BJ's Wholesale Club Holdings, Inc. (BJ)
Smaller industry benchmark · 0.03x market cap
Warehouse clubs
YouTube · Q1 FY2027 · 2026-05-25
COST · NasdaqGS
Costco Wholesale
Discount Stores · United States
USD 1.04K2.8% daily changeQuote 2026-11-02 · USD
- Market cap (USD)
- US$461.10B
- Trailing P/E
- 48.76x
- Forward P/E
- 41.58x
- Quarterly revenue growth
- 11.1%
- Trailing net margin
- 3.0%
- Indicated dividend yield
- 0.6%
Snapshot 2026-11-03 · Latest financial period 2026-08-30 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.
Next earnings: 2026-12-10 (provider estimate; issuer confirmation unavailable here).
Company background
Costco Wholesale Corporation, together with its subsidiaries, engages in the operation of membership warehouses in the United States, Puerto Rico, Canada, Mexico, Japan, the United Kingdom, Korea, Australia, Taiwan, China, Spain, France, Sweden, Iceland, and New Zealand. It offers merchandise, including sundries, dry groceries, candies, coolers, freezers, liquor, and tobacco; non-food merchandise comprising consumer electronics, appliances, small electrics, health and beauty aids, hardware, lawn and garden, sporting goods, tires, toys and seasonal, automotive, stamps, tickets, apparel, furniture, domestics, housewares, special order kiosks, and jewelry; and fresh food, such as meat, produce, deli, and bakery products. The company is also involved in warehouse ancillary operations, which include gasoline, pharmacies, food courts, optical, hearing aids, and tire installation centers. In addition, it engages in e-commerce, business centers, travel, and other businesses. Further, the company operates e-commerce sites; and offers branded and private-label products in various categories. The company was formerly known as Costco Companies, Inc. and changed its name to Costco Wholesale Corporation in August 1999. Costco Wholesale Corporation was founded in 1976 and is based in Issaquah, Washington.
Company websiteQ4 FY2026
Go beyond the headline.
COST Stock: A 12% Clean EPS Gain Meets an 18.5% Hurdle — Q4 FY2026
Published 2026-09-25
Q4 FY2026 REPORT HIGHLIGHTS
What’s changed for COST
Costco delivered double-digit normalized earnings growth, but our $850 base value says the stock still prices in a faster cash-compounding path than the recent record.
The beat survives normalization.
Q4 EPS was $6.75; removing the $0.15 tariff-refund benefit leaves $6.60, still up 12.4%.
The membership engine remains durable.
Paid members grew 3.8%, worldwide renewal was 89.8%, and membership income rose 7.7% excluding currency.
Cash conversion improved.
FY free cash flow reached $9.390B and net cash reached $15.139B before leases.
The price demands acceleration.
Our reverse model needs roughly 18.5% annual cash-flow growth for five years versus an 11.7% recent CAGR.
The call stays HOLD.
Our $850 base is below the $897.02 early trade; a lower price or faster cash growth would improve the expected return.
Comparable businesses
COST peer comparison
Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.
