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CHWY, Chewy Inc.

We are the preeminent online source for pet products, supplies and prescriptions as a result of our broad selection of high-quality products and services, which we offer at competitive prices and deliver with an exceptional level of care and a personal touch to build brand loyalty and drive repeat purchasing.

We partner with approximately 4,000 of the best and most trusted brands in the pet industry, and we create and offer our own private brands.

By leveraging our extensive supply chain infrastructure consisting of fulfillment centers located in the U.S. and Canada, we are typically able to offer our products in a localized manner with the capability to serve over 80% of the U.S. population overnight and almost 100% in two days.

Latest annual: FY2026 10-K

CHWY · Chewy Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2026

$12.6B

+6.2% YoY · 12% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $12.8B 5-yr avg $10.9B

Gross margin 30% 5-yr avg 28%

Operating margin 2.4% 5-yr avg 0.5%

Owner-earnings margin 5% 5-yr avg 3%

Free cash flow margin 5% 5-yr avg 3%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What moves the needle: Operating margin has run around −0.8% through the cycle on a 27% gross margin, the operating line deeply negative — so the lever is the path to a margin at all: revenue growth against the cost curve and the cash runway, not the level of a margin that isn't there yet. The cash cycle has run negative through the cycle (a median of −13 days): the operation is paid before it pays, so working capital releases cash as the business grows rather than tying it up. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2018–2026

