Costco 是一项高质量的长期投资，其会员模式与国际潜力带来可持续增长，尽管估值处于历史高位。
逐段跳播
是的，今天视频里的最后一只股票，我选的是一家来自完全不同行业的公司，但我认为它是一家高质量的核心公司，适合长期投资者的投资组合，那就是 Costco。当然，这是一个大家都熟悉的名字，不是吗？
很多观众很可能都持有 Costco 的会员资格。
Yes, I chose a company from a completely different sector for the last stock in today's video, but I believe it's a high-quality, core company for a long-term investor's portfolio, and that's Costco.
This is a name familiar to everyone, of course, isn't it? It is likely that many of the viewers have a Costco membership.
关于 Costco，我一直觉得令人印象深刻的一点是，在它的货架间走一走真的很有意思，不是吗？这是我最喜欢的事情之一。但你知道有趣的是什么吗？在我们作为顾客和购物者都熟知的这套模式背后，他们经营的其实是一门看似简单、实则不然的生意，本质上就是向顾客收取年费，以换取在其仓储店里购物的权利，然后销售一个非常特定的产品范围，库存单位数量远少于普通零售商，而且价格对应的利润率极低。
如你所知，他们当然有自己的品牌，也销售第三方品牌，还与许多制造商有直接关系，但现实是，零售销售往往是一门盈亏平衡的生意，而且是刻意如此设计的。因此，会员费才是 Costco 利润的主要来源。这是这门生意拼图中非常有趣的一部分。
One of the things I've always found impressive about Costco is, I mean, it's so much fun to walk around its aisles, isn't it? It's one of my favorite things. But do you know what's interesting?
Behind this model, which we all know as customers and shoppers, they run a deceptively simple business, which is essentially charging customers an annual membership fee for the right to shop in their warehouses, then selling a very specific range of products, with far fewer inventory units than a regular retailer, and at prices with remarkably low profit margins.
As you know, they do of course have their own brands, they sell third-party brands, and they have direct relationships with many manufacturers, but the reality is that retail sales are often a break-even business as an intentional design.
Therefore, membership fees are the main source of Costco's profits. This is a really interesting part of the puzzle of this business.
Costco 的利润来自顾客续费会员并持续回头消费，而不是靠提高他们购买的每一件商品的利润率，这也是这个品牌拥有异常强大忠诚度的部分原因。在宏观经济起起落落的时期，这对购物者来说代表着实实在在的价值。
你支付一笔年费，就可以以往往比许多其他零售商实惠得多的成本，买到涵盖众多品类的批发商品。如你所知，Costco 每年通过那些会员费提前获得利润。
Costco earns its profits when customers renew their membership and keep coming back, not by increasing profit margins on every item they buy, and that's part of why the brand enjoys unusually strong loyalty.
During periods of macroeconomic ups and downs, this represents real value for shoppers. You pay an annual membership fee, and you can go and access wholesale goods at a cost that is often much more affordable than many other retailers, across a wide range of categories.
As you know, Costco receives its profits upfront each year through those membership fees.
有趣的是，正如我提到的，他们往往把每家仓储店的商品数量上限设在约 3,500 到 4,000 个库存单位。一家杂货店或大型零售店通常提供数万种商品。因此，这种有限的选择意味着 Costco 可以承诺采购每一种商品的巨量库存。
这给了他们相当大的议价能力，可以直接与制造商压低价格，当然，他们也往往绕过了小零售商不得不面对的分销商中间环节。
What is interesting, as I mentioned, is how they tend to set a ceiling for their warehouses at around 3,500 to 4,000 storage units. A grocery store or large retail store typically offers tens of thousands of items.
Therefore, this limited selection means that Costco can commit to purchasing enormous quantities of each individual product. This gives them considerable bargaining power to lower prices directly with manufacturers, and of course, they often bypass the middle layers of distributors that the small retailer has to deal with.
