Chewy vs Ulta Beauty
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The short version
- Chewy is the larger business, with $12.6B of revenue in fiscal 2025 against $12.4B for Ulta Beauty.
- Ulta Beauty grew revenue faster (9.7%, against 6.2%).
- Ulta Beauty kept more of each dollar of sales as operating profit (12.4% operating margin, against 2.0%).
- Ulta Beauty turned more of its sales into free cash flow (8.6% FCF margin, against 4.5%).
- Investors pay more for each dollar of Chewy’s earnings: a P/E of 33.2x against 22.8x for Ulta Beauty.
| Latest fiscal year | CHWY · FY25 | ULTA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.0B | $26.9B |
| Revenue | $12.6B | $12.4B |
| Free cash flow | $562M | $1.1B |
| Net income | $223M | $1.2B |
| Growth | ||
| Revenue growth | 6.2% | 9.7% |
| 5-year growth | 12.0% | 15.0% |
| Share count change | −1.2% | −5.1% |
| Profitability | ||
| Gross margin | 29.8% | 39.1% |
| Operating margin | 2.0% | 12.4% |
| Net margin | 1.8% | 9.3% |
| FCF margin | 4.5% | 8.6% |
| Return on capital | — | 55.8% |
| Return on equity | 58.7% | 43.6% |
| Balance sheet | ||
| Net debt | −$879M | −$432M |
| Net debt / EBITDA | −2.3x | −0.2x |
| Dividends and buybacks | $263M | $901M |
| Valuation & quality | ||
| P/E | 33.2x | 22.8x |
| Piotroski F-score | 7 | 6 |
Revenue
FY16
CHWY —
ULTA $4.9B
FY17
CHWY $2.1B
ULTA $5.9B
FY18
CHWY $3.5B
ULTA $6.7B
FY19
CHWY $4.8B
ULTA $7.4B
FY20
CHWY $7.1B
ULTA $6.2B
FY21
CHWY $9.0B
ULTA $8.6B
FY22
CHWY $10.1B
ULTA $10.2B
FY23
CHWY $11.1B
ULTA $11.2B
FY24
CHWY $11.9B
ULTA $11.3B
FY25
CHWY $12.6B
ULTA $12.4B
CHWY
ULTA
Operating margin
FY16
CHWY —
ULTA 13.5%
FY17
CHWY −16.1%
ULTA 13.4%
FY18
CHWY −7.6%
ULTA 12.7%
FY19
CHWY −5.2%
ULTA 12.2%
FY20
CHWY −1.3%
ULTA 3.9%
FY21
CHWY −0.8%
ULTA 15.0%
FY22
CHWY 0.6%
ULTA 16.1%
FY23
CHWY −0.2%
ULTA 15.0%
FY24
CHWY 1.0%
ULTA 13.9%
FY25
CHWY 2.0%
ULTA 12.4%
CHWY
ULTA
Free cash flow
FY16
CHWY —
ULTA $261M
FY17
CHWY −$120M
ULTA $339M
FY18
CHWY −$57.6M
ULTA $637M
FY19
CHWY −$2.1M
ULTA $803M
FY20
CHWY $2.0M
ULTA $658M
FY21
CHWY $8.6M
ULTA $887M
FY22
CHWY $119M
ULTA $1.2B
FY23
CHWY $343M
ULTA $1.0B
FY24
CHWY $453M
ULTA $964M
FY25
CHWY $562M
ULTA $1.1B
CHWY
ULTA
Return on capital
FY16
CHWY —
ULTA 38.9%
FY17
CHWY —
ULTA 44.1%
FY18
CHWY —
ULTA 47.0%
FY19
CHWY —
ULTA 50.0%
FY20
CHWY —
ULTA 15.3%
FY21
CHWY —
ULTA 96.0%
FY22
CHWY —
ULTA 106.5%
FY23
CHWY —
ULTA 93.4%
FY24
CHWY —
ULTA 72.2%
FY25
CHWY —
ULTA 55.8%
CHWY
ULTA
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.