Petmed Express Inc Financials
This page shows Petmed Express Inc (PETS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Stable gross margins but shrinking scale and a thinner cash cushion show overhead, not merchandise economics, has driven losses.
From FY2023 to FY2025, gross margin stayed broadly intact while cash fell from$104.1M to$54.7M , which points away from worsening product economics and toward weaker scale plus a cost base that no longer shrinks fast enough with sales. By FY2025, the dividend was essentially gone, and that financing reset is why cash held near$54.7M even with free cash flow still slightly negative at-$395K .
The move from profit in FY2023 to losses in FY2024 and FY2025 looks like a cost-absorption problem more than a margin problem. Selling and administrative expense jumped to
FY2025 still showed better operating cash than accounting earnings: a net loss of
Financial Health Signals
Scored against emerging companies for FY2026. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Petmed Express Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Petmed Express Inc scores 0.36, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($43.8M) relative to total liabilities ($52.3M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Petmed Express Inc passes 2 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Petmed Express Inc generates $0.50 in operating cash flow (-$28.4M OCF vs -$57.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Petmed Express Inc generated $179.0M in revenue in fiscal year 2026. This represents a decrease of 21.1% from the prior year.
Petmed Express Inc's EBITDA was -$49.3M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 994.6% from the prior year.
Petmed Express Inc reported -$57.3M in net income in fiscal year 2026. This represents a decrease of 813.7% from the prior year.
Petmed Express Inc earned $-2.74 per diluted share (EPS) in fiscal year 2026. This represents a decrease of 813.3% from the prior year.
Cash & Balance Sheet
Petmed Express Inc generated -$33.0M in free cash flow in fiscal year 2026, representing cash available after capex. This represents a decrease of 8256.7% from the prior year.
Petmed Express Inc held $21.4M in cash against $0 in long-term debt as of fiscal year 2026.
Petmed Express Inc paid $0.00 per share in dividends in fiscal year 2026.
Petmed Express Inc had 21M shares outstanding in fiscal year 2026. This represents an increase of 3.5% from the prior year.
Margins & Returns
Petmed Express Inc's gross margin was 28.1% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is down 2.4 percentage points from the prior year.
Petmed Express Inc's operating margin was -32.8% in fiscal year 2026, reflecting core business profitability. This is down 32.1 percentage points from the prior year.
Petmed Express Inc's net profit margin was -32.0% in fiscal year 2026, showing the share of revenue converted to profit. This is down 29.2 percentage points from the prior year.
Petmed Express Inc's ROE was -198.0% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is down 190.6 percentage points from the prior year.
Capital Allocation
Petmed Express Inc invested $4.6M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents a decrease of 9.7% from the prior year.
PETS Income Statement
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $42.8M+5.3% | $40.7M-8.3% | $44.4M-13.3% | $51.2M+0.8% | $50.8M-2.3% | $52.0M-10.5% | $58.0M-12.3% | $66.2M |
| Cost of Revenue | N/A | N/A | $31.9M-13.1% | $36.8M+3.4% | $35.6M-0.7% | $35.8M-8.8% | $39.3M-16.7% | $47.2M |
