Chewy vs Tractor Supply
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The short version
- Tractor Supply is the larger business, with $15.5B of revenue in fiscal 2025 against $12.6B for Chewy.
- Chewy grew revenue faster (6.2%, against 4.3%).
- Tractor Supply kept more of each dollar of sales as operating profit (9.5% operating margin, against 2.0%).
- Investors pay more for each dollar of Chewy’s earnings: a P/E of 33.2x against 17.4x for Tractor Supply.
| Latest fiscal year | CHWY · FY25 | TSCO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.0B | $17.5B |
| Revenue | $12.6B | $15.5B |
| Free cash flow | $562M | $740M |
| Net income | $223M | $1.1B |
| Growth | ||
| Revenue growth | 6.2% | 4.3% |
| 5-year growth | 12.0% | 7.9% |
| Share count change | −1.2% | −1.4% |
| Profitability | ||
| Gross margin | 29.8% | 36.4% |
| Operating margin | 2.0% | 9.5% |
| Net margin | 1.8% | 7.1% |
| FCF margin | 4.5% | 4.8% |
| Return on capital | — | 28.5% |
| Return on equity | 58.7% | 45.2% |
| Balance sheet | ||
| Net debt | −$879M | $1.6B |
| Net debt / EBITDA | −2.3x | 0.8x |
| Dividends and buybacks | $263M | $849M |
| Valuation & quality | ||
| P/E | 33.2x | 17.4x |
| Piotroski F-score | 7 | 6 |
Revenue
FY16
CHWY —
TSCO $6.8B
FY17
CHWY $2.1B
TSCO $7.3B
FY18
CHWY $3.5B
TSCO $7.9B
FY19
CHWY $4.8B
TSCO $8.4B
FY20
CHWY $7.1B
TSCO $10.6B
FY21
CHWY $9.0B
TSCO $12.7B
FY22
CHWY $10.1B
TSCO $14.2B
FY23
CHWY $11.1B
TSCO $14.6B
FY24
CHWY $11.9B
TSCO $14.9B
FY25
CHWY $12.6B
TSCO $15.5B
CHWY
TSCO
Operating margin
FY16
CHWY —
TSCO 10.2%
FY17
CHWY −16.1%
TSCO 9.5%
FY18
CHWY −7.6%
TSCO 8.9%
FY19
CHWY −5.2%
TSCO 8.9%
FY20
CHWY −1.3%
TSCO 9.4%
FY21
CHWY −0.8%
TSCO 10.3%
FY22
CHWY 0.6%
TSCO 10.1%
FY23
CHWY −0.2%
TSCO 10.2%
FY24
CHWY 1.0%
TSCO 9.9%
FY25
CHWY 2.0%
TSCO 9.5%
CHWY
TSCO
Free cash flow
FY16
CHWY —
TSCO $425M
FY17
CHWY −$120M
TSCO $381M
FY18
CHWY −$57.6M
TSCO $416M
FY19
CHWY −$2.1M
TSCO $594M
FY20
CHWY $2.0M
TSCO $1.1B
FY21
CHWY $8.6M
TSCO $510M
FY22
CHWY $119M
TSCO $584M
FY23
CHWY $343M
TSCO $580M
FY24
CHWY $453M
TSCO $637M
FY25
CHWY $562M
TSCO $740M
CHWY
TSCO
Return on capital
FY16
CHWY —
TSCO 28.0%
FY17
CHWY —
TSCO 25.3%
FY18
CHWY —
TSCO 29.9%
FY19
CHWY —
TSCO 30.2%
FY20
CHWY —
TSCO 43.9%
FY21
CHWY —
TSCO 54.3%
FY22
CHWY —
TSCO 42.9%
FY23
CHWY —
TSCO 34.9%
FY24
CHWY —
TSCO 30.9%
FY25
CHWY —
TSCO 28.5%
CHWY
TSCO
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.