What is the P/E ratio?
The price-to-earnings (P/E) ratio divides the price of one share by the company's earnings per share (EPS). EPS is the past 12 months' earnings divided by the common shares outstanding.[S1] A P/E of 10 means the share price is 10 times earnings per share.[S2]
How is the P/E ratio worked out?
P/E = share price ÷ earnings per share.[S2]
On Costco's Cityfort page, diluted EPS is $20.76 (FY2026). Its P/E, using the Nasdaq closing price on the date shown, is 48.8× (price as of Oct 30, 2026).[S7]
Some pages use the last fiscal year's earnings, others the last four reported quarters. Each stock page's market section says which.
Where do you find it in a 10-K or 10-Q?
The P/E itself is not in the financial statements. It is a ratio calculated from them.[S2]
EPS sits on the income statement.[S2][S3] That is in 10-K Item 8, or 10-Q Part I, Item 1.[S4][S5]
The price comes from trading, not the filing. 10-K Item 5 names the market where the shares trade and their trading symbol.[S4][S6]
What does the P/E ratio leave out?
- Losses. When the 12 months add up to a net loss, EPS is negative. Cityfort shows no P/E then.
- Later periods. Its earnings look back over the past 12 months.[S1]
- Debt and cash. Neither is part of the fraction.
- A company's adjusted numbers. Cityfort's P/E figures use earnings as reported under GAAP, the US accounting rules. See non-GAAP measures.
Cityfort does not call any P/E high or low. The longer explainer is market cap and P/E in plain English.