Chewy vs Wayfair
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The short version
- 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%).
| Latest fiscal year | CHWY Β· FY25 | W Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.0B | $14.8B |
| 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 |
Revenue
FY16
CHWY β
W $3.4B
FY17
CHWY $2.1B
W $4.7B
FY18
CHWY $3.5B
W $6.8B
FY19
CHWY $4.8B
W $9.1B
FY20
CHWY $7.1B
W $14.1B
FY21
CHWY $9.0B
W $13.7B
FY22
CHWY $10.1B
W $12.2B
FY23
CHWY $11.1B
W $12.0B
FY24
CHWY $11.9B
W $11.9B
FY25
CHWY $12.6B
W $12.5B
CHWY
W
Operating margin
FY16
CHWY β
W β5.8%
FY17
CHWY β16.1%
W β5.0%
FY18
CHWY β7.6%
W β7.0%
FY19
CHWY β5.2%
W β10.2%
FY20
CHWY β1.3%
W 2.6%
FY21
CHWY β0.8%
W β0.7%
FY22
CHWY 0.6%
W β11.3%
FY23
CHWY β0.2%
W β6.8%
FY24
CHWY 1.0%
W β3.9%
FY25
CHWY 2.0%
W 0.1%
CHWY
W
Free cash flow
FY16
CHWY β
W β$33.9M
FY17
CHWY β$120M
W β$66.8M
FY18
CHWY β$57.6M
W β$74.3M
FY19
CHWY β$2.1M
W β$469M
FY20
CHWY $2.0M
W $1.2B
FY21
CHWY $8.6M
W $309M
FY22
CHWY $119M
W β$860M
FY23
CHWY $343M
W $201M
FY24
CHWY $453M
W $244M
FY25
CHWY $562M
W $464M
CHWY
W
Return on capital
FY16
CHWY β
W β
FY17
CHWY β
W β
FY18
CHWY β
W β
FY19
CHWY β
W β
FY20
CHWY β
W β
FY21
CHWY β
W β
FY22
CHWY β
W β
FY23
CHWY β
W β
FY24
CHWY β
W β
FY25
CHWY β
W β
CHWY
W
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.