CO
Costco Wholesale Corp
COST—
Costco Wholesale Corp AI Insights
Informational only. Not investment advice.Snapshot
- ROE of 30.7% TTM vs industry median 12.6% - 2.4x advantage driven by 3.7x asset turnover, highest capital efficiency in sector[Return on Equity]
- Negative working capital model: AP of 19.8B exceeds inventory of 18.1B TTM - suppliers fund operations, not shareholders[Working Capital]
- P/E of 49.1x vs industry median 29.2x - 68% premium despite gross margin of 12.8% (industry median 35.8%)[P/E Ratio]
Watch Triggers
- Gross Margin: Falls below 12% TTM — At 12.8% margin, 80bps decline wipes 2.2B gross profit - model depends on volume, not pricing power
- Asset Turnover: Drops below 3.5x — Currently 3.7x drives ROE despite thin margins; decline signals market saturation or execution issues
- Accounts Payable: Declines >10% YoY — 19.8B AP funds operations; supplier term changes would require capital infusion
Bull Case
Capital-light model: 23.4% ROIC TTM on 34.9B invested capital with only 5.5B capex generates 7.8B FCF annually for buybacks/dividends
ROICFree Cash FlowCapital Expenditure
Fortress balance sheet: 0.28 debt/equity, 14.2B cash, interest coverage 71x (10.4B operating income vs 154M interest) enables opportunistic M&A
Debt to EquityCash and EquivalentsInterest Expense
Bear Case
Valuation stretched: P/E 49x and P/B 13.5x price in flawless execution; any membership growth slowdown compresses multiple significantly
P/E RatioP/B RatioTotal Revenue 1yr Growth
Gross margin of 12.8% TTM (industry median 35.8%) leaves no buffer - 1% margin compression erases 2.8B profit
Gross MarginOperating Margin
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
55%
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Forward Thesis
Membership model + negative working capital sustains 20%+ ROIC through economic cycles
3-5yhigh
- Membership fees provide recurring high-margin revenue
- Supplier financing via 19.8B AP reduces capital needs
- Asset turnover of 3.7x amplifies thin margins
ROIC 23.4% TTM vs industry 7.4% medianDebt/equity 0.28 with 14.2B cashRevenue growth 8.1% TTM outpacing peers
Valuation Context
Caveats
Public Strategies Rankings
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COST Fundamentals
Retail Trade → General Merchandise Stores
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$382.59B | — | ||
$376.61B | — | ||
48 | — | ||
$275.24B | +8.2% | — | |
$18.07 | +9.4% | — | |
3.77% | +0.1% | — | |
2.94% | +0.0% | — | |
$7.84B | +18.2% | — | |
0.31 | +0.4% | — | |
Beta 5Y (Monthly) | unknown | — |
COST Dividend History
92 dividends
11/14/25$1.3000
08/15/25$1.3000
05/16/25$1.3000
02/21/25$1.1600
11/15/24$1.1600
08/09/24$1.1600
05/10/24$1.1600
02/16/24$1.0200
01/12/24$15.0000
11/17/23$1.0200
09/08/23$1.0200
05/19/23$1.0200
02/17/23$0.9000
11/10/22$0.9000
08/12/22$0.9000
05/13/22$0.9000
02/18/22$0.7900
11/12/21$0.7900
08/13/21$0.7900
05/14/21$0.7900
02/19/21$0.7000
12/11/20$10.0000
11/13/20$0.7000
08/14/20$0.7000
05/15/20$0.7000
02/21/20$0.6500
11/15/19$0.6500
09/13/19$0.6500
05/24/19$0.6500
02/22/19$0.5700
11/23/18$0.5700
09/14/18$0.5700
05/25/18$0.5700
03/02/18$0.5000
12/01/17$0.5000
09/01/17$0.5000
05/26/17$7.0000
05/26/17$0.5000
02/24/17$0.4500
11/18/16$0.4500
08/26/16$0.4500
05/13/16$0.4500
02/26/16$0.4000
11/27/15$0.4000
08/28/15$0.4000
05/15/15$0.4000
02/27/15$5.0000
02/27/15$0.3550
11/28/14$0.3550
07/25/14$0.3550
05/30/14$0.3550
02/28/14$0.3100
11/29/13$0.3100
08/23/13$0.3100
05/31/13$0.3100
02/22/13$0.2750
12/18/12$7.0000
11/30/12$0.2750
08/24/12$0.2750
06/08/12$0.2750
02/24/12$0.2400
11/25/11$0.2400
08/19/11$0.2400
05/27/11$0.2400
02/25/11$0.2050
11/12/10$0.2050
08/20/10$0.2050
05/21/10$0.2050
02/26/10$0.1800
11/06/09$0.1800
08/28/09$0.1800
05/29/09$0.1800
02/27/09$0.1600
11/28/08$0.1600
