CHWY vs SE: How Chewy and Sea Limited Compare (2026)

Same yardstick, side by side (as of July 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: CHWY is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. CHWY and SE share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined CHWY and SE exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Chewy is the largest pure-play online retailer of pet products in the United States, selling pet food, treats, supplies, prescription medications, and other essentials, plus a growing set of pet-health services. The core of the model is Autoship, an auto-replenishment subscription that schedules recurring deliveries of food and supplies; Autoship accounts for roughly 83% of net sales, which gives Chewy unusually predictable, repeat-purchase revenue for a retailer. The company makes most of its money on product sales at retail-style gross margins, but it is steadily mixing in higher-margin revenue from Chewy Pharmacy, sponsored ads through its Chewy Ads retail-media network, and veterinary care. In fiscal 2025 (the year ended February 1, 2026) Chewy reported net sales of about $12.60 billion, up 6.2% (roughly 8.3% on a comparable 52-week basis), with around 21.3 million active customers and net sales per active customer near $600.

Full CHWY guide

Sea Limited is a Singapore-based technology company that operates three interconnected businesses across Southeast Asia, Taiwan, Brazil, and other markets. Shopee is its e-commerce marketplace and the largest segment by revenue. Garena is its digital entertainment arm, historically driven by the mobile hit Free Fire and the licensing and publishing of other games. Monee, the rebranded digital financial services unit formerly called SeaMoney, provides digital payments and, increasingly, consumer and seller lending. The three feed one another: Shopee generates transactions and users, Monee monetizes those users through credit, and Garena has historically funded the group with cash flow.

Full SE guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• CHWY drivers: Autoship makes the revenue sticky; Higher-margin businesses are the profit lever.
• SE drivers: Shopee e-commerce scale and monetization; Monee (SeaMoney) lending flywheel.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Chewy operates in a structurally low-margin retail business, so even with mix improvements its net margins sit in the low single digits and small cost or pricing shifts matter a lot. For SE, the dominant risk is competition on every front: Shopee faces TikTok Shop, Lazada, Temu, and others in commerce; Monee competes with regional super-apps like Grab and GoTo in fintech; and Garena competes with global gaming publishers.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick CHWY if you believe its drivers more; SE if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the CHWY and SE guides.

CHWY. Chewy is best read as a profitable but low-margin retailer that is trying to mix in higher-margin revenue, so watch the trend in gross margin and adjusted EBITDA margin more than headline sales growth. Because product sales dominate, net margins are thin (low single digits), and free cash flow is often a cleaner gauge of health than GAAP net income, which can be swung by share-based compensation and tax items. Active-customer growth and net sales per active customer show whether the base is expanding or just spending more. Since Chewy pays no dividend and reinvests in pharmacy, ads, and vet care while buying back stock, the valuation hinges on whether those higher-margin businesses scale fast enough to justify a growth multiple.

SE. Figures are approximate and tied to the asOf date; verify live numbers before acting. Sea trades on a growth-plus-profitability story, so its multiples are richer than a slow-growth internet peer but well below its own historical peaks. A P/E in the 30s prices in continued strong execution, which means disappointments in Shopee monetization, Monee credit quality, or Garena bookings can compress the multiple quickly. Analyst price targets have skewed bullish, but those views embed the assumption that the three-segment flywheel keeps working.

Headline figures (approximate, FY2025 results (year ended February 1, 2026) and Q1 FY2026 (ended May 3, 2026)): CHWY shows fy2025 net sales About $12.60 billion, up 6.2% (roughly 8.3% on a 52-week basis), fy2025 net income About $222.8 million, fy2025 adjusted ebitda About $719 million, up roughly 26%, fy2025 free cash flow Record of about $562 million; SE shows revenue (fy2025) ~$22.9 billion, up ~36% year over year, revenue (q1 2026) ~$7.1 billion, up ~47% year over year across all three segments, net income (q1 2026) ~$438 million; full-year 2025 net income was ~$1.6 billion, market cap ~$55 billion (large-cap emerging-markets internet name).

CHWY and SE are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined CHWY and SE exposure against your real portfolio. It is not an investment adviser.