Latest Ratios: P/E Ratio 35.2x · EV/EBITDA 19.0x · ROE 58.7%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.6B | $12.4B | $16.8B | $8.4B | $19.6B | $18.3B | $41.5B | $10.6B | — | — | — |
| Enterprise Value | $7.3B | $12.1B | $16.7B | $8.3B | $19.8B | $18.1B | $41.2B | $10.6B | — | — | — |
| P/E Ratio → | 35.23 | 55.98 | 42.84 | 211.57 | 382.58 | — | — | — | — | — | — |
| P/S Ratio | 0.60 | 0.98 | 1.42 | 0.75 | 1.94 | 2.04 | 5.80 | 2.20 | — | — | — |
| P/B Ratio | 15.67 | 24.89 | 64.25 | 16.41 | 122.54 | 1244.34 | — | — | — | — | — |
| P/FCF | 13.49 | 22.04 | 37.13 | 24.42 | 164.64 | 2143.89 | 20608.93 | — | — | — | — |
| P/OCF | 10.97 | 17.92 | 28.17 | 17.22 | 56.18 | 95.63 | 312.34 | 228.42 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.96 | 1.41 | 0.74 | 1.95 | 2.02 | 5.77 | 2.19 | — | — | — |
| EV / EBITDA | 18.99 | 31.52 | 73.55 | 96.42 | 141.42 | — | — | — | — | — | — |
| EV / EBIT | 28.64 | 45.14 | 106.27 | 160.17 | 358.84 | — | — | — | — | — | — |
| EV / FCF | — | 21.50 | 36.92 | 24.20 | 165.82 | 2121.34 | 20492.08 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 29.8% | 29.8% | 29.2% | 28.4% | 28.0% | 26.6% | 25.5% | 23.6% | 20.2% | 17.5% | 16.6% |
| Operating Margin | 2.0% | 2.0% | 0.9% | -0.2% | 0.6% | -0.8% | -1.3% | -5.2% | -7.6% | -16.1% | -11.9% |
| Net Profit Margin | 1.8% | 1.8% | 3.3% | 0.4% | 0.5% | -0.8% | -1.3% | -5.2% | -7.6% | -16.1% | -11.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 58.7% | 58.7% | 101.8% | 11.8% | 57.0% | -1181.4% | — | — | — | — | -155.7% |
| ROA | 6.7% | 6.7% | 12.7% | 1.4% | 2.2% | -3.9% | -6.9% | -34.2% | -51.3% | -82.7% | -34.0% |
| ROIC | 105.2% | 105.2% | 28.0% | -4.8% | 69.2% | — | — | — | — | — | — |
| ROCE | 24.2% | 24.2% | 12.0% | -2.7% | 10.0% | -18.4% | -94.3% | — | — | -2196.2% | -144.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.12 | 1.12 | 1.92 | 1.03 | 2.94 | 27.83 | — | — | — | — | — |
| Debt / EBITDA | 1.45 | 1.45 | 2.21 | 6.13 | 3.37 | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.61 | -0.36 | -0.15 | 0.87 | -13.09 | — | — | — | — | -2.44 |
| Net Debt / EBITDA | -0.79 | -0.79 | -0.41 | -0.86 | 1.00 | — | — | — | — | — | — |
| Debt / FCF | — | -0.54 | -0.21 | -0.22 | 1.18 | -22.55 | -116.86 | — | — | — | — |
| Interest Coverage | 58.24 | 58.24 | 28.49 | 14.46 | 21.41 | -33.75 | -44.74 | — | -1479.37 | -607.65 | -361.04 |
Net cash position: cash ($860M) exceeds total debt ($557M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.88 | 0.88 | 0.75 | 1.00 | 0.83 | 0.80 | 0.89 | 0.57 | 0.55 | 0.79 | 1.16 |
| Quick Ratio | 0.51 | 0.51 | 0.37 | 0.66 | 0.46 | 0.46 | 0.52 | 0.28 | 0.28 | 0.49 | 0.78 |
| Cash Ratio | 0.38 | 0.38 | 0.27 | 0.54 | 0.37 | 0.37 | 0.41 | 0.19 | 0.11 | 0.13 | 0.70 |
| Asset Turnover | — | 3.51 | 3.93 | 3.50 | 4.02 | 4.30 | 4.10 | 5.20 | 6.52 | 4.18 | 2.86 |
| Inventory Turnover | 10.23 | 10.23 | 10.03 | 11.10 | 10.74 | 11.74 | 10.37 | 11.65 | 12.76 | 10.46 | 8.16 |
| Days Sales Outstanding | — | 6.44 | 5.20 | 5.04 | 4.58 | 5.13 | 5.14 | 6.11 | 13.17 | 33.31 | 6.35 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.8% | 1.8% | 2.3% | 0.5% | 0.3% | — | — | — | — | — | — |
| FCF Yield | 7.4% | 4.5% | 2.7% | 4.1% | 0.6% | 0.0% | 0.0% | — | — | — | — |
| Buyback Yield | 3.5% | 2.1% | 5.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 3.5% | 2.1% | 5.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $426M | $431M | $432M | $428M | $417M | $407M | $401M | $396M | $396M | $396M |
Includes 30+ ratios · 10 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying CHWY stock.
