普通外文研报

FQ1:26 Preview - Inline and Lower; Bar Is Low

发布日期: 2026-06-09研究机构: Wolfe Research公司 / 股票: CHWY.N报告页数: 8原文语言: 英语证据页码: 1

研报英文原文证据摘录

Global Internet

ECommerce - Market Overweight

CHEWY INC. (CHWY) June 9, 2026

FQ1:26 Preview - Inline and Lower; Bar Is Low Rating:

Outperform

The Wolfe Byte Price: $20.64

While we expect a guide down, we believe expectations have been revised down Price Target:

and well-socialized. We expect Q1 Revenue and EBITDA to be in-line with the $39

Street, and Q2/FY'26 guide lowered 1-2 ppts, EBITDA margin reiterated. We % Upside:

89.0%remained buyers with 6-12 month outlook.

View CHWY Model

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CHWY will report FQ1 results on Wednesday, June 10th before market open. Company Information

Chewy has come in above the high-end of its revenue guide for 10 of the past 52-Week Range $20 - $48

12 quarters. CHWY shares have underperformed the S&P 500 by 34-pts since the Market Cap. (MM) $4,799 Enterprise Value (MM) $8,467

company’s last EPS print on March 25th, and sentiment skews negative into the print. Shares Out. (MM) 232.5

Avg. Value Traded (MM) $126.85

WR and Street estimates imply Q1 Revenue growth of +7.6%/7.5% Y/Y and EBITDA Price to Earnings 30x

margin of 7.2% (+105bps Y/Y). For FY'26 guide, we expect 50 bps impact from SI% of Float 11.3%

FCF Yield 3.9%

Modern animal included in the revised guide and 1-2 ppt downside risk. We believe EV/ EBITDA 18.9x

it's largely driven by macro and pet category headwinds, and potentially some FCF/ Share $1.03

from competition.

That said, at 17x EPS and 7x EBITDA on '27 estimates, we think CHWY shares 45

40largely reflect the downside risk. It's largely a non-discretionary business model,

stable topline growth, margin expansion, and a category leader. 35