realized figures from each filing · older years to the left

2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	2026’26	TTMTTMMay 2026
										Income statement
$2.1B	$3.5B	$4.8B	$7.1B	$9.0B	$10.1B	$11.1B	$11.9B	$12.6B	$12.8B	RevenueRevenue
17%	20%	24%	25%	27%	28%	28%	29%	30%	30%	Gross marginGross mgn
21%	17%	20%	20%	21%	21%	22%	22%	21%	21%	SG&A / revenueSG&A/rev
($338M)	($268M)	($253M)	($90M)	($74M)	$56M	($24M)	$113M	$254M	$306M	Operating incomeOp. inc.
−16.1%	−7.6%	−5.2%	−1.3%	−0.8%	0.6%	−0.2%	0.9%	2.0%	2.4%	Operating marginOp. mgn
($338M)	($268M)	($252M)	($92M)	($75M)	$50M	$40M	$393M	$223M	$255M	Net incomeNet inc.
—	—	—	—	—	5%	18%	—	15%	19%	Effective tax rateTax rate
										Cash flow & returns
($80M)	($13M)	$47M	$133M	$192M	$350M	$486M	$596M	$692M	$714M	Operating cash flowOp. cash
$13M	$23M	$31M	$36M	$55M	$83M	$110M	$115M	$129M	$136M	DepreciationDeprec.
$235M	$217M	$133M	$68M	$134M	$58M	$98M	($217M)	$42M	$32M	Working capital & otherWC & other
$40M	$44M	$49M	$131M	$183M	$230M	$143M	$144M	$129M	$129M	CapexCapex
1.9%	1.2%	1.0%	1.8%	2.0%	2.3%	1.3%	1.2%	1.0%	1.0%	Capex / revenueCapex/rev
($92M)	($37M)	$16M	$97M	$136M	$266M	$377M	$482M	$562M	$585M	Owner earningsOwner earn.
−4.4%	−1.0%	0.3%	1.4%	1.5%	2.6%	3.4%	4.1%	4.5%	4.6%	Owner earnings marginOE mgn
($120M)	($58M)	($2M)	$2M	$9M	$119M	$343M	$453M	$562M	$585M	Free cash flowFCF
−5.7%	−1.6%	−0.0%	0.0%	0.1%	1.2%	3.1%	3.8%	4.5%	4.6%	Free cash flow marginFCF mgn
—	—	—	$0	$0	$40M	$367K	$0	—	$0	AcquisitionsAcquis.
—	—	—	—	—	$0	$0	$943M	$263M	—	BuybacksBuybacks
—	—	—	—	—	31%	8%	150%	45%	60%	Return on equityROE
—	—	—	—	—	31%	8%	150%	45%	60%	Retained to equityRetained/eq
										Balance sheet
$69M	$88M	$212M	$563M	$603M	$679M	$1.1B	$597M	$879M	$520M	Cash & investmentsCash+inv
—	$49M	$80M	$101M	$124M	$127M	$154M	$169M	$222M	$231M	ReceivablesReceiv.
—	$221M	$318M	$513M	$560M	$678M	$719M	$837M	$865M	$1.0B	InventoryInvent.
—	$503M	$683M	$778M	$883M	$1.0B	$1.1B	$1.2B	$1.2B	$1.3B	Accounts payablePayables
—	($233M)	($285M)	($164M)	($199M)	($228M)	($232M)	($170M)	($134M)	($72M)	Operating working capitalOper. WC
—	$449M	$630M	$1.2B	$1.3B	$1.5B	$2.1B	$1.7B	$2.0B	$1.8B	Current assetsCur. assets
—	$814M	$1.1B	$1.4B	$1.6B	$1.8B	$2.1B	$2.2B	$2.3B	$2.3B	Current liabilitiesCur. liab.
—	0.6×	0.6×	0.9×	0.8×	0.8×	1.0×	0.8×	0.9×	0.8×	Current ratioCurr. ratio
—	—	—	—	$0	$39M	$39M	$39M	$39M	$113M	GoodwillGoodwill
—	$542M	$932M	$1.7B	$2.1B	$2.5B	$3.2B	$3.0B	$3.4B	$3.3B	Total assetsAssets
($69M)	($88M)	($212M)	($563M)	($603M)	($679M)	($1.1B)	($597M)	($879M)	($520M)	Net debt / (cash)Net debt
—	—	—	-41.7×	-34.0×	21.9×	-6.6×	20.4×	55.3×	68.0×	Interest coverageInt. cov.
($84M)	($336M)	($404M)	($55M)	($40M)	$160M	$510M	$262M	$498M	$424M	Shareholders’ equityEquity
0.5%	0.4%	2.8%	1.7%	0.9%	1.6%	2.1%	2.6%	2.4%	2.3%	Stock comp / revenueSBC/rev
										Per share
262M	393M	398M	407M	417M	428M	432M	431M	426M	419M	Shares out (diluted)Shares
$8.03	$8.99	$12.17	$17.55	$21.49	$23.66	$25.80	$27.52	$29.59	$30.64	Revenue / shareRev/sh
$-1.29	$-0.68	$-0.63	$-0.23	$-0.18	$0.12	$0.09	$0.91	$0.52	$0.61	EPS (diluted)EPS
$-0.35	$-0.09	$0.04	$0.24	$0.33	$0.62	$0.87	$1.12	$1.32	$1.39	Owner earnings / shareOE/sh
$-0.46	$-0.15	$-0.01	$0.00	$0.02	$0.28	$0.79	$1.05	$1.32	$1.39	Free cash flow / shareFCF/sh
$0.15	$0.11	$0.12	$0.32	$0.44	$0.54	$0.33	$0.33	$0.30	$0.31	Cap. spending / shareCapex/sh
$-0.32	$-0.85	$-1.01	$-0.13	$-0.09	$0.37	$1.18	$0.61	$1.17	$1.01	Book value / shareBVPS

The diluted share count moved ×1.5 into 2019 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	8-yr	5-yr
Revenue / share	+17.7%/yr	+11.0%/yr
Owner earnings / share	—	+40.8%/yr
Capital spending / share	+8.9%/yr	−1.1%/yr

The record, charted

FY2018–2026

Each measure over its full record; the current point and the worst year marked.

Share count

426Mpeak FY2024

Gross margin

30%low FY2018

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$562Mowner earningsvs.$223Mnet incomelow FY2018

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2020FY2026

Owner-earnings bridge

FY2022–FY2026cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2026 the business turned $223M of profit into $562M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$223M

