Chewy vs Ulta Beauty
Chewy reported revenue of $12.6 billion in fiscal 2025, about the same as Ulta Beauty's $12.4 billion in fiscal 2025. Chewy's revenue grew 6.2% in its latest year, and Ulta Beauty's grew 9.7%. Chewy had an operating margin of 2.0%, against 12.4% at Ulta Beauty. Free cash flow was $562 million at Chewy and $1.1 billion at Ulta Beauty. Their fiscal years end in different months (February 1 and January 31), so the periods don't line up exactly.
Side by side
| Chewy | Ulta Beauty | |
|---|---|---|
| Latest fiscal year | FY2025, Feb 1, 2026 | FY2025, Jan 31, 2026 |
| Revenue | $12.6B | $12.4B |
| Revenue growth | 6.2% | 9.7% |
| Revenue growth a year, last 5 years | 12.0% | 15.0% |
| Gross margin | 29.8% | 39.1% |
| Operating margin | 2.0% | 12.4% |
| Net margin | 1.8% | 9.3% |
| Free cash flow | $562M | $1.1B |
| Free cash flow margin | 4.5% | 8.6% |
| Return on capital | — | 55.8% |
| Net debt to EBITDA | −2.3x | −0.2x |
| Dividends and buybacks | $262M | $901M |
| Change in diluted share count | −1.2% | −5.1% |
| Last close | $21.90 | $625.33 |
| P/E at the last close | 33.2× | 22.8× |
| Insider trades, last 12 months | sold $7.3 million | sold $1.8 million |
| Piotroski F-score | 7 of 9 | 6 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
ChewyUlta Beauty
Operating margin
Percent of revenue
ChewyUlta Beauty
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
ChewyUlta Beauty
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Chewy and Ulta Beauty pages.