Costco Wholesale (NASDAQ: COST) experienced a surge in growth over the last three years, as customers shifted their spending to essentials during the pandemic. Over the last few years, investors have bid up the shares much faster than the actual rate of growth in Costco's revenue and profits, which has made the stock very expensive. Data by YCharts The only catalyst for Costco in the near term is a potential increase in its membership fee, especially to offset inflationary costs in the supply chain.