Chewy Inc

CHWY: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Chewy: Strategic Pivot to High-Margin Pet Healthcare Reinforces Narrow Moat; Shares Undervalued

Brett Husslein

Jun 23, 2026

Chewy is expanding beyond online pet retail into a more integrated pet healthcare ecosystem. Its 21 million active customers and autoship program (accounting for 83% of sales) provide a foundation through which it can pursue higher-margin pharmacy, specialty diet, and veterinary services sales.

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Chewy Inc

Chewy: Strategic Pivot to High-Margin Pet Healthcare Reinforces Narrow Moat; Shares Undervalued

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