# Chewy, Inc. (CHWY)

> Source: Nexqual · https://nexqual.com/CHWY · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Chewy, Inc. (CHWY), nexqual.com/CHWY" · informational, not investment advice.

**Price:** USD 22.33 (+4.69% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 21.33 · day 21.23–22.38 · 52w 17.4–37.34 · market cap $8.98B · NYQ

## Key facts
- Last four reported quarters (through Aug 2, 2026): revenue $13.1B, net income $274M (2.1% margin), free cash flow $568M (SEC filings).
- Valuation: P/E 32.8x (avg 95.9x at the last 3 fiscal year-ends), EV/EBITDA 20.1x, net cash $20.5M.
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $4.0M; 2 not under a Rule 10b5-1 plan ($301K); 0 by opportunistic insiders, 2 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.04 on a 1–5 scale) (26 analysts), mean target USD 28.64 (range 21–36).
- Total return with dividends: 1Y -38.4% vs S&P 500 +14.9%; 5Y -65.9% vs S&P 500 +80.3%.
- Next earnings: 2026-12-09, EPS estimate USD 0.38, revenue estimate $3.34B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $8.97B | $10.1B | $11.1B | $11.9B | $12.6B | $13.1B |
| Gross profit | $2.39B | $2.83B | $3.16B | $3.47B | $3.75B | — |
| Operating income | -$73.6M | $56.4M | -$23.6M | $113M | $254M | $328M |
| Net income | -$75.2M | $49.9M | $39.6M | $393M | $223M | $274M |
| EPS (diluted) | -$0.18 | $0.12 | $0.09 | $0.91 | $0.52 | — |
| Free cash flow | $8.6M | $119M | $343M | $453M | $562M | $568M |
| Gross margin | 26.6% | 28.0% | 28.4% | 29.2% | 29.8% | — |
| Operating margin | -0.8% | 0.6% | -0.2% | 0.9% | 2.0% | 2.5% |
| Net margin | -0.8% | 0.5% | 0.4% | 3.3% | 1.8% | 2.1% |
| Revenue growth | +25.5% | +12.8% | +10.2% | +6.4% | +6.2% | — |
| Cash + short-term investments | $603M | $679M | $1.13B | $597M | $879M | — |
| Total debt | — | — | — | — | $0K | — |
Fiscal years end Feb. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 2, 2026)
P/E 32.8x · P/S 0.7x · EV/EBITDA 20.1x · EV/Sales 0.7x · P/FCF 15.8x · P/B 24.2x · FCF yield 6.33% · Earnings yield 3.05% · Buyback yield (TTM) 5.68% · Net cash $20.5M · EV $8.95B
P/E at fiscal year-ends: Feb 2026 52.4x, Feb 2025 40.9x, Jan 2024 194.4x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
3 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-15 | Billings William G. | Chief Accounting Officer | 17,283 | $363K | 30.3% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-03 | Singh Sumit | Chief Executive Officer | 49,477 | $1.1M | 4.7% | Yes (adopted January 16, 2026) | Routine (sold in Mar & Aug each year 2023–2025) |
| 2026-06-29 | Hu Da-Wai | General Counsel & Secretary | 4,203 | $82K | 100% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-04 | Singh Sumit | Chief Executive Officer | 87,526 | $2.2M | 8.1% | Yes (adopted January 16, 2026) | Routine (sold in Mar & Aug each year 2023–2025; this trade is outside those months) |
| 2026-04-01 | Hu Da-Wai | General Counsel & Secretary | 8,149 | $219K | 100% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.04 on a 1–5 scale), 26 analysts; mean target USD 28.64 (low 21, high 36).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-29 | Mizuho | Target lowered | Outperform | $32 → $28 |
| 2026-09-11 | Goldman Sachs | Target lowered | Buy | $34 → $30 |
| 2026-09-11 | JP Morgan | Downgrade | Overweight → Neutral | $29 → $24 |
| 2026-09-10 | Morgan Stanley | Target lowered | Overweight | $37 → $36 |
| 2026-09-10 | RBC Capital | Target lowered | Outperform | $34 → $31 |
| 2026-09-10 | TD Cowen | Target lowered | Buy | $34 → $32 |
| 2026-09-10 | Citizens | Reiterated | Market Outperform | $28 |
| 2026-09-10 | Rosenblatt | Target lowered | Neutral | $25 → $24 |
| 2026-09-10 | Baird | Target lowered | Outperform | $30 → $28 |
| 2026-09-10 | Needham | Reiterated | Hold |  |
| 2026-09-10 | Evercore ISI Group | Downgrade | Outperform → In-Line | $25 |
| 2026-09-04 | Raymond James | Target raised | Outperform | $25 → $28 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -38.4% | -65.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -38.5% | -19.3% |
| Volatility (annualized) | 47.1% | 58.9% |
| Max drawdown | -51.7% (Oct 2025→Jun 2026) | -79.9% (Nov 2021→May 2024) |

## Peers (Internet Retail)
ETSY (Etsy, Inc.) USD 90.82 +4.12% · GLBE (Global-E Online Ltd.) USD 41.33 +0.46% · CART (Maplebear Inc.) USD 51.68 +2.72% · VIPS (Vipshop Holdings Limited) USD 12.77 +1.43% · W (Wayfair Inc.) USD 113.49 +0.16% · CPNG (Coupang, Inc.) USD 13.99 +0.87%

## More
Full page: https://nexqual.com/CHWY · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CHWY's own 10-K filed 2026-03-25 (https://www.sec.gov/Archives/edgar/data/1766502/000176650226000034/chwy-20260201.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Related party | Amazon (AMZN) | "Prior to Amazon, Mr. Singh served in senior management positions at Dell Technologies, Inc. Mr. Singh has served on the board of directors of Booking Holdings Inc. since April 2022." |
| Related party | Dell Technologies (DELL) | "Prior to Amazon, Mr. Singh served in senior management positions at Dell Technologies, Inc. Mr. Singh has served on the board of directors of Booking Holdings Inc. since April 2022." |
| Related party | Booking Holdings (BKNG) | "Prior to Amazon, Mr. Singh served in senior management positions at Dell Technologies, Inc. Mr. Singh has served on the board of directors of Booking Holdings Inc. since April 2022." |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $0.38 | $0.38 | -0.1% | $3.34B | 15 |
| Next quarter (ends 2027-01-31) | $0.36 | $0.35 | +0.6% | $3.49B | 16 |
| Current fiscal year (ends 2027-01-31) | $1.54 | $1.53 | +0.9% | $13.52B | 17 |
| Next fiscal year (ends 2028-01-31) | $1.87 | $1.84 | +1.7% | $14.44B | 18 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-12-18 (includes earnings 2026-12-09): ±17.8%; earnings reaction alone ±6.8%; last 8 reports averaged ±8.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 50.4% | ±6.1% |
| 2026-11-06 | 14 | 49.6% | ±8.2% |
| 2026-11-13 | 21 | 46.5% | ±9.2% |
| 2026-11-20 | 28 | 50.1% | ±11.4% |
| 2026-11-27 | 35 | 46.9% | ±11.8% |
| 2026-12-04 | 42 | 52.0% | ±14.4% |
| 2026-12-18 | 56 | 55.8% | ±17.8% |
| 2027-01-15 | 84 | 53.7% | ±20.8% |