Costco Wholesale Corp. /NEW (COST) intrinsic value & 10-year financials
Costco Wholesale Corp. /NEW (COST) has a Graham intrinsic value of $593.23 per share. At $995.53 on Oct 20, 2026, the stock trades 68% above that value. Over the last 10 fiscal years revenue grew 9.8% a year to $275.2B, with an average return on invested capital of 27.4%.
- Graham intrinsic value
- $593.23
- Share price (Oct 20, 2026)
- $995.53
- Price vs Graham value
- 68% above
- Market cap
- $442.8B
- Revenue (FY2025)
- $275.2B
- Revenue growth (10-yr CAGR)
- 9.8%
- ROIC (10-yr avg)
- 27.4%
- Free cash flow (FY2025)
- $7.8B
COST 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $275.2B | $8.1B | $18.21 | $7.8B | 3.8% | 32.4% |
| FY2024 | $254.5B | $7.4B | $16.56 | $6.6B | 3.6% | 32.2% |
| FY2023 | $242.3B | $6.3B | $14.16 | $6.7B | 3.3% | 30.3% |
| FY2022 | $227.0B | $5.8B | $13.14 | $3.5B | 3.4% | 32.6% |
| FY2021 | $195.9B | $5.0B | $11.27 | $5.4B | 3.4% | 30.6% |
| FY2020 | $166.8B | $4.0B | $9.02 | $6.1B | 3.3% | 26.8% |
| FY2019 | $152.7B | $3.7B | $8.26 | $3.4B | 3.1% | 27.2% |
| FY2018 | $141.6B | $3.1B | $7.09 | $2.8B | 3.2% | 24.4% |
| FY2017 | $129.0B | $2.7B | $6.08 | $4.2B | 3.2% | 20.6% |
| FY2016 | $118.7B | $2.4B | $5.33 | $643.0M | 3.1% | 17.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Costco is a consistent compounder, expanding top-line revenue at 9.8% annually over the past decade.
Costco has earned high returns on invested capital, averaging 27.4% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Costco has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Costco is modeled at 14.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $593.23 per share.