Tearsheet

Costco Wholesale (COST)


Market Price (10/29/2025): $923.0 | Market Cap: $409.8 Bil
Sector: Consumer Staples | Industry: Consumer Staples Merchandise Retail

Costco Wholesale (COST)


Market Price (10/29/2025): $923.0
Market Cap: $409.8 Bil
Sector: Consumer Staples
Industry: Consumer Staples Merchandise Retail

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow


0 Attractive cash flow generation
CFO LTM is 13 Bil, FCF LTM is 7.8 Bil
  Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 37x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 31x, P/EPrice/Earnings or Price/(Net Income) is 51x
1 Low stock price volatility
Vol 12M is 22%
  Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.1%
0 Attractive cash flow generation
CFO LTM is 13 Bil, FCF LTM is 7.8 Bil
1 Low stock price volatility
Vol 12M is 22%
2 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 37x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 31x, P/EPrice/Earnings or Price/(Net Income) is 51x
3 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.1%

Market Valuation & Key Metrics

COST Stock


Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
COST Return33%52%-19%49%40%1%246%
Peers Return48%26%-16%10%21%7%124%
S&P 500 Return16%27%-19%24%23%17%110%

Monthly Win Rates [3]
COST Win Rate75%75%50%75%50%56% 
Peers Win Rate58%60%45%60%58%51% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
COST Max Drawdown-5%-17%-26%-1%-2%-3% 
Peers Max Drawdown-16%-8%-30%-20%-13%-16% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: AMZN, WMT, TGT, DG, BJ. See COST Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/28/2025 (YTD)

How Low Can It Go

Unique KeyEventCOSTS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-31.5%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven46.0%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven566 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-13.6%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven15.8%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven119 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-22.2%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven28.5%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven101 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-48.5%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven94.2%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven701 days1480 days

Compare to AMZN, WMT, TGT, DG, BJ


In The Past

Costco Wholesale's stock fell -31.5% during the 2022 Inflation Shock from a high on 4/7/2022. A -31.5% loss requires a 46.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Costco Wholesale (COST)

Better Bets than Costco Wholesale (COST)

Latest Trefis Analyses

Trade Ideas

Select past ideas related to COST. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
IPAR_9302025_Dip_Buyer_FCFYield09302025IPARInterparfumsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-2.4%-2.4%-6.0%
TAP_9302025_Dip_Buyer_FCFYield09302025TAPMolson Coors BeverageDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
0.0%0.0%0.0%
STZ_7312025_Monopoly_xInd_xCD_Getting_Cheaper07312025STZConstellation BrandsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-17.4%-17.4%-21.1%
SJM_6302025_Dip_Buyer_FCFYield06302025SJMJM SmuckerDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
7.8%7.8%0.0%
BF-B_5312025_Dip_Buyer_ValueBuy05312025BF-BBrown-FormanDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-13.1%-13.1%-22.4%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
IPAR_9302025_Dip_Buyer_FCFYield09302025IPARInterparfumsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-2.4%-2.4%-6.0%
TAP_9302025_Dip_Buyer_FCFYield09302025TAPMolson Coors BeverageDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
0.0%0.0%0.0%
STZ_7312025_Monopoly_xInd_xCD_Getting_Cheaper07312025STZConstellation BrandsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-17.4%-17.4%-21.1%
SJM_6302025_Dip_Buyer_FCFYield06302025SJMJM SmuckerDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
7.8%7.8%0.0%
BF-B_5312025_Dip_Buyer_ValueBuy05312025BF-BBrown-FormanDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-13.1%-13.1%-22.4%

Recent Active Movers

Recent Active Movers

More From Trefis

Peer Comparisons for Costco Wholesale

Financials

COSTAMZNWMTTGTDGBJMedian
NameCostco W.Amazon.c.Walmart Target Dollar G.BJ's Who. 
Mkt Price924.16229.25103.1797.11101.9292.42102.55
Mkt Cap410.32,438.5823.144.122.412.2227.2
Rev LTM275,235670,038693,153105,64041,65220,912190,438
Op Inc LTM10,38376,19028,9885,4241,7908617,904
FCF LTM7,83713,48113,7532,9441,8502825,390
FCF 3Y Avg7,07021,67714,9863,2821,2112855,176
CFO LTM13,335121,13738,4386,3863,1589379,860
CFO 3Y Avg11,91496,97736,7077,4702,7468089,692

Growth & Margins

COSTAMZNWMTTGTDGBJMedian
NameCostco W.Amazon.c.Walmart Target Dollar G.BJ's Who. 
Rev Chg LTM8.2%10.9%4.2%-1.5%5.0%2.5%4.6%
Rev Chg 3Y Avg6.6%11.3%5.7%-0.7%5.7%4.7%5.7%
Rev Chg Q8.1%13.3%4.8%-0.9%5.1%3.4%4.9%
QoQ Delta Rev Chg LTM2.4%3.0%1.2%-0.2%1.3%0.8%1.2%
Op Mgn LTM3.8%11.4%4.2%5.1%4.3%4.1%4.2%
Op Mgn 3Y Avg3.6%7.9%4.0%5.1%5.9%4.0%4.5%
QoQ Delta Op Mgn LTM0.0%0.3%-0.1%-0.3%0.1%0.0%0.0%
CFO/Rev LTM4.8%18.1%5.5%6.0%7.6%4.5%5.8%
CFO/Rev 3Y Avg4.6%15.8%5.5%7.0%6.8%4.0%6.2%
FCF/Rev LTM2.8%2.0%2.0%2.8%4.4%1.3%2.4%
FCF/Rev 3Y Avg2.7%3.5%2.3%3.1%3.0%1.4%2.9%

