Chewy
CHWY · Other Specialty Retail
$21.93
1.8%Winmark
WINA · Other Specialty Retail
$279.71
2.2%The short version
- Chewy is the larger business, with $12.6B of revenue in fiscal 2025 against $86.1M for Winmark, about 146 times as much.
- Winmark kept more of each dollar of sales as operating profit (63.4% operating margin, against 2.0% operating margin).
- Winmark turned more of its sales into free cash flow (52.0% FCF margin, against 4.5% FCF margin).
- Investors pay more for each dollar of Chewy’s earnings: a P/E of 33.2x against 25.0x for Winmark.
| Latest fiscal year | CHWY · FY25 | WINA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.0B | $1.0B |
| Revenue | $12.6B | $86.1M |
| Free cash flow | $562M | $44.7M |
| Net income | $223M | $41.7M |
| Growth | ||
| Revenue growth | 6.2% | 5.9% |
| 5-year growth | 12.0% | 5.4% |
| Share count change | −1.2% | 0.5% |
| Profitability | ||
| Gross margin | 29.8% | 96.4% |
| Operating margin | 2.0% | 63.4% |
| Net margin | 1.8% | 48.4% |
| FCF margin | 4.5% | 52.0% |
| Return on capital | — | — |
| Return on equity | 58.7% | — |
| Balance sheet | ||
| Net debt | −$879M | $19.7M |
| Net debt / EBITDA | −2.3x | 0.4x |
| Dividends and buybacks | $263M | $51.5M |
| Valuation & quality | ||
| P/E | 33.2x | 25.0x |
| Piotroski F-score | 7 | — |
FY16
CHWY —
WINA $66.5M
FY17
CHWY $2.1B
WINA $69.8M
FY18
CHWY $3.5B
WINA $72.5M
FY19
CHWY $4.8B
WINA $73.3M
FY20
CHWY $7.1B
WINA $66.1M
FY21
CHWY $9.0B
WINA $78.2M
FY22
CHWY $10.1B
WINA $81.4M
FY23
CHWY $11.1B
WINA $83.2M
FY24
CHWY $11.9B
WINA $81.3M
FY25
CHWY $12.6B
WINA $86.1M
CHWY
WINA
FY16
CHWY —
WINA 57.4%
FY17
CHWY −16.1%
WINA 55.6%
FY18
CHWY −7.6%
WINA 57.6%
FY19
CHWY −5.2%
WINA 58.8%
FY20
CHWY −1.3%
WINA 60.9%
FY21
CHWY −0.8%
WINA 65.6%
FY22
CHWY 0.6%
WINA 65.9%
FY23
CHWY −0.2%
WINA 64.0%
FY24
CHWY 1.0%
WINA 65.1%
FY25
CHWY 2.0%
WINA 63.4%
CHWY
WINA
FY16
CHWY —
WINA $26.2M
FY17
CHWY −$120M
WINA $25.1M
FY18
CHWY −$57.6M
WINA $34.2M
FY19
CHWY −$2.1M
WINA $50.5M
FY20
CHWY $2.0M
WINA $43.2M
FY21
CHWY $8.6M
WINA $48.3M
FY22
CHWY $119M
WINA $43.7M
FY23
CHWY $343M
WINA $43.6M
FY24
CHWY $453M
WINA $42.0M
FY25
CHWY $562M
WINA $44.7M
CHWY
WINA
FY16
CHWY —
WINA —
FY17
CHWY —
WINA —
FY18
CHWY —
WINA 380.7%
FY19
CHWY —
WINA 193.6%
FY20
CHWY —
WINA 368.4%
FY21
CHWY —
WINA —
FY22
CHWY —
WINA —
FY23
CHWY —
WINA —
FY24
CHWY —
WINA —
FY25
CHWY —
WINA —
CHWY
WINA
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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.