Stock Analysis on Net
Stock Analysis on Net

Costco Wholesale Corp. (NASDAQ:COST)

デュポンの分析: ROE、ROA、純利益率の内訳 
四半期データ

Microsoft Excel

ROE分解では、純利益を株主資本で割ったものを構成比率の積として表します。

ROEを2つのコンポーネントに分解

Costco Wholesale Corp.、 ROE の分解(四半期データ)

Microsoft Excel
ROE = ROA × 財務レバレッジ比率
2025/02/16 29.80% = 10.41% × 2.86
2024/11/24 30.98% = 10.32% × 3.00
2024/09/01 31.19% = 10.55% × 2.96
2024/05/12 32.95% = 10.56% × 3.12
2024/02/18 32.73% = 10.24% × 3.19
2023/11/26 24.92% = 8.84% × 2.82
2023/09/03 25.11% = 9.12% × 2.75
2023/05/07 25.46% = 8.99% × 2.83
2023/02/12 26.55% = 9.05% × 2.93
2022/11/20 27.40% = 8.91% × 3.08
2022/08/28 28.31% = 9.11% × 3.11
2022/05/08 28.28% = 8.84% × 3.20
2022/02/13 28.39% = 8.74% × 3.25
2021/11/21 27.97% = 8.05% × 3.47
2021/08/29 28.51% = 8.45% × 3.37
2021/05/09 28.67% = 8.25% × 3.47
2021/02/14 27.75% = 7.91% × 3.51
2020/11/22 29.10% = 7.18% × 4.05
2020/08/30 21.89% = 7.20% × 3.04
2020/05/10 22.08% = 7.17% × 3.08
2020/02/16 22.74% = 7.74% × 2.94
2019/11/24 23.55% = 7.26% × 3.24
2019/09/01 24.00% = 8.06% × 2.98
2019/05/12 — = — × 3.02
2019/02/17 — = — × 3.09
2018/11/25 — = — × 3.33

レポートに基づく: 10-Q (報告日: 2025-02-16), 10-Q (報告日: 2024-11-24), 10-K (報告日: 2024-09-01), 10-Q (報告日: 2024-05-12), 10-Q (報告日: 2024-02-18), 10-Q (報告日: 2023-11-26), 10-K (報告日: 2023-09-03), 10-Q (報告日: 2023-05-07), 10-Q (報告日: 2023-02-12), 10-Q (報告日: 2022-11-20), 10-K (報告日: 2022-08-28), 10-Q (報告日: 2022-05-08), 10-Q (報告日: 2022-02-13), 10-Q (報告日: 2021-11-21), 10-K (報告日: 2021-08-29), 10-Q (報告日: 2021-05-09), 10-Q (報告日: 2021-02-14), 10-Q (報告日: 2020-11-22), 10-K (報告日: 2020-08-30), 10-Q (報告日: 2020-05-10), 10-Q (報告日: 2020-02-16), 10-Q (報告日: 2019-11-24), 10-K (報告日: 2019-09-01), 10-Q (報告日: 2019-05-12), 10-Q (報告日: 2019-02-17), 10-Q (報告日: 2018-11-25).

2025年第2 四半期に株主資本利益率(ROE)が低下した主な理由は、財務レバレッジ比率の低下です。

ROEを3つの要素に分解

Costco Wholesale Corp.、 ROE の分解(四半期データ)

