Key Points Small cracks in renewal rates could have a meaningful impact on profits. Global expansion is promising, but it comes with risks. Costco’s high valuation leaves little margin for error if growth slows or risks materialize. 10 stocks we like better than Costco Wholesale › Costco Wholesale (NASDAQ: COST) has a reputation that most companies would envy. Loyal members, steady traffic, and a culture of value have made it one of the most reliable compounders in the retail industry. Investors l ...

Key Points Costco's membership model works well in any environment, even when there's inflation. Its stock trades at a premium valuation, and any negative sentiment could send it down. Costco's been resonating with a digital-first crowd, resulting in increased online signups. 10 stocks we like better than Costco Wholesale › Costco Wholesale (NASDAQ: COST) has been one of those stalwart stocks you can rely on to beat the market for decades. It has handily outperformed the S&P 500 over most time per ...

财务业绩表现 - 第四季度净销售额达844.3亿美元，同比增长8%，总收入为861.6亿美元[2] - 第四季度净利润为26.1亿美元，稀释后每股收益为5.87美元，超出市场预期的5.80美元[2] - 2025财年净销售额约为2699亿美元，稀释后每股收益为18.21美元[3] 可比销售与区域表现 - 第四季度全公司整体可比销售额增长6.4%，经调整的52周总可比销售额增长7.6%[4] - 美国地区第四季度可比销售额增长6%，加拿大增长8.3%，世界其他地区增长7.2%[4] - 电子商务可比销售额在52周期间大幅增长16.1%[5] 会员模式与现金流 - 第四季度会员费收入达17.2亿美元，同比增长14%[5] - 财年运营现金流入为133.4亿美元，净现金流增加42.5亿美元[6] - 现金及等价物增至141.6亿美元，资本管理极为自律[6] 市场环境与竞争优势 - 在通胀、关税压力和消费者紧缩开支的逆风中，公司价值需求凸显优势[7] - 公司通过将部分会费上涨再投资于提升价格竞争力，特别是在黄油、鸡蛋等必需品上保持低价[7] - 公司拥有定价权，能在更严峻的环境中保持对消费者的吸引力[1] 增长动力与未来展望 - 未来增长将日益依赖于生产力提升、电子商务和会员策略[9] - 公司资本状况强劲，能够为业务扩张提供资金、支付股息并回购股票[6][11] - 尽管可比销售额连续两个季度放缓，但公司在充满挑战的环境下仍展现出防御实力和上行潜力[12]

公司财务表现与市场反应 - 好市多公布2025财年第四季度财报后 股价随即下跌约3% [1] - 第四季度同店销售额增长5.7% 但低于市场预期 [2] - 尽管同店销售增速略低且会员续费率微降 公司2025财年仍实现了创纪录的财务业绩 [8][14] 商业模式与盈利驱动 - 公司商业模式核心是通过收取会员费盈利 商品销售毛利率仅为11% 旨在为会员提供低价商品 [3][4] - 2025财年净销售额达到2700亿美元 绝大部分利润来源于会员费收入 [3][4] - 通过会员费加低价商品的模式 好市多吸引了忠诚客户 形成了竞争优势 [5] 会员增长趋势分析 - 截至第四季度末 好市多付费会员总数达8100万 同比增长6.3% [6] - 第四季度会员续费率为90% 管理层指出通过线上渠道新注册的会员续费率较低 [7] - 同店销售额5.7%的增长可能主要来自新会员 而非现有会员消费增加 [6] 股票估值与未来增长前景 - 好市多股票当前市盈率超过50倍 接近其历史最高水平 约为标准普尔500指数估值的两倍 [9][11] - 在估值已处于高位的情况下 未来股价增长需依赖每股收益的增长 而公司需保持至少10%的年化利润增长才能匹配市场平均回报 [11][12] - 2025财年每股收益增长10% 部分得益于公司在财年内实施了不常使用的会员费涨价措施 [12] - 会员数量增速温和 叠加高估值 可能导致公司股票未来难以跑赢市场 在最坏情况下估值回调将拖累股价 [13][14]

