Costco Wholesale Corporation

COST

Discount Stores · Consumer Defensive

Also trades as: 0I47.L

Price

$947.74

+14.23 (+1.52%)

Market Cap

$420.30B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through May 10, 2026

How the score breaks down

Quality

Mixed

Growth

Strong

Cash Flow

Strong

Stability

Exceptional

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

Costco Wholesale is a membership-based warehouse retailer that sells groceries, electronics, clothing, and household goods in bulk at low prices. Its customers are everyday shoppers and small businesses looking to save money by buying larger quantities. Costco operates one of the most recognized warehouse club chains in the world, competing mainly with Sam's Club and BJ's Wholesale Club.

Costco makes most of its profit from annual membership fees rather than product markups, which is why its gross margins are unusually thin at around 13%. The company operates over 800 warehouse locations across the US, Canada, and several international markets including the UK, Japan, and South Korea. Its membership model creates strong customer loyalty — renewal rates consistently exceed 90% — giving it a durable competitive advantage. The key growth driver is international expansion and growing its e-commerce business, while a main risk is that economic pressure on consumers could slow membership growth or reduce renewal rates.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+11.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+15.2% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (2%)

Research and development spending

Insider Activity

0.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$20.0B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Costco Wholesale Corporation is a rare growth stock that's already generating positive cash flow while growing at 12%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 444.3M (2021) → 444.8M (2025)

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

12.8%

Thin — 12.8% gross margin

Profit after running costs

Operating Margin

4.0%

Thin — 4.0% operating margin

Return on the money invested

ROCE

28.6%

Exceptional — 28.6% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+9.2%

Steady sales growth (+9.2% YoY)

Profit growth

EPS YoY

+12.7%

Earnings growing (+12.7% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

170%

Turns 170% of profit into real cash

Spare cash per sale

FCF Margin

3.0%

Thin free cash flow (3.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.17

Conservative — low debt load (0.17)

Covers its interest

Interest Cover

76.88x

Comfortably covers interest (76.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

47.6x

Expensive — P/E 47.6

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+9.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (47.6 → 38.0)

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Dividends

Dividend

Dividend Yield

0.58%

Small dividend — 0.58% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+12.6%

Dividend growing fast (12.6% YoY)

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