A Business at a Glance
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Chewy, Inc. began operating as Chewy.com in 2011 and Chewy.com, LLC was formed as a Delaware limited liability company in October 2013. On March 16, 2016, Chewy.com, LLC converted from a Delaware limited liability company to a Delaware corporation and changed its name to Chewy, Inc. Chewy, Inc. completed the initial public offering of its Class A common stock, par value $0.01 per share (the “Class A common stock”), on June 18, 2019. Unless the context requires otherwise, references in this Annual Report on Form 10-K to “Chewy,” the “Company,” “we,” “our,” or “us” refer to Chewy, Inc. and its consolidated subsidiaries. Our mission is to be the most trusted and convenient destination for pet parents and partners everywhere.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 12.6B | 11.9B | 11.1B | 10.1B | 9.0B | 7.1B |
| Net Income | 206M | 393M | 393M | 50M | -75M | -92M |
| EPS | $0.49 | $0.91 | $0.91 | $0.12 | $-0.18 | $-0.23 |
| Free Cash Flow | 487M | 452M | 343M | 119M | 8.6M | 2.0M |
| ROIC | 5.8% | 145.2% | 111.5% | 9.4% | -27.2% | -485.0% |
| Gross Margin | 29.6% | 29.2% | 28.4% | 28.0% | 26.6% | 25.5% |
| Debt/Equity | 0.00 | 2.05 | 10.53 | 5.25 | 10.76 | 140.58 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 202M | 113M | 113M | 56M | -74M | -90M |
| Operating Margin | 1.6% | 0.9% | 1.0% | 0.6% | -0.8% | -1.3% |
| ROE | 44.0% | 150.2% | 101.8% | 13.8% | -65.8% | -627.6% |
| Shares Outstanding | 239M | 432M | 432M | 416M | 418M | 402M |
| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | ||
|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||
| Revenue | 2.1B | 3.5B | 4.8B | 7.1B | 9.0B | 10.1B | 11.1B | 11.9B | 12.6B |
| Gross Margin | 17.5% | 20.2% | 23.6% | 25.5% | 26.6% | 28.0% | 28.4% | 29.2% | 29.6% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 452M | 590M | 970M | 1.4B | 1.8B | 2.1B | 2.4B | 2.6B | 2.7B |
| EBIT | -338M | -268M | -253M | -90M | -74M | 56M | 113M | 113M | 202M |
| Op. Margin | -16.1% | -7.6% | -5.2% | -1.3% | -0.8% | 0.6% | 1.0% | 0.9% | 1.6% |
| Net Income | -700M | -268M | -252M | -92M | -75M | 50M | 393M | 393M | 206M |
| Net Margin | -33.2% | -7.6% | -5.2% | -1.3% | -0.8% | 0.5% | 3.5% | 3.3% | 1.6% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||
| ROIC | N/A | -28.7% | -14.5% | N/M | -27.2% | 9.4% | 111.5% | 145.2% | 5.8% |
| ROE | 194.9% | 109.9% | 124.3% | -627.6% | -65.8% | 13.8% | 101.8% | 150.2% | 44.0% |
| ROA | N/A | -57.4% | -18.9% | -4.8% | -3.3% | 1.8% | 12.7% | 13.0% | 6.3% |
| Cash Flow | |||||||||
| Op. Cash Flow | -80M | 47M | 47M | 133M | 192M | 350M | 486M | 596M | 636M |
| Free Cash Flow | -120M | 2.4M | -2.1M | 2.0M | 8.6M | 119M | 343M | 452M | 487M |
| Owner Earnings | -103M | -112M | -119M | -24M | 59M | 108M | 137M | 175M | 204M |
| CapEx | 40M | 44M | 49M | 131M | 183M | 230M | 143M | 144M | 149M |
| Maint. CapEx | 13M | 23M | 31M | 36M | 55M | 83M | 110M | 115M | 124M |
| Growth CapEx | 28M | 21M | 18M | 95M | 128M | 147M | 34M | 29M | 25M |
| D&A | 13M | 23M | 31M | 36M | 55M | 83M | 110M | 115M | 124M |
| CapEx/OCF | N/A | N/A | 104.4% | 98.5% | 95.5% | 65.8% | 29.5% | 24.1% | 23.4% |
| Capital Allocation | |||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 943M | 943M | 275M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 5.9% | 4.5% |
| Stock-Based Comp | 11M | 135M | 135M | 121M | 78M | 158M | 239M | 306M | 308M |
| Debt Repayment | 10K | 0 | 1.5M | 0 | 1.6M | 750K | 175K | 0 | 0 |
| Balance Sheet | |||||||||
| Net Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -61M | -702M |
| Cash & Equiv. | 69M | 212M | 563M | 603M | 330M | 602M | 596M | 596M | 702M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | N/A | -3.31 | -869.72 | 140.58 | 10.76 | 5.25 | 10.53 | 2.05 | 0.00 |
| Interest Coverage | -6142.7 | -7875.5 | -673.9 | -41.7 | -34.0 | 21.9 | 31.4 | 20.4 | 20.4 |
| Equity | -84M | -404M | -2.0M | 15M | 214M | 510M | 261M | 261M | 469M |