Owner earnings$562M · 4% of revenue

	FY2026	FY2025	FY2024	FY2023	FY2022
Reported net income	$223M	$393M	$40M	$50M	($75M)
Depreciation & amortizationnon-cash charge added back	+$129M	+$115M	+$110M	+$83M	+$55M
Stock-based compensationreal costnon-cash, but a real cost	+$298M	+$306M	+$239M	+$158M	+$78M
Working capital & othertiming of cash in and out, other non-cash items	+$42M	−$217M	+$98M	+$58M	+$134M
Cash from operations	$692M	$596M	$486M	$350M	$192M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$129M	−$115M	−$110M	−$83M	−$55M
Owner earnings	$562M	$482M	$377M	$266M	$136M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	−$29M	−$34M	−$147M	−$128M
Free cash flow	$562M	$453M	$343M	$119M	$9M
Owner-earnings marginowner earnings ÷ revenue	4%	4%	3%	3%	2%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $298M), owner earnings is nearer $265M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2026 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 55.3×

Comfortable

Operating income $254M ÷ interest expense $5M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? +$879M

Net cash, debt-free

Cash $860M + ST investments $19M − debt $0

What this means
Cash and short-term investments exceed every dollar of debt by $879M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? -8d

Negative, funded by others

DSO 6 + DIO 36 − DPO 50 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. A negative cycle is a quiet moat: suppliers and customers fund the operation (Buffett's “float”), the company grows on other people's money.

Is it a good business?

Return on invested capital —

Not enough data

Industry peers: median 23%

What this means
The filing data didn't include the inputs for this check.
Owner-earnings margin 4%

Thin, recently turned positive

latest $562M = operating cash $692M − maintenance capex $129M; positive each of the last 3 years, after an earlier loss stretch (9-yr median 2%)

Industry peers: median 3%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 4% of revenue this year, a 2% median across 9 years. Treating stock comp as the real expense it is (less $298M of SBC) leaves $265M.
Are earnings backed by cash? 3.10×

Cash-backed

Cash from ops $692M ÷ net income $223M

In the filing’s words The filing leans on adjusted, non-GAAP earnings, but the GAAP profit is itself cash-backed — the adjustments are not papering over a cash shortfall here.

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 47%

Returns about half

Dividends + buybacks $263M ÷ Owner Earnings $562M

What this means
Of $562M Owner Earnings, $263M (47%) went back to shareholders, $0 dividends, $263M buybacks. But the buybacks barely exceed stock issued to employees ($298M SBC), net of dilution, little was truly returned. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 1.00×

Maintaining

Capex $129M ÷ depreciation $129M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 1 of 4 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $12.6B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 0.88×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Earnings stability Miss

A profit every year (9-yr record) · 5 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.53/share (latest year $0.54), the averaged base the calculator's gate runs on, and book value is $1.20/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2018–2026

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 4 of 9

What this means
Lost money in 5 year(s), look at what happened there before trusting the average.
Operating margin −10% → 1% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about −10% early to 1% lately, median −1% — pricing power intact or improving.
Worst year 2018 · −16.1% op. margin

What this means
Operations went underwater in 2018, understand why before trusting the good years.
Share count +6.2%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.
How management talks about it Owner’s terms

What this means
The record and the register agree: capital is compounding and the filing reasons in an owner’s terms — per-share value, return on capital, the long term — not a promoter’s.

Does AI threaten the moat?

Moderate contestability

AI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.

In its own filing A competitive risk, new this year

Its FY2026 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.

“As our competitors develop and expand their strategic use of AI, our operations and profitability could be adversely impacted if we fail to utilize those technologies.”

The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, May 3, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$1.8B

Cash & short-term investments$520M
Receivables$231M
Inventory$1.0B
Other current assets$79M

Current liabilities$2.3B

Accounts payable$1.3B
Other current liabilities$1.0B

Current ratio0.78×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.35×stricter: inventory excluded

Cash ratio0.22×strictest: cash alone against what's due

Working capital($506M)the cushion left after near-term bills

Its current ratio is below 1, which usually reads as strain; here it is likely structural strength. This business collects from customers before it pays suppliers (a negative cash-conversion cycle), so the balance sheet is funded by that float, the way Costco's and Amazon's are. The low ratio can be the edge, not the risk; the cash-conversion cycle and the debt due above say which.

Revenue, latest quarter vs. a year ago+7.7%the freshest read on whether the business is still growing

Current ratio, recent quarters0.9× → 0.8×

Deeper floors

Tangible book value$223Mequity stripped of goodwill & intangibles

Net current asset value($1.0B)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$523M$523M of it operating leases; with finance leases, “total fixed claims” below reaches $557M (annual-report basis)

Deferred revenue$61Mcustomer cash collected before delivery; operating float

From the company's latest filing.