Microsoft Excel
ROE = 純利益率 × 資産回転率 × 財務レバレッジ比率
2025/02/16 29.80% = 2.94% × 3.54 × 2.86
2024/11/24 30.98% = 2.98% × 3.46 × 3.00
2024/09/01 31.19% = 2.95% × 3.57 × 2.96
2024/05/12 32.95% = 2.88% × 3.66 × 3.12
2024/02/18 32.73% = 2.78% × 3.68 × 3.19
2023/11/26 24.92% = 2.70% × 3.27 × 2.82
2023/09/03 25.11% = 2.65% × 3.45 × 2.75
2023/05/07 25.46% = 2.60% × 3.46 × 2.83
2023/02/12 26.55% = 2.63% × 3.44 × 2.93
2022/11/20 27.40% = 2.59% × 3.43 × 3.08
2022/08/28 28.31% = 2.62% × 3.47 × 3.11
2022/05/08 28.28% = 2.65% × 3.34 × 3.20
2022/02/13 28.39% = 2.67% × 3.27 × 3.25
2021/11/21 27.97% = 2.59% × 3.10 × 3.47
2021/08/29 28.51% = 2.61% × 3.24 × 3.37
2021/05/09 28.67% = 2.58% × 3.19 × 3.47
2021/02/14 27.75% = 2.48% × 3.19 × 3.51
2020/11/22 29.10% = 2.55% × 2.81 × 4.05
2020/08/30 21.89% = 2.45% × 2.94 × 3.04
2020/05/10 22.08% = 2.36% × 3.04 × 3.08
2020/02/16 22.74% = 2.44% × 3.18 × 2.94
2019/11/24 23.55% = 2.47% × 2.94 × 3.24
2019/09/01 24.00% = 2.45% × 3.29 × 2.98
2019/05/12 — = — × — × 3.02
2019/02/17 — = — × — × 3.09
2018/11/25 — = — × — × 3.33

レポートに基づく: 10-Q (報告日: 2025-02-16), 10-Q (報告日: 2024-11-24), 10-K (報告日: 2024-09-01), 10-Q (報告日: 2024-05-12), 10-Q (報告日: 2024-02-18), 10-Q (報告日: 2023-11-26), 10-K (報告日: 2023-09-03), 10-Q (報告日: 2023-05-07), 10-Q (報告日: 2023-02-12), 10-Q (報告日: 2022-11-20), 10-K (報告日: 2022-08-28), 10-Q (報告日: 2022-05-08), 10-Q (報告日: 2022-02-13), 10-Q (報告日: 2021-11-21), 10-K (報告日: 2021-08-29), 10-Q (報告日: 2021-05-09), 10-Q (報告日: 2021-02-14), 10-Q (報告日: 2020-11-22), 10-K (報告日: 2020-08-30), 10-Q (報告日: 2020-05-10), 10-Q (報告日: 2020-02-16), 10-Q (報告日: 2019-11-24), 10-K (報告日: 2019-09-01), 10-Q (報告日: 2019-05-12), 10-Q (報告日: 2019-02-17), 10-Q (報告日: 2018-11-25).

2025年第2 四半期に株主資本利益率(ROE)が低下した主な理由は、財務レバレッジ比率の低下です。

ROEを5つの要素に分解

Costco Wholesale Corp.、 ROE の分解(四半期データ)

Microsoft Excel
ROE = 税負担 × 利息負担 × EBITマージン × 資産回転率 × 財務レバレッジ比率
2025/02/16 29.80% = 0.75 × 0.98 × 3.97% × 3.54 × 2.86
2024/11/24 30.98% = 0.76 × 0.98 × 3.98% × 3.46 × 3.00
2024/09/01 31.19% = 0.76 × 0.98 × 3.97% × 3.57 × 2.96
2024/05/12 32.95% = 0.75 × 0.98 × 3.92% × 3.66 × 3.12
2024/02/18 32.73% = 0.75 × 0.98 × 3.79% × 3.68 × 3.19
2023/11/26 24.92% = 0.74 × 0.98 × 3.73% × 3.27 × 2.82
2023/09/03 25.11% = 0.74 × 0.98 × 3.64% × 3.45 × 2.75
2023/05/07 25.46% = 0.75 × 0.98 × 3.54% × 3.46 × 2.83
2023/02/12 26.55% = 0.75 × 0.98 × 3.57% × 3.44 × 2.93
2022/11/20 27.40% = 0.75 × 0.98 × 3.54% × 3.43 × 3.08
2022/08/28 28.31% = 0.75 × 0.98 × 3.56% × 3.47 × 3.11
2022/05/08 28.28% = 0.75 × 0.98 × 3.60% × 3.34 × 3.20
2022/02/13 28.39% = 0.75 × 0.98 × 3.65% × 3.27 × 3.25
2021/11/21 27.97% = 0.75 × 0.98 × 3.54% × 3.10 × 3.47
2021/08/29 28.51% = 0.76 × 0.97 × 3.53% × 3.24 × 3.37
2021/05/09 28.67% = 0.76 × 0.97 × 3.48% × 3.19 × 3.47
2021/02/14 27.75% = 0.76 × 0.97 × 3.36% × 3.19 × 3.51
2020/11/22 29.10% = 0.76 × 0.97 × 3.44% × 2.81 × 4.05
2020/08/30 21.89% = 0.75 × 0.97 × 3.35% × 2.94 × 3.04
2020/05/10 22.08% = 0.75 × 0.97 × 3.23% × 3.04 × 3.08
2020/02/16 22.74% = 0.77 × 0.97 × 3.26% × 3.18 × 2.94
2019/11/24 23.55% = 0.77 × 0.97 × 3.30% × 2.94 × 3.24
2019/09/01 24.00% = 0.78 × 0.97 × 3.26% × 3.29 × 2.98
2019/05/12 — = — × — × — × — × 3.02
2019/02/17 — = — × — × — × — × 3.09
2018/11/25 — = — × — × — × — × 3.33

