Chewy: Q2 Faces A Much Lower Bar, And I'm Bullish
Chewy's Q2 hinges on stabilizing sales, active-customer growth and NSPAC after its forward EBITDA multiple fell from roughly 24x to 10.8x.
Bernard Zambonin 1 clickNYSE
Chewy, Inc.
CHWY
2 stories
$8.4B Market cap · 2026-10-15
Bernard Zambonin 1 clickBrian McGough on X
A few weeks back, I said something to the effect of "who could be stupid enough to short $CHWY at $25." Lo and behold, the stock is now ticking at $17.50. My statement was wrong. We're not Long CHWY -- yet -- but this company has a solid moat in a duopoly with $AMZN and it's kind of mind numbing to see it trade at 6.8x EBITDA. Valuation is not a catalyst, but we're definitely doing the deep dive on whether going all in on CHWY sub $20 is the right call. Over a TAIL duration, I don't see how you lose. But over TREND, not so sure. Stay tuned...
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