Chewy vs Wayfair
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KIRAβs take AI analyst
I put Chewy and Wayfair side by side, using each oneβs latest annual report. Here is what stands out:
- Chewy is the larger business, with $12.6B of revenue in fiscal 2025 against $12.5B for Wayfair.
- Chewy grew revenue faster (6.2%, against 5.1%).
- Chewy kept more of each dollar of sales as operating profit (2.0% operating margin, against 0.1%).
- Chewy turned more of its sales into free cash flow (4.5% FCF margin, against 3.7%).
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Chewy
CHWY
8/9
Revenue growth5-year growthOperating marginNet marginFCF marginPiotroski F-scoreNet debt / EBITDAShare count change
Wayfair
W
1/9
Gross margin
Side by side
Best in the row
| Latest fiscal year | CHWY FY25 | W FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.0B | $14.9B |
| Revenue | $12.6B | $12.5B |
| Free cash flow | $562M | $464M |
| Net income | $223M | β$313M |
| Growth | ||
| Revenue growth | 6.2% | 5.1% |
| 5-year growth | 12.0% | β2.5% |
| Share count change | β1.2% | 4.1% |
| Profitability | ||
| Gross margin | 29.8% | 30.2% |
| Operating margin | 2.0% | 0.1% |
| Net margin | 1.8% | β2.5% |
| FCF margin | 4.5% | 3.7% |
| Return on capital | β | β |
| Return on equity | 58.7% | β |
| Balance sheet | ||
| Net debt | β$879M | $1.7B |
| Net debt / EBITDA | β2.3x | 5.4x |
| Dividends and buybacks | $263M | $0.0M |
| Valuation & quality | ||
| P/E | 33.2x | β |
| Piotroski F-score | 7 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.