Chewy, Inc.'s current P/E ratio is 35.2x. The historical average is 49.4x.
Chewy, Inc.'s current EV/EBITDA is 19.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 67.2x.
Chewy, Inc.'s return on equity (ROE) is 58.7%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 14.7%.
Based on historical data, Chewy, Inc. is trading at a P/E of 35.2x. Compare with industry peers and growth rates for a complete picture.
Chewy, Inc. has 29.8% gross margin and 2.0% operating margin.
Chewy, Inc.'s Debt/EBITDA ratio is 1.5x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Leverage spike from acquisition
Metrics are mathematically derived from official filings.
Margin Resilience Amid Structural Constraints
Gross margins have stabilized in the 29-30% range, which appears to be a structural ceiling for a high-volume retailer of third-party consumables, as reported in recent SEC filings.
The consistent gross margin band suggests limited pricing power within its core consumables segment, where competition from Amazon and Walmart keeps a tight leash on pricing. However, the recent improvement in operating margin to 3.0% in 2026Q2, up from near breakeven in late 2024, indicates that SG&A discipline and operational scale are beginning to offset this ceiling, pointing to a model where profitability is driven by volume leverage rather than margin expansion.
Capital Returns Volatile but Recovering
ROIC has rebounded sharply from a negative 3.7% in 2024Q4 to 11.0% in 2026Q2, indicating that recent capital deployment is beginning to generate returns, though the path has been volatile.
The swing from negative to double-digit ROIC within two years suggests a significant improvement in the earnings power of the asset base, likely driven by the maturation of fulfillment centers and higher customer lifetime value. However, this recovery is measured against a relatively small equity base that has been shrinking due to share repurchases, which inflates ROE figures (20.3% in 2026Q2) and warrants caution in interpreting them as a sign of superior efficiency.
Leverage Spike Amid Strategic Shift
The Debt-to-Equity ratio surged to 3.13 in 2026Q2 from 1.14 in the prior quarter, a dramatic increase that coincides with a jump in goodwill, suggesting leverage was used to fund a strategic acquisition.
This rapid increase in financial leverage, as evidenced by total debt rising to $1.2 billion, fundamentally alters the company's risk profile and reduces its margin for error. While interest coverage remains manageable at 11.86x for the quarter, the sustainability of this coverage will depend on maintaining the recent trajectory of EBITDA growth, as the prior quarter's leverage was significantly lower.
Tight Liquidity Buffer Warrants Monitoring
Chewy's current ratio of 0.84 in 2026Q2 is below the 1.0 threshold, suggesting that near-term liabilities now exceed current assets and the liquidity buffer has tightened relative to historical levels.
This sub-1.0 current ratio indicates a reliance on strong operating cash flows and supplier terms to manage working capital, rather than a cushion of liquid assets. The quick ratio of 0.42 further highlights that a significant portion of current assets is tied up in inventory (37 days), which is less liquid and poses a risk if operational disruptions occur or if there is a sudden need to service the newly elevated debt.
Valuation Gap Versus Unprofitable Peers
Chewy trades at an EV/EBITDA of 21.28x, a significant premium to Petco's 10.42x, reflecting the market's assignment of a higher growth and profitability multiple to its subscription-based model.
This valuation gap appears to be structural rather than temporary, as Chewy demonstrates sustainable, positive operating margins while peers like BARK and PetMed Express remain deeply unprofitable. The comparison suggests investors are willing to pay for Chewy's recurring revenue engine and logistics moat, but the premium may limit further multiple expansion unless the company can prove it can drive ROIC sustainably above its cost of capital.
The Misleading Power of Share Repurchases
The Price-to-Book ratio of 17.48x is the most commonly misapplied metric here, as aggressive share repurchases have drastically reduced book equity, making the ratio appear inflated and uninformative.
The P/B ratio is being distorted by management's capital allocation strategy, which has shrunk the equity base from over $600M to $370M in two years. This makes the company appear vastly more expensive on a book value basis than it would if equity were growing organically. Investors should instead focus on EV/EBITDA or P/FCF, which are more stable indicators for a company actively engineering its equity structure, or adjust for the cash used in repurchases when assessing valuation.