# PriceSmart (PSMT.US)

Canonical: https://gigainvestors.com/s/PSMT

Analysis as of: 2026-10-16T07:31:21.948Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $169.67 per share; close as of 2026-10-15.

Estimated value: low $70.78 per share, central $94.08 per share, high $109.12 per share. Buy at or below the central value $94.08 per share. Valuation as of 2026-10-16T07:31:21.948Z; scenarios are not confidence intervals.

Expected annual return: 6.8% at the stated quote. About 6.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.08×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.05×

- FY2018: 0.04×

- FY2019: 0.04×

- FY2020: 0.04×

- FY2021: 0.04×

- FY2022: 0.04×

- FY2023: 0.05×

- FY2024: 0.05×

- FY2025: 0.04×

- LTM to May 2026: 0.05×

### moat: fail

- ROIC median below threshold

- ROIC, median of available years: 12.6%

- ROIC, second-lowest year: 10.9%

- Typical minus recent gross margin: -0.4 pp

- Typical gross margin (annual median): 17.0%

- Recent gross margin (lower of latest and 3-year median): 17.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.2%

- ROIC including acquisitions, ten-year median: 9.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 15.5%

- FY2018: 12.3%

- FY2019: 10.8%

- FY2020: 10.9%

- FY2021: 12.1%

- FY2022: 11.6%

- FY2023: 12.9%

- FY2024: 14.0%

- FY2025: 14.0%

- LTM to May 2026: 13.7%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $590M

- Net income, five-year total: $590M

- Return on incremental invested capital: 10.5%

- Working capital / revenue, annual change: 0.0 pp

- Working capital / revenue, change between three-year averages: -0.2 pp

- Working capital / revenue, final three-year average: 1.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 15.5% vs 14.0%

- Per-share earnings: 2.95 to 4.57 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.1%

- Ordinary dilution, 5-year annual growth: -0.1%

- Market cap gain: $828M

- Cumulative retained earnings: $579M

- Diluted shares, 10-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: -0.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 5.6%

- Per-share value change: $1.62

- Per-share value, starting three-year median: $2.95

- Per-share value, ending three-year median: $4.57

- Buybacks concentrated in cheaper years (correlation): 0.80

- Average buyback yield: 0.5%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: $51K

- Cumulative net income, 10 years: $990M

- ROIC, first three-year median: 15.5%

- ROIC, last three-year median: 14.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.92

- FY2017: $2.98

- FY2018: $2.44

- FY2019: $2.40

- FY2020: $2.55

- FY2021: $3.18

- FY2022: $3.38

- FY2023: $3.50

- FY2024: $4.57

- FY2025: $4.82

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -5.1%

- Receivables to sales index (DSRI): 2.47×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 7.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.80×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.8%

- FY2017: -2.8%

- FY2018: -3.8%

- FY2019: -7.5%

- FY2020: -11.0%

- FY2021: -1.8%

- FY2022: -1.0%

- FY2023: -7.5%

- FY2024: -3.5%

- FY2025: -5.1%

## Holders

## Price story

Price needs cash profits to grow 13.2% a year for ten years · "PriceSmart's 2026 Outlook: Scaling Regional Warehouse Footprint to Capture Growth" (finance.yahoo.com, Jul 2026) · sales +8%

Story as of 2026-10-16T09:59:27.047Z; price observation 2026-10-15.

Price needs cash profits to grow 13.2% a year for ten years

- 2025-07-10: PriceSmart rallies after solid FQ3 results, disclosing a potential market entry into Chile ([seekingalpha.com](https://seekingalpha.com/news/4466598-pricesmart-rallies-after-solid-fq3-results-disclosing-a-potential-market-entry-into-chile?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-11-01: PriceSmart (PSMT): Profit Growth Slows Below 5-Year Trend, Reinforcing Cautious Valuation Narrative ([finance.yahoo.com](https://finance.yahoo.com/news/pricesmart-psmt-profit-growth-slows-141108489.html))

- 2026-01-08: Why PriceSmart (PSMT) Is Up 8.8% After Q1 Beats And New Warehouse Expansion Plans ([finance.yahoo.com](https://finance.yahoo.com/news/why-pricesmart-psmt-8-8-231612818.html))

### Sales · FY2025–2026

sales +8%; source https://www.sec.gov/Archives/edgar/data/1041803/000104180325000060/psmt-20250831.htm; observed 2025-10-30.

