Chewy
CHWY Consumer Cyclical Internet Retail
Chewy’s revenue for fiscal 2026 (year ended January 2026) was $12.6 billion, up 6.24% from fiscal 2025. In the quarter to July 2026, revenue grew 7.28%, EPS grew 33.3% and free cash flow fell 15.5%, each against the same quarter a year earlier. Revenue growth for ten consecutive years, operating cash flow growth for five.
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Chewy (CHWY) Beneish M-score
Chewy's Beneish M-score for fiscal 2026 is −2.90; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −2.90 | (0.34) |
| FY2025 | −2.56 | 0.45 |
| FY2024 | −3.01 | (0.02) |
| FY2023 | −2.99 | (0.14) |
| FY2022 | −2.85 | (0.13) |
| FY2021 | −2.72 | (30.93) |
| FY2020 | 28.21 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.24 | — | 1.14 | |
| Gross margin index | 0.98 | — | 0.52 | |
| Asset quality index | 0.88 | — | 0.36 | |
| Sales growth index | 1.06 | — | 0.95 | |
| Depreciation index | 0.89 | — | 0.10 | |
| SG&A index | 0.98 | — | −0.17 | |
| Total accruals to total assets | (0.14) | — | −0.65 | |
| Leverage index | 0.93 | — | −0.31 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.90 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| W Wayfair Inc. compare | −3.8× |
| ETSY Etsy, Inc. compare | −3.4× |
| CART Maplebear Inc. compare | −3.1× |
| OZON Ozon Holdings PLC Sponsored ADR compare | −3.0× |
| CPNG Coupang, Inc. compare | −2.9× |
| GLBE Global-e Online Ltd. compare | −2.9× |
| CHWY Chewy | −2.9× |
| VIPS Vipshop Holdings Limited compare | −2.5× |
| JD JD.com, Inc. compare | −2.4× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI