Chewy Is Down 23% in 2026. Is This a Once-in-a-Lifetime Buying Opportunity?
Why it matters: A steep discount meets a lofty valuation—investors must weigh growth risk against a tempting price dip.
- Chewy added 4.9% more active customers (21.2 M) and lifted sales per customer 55% to $595, while recurring‑delivery revenue hit $2.6 B.
- Market sees the S&P 500 down 1% after the Iran conflict, with Chewy’s shares sliding 23% YTD amid broader volatility.
- Valuation shows Chewy’s P/E at 52 (down from 68) still far above the S&P average of 29, indicating the market demands strong future growth.
Chewy’s stock has tumbled 23% this year while revenue growth steadies at 8.3% and recurring delivery sales rise 13.6%. Yet its P/E of 52—well above the S&P’s 29—signals lofty growth expectations, making the dip a risky bargain rather than a golden ticket.
