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Chewy, Inc. key statistics and ratios

In fiscal 2026, Chewy, Inc. had return on equity of 58.7%, an operating margin of 2.0%, debt equal to 0.0% of equity and a current ratio of 0.88. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2018Jan 20182019Feb 20192020Feb 20202021Jan 20212022Jan 20222023Jan 20232024Jan 20242025Feb 20252026Feb 2026LTMAug 2026
Gross margin17.5%20.2%23.6%25.5%26.6%28.0%28.4%29.2%29.8%29.9%
Operating margin−16.1%−7.6%−5.2%−1.3%−0.8%0.6%−0.2%0.9%2.0%2.5%
Net margin−16.1%−7.6%−5.2%−1.3%−0.8%0.5%0.4%3.3%1.8%2.1%
Free-cash-flow margin−5.7%−1.6%−0.0%0.0%0.1%1.2%3.1%3.8%4.5%4.3%
Return on equity—————82.7%11.8%101.8%58.7%63.0%
Return on assets—−49.5%−34.2%−6.9%−3.9%2.2%1.4%12.7%7.0%7.7%
Asset turnover—6.526.585.354.694.393.913.833.953.68
Current ratio—0.550.570.890.800.831.000.750.880.84
Debt to equity————————0.0%161.9%
Interest cover (operating income ÷ interest)———n/mn/m21.9xn/m20.4x55.3x28.5x
Effective tax rate—————5.0%18.0%—15.4%22.8%
SG&A as % of revenue21.5%16.7%20.0%19.6%20.5%21.0%21.9%21.5%21.2%20.9%
Capital spending as % of revenue1.9%1.3%1.0%1.8%2.0%2.3%1.3%1.2%1.0%1.1%
Free cash flow ÷ net income—————239.4%865.9%115.2%252.4%207.6%
Dividends and buybacks ÷ free cash flow—————0.0%0.0%208.4%46.7%89.8%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 6 checks passed · August 2, 2026
What it owns · $3.7bn
Short-term assets $1.8bnLonger-term assets $1.9bn
What it owes, and who funded it · $3.7bn
Short-term liabilities $2.2bnLonger-term liabilities $1.2bnShareholders' equity $371m
  • Short-term assets cover short-term liabilities $1.8bn of assets due within a year against $2.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.8bn short-term assets against $1.2bn of longer-dated liabilities.
  • More cash than debt $611m of cash against $592m of debt.
  • Debt below 40% of shareholders' equity Debt is 160% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $717m of operating cash flow against $592m of debt.
  • Operating profit covers interest at least five times over Operating income of $328m against $12m of interest.

From Chewy, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

28 /100

Weak moat

How hard Chewy's competitive advantage looks for rivals to wear away, judged from 8 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 1.2% of total assets over 8 years.

  • Pricing power 10 / 20

    Gross margin has been a median 27.7%, moving by 2.6 percentage points (standard deviation) across 8 years.

  • Durability 0 / 20

    Operating margin has been a median 0.2%; its worst year was -6.1%.

  • Cash conversion 7 / 20

    Free cash flow was positive in 5 of 8 years, at a median 2.4% of revenue.

  • Discipline 16 / 20

    The diluted share count rose 0.7% over five years; stock-based pay has been a median 2.1% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (33 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: CHWY vs ULTACHWY vs TSCOCHWY vs DKS

More: Other Specialty Retail stocks compared, Consumer Discretionary sector, rankings of US companies

Figures from Chewy, Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Chewy, Inc.