COST vs WMT: Costco Wholesale and Walmart compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Walmart is the larger company, worth $819.2B, about 1.9 times Costco Wholesale.
- Costco Wholesale grew revenue faster over the last year (+10.1% vs +5.9%).
- Walmart keeps more of each dollar of revenue as operating profit (4.4% vs 3.9%).
- On earnings, Walmart is the cheaper stock (36.2x vs 45.6x).
- Walmart's price assumes faster free cash flow growth: about 18% a year, against 16% for Costco Wholesale (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | COST | WMT |
|---|---|---|
| Market cap | $426.6B | $819.2B |
| Share price | $946.92 | $111.35 |
| Revenue (last fiscal year) | $303.2B | $706.4B |
| Free cash flow (last fiscal year) | $9.4B | $14.9B |
| Revenue growth, last year | +10.1% | +5.9% |
| Revenue growth per year, last 5 fiscal years | +7.5% | +5.6% |
| Operating margin | 3.9% | 4.4% |
| Net margin | 3.0% | 3.0% |
| Return on equity | 25.8% | 22.5% |
| P/E (trailing) | 45.6x | 36.2x |
| Price / free cash flow | 54.4x | 54.9x |
| EV / EBITDA | 26.5x | 20.6x |
| FCF growth the price implies | 15.8% | 18.3% |
| Dividend yield | 0.55% | — |
| Debt / equity | 1.49x | 1.93x |
| Fundamental grade | C | D |
| Superinvestors holding it | 8 | 8 |
| Insider purchases, last 12 months | 10 | 9 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Costco Wholesale
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $227.0B | $3.5B | 3.4% |
| 2023 | $242.3B | $6.7B | 3.3% |
| 2024 | $254.5B | $6.6B | 3.6% |
| 2025 | $275.2B | $7.8B | 3.8% |
| 2026 | $303.2B | $9.4B | 3.9% |
Walmart
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $567.8B | $11.1B | 4.6% |
| 2023 | $605.9B | $12.0B | 3.4% |
| 2024 | $642.6B | $15.1B | 4.2% |
| 2025 | $674.5B | $12.7B | 4.4% |
| 2026 | $706.4B | $14.9B | 4.2% |
Where the revenue comes from
Costco Wholesale · by products, 2026
Net sales$297.2B98%
Membership fees$5.9B2%
Walmart · by segments, 2026
Walmart U.S.$485.6B68%
Walmart International$132.0B19%
Sam's Club U.S.$95.5B13%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open COST in InvestinglyQuestions
Which is bigger, Costco Wholesale or Walmart?
Walmart (WMT), at $819.2B against $426.6B.
Is COST or WMT cheaper?
By trailing P/E, Walmart (36.2x) is cheaper than Costco Wholesale (45.6x). A lower multiple can also mean the market expects less growth.
Which grows faster, COST or WMT?
Costco Wholesale: revenue grew +10.1% over the last year, against +5.9%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.