Lease obligations

the lease note, SEC EDGAR →

Debt by another name. What the business owes on the property, aircraft, stores and equipment it rents rather than owns is a fixed claim due on a schedule; added back to the debt, it is the true leverage. That ladder, and what it adds to the debt on the page above.

'26$79M

'27$81M

'28$82M

'29$82M

'30$78M

later$437M

Lease payments by year, scaled to the largest; “later” is everything beyond year five, shown apart. These are the contractual cash payments, before the interest the filing imputes back out to the balance-sheet liability.

Due in the next 12 months$79Ma fixed cash payment, owed whether or not the business has a good year

Total lease payments$838Mevery year plus the tail, undiscounted: the full cash the leases will take

On the balance sheet$557Mthe present value of those payments, the recognised lease liability

True leverage: debt plus leases

On-balance-sheet debt$0

Lease obligations (present value)$557M

Total fixed claims on the business$557M

Counting the leases the way Buffett does, the fixed claims on this business come to $557M, of which the leases are 100%, more than the debt itself. The lease wall above and the debt schedule together are the calendar of what must be paid, and when.

Lease ladder read from the ASC 842 tags in the company’s Feb 1, 2026 annual report and reconciled: the yearly buckets sum to the undiscounted total, which less the imputed interest equals the balance-sheet liability; a ladder that doesn’t tie out is withheld.

How the cash was used, 2018–2026

Over the record, the business generated $2.4B of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$1.1B · 46%
Buybacks$1.2B · 50%
Retained (debt / cash)$103M · 4%

Returned to owners$1.2B
67% of the owner earnings the business produced over the span, $0 as dividends and $1.2B as buybacks.
Average price paid for buybacks—
Buybacks ran $1.2B over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count59.8%
The diluted count rose from 262M to 419M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2022	Mr. Singh	$12.5M	−$85.8M	$136M
2023	Mr. Singh	$2.5M	−$2.6M	$266M
2024	Mr. Singh	$35.2M	$32.6M	$377M
2025	Mr. Singh	$29.7M	$80.5M	$482M
2026	Mr. Singh	$25.7M	$13.9M	$562M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership<1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
CEO pay ratio579:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$298M
The slice of the business handed to employees in shares this year, 2% of revenue, equal to 117% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

What an owner would ask, FY2026

read the 10-K →

Which reported numbers are a judgment call?
Management names Income taxes as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, E-Commerce & Marketplaces

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
CPNGCoupang Inc.	$34.5B	23%	-0.5%	—	2%
CDWCDW Corp.	$22.4B	17%	6.6%	17%	5%
DKSDick's Sporting Goods	$17.2B	32%	7.1%	28%	6%
CHWYChewy Inc.	$12.6B	27%	-0.8%	—	2%
WWayfair	$12.5B	28%	-5.4%	—	1%
ULTAUlta Beauty Inc.	$12.4B	38%	13.4%	48%	10%
NSITInsight Enterprises	$8.2B	15%	3.4%	13%	2%
PTRNPattern Group Inc. Series A	$2.5B	44%	3.9%	—	3%
Group median	—	27%	3.6%	—	3%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Chewy Inc. has delivered.

Chewy Inc.’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Chewy Inc. earns about $192M on its 1.5% median owner-earnings margin. This year’s 4.5% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($192M) Net of stock comp (−$290M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’22→’26+27%/yr

Owner-earnings growth · since FY2021+209%/yr

Owner-earnings yield—

P/E (3-yr earnings ’24–’26)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $585M on 414M shares outstanding (a weighted basic average, the only count this filer tags); net cash $520M. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh CHWY against another business →

The owners of CHWY: the meeting and the votes →

Cite: Owner Scorecard, "Chewy Inc. (CHWY), the owner's record," https://ownerscorecard.com/c/CHWY, data as of 2026-07-09.

Manual order: ← CHTR its page in the Manual CHYM →

Industry order: ← CARG the E-Commerce & Marketplaces chapter CPNG →