Valuation

COSTAMZNWMTTGTDGBJMedian
NameCostco W.Amazon.c.Walmart Target Dollar G.BJ's Who. 
Mkt Cap410.32,438.5823.144.122.412.2227.2
P/S1.53.61.20.40.50.60.9
P/EBIT37.428.626.58.012.514.720.6
P/E50.734.538.611.218.821.027.8
P/CFO30.820.121.46.97.113.016.6
Total Yield2.2%2.9%3.5%13.5%6.5%4.8%4.1%
Dividend Yield0.3%0.0%0.9%4.6%1.2%0.0%0.6%
FCF Yield 3Y Avg2.1%1.1%2.8%5.6%4.5%2.5%2.7%
D/E0.00.10.10.50.80.20.1
Net D/E-0.00.00.10.40.70.20.1

Returns

COSTAMZNWMTTGTDGBJMedian
NameCostco W.Amazon.c.Walmart Target Dollar G.BJ's Who. 
1M Rtn0.9%4.3%0.0%10.5%0.4%-0.7%0.7%
3M Rtn-1.1%-0.8%5.2%-5.8%-4.0%-12.0%-2.6%
6M Rtn-6.6%22.3%7.9%2.5%10.4%-20.6%5.2%
12M Rtn4.3%21.7%25.9%-32.4%28.9%8.3%15.0%
3Y Rtn88.2%121.7%125.7%-36.1%-58.5%18.8%53.5%
1M Excs Rtn-2.7%-0.3%-3.4%5.9%-3.8%-4.9%-3.0%
3M Excs Rtn-8.7%-8.7%-2.3%-13.1%-11.1%-20.4%-9.9%
6M Excs Rtn-30.5%-1.6%-16.0%-21.5%-13.5%-44.6%-18.7%
12M Excs Rtn-14.6%4.4%6.8%-51.4%9.8%-10.0%-2.8%
3Y Excs Rtn17.8%8.5%51.5%-116.3%-138.5%-53.8%-22.7%

Financials

Segment Financials

Revenue by Segment

$ Mil20252024202320222021
Operation of membership warehouses242,290226,954195,929166,761152,703
Total242,290226,954195,929166,761152,703


Price Behavior

Short Interest

Short Interest: As Of Date10152025
Short Interest: Shares Quantity6,948,318
Short Interest: % Change Since 93020253.9%
Average Daily Volume2,486,342
Days-to-Cover Short Interest2.79
Basic Shares Quantity444,012,000
Short % of Basic Shares1.6%

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
9/25/2025-2.9%-2.8%-1.2%
5/29/20253.1%0.2%-1.9%
3/6/2025-6.1%-13.2%-10.7%
12/12/20240.1%-3.4%-6.6%
9/26/2024-1.8%-2.9%-1.1%
5/30/2024-0.7%3.3%3.7%
3/7/2024-7.6%-6.8%-9.4%
12/14/20234.4%5.5%10.9%
...
SUMMARY STATS   
# Positive141414
# Negative111111
Median Positive1.8%2.6%5.5%
Median Negative-1.8%-2.9%-2.3%
Max Positive6.6%5.5%13.1%
Max Negative-7.6%-13.2%-10.7%

SEC Filings

Expand for More

Report DateFiling DateFiling
83120251008202510-K 8/31/2025
5312025605202510-Q 5/11/2025
2282025313202510-Q 2/16/2025
113020241219202410-Q 11/24/2024
83120241009202410-K 9/1/2024
5312024606202410-Q 5/12/2024
2292024313202410-Q 2/18/2024
113020231220202310-Q 11/26/2023
83120231011202310-K 9/3/2023
5312023601202310-Q 5/7/2023
2282023309202310-Q 2/12/2023
113020221229202210-Q 11/20/2022
83120221005202210-K 8/28/2022
5312022602202210-Q 5/8/2022
2282022310202210-Q 2/13/2022
113020211222202110-Q 11/21/2021

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value
Value of
Held Shares
Form
0Jones Teresa A.Executive Vice President8222025Sell992.05600595,2302,343,346Form
1Rubanenko YoramExecutive Vice President7152025Sell974.964,0003,899,8525,629,468Form
2DECKER SUSAN L 6202025Sell980.00546535,08011,301,297Form
3Callans Patrick JExecutive Vice President6102025Sell1002.773,0003,008,29858,704,666Form
4Riel PierreExecutive Vice President6092025Sell1014.152,0002,028,2948,326,396Form