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• If you are wondering whether Chewy’s current share price still lines up with its long term potential, the key question is what the market is really paying for today.

• The stock last closed at US$27.52, with a 9.2% return over 7 days and 17.8% over 30 days, set against a 17.8% decline year to date, a 21.9% decline over 1 year and a 65.9% decline over 5 years.

• These recent moves sit alongside a longer record that includes a 16.3% decline over 3 years. This helps frame how sentiment has shifted over time. For anyone watching Chewy, the contrast between short term gains and longer term declines is central to judging…