Latest Ratios: P/E Ratio 39.9x · EV/EBITDA 21.6x · ROE 58.7%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.6B | $12.4B | $16.8B | $8.4B | $19.6B | $18.3B | $41.5B | $10.6B | — | — | — |
| Enterprise Value | $8.3B | $12.1B | $16.7B | $8.3B | $19.8B | $18.1B | $41.2B | $10.6B | — | — | — |
| P/E Ratio → | 39.87 | 55.98 | 42.84 | 211.57 | 382.58 | — | — | — | — | — | — |
| P/S Ratio | 0.68 | 0.98 | 1.42 | 0.75 | 1.94 | 2.04 | 5.80 | 2.20 | — | — | — |
| P/B Ratio | 17.73 | 24.89 | 64.25 | 16.41 | 122.54 | 1244.34 | — | — | — | — | — |
| P/FCF | 15.26 | 22.04 | 37.13 | 24.42 | 164.64 | 2143.89 | 20608.93 | — | — | — | — |
| P/OCF | 12.41 | 17.92 | 28.17 | 17.22 | 56.18 | 95.63 | 312.34 | 228.42 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.96 | 1.41 | 0.74 | 1.95 | 2.02 | 5.77 | 2.19 | — | — | — |
| EV / EBITDA | 21.59 | 31.52 | 73.55 | 96.42 | 141.42 | — | — | — | — | — | — |
| EV / EBIT | 32.57 | 45.14 | 106.27 | 160.17 | 358.84 | — | — | — | — | — | — |
| EV / FCF | — | 21.50 | 36.92 | 24.20 | 165.82 | 2121.34 | 20492.08 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 29.8% | 29.8% | 29.2% | 28.4% | 28.0% | 26.6% | 25.5% | 23.6% | 20.2% | 17.5% | 16.6% |
| Operating Margin | 2.0% | 2.0% | 0.9% | -0.2% | 0.6% | -0.8% | -1.3% | -5.2% | -7.6% | -16.1% | -11.9% |
| Net Profit Margin | 1.8% | 1.8% | 3.3% | 0.4% | 0.5% | -0.8% | -1.3% | -5.2% | -7.6% | -16.1% | -11.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 58.7% | 58.7% | 101.8% | 11.8% | 57.0% | -1181.4% | — | — | — | — | -155.7% |
| ROA | 6.7% | 6.7% | 12.7% | 1.4% | 2.2% | -3.9% | -6.9% | -34.2% | -51.3% | -82.7% | -34.0% |
| ROIC | 105.2% | 105.2% | 28.0% | -4.8% | 69.2% | — | — | — | — | — | — |
| ROCE | 24.2% | 24.2% | 12.0% | -2.7% | 10.0% | -18.4% | -94.3% | — | — | -2196.2% | -144.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.12 | 1.12 | 1.92 | 1.03 | 2.94 | 27.83 | — | — | — | — | — |
| Debt / EBITDA | 1.45 | 1.45 | 2.21 | 6.13 | 3.37 | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.61 | -0.36 | -0.15 | 0.87 | -13.09 | — | — | — | — | -2.44 |
| Net Debt / EBITDA | -0.79 | -0.79 | -0.41 | -0.86 | 1.00 | — | — | — | — | — | — |
| Debt / FCF | — | -0.54 | -0.21 | -0.22 | 1.18 | -22.55 | -116.86 | — | — | — | — |
| Interest Coverage | 58.24 | 58.24 | 28.49 | 14.46 | 21.41 | -33.75 | -44.74 | — | -1479.37 | -607.65 | -361.04 |
Net cash position: cash ($860M) exceeds total debt ($557M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.88 | 0.88 | 0.75 | 1.00 | 0.83 | 0.80 | 0.89 | 0.57 | 0.55 | 0.79 | 1.16 |
| Quick Ratio | 0.51 | 0.51 | 0.37 | 0.66 | 0.46 | 0.46 | 0.52 | 0.28 | 0.28 | 0.49 | 0.78 |
| Cash Ratio | 0.38 | 0.38 | 0.27 | 0.54 | 0.37 | 0.37 | 0.41 | 0.19 | 0.11 | 0.13 | 0.70 |
| Asset Turnover | — | 3.51 | 3.93 | 3.50 | 4.02 | 4.30 | 4.10 | 5.20 | 6.52 | 4.18 | 2.86 |
| Inventory Turnover | 10.23 | 10.23 | 10.03 | 11.10 | 10.74 | 11.74 | 10.37 | 11.65 | 12.76 | 10.46 | 8.16 |
| Days Sales Outstanding | — | 6.44 | 5.20 | 5.04 | 4.58 | 5.13 | 5.14 | 6.11 | 13.17 | 33.31 | 6.35 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.5% | 1.8% | 2.3% | 0.5% | 0.3% | — | — | — | — | — | — |
| FCF Yield | 6.6% | 4.5% | 2.7% | 4.1% | 0.6% | 0.0% | 0.0% | — | — | — | — |
| Buyback Yield | 3.1% | 2.1% | 5.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 3.1% | 2.1% | 5.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $426M | $431M | $432M | $428M | $417M | $407M | $401M | $396M | $396M | $396M |
Stagnating Active Customer Base
As reported in recent financial filings, Chewy's forward P/E of 23.50 suggests the market is pricing the company as a mature retailer rather than a high-growth tech platform, a significant shift from historical multiples that previously commanded a premium for its subscription-based revenue model.
