Munger Mode rating: 3 out of 5 — Hold. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
A truly wonderful business — perhaps one of the best retail operations ever built — but offered to us today at a price that asks us to surrender every dollar of our margin of safety. We tip our hats to the enterprise and decline the entry ticket. Costco operates 928 membership warehouses worldwide as of May 10, 2026 — 637 in the United States, 115 in Canada, 42 in Mexico, and the balance scattered across Japan, the U.K., Korea, Australia, Taiwan, China, and a handful of European outposts. The model is almost embarrassingly simple, and that simplicity is precisely what we love about it. You pay an annual fee — $65 for a Gold Star membership, $130 for Executive — for the privilege of shopping in a no-frills concrete box that stocks roughly 3,800 distinct items (a typical supermarket carries 30,000+).
Recent filings analysed: 8-K (2026-07-08), 10-Q (2026-06-03), 8-K (2026-05-28), 8-K (2026-04-15).
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