| Gross Profit | $13.9M+47.4% | $9.5M-23.8% | $12.4M-13.8% | $14.4M-5.2% | $15.2M-5.8% | $16.1M-14.1% | $18.8M-1.4% | $19.0M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $11.4M-6.4% | $12.2M-14.0% | $14.2M+9.5% | $12.9M+3.6% | $12.5M+15.8% | $10.8M+2.8% | $10.5M+115.3% | $4.9M |
| Operating Income | -$5.7M+45.6% | -$10.5M-24.9% | -$8.4M+75.4% | -$34.1M-467.0% | -$6.0M-1237.8% | -$450K-181.2% | $554K-87.4% | $4.4M |
| Interest Expense | N/A | $400K | N/A | N/A | N/A | $400K | N/A | N/A |
| Income Tax | -$102K-1027.3% | $11K+22.2% | $9K0.0% | $9K-99.8% | $5.7M+1117.6% | $465K+133.2% | -$1.4M-246.2% | $958K |
| Net Income | -$4.1M+61.5% | -$10.6M-23.9% | -$8.5M+75.1% | -$34.2M-193.3% | -$11.6M-1546.8% | -$707K-130.4% | $2.3M-38.0% | $3.8M |
| EPS (Diluted) | N/A | $-0.50-22.0% | $-0.41+75.2% | $-1.65 | N/A | $-0.03-127.3% | $0.11-38.9% | $0.18 |
PETS Balance Sheet
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $81.2M-7.7% | $88.0M-12.3% | $100.3M-8.7% | $109.8M-26.1% | $148.7M+2.7% | $144.8M-0.8% | $146.0M-4.4% | $152.7M |
| Current Assets | $43.6M-10.2% | $48.5M-18.4% | $59.5M-12.4% | $67.9M-13.9% | $78.9M+15.3% | $68.4M-3.4% | $70.8M-8.8% | $77.6M |
| Cash & Equivalents | $21.4M-20.4% | $26.9M-25.4% | $36.1M-12.2% | $41.1M-24.8% | $54.7M+9.2% | $50.1M-3.7% | $52.0M+13.2% | $46.0M |
| Inventory | $13.6M+11.5% | $12.2M-17.3% | $14.8M-19.6% | $18.4M+13.3% | $16.2M+37.4% | $11.8M-9.9% | $13.1M-48.7% | $25.5M |
| Accounts Receivable | $1.9M+22.4% | $1.6M-20.7% | $2.0M+22.4% | $1.6M-30.7% | $2.3M+2.6% | $2.3M+39.4% | $1.6M-28.4% | $2.3M |
| Goodwill | $0 | $0 | $0 | $0-100.0% | $26.7M0.0% | $26.7M0.0% | $26.7M0.0% | $26.7M |
| Total Liabilities | $52.3M-5.3% | $55.2M-3.6% | $57.2M-1.8% | $58.3M-8.3% | $63.6M+30.8% | $48.6M-2.0% | $49.6M-16.2% | $59.2M |
| Current Liabilities | $52.0M-5.0% | $54.8M-3.4% | $56.7M-1.6% | $57.6M-8.2% | $62.8M+30.9% | $48.0M-1.8% | $48.8M-16.2% | $58.3M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $28.9M-11.7% | $32.8M-23.9% | $43.1M-16.5% | $51.5M-39.5% | $85.1M-11.5% | $96.2M-0.3% | $96.4M+3.1% | $93.5M |
| Retained Earnings | $9.3M-30.5% | $13.3M-44.2% | $23.9M-26.3% | $32.4M-51.3% | $66.5M-14.9% | $78.2M-0.9% | $78.9M+3.0% | $76.6M |
PETS Cash Flow Statement
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.7M+48.5% | -$9.2M-323.4% | -$2.2M+82.3% | -$12.3M-275.0% | $7.0M+701.4% | -$1.2M-115.8% | $7.4M+186.8% | -$8.5M |
| Capital Expenditures | $720K+3528.6% | -$21K-100.8% | $2.6M+103.1% | $1.3M-45.9% | $2.4M+207.3% | $777K-38.6% | $1.3M+85.2% | $683K |
| Free Cash Flow | -$5.5M+40.8% | -$9.2M-92.3% | -$4.8M+64.6% | -$13.6M-393.3% | $4.6M+338.0% | -$1.9M-131.7% | $6.1M+166.6% | -$9.2M |
| Investing Cash Flow | -$720K-3528.6% | $21K+100.8% | -$2.6M-103.1% | -$1.3M+45.9% | -$2.4M-207.3% | -$777K+38.6% | -$1.3M-85.2% | -$683K |
| Financing Cash Flow | -$38K | $0+100.0% | -$231K-670.0% | -$30K-500.0% | -$5K-400.0% | -$1K+98.6% | -$71K+31.7% | -$104K |
| Dividends Paid | -$3K-400.0% | $1K-95.5% | $22K+2100.0% | $1K-80.0% | $5K+400.0% | $1K-98.6% | $71K-31.7% | $104K |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
PETS Financial Ratios
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.6%+9.3pp | 23.3%-4.7pp | 28.0%-0.2pp | 28.1%-1.8pp | 29.9%-1.1pp | 31.0%-1.3pp | 32.3%+3.6pp | 28.7% |
| Operating Margin | -13.3%+12.5pp | -25.8%-6.9pp | -18.9%+47.8pp | -66.7%-54.8pp | -11.9%-11.0pp | -0.9%-1.8pp | 0.9%-5.7pp | 6.6% |
| Net Margin | -9.5%+16.5pp | -25.9%-6.8pp | -19.2%+47.5pp | -66.7%-43.8pp | -22.9%-21.6pp | -1.4%-5.4pp | 4.0%-1.7pp | 5.7% |
| Return on Equity | -14.0%+18.2pp | -32.2%-12.4pp | -19.8%+46.5pp | -66.3%-52.6pp | -13.7%-12.9pp | -0.7%-3.1pp | 2.4%-1.6pp | 4.0% |
| Return on Assets | -5.0%+7.0pp | -12.0%-3.5pp | -8.5%+22.6pp | -31.1%-23.3pp | -7.8%-7.3pp | -0.5%-2.1pp | 1.6%-0.9pp | 2.5% |
