YouTube · Q1 2026 · 2026-05-22
CHWY · NYSE
Chewy, Inc.
Internet Retail · United States
USD 20.62-1.3% daily changeQuote 2026-09-18 · USD
- Market cap (USD)
- US$8.29B
- Trailing P/E
- 31.72x
- Forward P/E
- 11.04x
- Quarterly revenue growth
- 7.3%
- Trailing net margin
- 2.1%
- Indicated dividend yield
- —
Snapshot 2026-09-20 · Latest financial period 2026-08-02 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.
Next earnings: 2026-12-09 (provider estimate, not issuer-confirmed).
Company background
Chewy, Inc., together with its subsidiaries, engages in the e-commerce business in the United States. It offers pet food and treats, pet supplies and pet medications, and other pet-health products, as well as pet services. The company serves its customer through its retail websites and mobile applications, including Autoship subscription program. Chewy, Inc. was founded in 2010 and is based in Plantation, Florida.
Company websiteQ2 FY2026
Go beyond the headline.
CHWY Stock: Profit Rose, Free Cash Fell — Q2 FY2026
Published 2026-09-10
Short takes Q2 FY2026
CHWY Stock: Chewy Q2 FY2026 — Profit Up, Cash Down #Shorts
Watch Short on YouTube
Q2 FY2026 REPORT HIGHLIGHTS
What’s changed for CHWY
Chewy raised guidance, but acquisitions, debt and recurring compensation make owner cash the decisive test.
Operations improved.
Gross margin stayed 30.4% while operating profit increased.
Cash did not keep pace.
Capex rose and quarterly FCF fell to $89.5M.
The settlement is separated.
$24M legal proceeds benefit GAAP income and are removed from adjusted EBITDA.
The balance sheet changed.
Acquisitions and buybacks accompany $600M new principal debt.
Price requires conversion.
Owner-cash DCF needs 23.4% five-year growth to justify $20.75 under our discount assumptions.
Comparable businesses
CHWY peer comparison
Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.
| Metric | CHWYChewy, Inc.Snapshot 2026-09-20Financial period: 2026-08-02 | VIPSVipshop Holdings LimitedSnapshot 2026-09-20Financial period: 2026-06-30 | WWayfair Inc.Snapshot 2026-09-20Financial period: 2026-06-30 | Peer medianSimilar-size peers only |
|---|---|---|---|---|
| Market capMarket value, converted to USD | US$8.29B | US$5.85B | US$14.03B | US$9.94Bn=2 |
| Forward P/EProvider forward earnings estimate | 11.04x | 4.87x | 26.44x | 15.66xn=2 |
| EV / EBITDAEnterprise value / trailing EBITDA | 20.44x | — | 46.35x | — |
| Revenue growthLatest quarter vs prior-year quarter | 7.3% | -4.3% | 7.5% | 1.6%n=2 |
| Operating marginLatest reported quarter | 2.5% | 6.2% | 3.0% | 4.6%n=2 |
| Free cash flow yieldTrailing cash flow / market cap | 5.4% | — | 3.4% | — |
| Net debt / EBITDANet debt / trailing EBITDA | 1.27x | -2.22x | 6.70x | 2.24xn=2 |
| Debt / equityTotal debt / positive book equity | 3.13x | 0.24x | — | — |
| Trailing P/ETrailing twelve-month earnings | 31.72x | 3.97x | — | — |
| Price / bookPrice / positive book equity per share | 22.34x | 0.97x | — | — |
| EV / salesEnterprise value / trailing revenue | 0.68x | — | 1.27x | — |
| Earnings growthLatest quarter vs prior-year quarter | 41.5% | 203.2% | — | — |
| Gross marginTrailing twelve months | 29.8% | 23.4% | 30.3% | 26.9%n=2 |
| Net marginTrailing twelve months | 2.1% | 9.8% | -2.5% | 3.7%n=2 |
| Return on equityProvider trailing return; positive equity only | 72.0% | 23.5% | — | — |
| Free cash flow marginTrailing free cash flow / revenue | 3.4% | — | 3.7% | — |
| Dividend yieldIndicated annual dividend / price | — | 5.0% | — | — |
| Earnings payoutProvider trailing dividend payout | 0.0% | 20.4% | 0.0% | 10.2%n=2 |
| Current ratioCurrent assets / current liabilities | 0.84x | 1.28x | 0.74x | 1.01xn=2 |
| BetaProvider historical market sensitivity | 1.42 | 0.64 | 3.00 | 1.82n=2 |
YouTube · Q1 2026 · 2026-05-22
YouTube · Q1 2026 · 2026-05-01
Comparison methodology & limitations
Reviewed operating groups override broad sector classifications. Other companies are matched only within a sufficiently specific provider industry. Business mix, geography and accounting standards can still differ. Market caps are converted to USD using exchange rates captured during the snapshot refresh. Financial ratios that would mix currencies are omitted. Snapshots must be at most 14 days old and no more than seven days apart for automatic selection.
Peer medians require at least two valid similar-size peers for each metric. Negative earnings, nonpositive equity, missing data and irrelevant bank ratios are not presented as attractive valuations. A higher or lower number is not automatically a better investment. Financial statement periods are not calendar-aligned across companies.
Reported performance
Financial trends
Periods are grouped by their ending calendar year or quarter, not identical fiscal calendars. Exact period-end dates appear in tooltips and reported figures. When reporting currencies differ and a recent captured FX rate is available, money and EPS are normalized to USD for comparison. This is not a historical FX restatement. Gaps are not estimated.
Financial statements load separately from the research page.
Source: . Window ends at the latest available reporting period.
Revenue
Reported figures
Financial data & calculation notes
Standalone charts use the stated reporting currency. When a chart comparison spans currencies, money and EPS can be normalized to USD using a recent captured FX snapshot; this is for comparison only, not a historical FX restatement. Stock-based compensation is noncash. Free cash flow is operating cash flow less capital spending, which may include capitalized software. Missing metrics are not estimated or assumed to be zero. Banking and insurance ratios require industry-specific interpretation. Latest restatements may differ from figures in older episodes.
Market context
Valuation & price history
Adjusted closing price
Price history loads separately.
Price figures
Earnings-multiple scenario
Illustrative price = your earnings-per-share assumption × your P/E assumption. This is not a price target or a complete valuation model.
Starting assumptions, when available, use provider forward estimates as of 2026-09-20. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.
THE RESEARCH RECORD
Research history for CHWY
Q2 FY20262026-09-10
FREE RESEARCH PACKET · Q2 FY2026
CHWY: Higher Profit, Less Free Cash — The Cost of Expansion
Chewy raised guidance, but acquisitions, debt and recurring compensation make owner cash the decisive test.
Research published September 9, 2026 · Download original report
Read Research PacketCHWY Stock: Profit Rose, Free Cash Fell — Q2 FY2026
Presentation · 2026-09-10 · YouTube
Short takes Q2 FY2026
CHWY Stock: Chewy Q2 FY2026 — Profit Up, Cash Down #Shorts
Watch Short on YouTube
Q1 FY20262026-06-10
CHWY Stock: The 23-Cent EPS That Wasn’t a Miss Q1 FY2026
Presentation · 2026-06-10 · YouTube
