F10 — External Benchmarks
What Real Operators Earn Per Customer
This page answersAre PawPals' modelled per-user economics plausible against reported public-company results?
Assumptions are shared across every financial page — change one, all outputs recalculate.
115–116 — Chewy
Reported customer economics
Autoship share of net sales
Autoship sales ÷ net sales
117 — Recurring revenue
Why the recurring share matters more than the top line
Recurring share comparison
VERIFIED — reported
DERIVED from reported segments
MODEL OUTPUT — current scenario
Per-customer value, like for like
MODEL OUTPUT| Measure | Chewy | PawPals modelled |
|---|---|---|
| Revenue per active customer | US$591 | US$38 |
| Business model | Owned inventory retail | Asset-light marketplace |
| Gross margin character | Retail (~29%) | 78% modelled |
| Gross profit per customer | US$171 | US$29 |
Revenue per customer is not comparable across models; gross profit per customer is the fairer line.
Petco
Services as the margin story
Petco annual net sales
Petco Health and Wellness Company / SEC EDGAR · FY2025 · accessed 2026-08-12Petco services and other revenue
Petco Health and Wellness Company / SEC EDGAR · FY2025 · accessed 2026-08-12Services share of Petco sales
Chewy and Petco are retailers with inventory, stores and fulfilment. They are used here as benchmarks for customer value and recurring mix only — not as comparable business models or valuation comparables.
Investor implication
Chewy proves that a pet customer will produce US$591 of annual revenue, and that roughly 83% of it can be made recurring. PawPals' modelled ARPU of US$38 is a small fraction of that — which is the correct posture for an asset-light platform that never holds inventory.