Costco Wholesale TodayCOSTCostco Wholesale$915.95 -27.36 (-2.90%) 52-Week Range$867.16▼$1,078.23Dividend Yield0.57%P/E Ratio50.30Price Target$1,072.00Add to WatchlistCostco NASDAQ: COST investors can look forward to a special treat this Christmas: a special dividend. While not yet announced, the trends suggest this company is on track to deliver another substantial payment to its shareholders. The company generates significant cash flow and free cash flow, has built a $14 billion cash pile, and has a histo ...

Key Points Renewal rates ticked down sequentially, with management pointing to mix effects from online sign-ups. Membership fee income and paid households still climbed at healthy rates. With shares at about 50 times earnings, valuation -- not renewals -- is the main reason for caution. 10 stocks we like better than Costco Wholesale › After a powerful multi-year run, Costco Wholesale (NASDAQ: COST) has finally given investors something to worry about (or has it?): Membership renewal rates slipped ...

财务业绩表现 - 第四季度营收增长8%至862亿美元 略高于市场预期的861亿美元 [4] - 调整后同店销售额增长6.4% 超过市场预期的5.9% [4] - 每股收益跃升11%至5.87美元 高于市场预期的5.81美元 [4] - 毛利率为11.13% 较去年同期提升13个基点 [5] 会员增长与运营策略 - 会员收入增长14% 反映了一年前的会费上调 [5] - 付费会员数量增长6.3%至8100万 [5] - 公司通过扩大仓储空间销售更多高价位可选商品 如家具和桑拿房 [5] - 为支付双倍会费的行政会员延长营业时间 并在季度末观察到会员升级趋势 [6] 业务模式与市场地位 - 公司业务模式稳定 会员收入一致性高 盈利波动小于典型零售商 [7] - 公司不提供业绩指引 业务设计旨在保持稳定 [8] - 北美会员续费率达92% 全球续费率达90% 显示会员忠诚度极高 [9] 估值水平与股价表现 - 尽管财报强劲 股价在盘后交易中仍下跌0.8% [7] - 当前市盈率为51.8倍 估值处于历史高位 高于绝大多数实体零售股 [8][9] - 估值似乎已达到上限 未来股价增长需依赖盈利增长而非估值扩张 [10]

It doesn’t get any bigger, or more appropriately bulkier, than the multinational retail corporation Costco. In general, retail performance over the past year has been influenced by consumers changing spending patterns amid inflation spikes, but ultimately, Costco stores consistently improve foot traffic. Consider This: I’m a Self-Made Millionaire: 5 Stocks You Shouldn’t Sell Learn More: 6 Hybrid Vehicles To Stay Away From in Retirement Even with shoppers restricting their spending on discretionary items i ...

Costco Wholesale earnings met Wall Street expectations after concerns tariffs and inflation would lead to consumer pullback and impact the retailer’s earnings. The grocery chain reported an earnings per share of $5.87 on a revenue of $86.16 billion after the bell on Thursday for its fiscal fourth quarter earnings . Costco’s net sales rose 8% to $84.4 billion compared to $78.2 billion in net sales during the same quarter last year. Comparable sales in the U.S. last quarter increased 6% on an adjusted basi ...

Costco Wholesale Corp (NASDAQ: COST) reported financial results for the fourth quarter of fiscal 2025 on Thursday after the market close. Here’s a rundown of the membership-based retailer’s report.View the COST stock chart here.Q4 Highlights: Costco reported fourth-quarter revenue of $86.16 billion, beating analyst estimates of $86.12 billion, according to Benzinga Pro. The company reported fourth-quarter adjusted earnings of $5.87 per share, beating estimates of $5.80 per share.Net sales for the fourth qua ...