PriceSmart
PSMTNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $166.71 Prior regular-session close from the quote source.
- $164.06–$167.28 Regular-session low and high so far today.
- 123.6K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $114.43–$199.84 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own PSMT if PriceSmart is a durable but thin-margin warehouse-club compounder whose value depends on preserving its member-value proposition in smaller international markets while converting steady sales growth into cash without overbuilding.
PSMT price history
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Investment thesis
What must happen next
PriceSmart’s warehouse-club value proposition keeps converting household and small-business demand into repeat shopping because customers perceive enough savings and assortment differentiation to justify the club model.StrengtheningMateriality: High
Annual GAAP revenue increased to $5.270 billion in FY2025 from $4.914 billion in FY2024 and $4.412 billion in FY2023. If the value gap holds, revenue can keep compounding; if it narrows, the model loses the repeat traffic that supports scale economics.
Watch: Walmart-style mass merchants, Costco-style clubs, or strong local discounters match PriceSmart’s bulk pricing and imported assortment without requiring customers to pay for a club relationship.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP revenue increased to $5.270 billion in FY2025 from $4.914 billion in FY2024 and $4.412 billion in FY2023.
Open source ↗PriceSmart’s sourcing, merchandising, and pricing discipline preserve enough merchandise spread to fund low prices without structurally sacrificing gross margin.StrengtheningMateriality: High
Estimated annual GAAP gross profit increased to $914.4 million in FY2025 from $846.9 million in FY2024 and $759.3 million in FY2023. Stable gross margin is what lets the company grow without buying sales through permanent price cuts.
Watch: Global freight, tariffs, food inflation, or supplier cost pressure outpace PriceSmart’s ability to pass costs through while maintaining its low-price promise.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Estimated annual GAAP gross profit increased to $914.4 million in FY2025 from $846.9 million in FY2024 and $759.3 million in.
Open source ↗The club model can translate sales growth into operating profit if fixed costs, labor, logistics, and new-club spending remain disciplined relative to member demand.StrengtheningMateriality: Medium
Annual GAAP operating income rose to $232.5 million in FY2025 from $220.9 million in FY2024 and $184.5 million in FY2023. Owners need growth to come with operating leverage or at least margin stability; otherwise more clubs and sales add little incremental value.
Watch: New clubs underperform because sites are too small, trade areas are saturated, or local demand is overestimated.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP operating income rose to $232.5 million in FY2025 from $220.9 million in FY2024 and $184.5 million in FY2023.
Open source ↗The warehouse-club operating model remains cash-generative if inventory turns and supplier terms continue to keep working capital from absorbing the accounting profits.StrengtheningMateriality: Medium
Annual GAAP operating cash flow was $261.3 million in FY2025, above FY2025 GAAP net income of $147.9 million. Cash conversion funds expansion and resilience; weak working capital would make the company more dependent on debt or lower-return capital allocation.
Watch: Inventory builds because imported goods are delayed, misforecast, or mismatched to local demand.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP operating cash flow was $261.3 million in FY2025, above FY2025 GAAP net income of $147.9 million.
Open source ↗PriceSmart has enough balance-sheet flexibility to self-fund selective expansion and withstand market volatility, provided cash is not trapped or consumed by poorly returning growth.StrengtheningMateriality: Medium
Cash and cash equivalents were $241.0 million at FY2025 year-end, up from $125.4 million at FY2024 year-end. A resilient balance sheet lets owners benefit from long-term unit growth without excessive financial risk.
Watch: Expansion capital is committed to markets where club productivity does not justify the investment.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash and cash equivalents were $241.0 million at FY2025 year-end, up from $125.4 million at FY2024 year-end.
Open source ↗
Full investment case & evidence
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Original research
PriceSmart’s warehouse-club value proposition keeps converting household and small-business demand into repeat shopping because customers perceive enough savings and assortment differentiation to justify the club model. If the value gap holds, revenue can keep compounding; if it narrows, the model loses the repeat traffic that supports scale economics.
PriceSmart’s sourcing, merchandising, and pricing discipline preserve enough merchandise spread to fund low prices without structurally sacrificing gross margin. Stable gross margin is what lets the company grow without buying sales through permanent price cuts.
The club model can translate sales growth into operating profit if fixed costs, labor, logistics, and new-club spending remain disciplined relative to member demand. Owners need growth to come with operating leverage or at least margin stability; otherwise more clubs and sales add little incremental value.
The warehouse-club operating model remains cash-generative if inventory turns and supplier terms continue to keep working capital from absorbing the accounting profits. Cash conversion funds expansion and resilience; weak working capital would make the company more dependent on debt or lower-return capital allocation.
PriceSmart has enough balance-sheet flexibility to self-fund selective expansion and withstand market volatility, provided cash is not trapped or consumed by poorly returning growth. A resilient balance sheet lets owners benefit from long-term unit growth without excessive financial risk.
All standing thesis claims
Original report summary
PriceSmart is a durable but thin-margin warehouse-club compounder whose value depends on preserving its member-value proposition in smaller international markets while converting steady sales growth into cash without overbuilding.
Bull case and bear case
Bull case and bear case for Pricesmart
Where the evidence on Pricesmart stands: Strengthening on the latest evidence (Oct 26, 2026). Of its 5 thesis points, 5 strengthening.
Bull case: what the evidence supports
PriceSmart’s warehouse-club value proposition keeps converting household and small-business demand into repeat shopping because customers perceive enough savings and assortment differentiation to justify the club model.
PriceSmart’s sourcing, merchandising, and pricing discipline preserve enough merchandise spread to fund low prices without structurally sacrificing gross margin.
The club model can translate sales growth into operating profit if fixed costs, labor, logistics, and new-club spending remain disciplined relative to member demand.
The warehouse-club operating model remains cash-generative if inventory turns and supplier terms continue to keep working capital from absorbing the accounting profits.
PriceSmart has enough balance-sheet flexibility to self-fund selective expansion and withstand market volatility, provided cash is not trapped or consumed by poorly returning growth.
Bear case: what would count against it
Walmart-style mass merchants, Costco-style clubs, or strong local discounters match PriceSmart’s bulk pricing and imported assortment without requiring customers to pay for a club relationship.
Global freight, tariffs, food inflation, or supplier cost pressure outpace PriceSmart’s ability to pass costs through while maintaining its low-price promise.
New clubs underperform because sites are too small, trade areas are saturated, or local demand is overestimated.
Thesis-Break Engine
Thesis-break watch · Pricesmart
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Pricesmart filed an SEC 8-K on 2026-10-26: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Pricesmart filed an SEC 8-K on 2026-07-08: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Walmart-style mass merchants, Costco-style clubs, or strong local discounters match PriceSmart’s bulk pricing and imported assortment without requiring customers to pay for a club relationship.
- Global freight, tariffs, food inflation, or supplier cost pressure outpace PriceSmart’s ability to pass costs through while maintaining its low-price promise.
- New clubs underperform because sites are too small, trade areas are saturated, or local demand is overestimated.
- Inventory builds because imported goods are delayed, misforecast, or mismatched to local demand.
- Expansion capital is committed to markets where club productivity does not justify the investment.
PSMT news
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Financial statements
PSMT income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
PSMT: quick answers
- Which well-known investors own PSMT?
- 1 of the 37 well-known funds tracked here reported PSMT shares in their latest 13F filing. By share of the fund's portfolio: Bridgewater Associates (Ray Dalio), 0.0%. Fund portfolios
PSMT in well-known investors’ portfolios
1 of 37 funds reported PSMT shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Ray DalioBridgewater Associates | 0.00% | $636K | +68.9% | Q2 2026 |