some Losses -- Consumer Roundup	DJ

Valuation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	128,440	153,783	204,479	229,946	241,184	323,394	-	-
Enterprise Value (EV) ¹	125,180	149,115	200,712	226,300	233,942	318,362	314,743	311,171
P/E ratio	35.4 x	38.6 x	41 x	39.5 x	38.4 x	45.3 x	42 x	38.5 x
Yield	0.84%	0.78%	0.64%	0.65%	0.71%	2.65%	0.62%	0.63%
Capitalization / Revenue	0.84 x	0.92 x	1.04 x	1.01 x	1 x	1.27 x	1.19 x	1.12 x
EV / Revenue	0.82 x	0.89 x	1.02 x	1 x	0.97 x	1.25 x	1.16 x	1.07 x
EV / EBITDA	20.1 x	21.1 x	23.6 x	23.3 x	23 x	27.9 x	25.1 x	23.1 x
EV / FCF	37.3 x	24.6 x	37.4 x	64.6 x	34.7 x	51.1 x	46.5 x	39 x
FCF Yield	2.68%	4.06%	2.68%	1.55%	2.88%	1.96%	2.15%	2.56%
Price to Book	8.49 x	8.43 x	11.6 x	11.1 x	9.61 x	14 x	11.1 x	9.2 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	729.2	729.2	729.2
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	254,091	272,339	289,878
EBITDA ¹	6,229	7,080	8,489	9,693	10,191	11,409	12,549	13,444
EBIT ¹	4,903	5,435	6,708	7,793	8,114	9,109	10,077	11,088
Operating Margin	3.21%	3.26%	3.42%	3.43%	3.35%	3.58%	3.7%	3.83%
Earnings before Tax (EBT) ¹	4,765	5,367	6,680	7,840	8,487	9,543	10,366	11,334
Net income ¹	3,659	4,002	5,007	5,844	6,292	7,151	7,671	8,239
Net margin	2.4%	2.4%	2.56%	2.57%	2.6%	2.81%	2.82%	2.84%
EPS ²	8.260	9.020	11.27	13.14	14.16	16.10	17.36	18.95
Free Cash Flow ¹	3,358	6,051	5,370	3,501	6,745	6,233	6,767	7,974
FCF margin	2.2%	3.63%	2.74%	1.54%	2.78%	2.45%	2.48%	2.75%
FCF Conversion (EBITDA)	53.91%	85.47%	63.26%	36.12%	66.19%	54.63%	53.93%	59.31%
FCF Conversion (Net income)	91.77%	151.2%	107.25%	59.91%	107.2%	87.16%	88.22%	96.78%
Dividend per Share ²	2.440	2.700	2.980	3.380	3.840	19.35	4.548	4.598
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	57,897	79,762	62,113	62,767	62,225
EBITDA ¹	2,125	2,248	2,229	3,091	2,198	2,373	2,151	3,469	2,485	2,576	2,692	3,667	2,773	2,931	2,954
EBIT ¹	1,693	1,812	1,791	2,497	1,751	1,903	1,679	2,781	1,984	2,062	2,137	2,932	2,191	2,324	2,347
Operating Margin	3.36%	3.49%	3.41%	3.46%	3.22%	3.44%	3.13%	3.52%	3.43%	3.53%	3.69%	3.68%	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	2,219	3,006	2,304	2,431	2,449
Net income ¹	1,324	1,299	1,353	1,868	1,364	1,466	1,302	2,160	1,589	1,743	1,639	2,206	1,696	1,792	1,805
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%	2.86%	2.9%
EPS ²	2.980	2.920	3.040	4.200	3.070	3.300	2.930	4.860	3.580	3.920	3.666	4.990	3.824	4.053	4.036
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	5,032	8,651	12,224
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	3,358	6,051	5,370	3,501	6,745	6,233	6,767	7,974
ROE (net income / shareholders' equity)	25.9%	23.9%	27.9%	30.6%	27.5%	28.9%	28.4%	26.1%
ROA (Net income/ Total Assets)	8.41%	7.93%	8.72%	9.47%	9.45%	10.3%	10.4%	10.5%
Assets ¹	43,495	50,478	57,412	61,717	66,580	69,268	74,107	78,675
Book Value Per Share ²	34.40	41.30	39.80	46.60	56.60	52.10	65.80	79.20
Cash Flow per Share ²	14.40	20.00	20.20	16.60	24.90	23.40	25.50	15.80
Capex ¹	2,998	2,810	3,588	3,891	4,323	4,512	4,566	4,660
Capex / Sales	1.96%	1.69%	1.83%	1.71%	1.78%	1.78%	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

729.2 USD

Average target price

776.4 USD

Spread / Average Target

+6.48%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Discount Stores

	1st Jan change	Capi.
COSTCO WHOLESALE CORPORATION	+10.47%	323B
TARGET CORPORATION	+15.67%	76.06B
WAL-MART DE MÉXICO, S.A.B. DE C.V.	-7.14%	67.53B
DOLLAR GENERAL CORPORATION	+4.50%	31.21B
DOLLARAMA INC.	+21.08%	23.54B
PAN PACIFIC INTERNATIONAL HOLDINGS CORPORATION	+10.91%	14.15B
BJ'S WHOLESALE CLUB HOLDINGS, INC.	+14.99%	10.19B
SIAM MAKRO	+17.59%	9.07B
B&M EUROPEAN VALUE RETAIL S.A.	-5.78%	6.59B
OLLIE'S BARGAIN OUTLET HOLDINGS, INC.	-1.88%	4.57B

Other Discount Stores