08/22/08$0.1600
05/30/08$0.1600
02/29/08$0.1450
12/14/07$0.1450
08/24/07$0.1450
05/18/07$0.1450
02/28/07$0.1300
12/01/06$0.1300
08/25/06$0.1300
05/26/06$0.1300
02/24/06$0.1150
12/02/05$0.1150
08/26/05$0.1150
05/27/05$0.1150
02/25/05$0.1000
11/26/04$0.1000
08/27/04$0.1000
05/31/04$0.1000
COST Stock Splits
1 stock split
01/14/000.5:1 split
COST SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
10/08/25 | 08/31/25 | 10-K | |
06/05/25 | 05/11/25 | 10-Q | |
03/13/25 | 02/16/25 | 10-Q | |
12/19/24 | 11/24/24 | 10-Q | |
10/09/24 | 09/01/24 | 10-K | |
06/06/24 | 05/12/24 | 10-Q | |
03/13/24 | 02/18/24 | 10-Q | |
12/20/23 | 11/26/23 | 10-Q | |
10/11/23 | 09/03/23 | 10-K | |
06/01/23 | 05/07/23 | 10-Q | |
03/09/23 | 02/12/23 | 10-Q | |
12/29/22 | 11/20/22 | 10-Q | |
10/05/22 | 08/28/22 | 10-K | |
06/02/22 | 05/08/22 | 10-Q | |
03/10/22 | 02/13/22 | 10-Q | |
12/22/21 | 11/21/21 | 10-Q | |
10/06/21 | 08/29/21 | 10-K | |
06/03/21 | 05/09/21 | 10-Q | |
03/10/21 | 02/14/21 | 10-Q | |
12/16/20 | 11/22/20 | 10-Q | |
10/07/20 | 08/30/20 | 10-K | |
06/04/20 | 05/10/20 | 10-Q | |
03/12/20 | 02/16/20 | 10-Q | |
12/23/19 | 11/24/19 | 10-Q | |
10/11/19 | 09/01/19 | 10-K | |
06/06/19 | 05/12/19 | 10-Q | |
03/13/19 | 02/17/19 | 10-Q | |
12/20/18 | 11/25/18 | 10-Q | |
10/26/18 | 09/02/18 | 10-K | |
06/07/18 | 05/13/18 | 10-Q | |
03/15/18 | 02/18/18 | 10-Q | |
12/21/17 | 11/26/17 | 10-Q | |
10/18/17 | 09/03/17 | 10-K | |
06/01/17 | 05/07/17 | 10-Q | |
03/09/17 | 02/12/17 | 10-Q | |
12/16/16 | 11/20/16 | 10-Q | |
10/12/16 | 08/28/16 | 10-K | |
06/01/16 | 05/17/16 | 10-Q | |
03/09/16 | 02/14/16 | 10-Q | |
12/18/15 | 11/22/15 | 10-Q | |
10/14/15 | 08/30/15 | 10-K | |
06/04/15 | 05/31/15 | 10-Q | |
03/11/15 | 02/16/15 | 10-Q | |
12/18/14 | 11/23/14 | 10-Q | |
10/15/14 | 08/31/14 | 10-K | |
06/05/14 | 05/11/14 | 10-Q | |
03/14/14 | 02/16/14 | 10-Q | |
12/20/13 | 11/24/13 | 10-Q | |
10/16/13 | 09/01/13 | 10-K | |
06/11/13 | 05/12/13 | 10-Q | |
03/20/13 | 02/17/13 | 10-Q | |
12/21/12 | 11/25/12 | 10-Q | |
10/19/12 | 09/02/12 | 10-K | |
06/06/12 | 05/06/12 | 10-Q | |
03/15/12 | 02/12/12 | 10-Q | |
12/16/11 | 11/20/11 | 10-Q | |
10/14/11 | 08/28/11 | 10-K | |
06/09/11 | 05/08/11 | 10-Q | |
03/17/11 | 02/13/11 | 10-Q | |
12/17/10 | 11/21/10 | 10-Q | |
10/18/10 | 08/29/10 | 10-K | |
06/10/10 | 05/09/10 | 10-Q | |
03/17/10 | 02/14/10 | 10-Q | |
12/18/09 | 11/22/09 | 10-Q | |
10/16/09 | 08/31/09 | 10-K | |
06/12/09 | 05/16/09 | 10-Q | |
03/18/09 | 02/28/09 | Unknown | -- |
12/19/08 | 11/30/08 | Unknown | -- |
10/16/08 | 08/30/08 | Unknown | -- |
05/31/08 | 05/30/08 | Unknown | -- |
03/28/08 | 02/29/08 | Unknown | -- |
12/21/07 | 11/30/07 | Unknown | -- |
10/25/07 | 08/30/07 | Unknown | -- |
05/31/07 | 05/30/07 | Unknown | -- |
03/30/07 | 02/28/07 | Unknown | -- |
12/22/06 | 11/30/06 | Unknown | -- |
11/17/06 | 08/31/06 | 8-K | |
05/31/06 | 05/31/06 | 8-K | |
02/28/06 | 02/28/06 | Unknown | -- |
12/21/05 | 11/30/05 | Unknown | -- |
11/10/05 | 08/30/05 | Unknown | -- |
05/31/05 | 05/30/05 | Unknown | -- |
02/28/05 | 02/28/05 | Unknown | -- |
12/17/04 | 11/30/04 | Unknown | -- |
11/12/04 | 08/30/04 | Unknown | -- |
05/31/04 | 05/30/04 | Unknown | -- |
03/25/04 | 02/29/04 | Unknown | -- |
01/02/04 | 11/30/03 | Unknown | -- |
11/21/03 | 08/30/03 | Unknown | -- |
05/31/03 | 05/30/03 | Unknown | -- |
03/28/03 | 02/28/03 | Unknown | -- |
12/20/02 | 11/30/02 | Unknown | -- |
11/22/02 | 08/30/02 | Unknown | -- |
05/31/02 | 05/30/02 | Unknown | -- |
03/19/02 | 02/28/02 | Unknown | -- |
12/28/01 | 11/30/01 | Unknown | -- |
11/16/01 | 08/30/01 | Unknown | -- |
05/31/01 | 05/30/01 | Unknown | -- |
03/26/01 | 02/28/01 | Unknown | -- |
11/30/00 | 11/30/00 | Unknown | -- |
11/17/00 | 08/30/00 | Unknown | -- |
05/31/00 | 05/30/00 | Unknown | -- |
02/29/00 | 02/29/00 | Unknown | -- |