| Total Assets | N/A | 932M | 1.7B | 2.1B | 2.5B | 3.2B | 3.0B | 3.0B | 3.3B |
| Total Liabilities | N/A | 1.3B | 1.7B | 2.1B | 2.3B | 2.7B | 2.8B | 2.8B | 2.8B |
| Intangibles | N/A | N/A | N/A | N/A | 7.8M | 4.0M | 378K | 378K | 378K |
| Retained Earnings | N/A | -1.8B | -1.9B | -2.0B | -2.0B | -2.0B | -1.6B | -1.6B | -1.4B |
| Working Capital | -26M | -471M | -154M | -321M | -249M | -6.5M | -544M | -544M | -332M |
| Current Assets | 308K | 630M | 1.2B | 1.3B | 1.5B | 2.1B | 1.7B | 1.7B | 1.9B |
| Current Liabilities | 27M | 1.1B | 1.4B | 1.6B | 1.8B | 2.1B | 2.2B | 2.2B | 2.3B |
| Per Share Data | |||||||||
| EPS | -2.67 | -0.68 | -0.63 | -0.23 | -0.18 | 0.12 | 0.91 | 0.91 | 0.49 |
| Owner EPS | -0.39 | -0.28 | -0.30 | -0.06 | 0.14 | 0.26 | 0.32 | 0.41 | 0.86 |
| Book Value | -0.32 | -1.03 | -0.01 | 0.04 | 0.51 | 1.23 | 0.61 | 0.61 | 1.97 |
| Cash Flow/Share | -0.30 | 0.12 | 0.12 | 0.33 | 0.46 | 0.84 | 1.13 | 1.38 | 1.39 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 262.0M | 394.0M | 400.6M | 402.1M | 417.8M | 415.8M | 431.6M | 431.6M | 238.5M |
| Valuation | |||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | 337.9 | 188.1 | 40.9 | 51.8 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | 141.1 | 21.3 | 35.5 | 12.4 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 26.5 |
| Price/Book | N/A | N/A | N/A | N/A | N/A | 105.2 | 14.6 | 61.5 | 12.9 |
| Price/Sales | N/A | N/A | 2.4 | 3.5 | 3.3 | 1.6 | 1.1 | 1.0 | 0.5 |
| FCF Yield | N/A | N/A | -0.0% | 0.0% | 0.0% | 0.7% | 4.6% | 2.8% | 8.1% |
| Market Cap | N/A | N/A | 11.9B | 40.8B | 19.7B | 16.9B | 7.4B | 16.1B | 6.0B |
| Avg. Price | N/A | N/A | 28.98 | 61.86 | 71.60 | 38.53 | 27.22 | 26.72 | 25.36 |
| Year-End Price | N/A | N/A | 29.60 | 101.56 | 47.14 | 40.55 | 16.93 | 37.26 | 25.36 |
Chewy, Inc. passes 6 of 9 quality checks, suggesting mixed fundamentals.
Chewy, Inc. trades at 51.8x trailing earnings, compared to its 15-year median P/E of 40.9x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 12.4x vs a median of 28.4x. The company's 5-year average ROIC is 59.7% with a gross margin of 27.5%. Total shareholder yield (buybacks) is 4.5%. At current prices, the estimated annualized return to fair value is +227.5%.
Chewy, Inc. (CHWY) has a current P/E ratio of 51.8, compared to its historical median P/E of 40.9. The stock is currently considered Expensive based on its historical valuation range.
Chewy, Inc. (CHWY) has a 5-year average return on invested capital (ROIC) of 59.7%. This indicates strong capital allocation and a potential competitive advantage.
Chewy, Inc. (CHWY) has a market capitalization of $6.0B. It is classified as a mid-cap stock.
Chewy, Inc. (CHWY) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 4.55%.
Based on historical P/E analysis, Chewy, Inc. (CHWY) appears expensive. The current P/E of 51.8 is 26% above its historical median of 40.9. The estimated fair value CAGR (P/E method) is 111.6%.
Chewy, Inc. (CHWY) operates in the Retail-Catalog & Mail-Order Houses industry, within the Consumer Cyclical sector.
Chewy, Inc. (CHWY) reported annual revenue of $11.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
Chewy, Inc. (CHWY) has a net profit margin of 3.3%. This is a modest margin.
Chewy, Inc. (CHWY) generated $452 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Chewy, Inc. (CHWY) has a debt-to-equity ratio of 2.05. This indicates higher leverage, which may increase financial risk.
Chewy, Inc. (CHWY) reported earnings per share (EPS) of $0.91 in its most recent fiscal year.
Chewy, Inc. (CHWY) has a return on equity (ROE) of 150.2%. This indicates the company generates strong returns for shareholders.
Chewy, Inc. (CHWY) has a 5-year average gross margin of 27.5%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 8 years of financial data for Chewy, Inc. (CHWY), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Chewy, Inc. (CHWY) has a book value per share of $0.61, based on its most recent annual SEC filing.