PE 估值›Consumer Defensive›COST

Costco Wholesale Corporation (COST) 股票估值 — PE 分析

Discount Stores · NASDAQ

当前价格

$953.97

市盈率（TTM）

47.9x

内在价值

$1,059.27

安全边际 +9.9%

AI 护城河与风险分析

AI 生成 · 仅供参考COST

竞争护城河

↑会员制锁定

Costco的会员制创造了稳定的经常性收入流，并鼓励顾客忠诚度。会员费降低了商品价格，进一步增强了顾客粘性。

↑规模经济优势

庞大的采购量和高效的供应链管理使Costco能够以极具竞争力的价格提供商品。这种成本优势难以被竞争对手复制。

↑品牌声誉与信任

Costco以其高品质的自有品牌商品和“物超所值”的声誉赢得了消费者的广泛信任。这种信任转化为持续的客流量和销售额。

投资风险

↓供应链中断风险

全球供应链的任何中断都可能影响Costco商品的供应和成本，从而影响其定价能力和利润率。

↓劳动力成本上升

劳动力短缺和工资上涨可能增加Costco的运营成本，对其利润率构成压力，尤其是在其注重员工福利的模式下。

↓会员增长放缓

如果Costco的会员增长速度放缓或出现流失，将直接影响其经常性收入和整体盈利能力。

做一次完整评估 →追踪这只股票

基准情形

COST 基准情形 PE 估值

按当前股价 $953.97，基准情形的 PE 估值将 COST 的公允价值定在每股约 $1,059.27。该数值假设 10.1% 的年度盈利增长、48x 的目标 PE 倍数和 10% 的折现率。

内在价值

$1,059.27

安全边际

+9.9%

预期年化收益

+2.1%

基准情形假设：盈利年增长率 10.1%、目标 P/E 倍数 48x、折现率 10%、预测 5 年。数据截至 2026-07-30。

本基准情形采用默认假设，不构成投资建议。当目标 PE 或盈利增长率变化时，公允价值会显著改变。打开计算器可设置你自己的假设，并查看完整的敏感性区间。

自定义 COST PE 估值

调节目标 PE、盈利增长和折现率，查看 Costco Wholesale Corporation 的公允价值与安全边际如何变化。

打开 COST PE 计算器

或试试 COST DCF 估值 →

公司简介

Costco Wholesale Corporation, alongside its group entities, operates membership-based retail warehouses across a broad international scope, spanning the United States, Puerto Rico, Canada, the United Kingdom, Mexico, Japan, South Korea, Australia, Spain, France, Iceland, China, and Taiwan. These outlets provide customers with an extensive array of both well-known branded and proprietary private-label products. Their vast inventory includes household staples, shelf-stable groceries, confectionery, chilled and frozen items, alcoholic beverages, tobacco, and deli selections. Furthermore, the stores stock major appliances, consumer electronics, health and beauty aids, hardware, garden and patio furniture, sporting goods, vehicle tires, toys, seasonal merchandise, office supplies, automotive maintenance products, postage services, event tickets, apparel, small kitchen appliances, home furnishings, domestic textiles, kitchenware, custom-order kiosks, and fine jewelry. Fresh departments offer meat, produce, a service deli, and bakery items. Beyond retail goods, Costco provides in-store amenities such as pharmacies, optical clinics, food courts, hearing aid centers, and tire installation facilities, in addition to managing 636 gas stations. The company also extends its offerings online through business delivery, travel booking, and same-day grocery fulfillment in various countries. As of August 29, 2021, Costco maintained a global network of 815 membership warehouses, with 564 located in the United States and Puerto Rico, 105 in Canada, 39 in Mexico, 30 in Japan, 29 in the United Kingdom, 16 in South Korea, 14 in Taiwan, 12 in Australia, 3 in Spain, and one each in Iceland, France, and China. Digital storefronts facilitate e-commerce operations in the United States, Canada, the United Kingdom, Mexico, South Korea, Taiwan, Japan, and Australia. Founded in 1976, the enterprise was originally known as Costco Companies, Inc. before officially adopting the name Costco Wholesale Corporation in August 1999. Its corporate headquarters are situated in Issaquah, Washington.

财务指标 — COST PE 估值数据

市盈率（TTM）

47.9x

PEG 比率

3.78

盈利收益率

2.09%

ROE (TTM)

28.3%

Revenue/Share (TTM)

$661.35

股息率

0.58%

Debt/Equity

0.25x

常见问题

COST 的市盈率是多少？

COST 的过去 12 个月市盈率反映投资者为 Costco Wholesale Corporation 每一美元收益所支付的价格。该指标在与Discount Stores同类公司和公司自身历史区间对比时最有意义。

基于市盈率，COST 被高估了吗？

COST 的市盈率 47.9x 结合 PEG 比率 3.78 提供了增长调整后的视角。PEG 高于 2.0 表明市盈率相对于盈利增速偏高。注意 PE 估值最适合盈利稳定的成熟公司——对于高增长或周期性Discount Stores，DCF 分析可能更合适。

如何使用市盈率对 COST 进行估值？

对 Costco Wholesale Corporation 使用 PE 估值的步骤：(1) 将当前市盈率 (47.9x)与Discount Stores中位数对比评估相对定价，(2) 查看 PEG 比率 (3.78)以调整增长预期，(3) 参考 5 年 PE 历史区间判断当前位置，(4) 用目标 PE 乘以前瞻 EPS 估算公允价值。这种相对估值方法与 DCF 的绝对估值互为补充。

COST 的 PEG 比率是多少？

COST 的 PEG 比率为 3.78，由市盈率（47.9x）除以预期盈利增速计算。PEG 高于 2.0 意味着市盈率相对于预期盈利增速偏高。注意 PEG 的准确性取决于增长预期的可靠性。

对 COST 应该使用 PE 还是 DCF 估值？

PE 市盈率给出快速的相对定价——COST 相对于Discount Stores同类的估值水平。DCF 基于预期自由现金流提供绝对价值。对于 COST，ROE 达到 28.3%，两种方法都值得使用——PE 做市场对比，DCF 验证基本面是否支撑当前价格。两种方法各有盲区：PE 忽略了资本结构和现金流质量，DCF 则对增长率和折现率假设非常敏感。

了解更多

查看 COST DCF 估值 → — 通过折现现金流分析计算内在价值
PE 方法论 — PE 市盈率估值分步指南
DCF 方法论 — 折现现金流分析指南
PE 市盈率 — 理解市盈率
内在价值 — 如何评估股票公允价值