レポートに基づく: 10-Q (報告日: 2025-02-16), 10-Q (報告日: 2024-11-24), 10-K (報告日: 2024-09-01), 10-Q (報告日: 2024-05-12), 10-Q (報告日: 2024-02-18), 10-Q (報告日: 2023-11-26), 10-K (報告日: 2023-09-03), 10-Q (報告日: 2023-05-07), 10-Q (報告日: 2023-02-12), 10-Q (報告日: 2022-11-20), 10-K (報告日: 2022-08-28), 10-Q (報告日: 2022-05-08), 10-Q (報告日: 2022-02-13), 10-Q (報告日: 2021-11-21), 10-K (報告日: 2021-08-29), 10-Q (報告日: 2021-05-09), 10-Q (報告日: 2021-02-14), 10-Q (報告日: 2020-11-22), 10-K (報告日: 2020-08-30), 10-Q (報告日: 2020-05-10), 10-Q (報告日: 2020-02-16), 10-Q (報告日: 2019-11-24), 10-K (報告日: 2019-09-01), 10-Q (報告日: 2019-05-12), 10-Q (報告日: 2019-02-17), 10-Q (報告日: 2018-11-25).

2025年第2 四半期に株主資本利益率(ROE)が低下した主な理由は、財務レバレッジ比率の低下です。

ROAを2つのコンポーネントに分解

Costco Wholesale Corp.、 ROA の分解(四半期データ)

Microsoft Excel
ROA = 純利益率 × 資産回転率
2025/02/16 10.41% = 2.94% × 3.54
2024/11/24 10.32% = 2.98% × 3.46
2024/09/01 10.55% = 2.95% × 3.57
2024/05/12 10.56% = 2.88% × 3.66
2024/02/18 10.24% = 2.78% × 3.68
2023/11/26 8.84% = 2.70% × 3.27
2023/09/03 9.12% = 2.65% × 3.45
2023/05/07 8.99% = 2.60% × 3.46
2023/02/12 9.05% = 2.63% × 3.44
2022/11/20 8.91% = 2.59% × 3.43
2022/08/28 9.11% = 2.62% × 3.47
2022/05/08 8.84% = 2.65% × 3.34
2022/02/13 8.74% = 2.67% × 3.27
2021/11/21 8.05% = 2.59% × 3.10
2021/08/29 8.45% = 2.61% × 3.24
2021/05/09 8.25% = 2.58% × 3.19
2021/02/14 7.91% = 2.48% × 3.19
2020/11/22 7.18% = 2.55% × 2.81
2020/08/30 7.20% = 2.45% × 2.94
2020/05/10 7.17% = 2.36% × 3.04
2020/02/16 7.74% = 2.44% × 3.18
2019/11/24 7.26% = 2.47% × 2.94
2019/09/01 8.06% = 2.45% × 3.29
2019/05/12 — = — × —
2019/02/17 — = — × —
2018/11/25 — = — × —