The current P/S ratio of 0.61 indicates that investors are increasingly focused on the company's ability to generate bottom-line earnings rather than top-line expansion. This valuation compression appears to be a direct response to the deceleration in active customer growth, forcing a re-rating of the stock toward traditional specialty retail peers.
Based on the company's reported figures, ROIC has fluctuated significantly from a peak of 27.0% in 2025Q1 to 10.3% in 2026Q1, illustrating the inherent difficulty in maintaining high returns on invested capital while simultaneously funding large-scale automation and physical clinic expansion projects.
The volatility in ROIC suggests that the company's capital allocation strategy is currently in a state of flux as it pivots from pure e-commerce infrastructure to an omni-channel health model. Investors should monitor whether the recent decline in returns represents a structural decay or a temporary drag caused by the heavy upfront investment in the Chewy Vet Care initiative.
According to quarterly financial statements, the company maintains a negative cash conversion cycle, consistently reaching -7 to -12 days over the last ten quarters, which indicates a structural advantage in managing supplier payables relative to inventory turnover in its high-volume logistics network.
This negative CCC is a critical component of the company's liquidity management, effectively allowing the business to fund operations using supplier credit. However, the stability of this metric depends heavily on maintaining strong bargaining power with vendors, which may be tested if the company's growth continues to decelerate.
As evidenced by the provided balance sheet data, the current ratio has compressed to 0.78 in 2026Q1, falling below the standard threshold of 1.0 and suggesting that the company's short-term liquidity position is becoming increasingly reliant on ongoing operational cash flow to meet immediate obligations.
The decline in the quick ratio to 0.35 further highlights a reliance on inventory liquidation to satisfy short-term liabilities. While this is common in retail, the trend warrants caution as it leaves the company with a thinner margin of safety should there be a sudden disruption in consumer demand or supply chain efficiency.
The P/E ratio is frequently misapplied to this business model because it fails to account for the massive non-cash impact of share-based compensation, which consistently distorts GAAP net income and obscures the company's true underlying cash-generating capacity as a subscription-heavy e-commerce platform.
Analysts should prioritize P/FCF or EV/EBITDA over P/E to better capture the cash-flow-generative nature of the Autoship program. Relying on P/E risks underestimating the company's ability to fund its own growth, as the GAAP earnings figure is heavily suppressed by accounting charges that do not reflect the actual cash economics of the business.
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Quick answers to the most common questions about buying CHWY stock.
Chewy, Inc.'s current P/E ratio is 39.9x. The historical average is 49.4x.
Chewy, Inc.'s current EV/EBITDA is 21.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 67.2x.
Chewy, Inc.'s return on equity (ROE) is 58.7%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 14.7%.
Based on historical data, Chewy, Inc. is trading at a P/E of 39.9x. Compare with industry peers and growth rates for a complete picture.
Chewy, Inc. has 29.8% gross margin and 2.0% operating margin.
Chewy, Inc.'s Debt/EBITDA ratio is 1.5x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.