Bath & Body Works vs Chewy
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The short version
- Chewy is the larger business, with $12.6B of revenue in fiscal 2025 against $7.3B for Bath & Body Works, about 1.7 times as much.
- Chewy grew revenue faster (6.2%, against −0.2%).
- Bath & Body Works kept more of each dollar of sales as operating profit (15.4% operating margin, against 2.0%).
- Bath & Body Works turned more of its sales into free cash flow (11.9% FCF margin, against 4.5%).
- Investors pay more for each dollar of Chewy’s earnings: a P/E of 33.2x against 5.5x for Bath & Body Works.
| Latest fiscal year | BBWI · FY25 | CHWY · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.2B | $9.0B |
| Revenue | $7.3B | $12.6B |
| Free cash flow | $865M | $562M |
| Net income | $649M | $223M |
| Growth | ||
| Revenue growth | −0.2% | 6.2% |
| 5-year growth | 2.5% | 12.0% |
| Share count change | −5.4% | −1.2% |
| Profitability | ||
| Gross margin | 43.7% | 29.8% |
| Operating margin | 15.4% | 2.0% |
| Net margin | 8.9% | 1.8% |
| FCF margin | 11.9% | 4.5% |
| Return on capital | 47.5% | — |
| Return on equity | — | 58.7% |
| Balance sheet | ||
| Net debt | $2.9B | −$879M |
| Net debt / EBITDA | 2.1x | −2.3x |
| Dividends and buybacks | $568M | $263M |
| Valuation & quality | ||
| P/E | 5.5x | 33.2x |
| Piotroski F-score | 5 | 7 |
Revenue
FY16
BBWI $12.6B
CHWY —
FY17
BBWI $12.6B
CHWY $2.1B
FY18
BBWI $13.2B
CHWY $3.5B
FY19
BBWI $5.4B
CHWY $4.8B
FY20
BBWI $6.4B
CHWY $7.1B
FY21
BBWI $7.9B
CHWY $9.0B
FY22
BBWI $7.6B
CHWY $10.1B
FY23
BBWI $7.4B
CHWY $11.1B
FY24
BBWI $7.3B
CHWY $11.9B
FY25
BBWI $7.3B
CHWY $12.6B
BBWI
CHWY
Operating margin
FY16
BBWI 15.9%
CHWY —
FY17
BBWI 13.7%
CHWY −16.1%
FY18
BBWI 9.4%
CHWY −7.6%
FY19
BBWI 19.2%
CHWY −5.2%
FY20
BBWI 24.9%
CHWY −1.3%
FY21
BBWI 25.5%
CHWY −0.8%
FY22
BBWI 18.2%
CHWY 0.6%
FY23
BBWI 17.3%
CHWY −0.2%
FY24
BBWI 17.3%
CHWY 1.0%
FY25
BBWI 15.4%
CHWY 2.0%
BBWI
CHWY
Free cash flow
FY16
BBWI $1.0B
CHWY —
FY17
BBWI $699M
CHWY −$120M
FY18
BBWI $748M
CHWY −$57.6M
FY19
BBWI $778M
CHWY −$2.1M
FY20
BBWI $1.8B
CHWY $2.0M
FY21
BBWI $1.2B
CHWY $8.6M
FY22
BBWI $816M
CHWY $119M
FY23
BBWI $656M
CHWY $343M
FY24
BBWI $660M
CHWY $453M
FY25
BBWI $865M
CHWY $562M
BBWI
CHWY
Return on capital
FY16
BBWI 45.9%
CHWY —
FY17
BBWI 40.0%
CHWY —
FY18
BBWI 26.8%
CHWY —
FY19
BBWI 26.2%
CHWY —
FY20
BBWI 52.8%
CHWY —
FY21
BBWI 86.0%
CHWY —
FY22
BBWI 75.1%
CHWY —
FY23
BBWI 71.2%
CHWY —
FY24
BBWI 56.1%
CHWY —
FY25
BBWI 47.5%
CHWY —
BBWI
CHWY
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.