- FY2017: $3.0B 

- FY2018: $3.2B 

- FY2019: $3.2B 

- FY2020: $3.3B 

- FY2021: $3.6B 

- FY2022: $4.1B 

- FY2023: $4.4B 

- FY2024: $4.9B 

- FY2025: $5.3B 

- FY2026: $5.7B 

### Gross margin · FY2026

gross margin 17.6%; source https://www.sec.gov/Archives/edgar/data/1041803/000104180325000060/psmt-20250831.htm; observed 2025-10-30.

- FY2017: 16.0% 

- FY2018: 16.1% 

- FY2019: 16.4% 

- FY2020: 16.6% 

- FY2021: 17.7% 

- FY2022: 16.7% 

- FY2023: 17.2% 

- FY2024: 17.2% 

- FY2025: 17.4% 

- FY2026: 17.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in discount stores; annual sales are USD 5.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1041803/000104180325000060/psmt-20250831.htm (filed 2025-10-30); FY2025: revenue 5270094000; grossProfit 914372000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PSMT.US: PriceSmart, Inc. owns and operates U.S.-style membership shopping warehouse clubs in the United States, Central America, the Caribbean, and Colombia. The company provides basic and private label merchandise and consumable and non-consumable products under the Member's Selection brand, including groceries, cleaning supplies, health and beauty aids, meat, produce, deli, seafood, and poultry. It also offers electronics, large and small appliances, automotive, hardware, sporting goods, seasonal products, clothing, domestic, and home furnishing products. In addition, the company offers food and bakery services, as well as health services, such as optical, audiology, and pharmacy. Further, it operates an e-commerce platform, as well as offers curbside pickup and delivery services. PriceSmart, Inc. was incorporated in 1994 and is headquartered in San Diego, California.

### Why customers stay

Margins ranged from 17.2% to 17.4% during 2023–25; it earns 12.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-30); FY2023: grossProfit / revenue = 17.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-30); FY2024: grossProfit / revenue = 17.2%.

- Source: https://www.sec.gov/Archives/edgar/data/1041803/000104180325000060/psmt-20250831.htm (filed 2025-10-30); FY2025: grossProfit / revenue = 17.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-30); 10-year return on capital observations [[2017,0.1546291693786223],[2018,0.12303553895224871],[2019,0.10804801445630663],[2020,0.10891787402942038],[2021,0.12050620270747425],[2022,0.11579026693043865],[2023,0.12864245140908942],[2024,0.1399119224472133],[2025,0.13998023019147632],[2026,0.1372436246420265]]; median 0.12583899518066907. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 17% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1041803/000104180325000060/psmt-20250831.htm (filed 2025-10-30); Gross margin observations: [[2021,0.1773900230146323],[2022,0.1671223457013895],[2023,0.1719386143021441]]; range within 2 percentage points.

