Detailed financial statements for PetMed Express, Inc. (PETS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
PetMed Express, Inc., through its various subsidiaries, operates as a prominent pet pharmacy across the United States. The company provides a comprehensive range of both prescribed and over-the-counter animal medications, health-related items, and other essential supplies for canines, felines, and equines.
Analysis Summary
PetMed Express, Inc. reported revenue of $179.0M in the most recent fiscal year, growing at a 5-year CAGR of -10.0%.
Trailing-twelve-month margins: gross margin 23.7%, operating margin -18.2%, net margin -17.3%.
At the current price of $1.60, PETS has negative trailing earnings (P/E not meaningful) and an ROE of -108.76%. Market capitalisation stands at $34M.
Balance sheet quality for PETS: current ratio of 0.8, net cash position of $20.9M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Revenue | $249.2M | $273.8M | $283.4M | $284.1M | $303.6M | $273.4M | $256.6M | $274.1M | $227.0M | $179.0M |
| Cost of Revenue | $169.9M | $176.0M | $188.1M | $202.9M | $219.3M | $198.1M | $185.8M | $196.4M | $157.8M | $138.2M |
| Gross Profit | $79.3M | $97.8M | $95.3M | $81.2M | $84.3M | $75.3M | $71.0M | $77.7M | $69.1M | $40.8M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $40.5M | $43.5M | $46.9M | $48.0M | $49.9M | $49.6M | $68.9M | $79.8M | $62.4M | $72.2M |
| Operating Expenses | $41.8M | $45.7M | $49.1M | $50.3M | $53.8M | $49.6M | $64.7M | $84.7M | $70.7M | $72.2M |
| Operating Income | $37.5M | $52.1M | $46.2M | $31.0M | $30.5M | $25.7M | $6.6M | -$7.0M | -$1.5M | -$31.4M |
| EBITDA | $38.9M | $54.3M | $51.3M | $36.1M | $33.0M | $29.8M | $11.0M | $783000 | $6.7M | -$22.0M |
| Interest Expense | 0 | 0 | 0 | 0 | $1.2M | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | $37.9M | $53.8M | $49.1M | $33.9M | $30.9M | $27.1M | $7.4M | -$6.3M | -$587000 | -$57.4M |
| Income Tax | $14.1M | $16.5M | $11.4M | $8.0M | $7.0M | $6.0M | $2.3M | $1.2M | $5.7M | -$73000 |
| Net Income | $23.8M | $37.3M | $37.7M | $25.9M | $23.9M | $21.1M | $5.1M | -$7.5M | -$6.3M | -$57.3M |
| EPS | $1.18 | $1.83 | $1.84 | $1.29 | $1.53 | $1.05 | $0.25 | $-0.37 | $-0.30 | $-2.74 |
| EPS (Diluted) | $1.17 | $1.82 | $1.84 | $1.29 | $1.52 | $1.04 | $0.25 | $-0.37 | $-0.30 | $-2.74 |
| Shares Outstanding (Diluted) | $20.4M | $20.4M | $20.5M | $20.1M | $20.1M | $20.4M | $20.3M | $20.4M | $20.6M | $20.9M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $44.4M | $40.7M | $42.8M | $41.0M |
| Gross Profit | $12.4M | $9.5M | $6.8M | $11.3M |
| Operating Income | -$8.4M | -$10.5M | -$5.7M | -$6.2M |
| EBITDA | -$5.9M | -$8.1M | -$3.3M | -$4.5M |
| Net Income | -$8.5M | -$10.6M | -$4.1M | -$6.1M |
| EPS | $-0.41 | $-0.50 | $-0.19 | $-0.28 |
| EPS (Diluted) | $-0.41 | $-0.50 | $-0.19 | $-0.28 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Cash & Equivalents | $58.7M | $77.9M | $100.5M | $103.8M | $118.7M | $111.1M | $104.1M | $55.3M | $54.7M | $21.4M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $1.8M | $2.3M | $2.5M | $3.8M | $2.6M | $1.9M | $1.7M | $3.3M | $2.3M | $1.9M |