レポートに基づく: 10-Q (報告日: 2025-02-16), 10-Q (報告日: 2024-11-24), 10-K (報告日: 2024-09-01), 10-Q (報告日: 2024-05-12), 10-Q (報告日: 2024-02-18), 10-Q (報告日: 2023-11-26), 10-K (報告日: 2023-09-03), 10-Q (報告日: 2023-05-07), 10-Q (報告日: 2023-02-12), 10-Q (報告日: 2022-11-20), 10-K (報告日: 2022-08-28), 10-Q (報告日: 2022-05-08), 10-Q (報告日: 2022-02-13), 10-Q (報告日: 2021-11-21), 10-K (報告日: 2021-08-29), 10-Q (報告日: 2021-05-09), 10-Q (報告日: 2021-02-14), 10-Q (報告日: 2020-11-22), 10-K (報告日: 2020-08-30), 10-Q (報告日: 2020-05-10), 10-Q (報告日: 2020-02-16), 10-Q (報告日: 2019-11-24), 10-K (報告日: 2019-09-01), 10-Q (報告日: 2019-05-12), 10-Q (報告日: 2019-02-17), 10-Q (報告日: 2018-11-25).

2025年第2 四半期に総資産利益率(ROA)が上昇した主な理由は、資産回転率の上昇です。

ROAを4つの要素に分解

Costco Wholesale Corp.、 ROA の分解(四半期データ)

Microsoft Excel
ROA = 税負担 × 利息負担 × EBITマージン × 資産回転率
2025/02/16 10.41% = 0.75 × 0.98 × 3.97% × 3.54
2024/11/24 10.32% = 0.76 × 0.98 × 3.98% × 3.46
2024/09/01 10.55% = 0.76 × 0.98 × 3.97% × 3.57
2024/05/12 10.56% = 0.75 × 0.98 × 3.92% × 3.66
2024/02/18 10.24% = 0.75 × 0.98 × 3.79% × 3.68
2023/11/26 8.84% = 0.74 × 0.98 × 3.73% × 3.27
2023/09/03 9.12% = 0.74 × 0.98 × 3.64% × 3.45
2023/05/07 8.99% = 0.75 × 0.98 × 3.54% × 3.46
2023/02/12 9.05% = 0.75 × 0.98 × 3.57% × 3.44
2022/11/20 8.91% = 0.75 × 0.98 × 3.54% × 3.43
2022/08/28 9.11% = 0.75 × 0.98 × 3.56% × 3.47
2022/05/08 8.84% = 0.75 × 0.98 × 3.60% × 3.34
2022/02/13 8.74% = 0.75 × 0.98 × 3.65% × 3.27
2021/11/21 8.05% = 0.75 × 0.98 × 3.54% × 3.10
2021/08/29 8.45% = 0.76 × 0.97 × 3.53% × 3.24
2021/05/09 8.25% = 0.76 × 0.97 × 3.48% × 3.19
2021/02/14 7.91% = 0.76 × 0.97 × 3.36% × 3.19
2020/11/22 7.18% = 0.76 × 0.97 × 3.44% × 2.81
2020/08/30 7.20% = 0.75 × 0.97 × 3.35% × 2.94
2020/05/10 7.17% = 0.75 × 0.97 × 3.23% × 3.04
2020/02/16 7.74% = 0.77 × 0.97 × 3.26% × 3.18
2019/11/24 7.26% = 0.77 × 0.97 × 3.30% × 2.94
2019/09/01 8.06% = 0.78 × 0.97 × 3.26% × 3.29
2019/05/12 — = — × — × — × —
2019/02/17 — = — × — × — × —
2018/11/25 — = — × — × — × —

