Chewy, Inc. (CHWY) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-14.9%

$19.08

vs $22.41 price

Levered DCF

$32.77

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

4.87

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	53.57×	41.01×	211.28×	360.5×	-264.5×	-441.04×	-44.76×	-51.46×
P/B	23.61×	61.45×	16.4×	114×	1,347.97×	-20,613.99×	-28.02×	-40.93×
P/S	0.93×	1.35×	0.75×	1.81×	2.22×	5.78×	2.34×	3.89×
EV / EBITDA	28.74×	58.79×	51.34×	132.87×	-1,109.84×	-749.55×	-50.91×	-55.87×
Gross margin	29.8%	29.2%	28.4%	28.0%	26.6%	25.5%	23.6%	20.2%
Operating margin	2.0%	0.9%	-0.2%	0.6%	-0.8%	-1.3%	-5.2%	-7.6%
Net margin	1.8%	3.3%	0.4%	0.5%	-0.8%	-1.3%	-5.2%	-7.6%
Current ratio	0.88×	0.75×	1×	0.83×	0.8×	0.89×	0.57×	0.55×
Debt / equity	1.04×	1.92×	1.03×	2.94×	27.83×	-163.79×	-0.5×	0×
Interest coverage	55.28×	20.4×	-6.6×	21.91×	-34×	-44.74×	0×	-1,479.37×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	44.7%	150.2%	7.8%	31.1%	-510.4%	4615.1%	62.5%	79.7%
Return on invested capital	20.2%	13.9%	-1.8%	7.7%	-16.7%	-25.1%	150.2%	98.3%
Return on assets	6.6%	13.0%	1.2%	2.0%	-3.6%	-5.3%	-27.1%	-49.5%
Free cash flow yield	4.8%	2.8%	4.1%	0.7%	0.0%	0.0%	-0.0%	-0.4%
Earnings yield	1.9%	2.4%	0.5%	0.3%	-0.4%	-0.2%	-2.2%	-1.9%
Enterprise value	$11.4B	$16B	$8.3B	$18.4B	$19.7B	$41.1B	$11.3B	$13.7B
Net debt / EBITDA	-0.86×	-0.34×	-0.46×	1.01×	10.88×	4.29×	0.05×	0.36×
Cash conversion cycle (days)	-8	-10	-13	-13	-13	-13	-30	-23