| Inventory | $20.2M | $23.3M | $21.4M | $17.9M | $34.4M | $32.5M | $19.0M | $28.6M | $16.2M | $13.6M |
| Total Current Assets | $81.8M | $105.2M | $126.4M | $129.0M | $161.2M | $151.0M | $130.4M | $93.6M | $78.9M | $43.6M |
| Property, Plant & Equipment | $30.2M | $28.7M | $27.1M | $25.4M | $25.4M | $24.5M | $26.2M | $28.1M | $29.8M | $26.8M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $26.7M | $26.7M | 0 |
| Intangible Assets | $860000 | $860000 | $860000 | $860000 | $860000 | $860000 | $5.9M | $11.2M | $13.3M | $10.8M |
| Total Assets | $112.8M | $134.8M | $154.4M | $155.3M | $187.5M | $176.3M | $170.0M | $169.9M | $148.7M | $81.2M |
| Accounts Payable | $15.2M | $15.3M | $16.3M | $19.7M | $39.5M | $27.5M | $25.2M | $37.0M | $23.6M | $20.9M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $459000 | $461000 | $493000 |
| Total Current Liabilities | $18.4M | $18.1M | $18.6M | $24.3M | $44.9M | $33.2M | $57.5M | $72.2M | $62.8M | $52.0M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $535000 | 0 |
| Total Liabilities | $19.4M | $19.1M | $19.7M | $25.3M | $46.2M | $34.1M | $60.0M | $73.2M | $63.6M | $52.3M |
| Retained Earnings | $86.5M | $106.3M | $122.2M | $126.2M | $134.1M | $130.5M | $91.7M | $71.6M | $66.5M | $9.3M |
| Total Equity | $93.4M | $115.7M | $134.7M | $130.0M | $141.3M | $142.2M | $110.0M | $96.7M | $85.1M | $28.9M |
| Total Debt | 0 | 0 | 0 | 0 | 0 | 0 | $995000 | $1.5M | $996000 | $535000 |
| Net Debt | -$58.7M | -$77.9M | -$100.5M | -$103.8M | -$118.7M | -$111.1M | -$103.1M | -$53.8M | -$53.7M | -$20.9M |
| Working Capital | $63.4M | $87.1M | $107.8M | $104.7M | $116.3M | $117.8M | $72.9M | $21.5M | $16.1M | -$8.5M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q2 |
|---|
| Cash & Equivalents | $26.9M | $21.4M | $13.1M | $13.1M |
| Total Assets | $88.0M | $81.2M | $63.8M | $63.8M |
| Total Liabilities | $55.2M | $52.3M | $40.8M | $40.8M |
| Total Equity | $32.8M | $28.9M | $23.0M | $23.0M |
| Total Debt | $652000 | $535000 | $414000 | $414000 |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Net Income | $23.8M | $37.3M | $37.7M | $25.9M | $30.6M | $21.1M | $233000 | -$7.5M | -$6.3M | -$57.3M |
| Depreciation & Amortization | $1.4M | $2.1M | $2.2M | $2.3M | $2.4M | $2.7M | $3.5M | $7.1M | $7.0M | $9.4M |
| Stock-based Compensation | $1.9M | $2.6M | $3.1M | $2.8M | $3.3M | $4.5M | $6.6M | $6.9M | -$6.6M | $1.4M |
| Change in Working Capital | $17.7M | -$4.6M | $1.9M | $7.9M | $3.3M | -$9.7M | $13.9M | -$2.8M | $3.7M | -$8.4M |
| Operating Cash Flow | $47.2M | $37.4M | $45.1M | $38.8M | $40.1M | $18.5M | $27.8M | $4.3M | $4.7M | -$28.4M |
| Capital Expenditure | -$10.6M | -$703000 | -$620000 | -$2.3M | -$2.4M | -$1.8M | -$5.3M | -$4.5M | -$5.1M | -$4.6M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | -$5.0M | -$36.2M | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | -$11.5M | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -$15.5M | -$17.5M | -$21.9M | -$21.8M | -$22.7M | -$24.4M | -$24.5M | -$12.4M | -$181000 | -$21000 |