他们有自己的品牌“Kirkland Signature”，如今它占总销售额的很大一部分。他们直接与制造商合作，以自己的品牌生产类似、甚至往往更好的产品。这是这家公司多年来能够在营收、更重要的是在盈利能力和现金流上实现持续增长的重要原因。
They have their own brand, "Kirkland Signature," which now accounts for a very large share of total sales. They work directly with manufacturers to produce similar or often better products under their own brand.
This is a big part of why this company has been able to achieve consistent growth in revenue, and more importantly, profitability and cash flow over the years.
公司刚刚在过去两周内公布了 2026 年全年业绩。他们现在在全球拥有近 1,000 家仓储店，会员超过 8,400 万，而在仓储店最为集中的美国和加拿大，续费率超过 92%。他们还看到高级会员——也就是 Costco 收费更高的高端会员类别——在总会员中的渗透率达到历史最高。
这一点很重要，因为高级会员往往消费更多，也往往会稳定地续费。
The company announced its full-year results for 2026 just in the past two weeks. They now have nearly 1,000 warehouses worldwide, more than 84 million members, and in the US and Canada, where most of their warehouses are concentrated, they have a renewal rate exceeding 92%.
They are also seeing executive memberships, Costco's premium, higher-fee category, reach an all-time high in terms of penetration rate within total memberships. This is important because executive members tend to spend more, and tend to renew their membership reliably.
仅在他们 2026 财年的最后一个季度，净销售额就超过了 930 亿美元。这代表着同比增长 11%。这种两位数的增长对 Costco 来说是常态。净利润约为 30 亿美元。他们的会员费收入增长了 7%，同店销售额同比增长超过 9%。
In just the last quarter of their fiscal year 2026, net sales exceeded $93 billion. This represents an 11% year-on-year increase. That kind of double-digit growth is typical for Costco.
Net income was approximately $3 billion. They saw a 7% increase in membership fee revenue, and comparable sales grew by more than 9% year-over-year.
我还想提一点，大家想到 Costco 时都会想到食品杂货，也许还有服装。很明显，他们还有药房业务。还有汽车这一块。他们实际上还有旅游行业的业务。在他们刚刚发布的最新报告中，Costco 的邮轮预订量增长了 16%。
就整体业务而言，他们在北美以外还有巨大的增长潜力。如你所知，与目前的规模相比，他们在北美以外的布局仍然非常小。这给了他们一条非常强劲且可持续的增长轨迹。与此同时，会员费模式给了他们一条高度经常性且可预测的收入来源。
Another thing I'd like to mention, you know, everyone thinks of Costco in terms of groceries, and maybe clothes. It is clear that there is pharmacy activity. There's the car side.
They actually have a business in the travel industry. Costco's cruise bookings have grown by 16% in their latest report, which they just released. They also have tremendous growth potential outside of North America for their business as a whole.
As you know, their presence outside of North America is still very small compared to their current size. This gives them a very strong and sustainable growth trajectory. At the same time, the membership fee model gives them a highly recurring and predictable revenue stream.
我在这里要留给你的唯一一点提醒是，从几乎任何估值角度看，Costco 的股票都很少便宜。如你所知，他们的股价历来以高估值交易，这一估值已经计入了大量的稳定性和增长。多年来一直如此，但我认为，如果你是采用买入并持有策略的长期投资者，这只股票可以在一个充分分散的投资组合中占有一席之地。
The only note of caution I will leave you with here is that Costco stock is rarely cheap from almost any valuation perspective. As you know, their shares have historically traded at a high valuation that takes into account a lot of stability and growth.
This has been true for years, but I think if you are a long-term investor with a buy-and-hold strategy, this stock can find a place in a well-diversified portfolio.
他们还往往会派发特别股息，有时可能高达每股 15 美元甚至更多。所以，这可能是重新审视这只股票的另一个理由。
They also tend to pay special dividends, perhaps as much as $15 per share or more from time to time. So, this might be another reason to take a second look at this stock.
这个频道对 $COST 的历次判断
The Motley Fool 在这只股票上只有这一条判断。