| Current Ratio | 0.84-0.0 | 0.89-0.2 | 1.05-0.1 | 1.18-0.1 | 1.26-0.2 | 1.43-0.0 | 1.45+0.1 | 1.33 |
| Debt-to-Equity | 1.81+0.1 | 1.68+0.4 | 1.33+0.2 | 1.13+0.4 | 0.75+0.2 | 0.510.0 | 0.51-0.1 | 0.63 |
| FCF Margin | -12.8%+9.9pp | -22.7%-11.9pp | -10.8%+15.7pp | -26.5%-35.6pp | 9.1%+12.8pp | -3.7%-14.3pp | 10.5%+24.4pp | -13.9% |
Note: The current ratio is below 1.0 (0.84), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Petmed Express Inc's annual revenue?
Petmed Express Inc (PETS) reported $179.0M in total revenue for fiscal year 2026. This represents a -21.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Petmed Express Inc's revenue growing?
Petmed Express Inc (PETS) revenue declined by 21.1% year-over-year, from $227.0M to $179.0M in fiscal year 2026.
Is Petmed Express Inc profitable?
No, Petmed Express Inc (PETS) reported a net income of -$57.3M in fiscal year 2026, with a net profit margin of -32.0%.
What is Petmed Express Inc's EBITDA?
Petmed Express Inc (PETS) had EBITDA of -$49.3M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
What is Petmed Express Inc's gross margin?
Petmed Express Inc (PETS) had a gross margin of 28.1% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.
What is Petmed Express Inc's operating margin?
Petmed Express Inc (PETS) had an operating margin of -32.8% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.
What is Petmed Express Inc's net profit margin?
Petmed Express Inc (PETS) had a net profit margin of -32.0% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
What is Petmed Express Inc's return on equity (ROE)?
Petmed Express Inc (PETS) has a return on equity of -198.0% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is Petmed Express Inc's free cash flow?
Petmed Express Inc (PETS) generated -$33.0M in free cash flow during fiscal year 2026. This represents a -8256.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Petmed Express Inc's operating cash flow?
Petmed Express Inc (PETS) generated -$28.4M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are Petmed Express Inc's total assets?
Petmed Express Inc (PETS) had $81.2M in total assets as of fiscal year 2026, including both current and long-term assets.
What are Petmed Express Inc's capital expenditures?
Petmed Express Inc (PETS) invested $4.6M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
What is Petmed Express Inc's current ratio?
Petmed Express Inc (PETS) had a current ratio of 0.84 as of fiscal year 2026, which is below 1.0, which may suggest potential liquidity concerns.
What is Petmed Express Inc's debt-to-equity ratio?
Petmed Express Inc (PETS) had a debt-to-equity ratio of 1.81 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Petmed Express Inc's return on assets (ROA)?
Petmed Express Inc (PETS) had a return on assets of -70.6% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is Petmed Express Inc's cash runway?
Based on fiscal year 2026 data, Petmed Express Inc (PETS) had $21.4M in cash against an annual operating cash burn of $28.4M. This gives an estimated cash runway of approximately 9 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Petmed Express Inc's Altman Z-Score?
Petmed Express Inc (PETS) has an Altman Z-Score of 0.36, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Petmed Express Inc's Piotroski F-Score?
Petmed Express Inc (PETS) has a Piotroski F-Score of 2 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Petmed Express Inc's earnings high quality?
Petmed Express Inc (PETS) has an earnings quality ratio of 0.50x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Petmed Express Inc?
Petmed Express Inc (PETS) scores 31 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.