在当前价格下，Costco 是比 Walmart 更受青睐的选股标的。
逐段跳播
Costco 和 Walmart 无疑属于全球最优秀的零售商之列。两者的商业模式非常相似，都是以尽可能低的价格向消费者提供商品。
Costco and Walmart are undoubtedly among the best retailers in the world. Both operate on a very similar business model, which is to offer goods at the lowest possible prices to consumers.
但在当前市场价格下，哪一只是更值得买入的股票？这正是我想在本视频中回答的问题。从过去十二个月的营收来看，Walmart 的营收是 Costco 的两倍多。过去十二个月，Walmart 实现营收 7360 亿美元，而 Costco 为 2940 亿美元。
But which of them is the better stock to buy at current market prices? This is the question I want to answer in this video. Based on revenues over the past twelve months, Walmart's revenues are more than double those of Costco.
Walmart generated $736 billion in revenue over the past twelve months, while Costco generated $294 billion.
虽然 Costco 的门店数量不到 1,000 家。Costco 的门店数量不到 Walmart 的十分之一，却创造了 Walmart 近一半的营收。
While Costco has fewer than 1,000 stores. Costco has less than a tenth the number of stores as Walmart, yet it generates nearly half of Walmart's revenue.
在我看来，这似乎是 Costco 扩张并增设更多门店的机会。Costco 在每年新增门店数量上一向非常保守。它把这个数字压得很低。它更倾向于让每家门店的营收最大化。
To me, this looks like an opportunity for Costco to expand and add more stores. Costco has historically been very conservative in the number of new stores it adds each year. It keeps this number low.
She prefers to maximize revenue from each store.
另一方面，Costco 在电商领域的扩张较为迟缓。公司已经拥有这项业务，并且一直在向其中扩张。事实上，其电商板块的增长速度接近其整体营收增速的两倍。
On the other hand, Costco was slower to expand into e-commerce. The company already owns this business and has been expanding into it. In fact, its e-commerce sector is growing at nearly twice the rate of its overall revenue growth.
但 Costco 的网络覆盖范围较小、功能也较少，而 Walmart 显然是这一领域的领导者。所以，关于 Walmart 和 Costco，最让人意外的一点是它们的利润率。
But Costco has a less extensive network and fewer features, and Walmart is clearly the leader in this field. So, the biggest thing that surprises people about Walmart and Costco is their profit margins.
过去十二个月，Walmart 的营业利润率仅为 4.4%，而 Costco 为 3.82%，这意味着每 100 美元的销售额，这些公司大约只赚取 4 美元的营业利润。这其中还包括会员费。
Walmart's operating profit margin is only 4.4% over the past twelve months, while Costco's is 3.82%, meaning that for every $100 of sales, these companies make an operating profit of about $4. This includes membership fees.
有时我在大学里会给学生布置一个关于 Walmart 和 Costco 的项目。当学生们深入细节、发现这些结果时，他们会来找我，表示很惊讶这些公司只实现了这样的盈利水平。
Sometimes I assign students a project about Walmart and Costco at the university. When the students delve into the details and discover these results, they come to me and express their surprise that these companies are only achieving these levels of profitability.
他们的假设是，既然这些门店如此受欢迎、创造了巨大的销售额，而且许多顾客经常光顾这些门店，那么每次你去 Costco，最终都会花掉几百美元。
Their assumption is that since these stores are so popular and generate huge sales, and many customers shop at these locations frequently, every time you visit Costco, you end up spending hundreds of dollars.
许多人以为这些公司赚取很高的利润率，但事实并非如此。这个行业并不是一个高利润的行业。Walmart 和 Costco 并不是唯一实现低利润率的公司。事实上，这几乎包括全球所有的零售商。
Many people assume that these companies make large profit margins, but this is simply not true. This sector is not a profitable sector. Walmart and Costco are not the only companies achieving low profit margins.
In fact, this includes almost every retailer around the world.
但在评估 Walmart 和 Costco 时，这一指标变得越来越重要。
But when evaluating Walmart and Costco, this metric becomes increasingly important.
Costco 是世界级的，而且长期以来一直如此。其 15.25 的库存周转率远超 Walmart，并且在过去十年的大部分时间里一直显著高于 Walmart，甚至更高。
Costco is world-class, and has remained so for a very long time. Its inventory turnover rate of 15.25 far exceeds that of Walmart, and has remained significantly higher than Walmart for most of the past decade, and even more so.
现在，我们来看估值。Costco 的股票远期市盈率为 36.3，较 Walmart 约有 10% 的溢价，而 Walmart 的股票远期市盈率为 34。
Now, let's look at the valuation. Costco's stock is trading at a forward P/E ratio of 36.3, at a premium of about 10% to Walmart, whose stock is trading at a forward P/E ratio of 34.
现在，对于传统零售商来说，这些估值相对偏高，但这恰恰凸显出 Walmart 和 Costco 赢得了投资者多大的尊重，才能在一个利润并不丰厚的行业中获得如此高的估值。
Now, these are relatively high valuations for traditional retailers, but this only highlights how much respect Walmart and Costco have earned from investors to impose such a high valuation in a sector that is not very profitable.
与此同时，我计算出 Costco 的合理价格为 843，而当前市场价格为 900。Costco 的股票似乎比 Walmart 估值更合理。
At the same time, I calculated a fair price for Costco at 843, and the current market price is 900. Costco stock seems more fairly valued than Walmart.
所以，如果我必须在这两家出色的公司之间做选择，我今天会选择 Costco。
So, if I had to choose between these two outstanding companies, I would choose Costco today.
这个频道对 $COST 的历次判断
Parkev Tatevosian, CFA 在这只股票上共 2 条判断，这里只列相邻的几条。