| Metric | COSTCostco Wholesale CorporationSnapshot 2026-11-03Financial period: 2026-08-30 | BJBJ's Wholesale Club Holdings, Inc.Snapshot 2026-11-03Financial period: 2026-08-01 |
|---|---|---|
| Market capMarket value, converted to USD | US$461.10B | US$13.98B |
| Forward P/EProvider forward earnings estimate | 41.58x | 22.02x |
| EV / EBITDAEnterprise value / trailing EBITDA | 31.72x | 14.41x |
| Revenue growthLatest quarter vs prior-year quarter | 11.1% | 15.7% |
| Operating marginLatest reported quarter | 3.8% | 4.1% |
| Free cash flow yieldTrailing cash flow / market cap | 1.5% | 1.8% |
| Net debt / EBITDANet debt / trailing EBITDA | -0.78x | 2.36x |
| Debt / equityTotal debt / positive book equity | 0.28x | 1.26x |
| Trailing P/ETrailing twelve-month earnings | 48.76x | 24.22x |
| Price / bookPrice / positive book equity per share | 12.88x | 6.37x |
| EV / salesEnterprise value / trailing revenue | 1.48x | 0.73x |
| Earnings growthLatest quarter vs prior-year quarter | 15.0% | 19.3% |
| Gross marginTrailing twelve months | 12.8% | 18.2% |
| Net marginTrailing twelve months | 3.0% | 2.6% |
| Return on equityProvider trailing return; positive equity only | 28.4% | 27.7% |
| Free cash flow marginTrailing free cash flow / revenue | 2.2% | 1.1% |
| Dividend yieldIndicated annual dividend / price | 0.6% | — |
| Earnings payoutProvider trailing dividend payout | 26.7% | 0.0% |
| Current ratioCurrent assets / current liabilities | 1.06x | 0.73x |
| BetaProvider historical market sensitivity | 0.85 | 0.14 |
YouTube · Q1 FY2027 · 2026-05-25
Comparison methodology & limitations
Reviewed operating groups override broad sector classifications. Other companies are matched only within a sufficiently specific provider industry. Business mix, geography and accounting standards can still differ. Market caps are converted to USD using exchange rates captured during the snapshot refresh. Financial ratios that would mix currencies are omitted. Snapshots must be at most 14 days old and no more than seven days apart for automatic selection.
Peer medians require at least two valid similar-size peers for each metric. Negative earnings, nonpositive equity, missing data and irrelevant bank ratios are not presented as attractive valuations. A higher or lower number is not automatically a better investment. Financial statement periods are not calendar-aligned across companies.
Reported performance
Financial trends
Periods are grouped by their ending calendar year or quarter, not identical fiscal calendars. Exact period-end dates appear in tooltips and reported figures. When reporting currencies differ and a recent captured FX rate is available, money and EPS are normalized to USD for comparison. This is not a historical FX restatement. Gaps are not estimated.
Financial statements load separately from the research page.
Source: . Window ends at the latest available reporting period.
Revenue
Reported figures
Financial data & calculation notes
Standalone charts use the stated reporting currency. When a chart comparison spans currencies, money and EPS can be normalized to USD using a recent captured FX snapshot; this is for comparison only, not a historical FX restatement. Stock-based compensation is noncash. Free cash flow is operating cash flow less capital spending, which may include capitalized software. Missing metrics are not estimated or assumed to be zero. Banking and insurance ratios require industry-specific interpretation. Latest restatements may differ from figures in older episodes.
Market context
Valuation & price history
Adjusted closing price
Price history loads separately.
Price figures
Earnings-multiple scenario
Illustrative price = your earnings-per-share assumption × your P/E assumption. This is not a price target or a complete valuation model.
Starting assumptions, when available, use provider forward estimates as of 2026-11-03. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.
THE RESEARCH RECORD
Research history for COST
Q4 FY20262026-09-25
FREE RESEARCH PACKET · Q4 FY2026
COST: A 12% Clean EPS Gain Meets an 18.5% Hurdle
Costco delivered double-digit normalized earnings growth, but our $850 base value says the stock still prices in a faster cash-compounding path than the recent record.
Research published September 24, 2026 · Download original report
Read Research PacketCOST Stock: A 12% Clean EPS Gain Meets an 18.5% Hurdle — Q4 FY2026
Presentation · 2026-09-25 · YouTube
Q3 FY20262026-05-28
COST Stock: HOLD Call - 51x Earnings After 6-Cent Miss Q3 FY2026
Presentation · 2026-05-28 · YouTube
Q1 20262026-04-09
COST Q1 2026 earnings analysis
Presentation · 2026-04-09 · YouTube
Q2 FY20262026-04-08
Charged Alpha | Costco Wholesale (COST) | Q2 FY2026 Earnings Deep Dive
Presentation · 2026-04-08 · YouTube