Bath & Body Works vs Chewy
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KIRA’s take AI analyst
I put Bath & Body Works and Chewy 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 $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 5.6x for Bath & Body Works.
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Bath & Body Works
BBWI
5/9
Gross marginOperating marginNet marginFCF marginShare count change
Chewy
CHWY
4/9
Revenue growth5-year growthPiotroski F-scoreNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | BBWI FY25 | CHWY FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.3B | $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 | 5.6x | 33.2x |
| Piotroski F-score | 5 | 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.