Chewy vs Winmark
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KIRA’s take AI analyst
I put Chewy and Winmark side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
- Winmark turned more of its sales into free cash flow (52.0% FCF margin, against 4.5%).
- Investors pay more for each dollar of Chewy’s earnings: a P/E of 33.2x against 25.2x for Winmark.
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
Chewy
CHWY
4/8
Revenue growth5-year growthNet debt / EBITDAShare count change
Winmark
WINA
4/8
Gross marginOperating marginNet marginFCF margin
Side by side
Best in the row
| 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 | 25.2x |
| Piotroski F-score | 7 | — |
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.