レポートに基づく: 10-Q (報告日: 2025-02-16), 10-Q (報告日: 2024-11-24), 10-K (報告日: 2024-09-01), 10-Q (報告日: 2024-05-12), 10-Q (報告日: 2024-02-18), 10-Q (報告日: 2023-11-26), 10-K (報告日: 2023-09-03), 10-Q (報告日: 2023-05-07), 10-Q (報告日: 2023-02-12), 10-Q (報告日: 2022-11-20), 10-K (報告日: 2022-08-28), 10-Q (報告日: 2022-05-08), 10-Q (報告日: 2022-02-13), 10-Q (報告日: 2021-11-21), 10-K (報告日: 2021-08-29), 10-Q (報告日: 2021-05-09), 10-Q (報告日: 2021-02-14), 10-Q (報告日: 2020-11-22), 10-K (報告日: 2020-08-30), 10-Q (報告日: 2020-05-10), 10-Q (報告日: 2020-02-16), 10-Q (報告日: 2019-11-24), 10-K (報告日: 2019-09-01), 10-Q (報告日: 2019-05-12), 10-Q (報告日: 2019-02-17), 10-Q (報告日: 2018-11-25).

2025年第2 四半期に総資産利益率(ROA)が増加した主な理由は、資産回転率で測定される効率性の向上です。

当期純利益率の分解

Costco Wholesale Corp.、純利益率の分解(四半期データ)

Microsoft Excel
純利益率 = 税負担 × 利息負担 × EBITマージン
2025/02/16 2.94% = 0.75 × 0.98 × 3.97%
2024/11/24 2.98% = 0.76 × 0.98 × 3.98%
2024/09/01 2.95% = 0.76 × 0.98 × 3.97%
2024/05/12 2.88% = 0.75 × 0.98 × 3.92%
2024/02/18 2.78% = 0.75 × 0.98 × 3.79%
2023/11/26 2.70% = 0.74 × 0.98 × 3.73%
2023/09/03 2.65% = 0.74 × 0.98 × 3.64%
2023/05/07 2.60% = 0.75 × 0.98 × 3.54%
2023/02/12 2.63% = 0.75 × 0.98 × 3.57%
2022/11/20 2.59% = 0.75 × 0.98 × 3.54%
2022/08/28 2.62% = 0.75 × 0.98 × 3.56%
2022/05/08 2.65% = 0.75 × 0.98 × 3.60%
2022/02/13 2.67% = 0.75 × 0.98 × 3.65%
2021/11/21 2.59% = 0.75 × 0.98 × 3.54%
2021/08/29 2.61% = 0.76 × 0.97 × 3.53%
2021/05/09 2.58% = 0.76 × 0.97 × 3.48%
2021/02/14 2.48% = 0.76 × 0.97 × 3.36%
2020/11/22 2.55% = 0.76 × 0.97 × 3.44%
2020/08/30 2.45% = 0.75 × 0.97 × 3.35%
2020/05/10 2.36% = 0.75 × 0.97 × 3.23%
2020/02/16 2.44% = 0.77 × 0.97 × 3.26%
2019/11/24 2.47% = 0.77 × 0.97 × 3.30%
2019/09/01 2.45% = 0.78 × 0.97 × 3.26%
2019/05/12 — = — × — × —
2019/02/17 — = — × — × —
2018/11/25 — = — × — × —

レポートに基づく: 10-Q (報告日: 2025-02-16), 10-Q (報告日: 2024-11-24), 10-K (報告日: 2024-09-01), 10-Q (報告日: 2024-05-12), 10-Q (報告日: 2024-02-18), 10-Q (報告日: 2023-11-26), 10-K (報告日: 2023-09-03), 10-Q (報告日: 2023-05-07), 10-Q (報告日: 2023-02-12), 10-Q (報告日: 2022-11-20), 10-K (報告日: 2022-08-28), 10-Q (報告日: 2022-05-08), 10-Q (報告日: 2022-02-13), 10-Q (報告日: 2021-11-21), 10-K (報告日: 2021-08-29), 10-Q (報告日: 2021-05-09), 10-Q (報告日: 2021-02-14), 10-Q (報告日: 2020-11-22), 10-K (報告日: 2020-08-30), 10-Q (報告日: 2020-05-10), 10-Q (報告日: 2020-02-16), 10-Q (報告日: 2019-11-24), 10-K (報告日: 2019-09-01), 10-Q (報告日: 2019-05-12), 10-Q (報告日: 2019-02-17), 10-Q (報告日: 2018-11-25).

2025年Q2 期の当期純利益率が低下した主な要因は、税負担率で測定した税効果の減少です。