### Where the cash goes

Spends 48.3% of cash earnings on expansion; earns 10.5% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-30); FY2016: growth capex 15982838.021221139; upkeep 61717161.97877886; owner earnings 65368838.02122114. Growth capex / owner earnings = 0.24450240366874074.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-30); FY2017: growth capex 14998320.77360712; upkeep 120295679.22639288; owner earnings 15399320.77360712. Growth capex / owner earnings = 0.9739598904461245.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-30); FY2018: growth capex 29271037.413554177; upkeep 68837962.58644582; owner earnings 57233037.41355418. Growth capex / owner earnings = 0.5114360295443988.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-30); FY2020: growth capex 20816305.10147123; upkeep 79503694.89852877; owner earnings 58988305.10147123. Growth capex / owner earnings = 0.35288867964019616.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-30); FY2021: growth capex 48191000; upkeep 64983000; owner earnings 96681000. Growth capex / owner earnings = 0.4984536775581552.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-30); FY2022: growth capex 52792000; upkeep 67868000; cash acquisitions 0; owner earnings 103289000. Growth capex plus acquisitions / owner earnings = 0.5111096050886348.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-30); FY2023: growth capex 69813000; upkeep 72698000; cash acquisitions 0; owner earnings 107894000. Growth capex plus acquisitions / owner earnings = 0.6470517359630749.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-30); FY2024: growth capex 85934000; upkeep 82611000; cash acquisitions 0; owner earnings 137116000. Growth capex plus acquisitions / owner earnings = 0.626724816943318.

- Source: https://www.sec.gov/Archives/edgar/data/1041803/000104180325000060/psmt-20250831.htm (filed 2025-10-30); FY2025: growth capex 69973000; upkeep 88161000; owner earnings 144897000. Growth capex / owner earnings = 0.48291545028537514.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-30); Incremental return on capital 0.10452083993473696, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-30); Dividend observations: [[2016,21274000],[2017,21285000],[2018,21240000],[2019,21654000],[2020,21527000],[2021,21988000],[2022,26559000],[2023,28540000],[2024,66162000],[2025,38733000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1041803/000104180325000060/psmt-20250831.htm (filed 2025-10-30); FY2025: cash repurchases 6710000 USD.

### Are managers owners

Insiders own 7.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PSMT.US SharesStats.PercentInsiders = 7.487000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 13.2% yearly over ten years; actual growth was 6.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-30); Ten-year compound average after fade. Initial solved rate 0.1782477596408426. Price 169.67; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.603483929361636 → FY2025 4.819778465223032. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $90.95 per share

