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PETS

PetMed Express, Inc.

PETS

PetMed Express, Inc. • NASDAQ
$1.75 ▼ -1.13% (-0.02)
Market Cap $36.04 M
52w High $6.85
52w Low $1.59
Dividend Yield 0%
P/E -5.83
Volume 69.87K
Outstanding Shares 20.60M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $46.466M ▼ $24.966M ▲ $-11.644M ▼ -25.059% ▼ $-0.56 ▼ $-2.746M ▼
Q3-2025 $52.984M ▼ $15.359M ▼ $-707K ▼ -1.334% ▼ $-0.034 ▼ $1.136M ▼
Q2-2025 $59.57M ▼ $16.757M ▲ $2.326M ▼ 3.905% ▼ $0.11 ▼ $2.212M ▼
Q1-2025 $67.952M ▲ $11.864M ▼ $3.754M ▲ 5.524% ▲ $0.18 ▲ $6.107M ▲
Q4-2024 $66.504M $22.012M $-5.016M -7.542% $-0.25 $-1.94M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $54.72M ▲ $148.7M ▲ $63.566M ▲ $85.134M ▼
Q3-2025 $50.101M ▼ $144.795M ▼ $48.611M ▼ $96.184M ▼
Q2-2025 $52.045M ▲ $146.034M ▼ $49.6M ▼ $96.434M ▲
Q1-2025 $45.992M ▼ $152.714M ▼ $59.183M ▼ $93.531M ▼
Q4-2024 $55.296M $175.093M $78.362M $96.731M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $-11.644M ▼ $7.012M ▲ $-2.388M ▼ $-5K ▼ $4.619M ▲ $4.624M ▲
Q3-2025 $-707K ▼ $-1.166M ▼ $-777K ▲ $-1K ▲ $-1.944M ▼ $-1.943M ▼
Q2-2025 $2.326M ▼ $7.389M ▲ $-1.265M ▼ $-71K ▲ $6.053M ▲ $6.124M ▲
Q1-2025 $3.754M ▲ $-8.517M ▼ $-683K ▲ $-104K ▼ $-9.304M ▼ $-9.2M ▼
Q4-2024 $-5.016M $7.126M $-1.251M $-18K $5.856M $5.875M

Five-Year Company Overview

Income Statement

Income Statement Revenue has drifted down from earlier years and has been choppy more recently, suggesting the core business is no longer growing and may be losing some share in a tougher market. Profitability has weakened noticeably: operating profit that used to be comfortably positive has slipped toward break-even and then into small losses. Net income has also turned negative, with earnings per share moving from solidly profitable a few years ago to losses in the most recent periods. This points to margin pressure from competition, higher costs, and likely spending on the company’s strategic shift and acquisitions. The income statement tells a story of a business in transition that has not yet converted its new strategy into stable growth or reliable profits.

Balance Sheet

Balance Sheet The balance sheet looks conservative but less robust than before. The company carries no debt, which reduces financial risk and gives flexibility. However, cash levels have been trending down from earlier highs, and total assets and equity have edged lower from their peak, implying that the financial cushion is slowly being drawn down to support operations and investment. Equity is still positive and meaningful, but the direction is one of gradual erosion rather than build-up, which underscores the need for the new strategy to restore earnings strength over time.

Cash Flow

Cash Flow Cash generation used to be a clear strength, with solid operating cash flow and free cash flow and only modest spending on capital needs. In the last two years, however, operating cash flow has faded toward zero, and free cash flow has followed the same pattern. This suggests that the business is no longer consistently throwing off excess cash and is instead running close to cash break-even. Capital spending remains low, so the issue is not heavy investment in physical assets, but rather that underlying profitability and working capital dynamics are no longer as favorable. Sustained improvement in cash flow will be an important marker of whether the turnaround is taking hold.

Competitive Edge

Competitive Edge PetMed Express once benefited from being an early mover in online pet medications, but that edge has narrowed as larger and more diversified players, like major online retailers and pet specialists, have entered and scaled up. The market now has many options for pet owners, including vets, brick-and-mortar chains, and well-funded e-commerce rivals with strong subscription and logistics capabilities. Barriers to entry are not high, and reliance on secondary vendors can pressure pricing. The PetCareRx acquisition, broader product range, and telehealth partnership are attempts to rebuild differentiation by offering a fuller pet wellness solution rather than just prescriptions. The competitive position today looks challenged, but with potential to improve if the company can integrate its offerings and build a stickier, service-led relationship with customers.

Innovation and R&D

Innovation and R&D The company is clearly leaning into innovation as a way out of its competitive squeeze. It has upgraded its digital leadership, invested in a more modern subscription and membership platform, and partnered with a telehealth provider to link virtual vet visits directly to medication sales. The PetCareRx acquisition meaningfully widens the product catalog into food, treats, and wellness items, which supports a broader “pet health and lifestyle” positioning. These moves are strategically sensible for building recurring revenue and loyalty, but they carry real execution risk: integrating technology, inventory, logistics, and customer experience is complex, and the recent leadership turnover at the top adds uncertainty around consistency and speed of execution. The innovation pipeline is active; the open question is how quickly it can translate into durable revenue and profit gains.

Summary

PetMed Express is in the middle of a strategic overhaul, moving from a relatively narrow online pharmacy toward a more complete pet wellness platform with subscriptions, telehealth, and a much wider product range. Financially, the company has shifted from steady profits and cash generation to modest losses and weak cash flow, even as it maintains a debt-free balance sheet. This signals that the legacy model is under pressure and the new model is still in the investment and integration phase. Competitively, the company faces strong, well-resourced rivals and a crowded market, but it is using partnerships, acquisitions, and digital upgrades to try to rebuild a moat around service, convenience, and breadth of offering. The key swing factors over the next few years will be: restoring consistent profitability, rebuilding cash generation, successfully integrating PetCareRx and telehealth into a unified experience, and stabilizing leadership to execute the strategy. For now, PETS looks like a turnaround and reinvention story rather than a mature, steady-state business.

NEWS

November 28, 2025 · 3:03 PM UTC

INVESTIGATION ALERT: Edelson Lechtzin LLP Announces Investigation of PetMed Express, Inc. (NASDAQ: PETS) and Encourages Investors with Substantial Losses to Contact the Firm

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November 26, 2025 · 4:05 PM UTC

PetMeds Extends Existing Shareholder Rights Plan

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November 20, 2025 · 10:00 AM UTC

INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of PetMed Express, Inc. - PETS

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November 13, 2025 · 8:00 AM UTC

PetMed Express, Inc. Announces Preliminary Second Quarter Results and Filing of Form 12b-25; Company Receives Expected Notice of Non-Compliance from Nasdaq

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November 1, 2025 · 10:44 AM UTC

PETMED EXPRESS INVESTIGATION: Bragar Eagel & Squire, P.C. Reminds PetMed Express Investors of the Ongoing Investigation on Behalf of Stockholders

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