| Free Cash Flow | $36.6M | $36.7M | $44.5M | $36.5M | $37.6M | $16.7M | $22.5M | -$194000 | -$395000 | -$33.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$2.2M | -$9.2M | -$4.7M | -$7.7M |
| Capital Expenditure | -$2.6M | $21000 | -$720000 | -$641000 |
| Free Cash Flow | -$4.8M | -$9.2M | -$5.5M | -$8.3M |
| Dividends Paid | -$22000 | -$1000 | $3000 | 0 |
| Stock-based Compensation | $248000 | $254000 | $272000 | $198000 |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Revenue Growth (YoY) | | +9.9% | +3.5% | +0.2% | +6.8% | -9.9% | -6.2% | +6.8% | -17.2% | -21.1% |
| Net Income Growth (YoY) | | +56.5% | +1.2% | -31.5% | -7.5% | -11.8% | -75.6% | -245.2% | +16.0% | -813.5% |
| EPS Growth (YoY) | | +55.1% | +0.5% | -29.9% | +18.6% | -31.4% | -76.2% | -248.0% | +18.9% | -813.3% |
| Shares Change (YoY) | | +0.3% | +0.3% | -2.1% | +0.3% | +1.2% | -0.1% | +0.3% | +1.0% | +1.6% |
| FCF Growth (YoY) | | +0.2% | +21.4% | -17.9% | +3.0% | -55.5% | +34.6% | -100.9% | -103.6% | -8256.7% |
| Gross Margin | 31.8% | 35.7% | 33.6% | 28.6% | 27.8% | 27.6% | 27.7% | 28.4% | 30.5% | 22.8% |
| Operating Margin | 15.0% | 19.0% | 16.3% | 10.9% | 10.1% | 9.4% | 2.6% | -2.5% | -0.7% | -17.5% |
| EBITDA Margin | 15.6% | 19.8% | 18.1% | 12.7% | 10.9% | 10.9% | 4.3% | 0.3% | 3.0% | -12.3% |
| Net Margin | 9.6% | 13.6% | 13.3% | 9.1% | 7.9% | 7.7% | 2.0% | -2.7% | -2.8% | -32.0% |
| FCF Margin | 14.7% | 13.4% | 15.7% | 12.9% | 12.4% | 6.1% | 8.8% | -0.1% | -0.2% | -18.4% |
| Effective Tax Rate | 37.2% | 30.7% | 23.2% | 23.7% | 22.7% | 22.1% | 31.0% | -19.0% | -968.3% | 0.1% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| FCF Per Share | $1.80 | $1.79 | $2.17 | $1.82 | $1.87 | $0.82 | $1.11 | $-0.01 | $-0.02 | $-1.58 |
| Dividends Per Share | $0.76 | $0.85 | $1.07 | $1.09 | $1.13 | $1.20 | $1.21 | $0.61 | $0.01 | $0.00 |
| Shares Outstanding (Basic) | $20.2M | $20.3M | $20.5M | $20.0M | $20.1M | $20.2M | $20.3M | $20.4M | $20.6M | $20.9M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | -108.76% |
| Return on Invested Capital | -130.21% |
| Return on Assets | -45.92% |
| Gross Margin | 23.71% |
| Operating Margin | -18.22% |
| Net Margin | -17.34% |
Financial Health
| Debt / Equity | 0.02 |
| Current Ratio | 0.68 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| P/E | 17.07 | 22.81 | 12.57 | 22.31 | 22.99 | 24.57 | 64.96 | -12.65 | -13.97 | -0.83 |
| P/B | 4.36 | 7.34 | 3.51 | 4.44 | 4.99 | 3.66 | 2.99 | 0.99 | 1.01 | 1.65 |
| P/S | 1.64 | 3.10 | 1.67 | 2.03 | 2.32 | 1.90 | 1.28 | 0.35 | 0.38 | 0.27 |
| Gross Margin | 31.8% | 35.7% | 33.6% | 28.6% | 27.8% | 27.6% | 27.7% | 28.4% | 30.5% | 22.8% |
| Operating Margin | 15.0% | 19.0% | 16.3% | 10.9% | 10.1% | 9.4% | 2.6% | -2.5% | -0.7% | -17.5% |
| Net Margin | 9.6% | 13.6% | 13.3% | 9.1% | 7.9% | 7.7% | 2.0% | -2.7% | -2.8% | -32.0% |