- 2016-11: $91.30 per share

- 2016-12: $83.50 per share

- 2017-01: $84.70 per share

- 2017-02: $88.40 per share

- 2017-03: $92.20 per share

- 2017-04: $86.95 per share

- 2017-05: $88.25 per share

- 2017-06: $87.60 per share

- 2017-07: $84.25 per share

- 2017-08: $81.25 per share

- 2017-09: $89.25 per share

- 2017-10: $83.80 per share

- 2017-11: $85.50 per share

- 2017-12: $86.10 per share

- 2018-01: $85.20 per share

- 2018-02: $78.75 per share

- 2018-03: $83.55 per share

- 2018-04: $87.60 per share

- 2018-05: $84.65 per share

- 2018-06: $90.50 per share

- 2018-07: $81.75 per share

- 2018-08: $86.85 per share

- 2018-09: $80.95 per share

- 2018-10: $70.15 per share

- 2018-11: $66.89 per share

- 2018-12: $59.10 per share

- 2019-01: $61.25 per share

- 2019-02: $64.66 per share

- 2019-03: $58.88 per share

- 2019-04: $59.81 per share

- 2019-05: $48.60 per share

- 2019-06: $51.12 per share

- 2019-07: $61.00 per share

- 2019-08: $60.43 per share

- 2019-09: $71.10 per share

- 2019-10: $74.10 per share

- 2019-11: $74.74 per share

- 2019-12: $71.02 per share

- 2020-01: $61.26 per share

- 2020-02: $55.69 per share

- 2020-03: $52.55 per share

- 2020-04: $63.54 per share

- 2020-05: $54.38 per share

- 2020-06: $60.33 per share

- 2020-07: $65.37 per share

- 2020-08: $65.75 per share

- 2020-09: $66.45 per share

- 2020-10: $69.00 per share

- 2020-11: $81.28 per share

- 2020-12: $91.09 per share

- 2021-01: $93.88 per share

- 2021-02: $96.45 per share

- 2021-03: $96.75 per share

- 2021-04: $84.04 per share

- 2021-05: $88.30 per share

- 2021-06: $91.01 per share

- 2021-07: $89.74 per share

- 2021-08: $84.61 per share

- 2021-09: $77.55 per share

- 2021-10: $71.95 per share

- 2021-11: $71.72 per share

- 2021-12: $73.17 per share

- 2022-01: $71.41 per share

- 2022-02: $72.72 per share

- 2022-03: $78.87 per share

- 2022-04: $79.45 per share

- 2022-05: $78.63 per share

- 2022-06: $71.63 per share

- 2022-07: $66.38 per share

- 2022-08: $63.27 per share

- 2022-09: $57.59 per share

- 2022-10: $63.97 per share

- 2022-11: $71.04 per share

- 2022-12: $60.78 per share

- 2023-01: $74.31 per share

- 2023-02: $69.72 per share

- 2023-03: $71.48 per share

- 2023-04: $73.68 per share

- 2023-05: $72.48 per share

- 2023-06: $74.06 per share

- 2023-07: $77.73 per share

- 2023-08: $79.48 per share

- 2023-09: $74.43 per share

- 2023-10: $62.49 per share

- 2023-11: $67.39 per share

- 2023-12: $75.78 per share

- 2024-01: $76.02 per share

- 2024-02: $84.14 per share

- 2024-03: $84.00 per share

- 2024-04: $80.59 per share

- 2024-05: $84.15 per share

- 2024-06: $81.20 per share

- 2024-07: $91.33 per share

- 2024-08: $89.58 per share

- 2024-09: $91.78 per share

- 2024-10: $83.08 per share

- 2024-11: $89.74 per share

- 2024-12: $92.17 per share

- 2025-01: $90.97 per share

- 2025-02: $89.39 per share

- 2025-03: $87.85 per share

- 2025-04: $101.49 per share

- 2025-05: $107.98 per share

- 2025-06: $105.04 per share

- 2025-07: $107.50 per share

- 2025-08: $107.26 per share

- 2025-09: $121.19 per share

- 2025-10: $114.94 per share

- 2025-11: $123.10 per share

- 2025-12: $122.67 per share

- 2026-01: $142.21 per share

- 2026-02: $154.62 per share

- 2026-03: $150.50 per share

- 2026-04: $156.92 per share

- 2026-05: $169.99 per share

- 2026-06: $195.34 per share

- 2026-07: $193.91 per share

- 2026-08: $170.01 per share

- 2026-09: $169.11 per share

- 2026-10: $169.67 per share

## Annual estimated value (USD per share)

- FY2016: low $41.32 per share, central $57.00 per share, high $66.13 per share

- FY2017: low $29.05 per share, central $33.95 per share, high $38.96 per share

- FY2018: low $25.12 per share, central $31.31 per share, high $36.23 per share

- FY2019: low $25.53 per share, central $32.32 per share, high $37.46 per share

- FY2020: low $32.35 per share, central $37.89 per share, high $42.66 per share

- FY2021: low $31.93 per share, central $39.51 per share, high $45.19 per share

- FY2022: low $34.90 per share, central $43.21 per share, high $49.57 per share

- FY2023: low $49.30 per share, central $59.04 per share, high $67.55 per share

- FY2024: low $57.28 per share, central $75.22 per share, high $87.36 per share

- FY2025: low $68.18 per share, central $90.33 per share, high $104.62 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1041803/000104180325000060/psmt-20250831.htm); period 2025-08-31, filed 2025-10-30.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations



# PSMT — PriceSmart Inc.

Held by 1 investor · USD 925,986 total · 2026 Q1 · reported price USD 150.42 (split-adjusted).
Page: https://gigainvestors.com/s/PSMT

## Holders (2026 Q1)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| David Hoeft (https://gigainvestors.com/DAC) | USD 925,986 | 0.0% | hold |

## Total held by quarter

- 2025 Q3: USD 745,984 · 1 holder · USD 121.18
- 2025 Q4: USD 754,972 · 1 holder · USD 122.64
- 2026 Q1: USD 925,986 · 1 holder · USD 150.42
- 2026 Q2: USD 0 · 0 holders