PETS · PETMED EXPRESS INC
PetMed Express, Inc., together with its subsidiaries, operates as a pet pharmacy in the United States. The company markets prescription and non-prescription pet medications, health products, and other supplies for dogs, cats, and horses. It offers non-prescription medications and supplies, such as flea and tick control products, bone and joint care products, vitamins, treats, nutritional supplements, hygiene products, and household pet supplies; and prescription medications, including heartworm preventatives, flea and tick preventatives, arthritis, dermatitis, thyroid, diabetes, pain medications, heart/blood pressure, and other specialty medications, as well as generic substitutes. The company also sells food, beds, crates, stairs, and other pet supplies. It sells its products through its Internet website; mobile app; customer support center; and direct mail/print, which includes brochures and postcards. The company was incorporated in 1996 and is headquartered in Delray Beach, Florida.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $2.01 |
| SO | 21.4M |
| Options | 0.0M |
| Warrants | 0.0M |
| FD SO | 21.4M |
| MC | $42.9M |
| Cash | $21.4M |
| Total debt | — |
| EV | $21.5M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 0.1x |
| EV / EBITDA | 3.9x |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 44.5% |
| Insiders | 15.6% |
| # Institutions | 70 |
| Analysts | 1 |
| Consensus | — |
| Avg target | $2.15 |
| Short % float | 10.2% |
| Days to cover | 0.94 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-22. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-13 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-06-29; the float denominator can be unreliable on tiny floats.
Financial statements
| 12/31/25 | 9/30/25 | 6/30/25 | 3/31/25 | |
|---|---|---|---|---|
| Total Revenue | 40.66 | 44.36 | 51.18 | 90.77 |
| Revenue YoY % | (21.7%) | (23.6%) | (22.7%) | (7.3%) |
| Cost of Revenue | — | 31.95 | 36.78 | — |
| Gross Profit | 9.46 | 12.41 | 14.40 | 32.86 |
| Gross Profit YoY % | (41.4%) | (33.9%) | (24.3%) | 6.6% |
| Gross Margin % | 23.3% | 28.0% | 28.1% | 36.2% |
| SG&A | 12.19 | 14.18 | 12.95 | (0.67) |
| Operating Expense | 19.93 | 20.80 | 48.53 | (18.59) |
| Operating Income | (10.47) | (8.38) | (34.13) | 51.45 |
| Operating Income YoY % | (2226.4%) | (1612.6%) | (878.2%) | 506.7% |
| Operating Margin % | (25.7%) | (18.9%) | (66.7%) | 56.7% |
| EBITDA | (8.07) | (6.10) | (31.85) | 51.53 |
| EBITDA Margin % | (19.8%) | (13.8%) | (62.2%) | 56.8% |
| Interest Expense | 0.40 | — | — | — |
| Other Income / (Expense) | — | — | — | 1.16 |
| Pretax Income | (10.54) | (8.51) | (34.14) | 52.61 |
| Tax Provision | 0.01 | 0.01 | 0.01 | 5.66 |
| Net Income | (10.55) | (8.52) | (34.15) | 46.95 |
| Net Margin % | (26.0%) | (19.2%) | (66.7%) | 51.7% |
| Diluted EPS | -$0.50 | -$0.41 | -$1.65 | $2.25 |
| Basic EPS | -$0.50 | -$0.41 | -$1.65 | $2.25 |
| Diluted Avg Shares | 21.0 | 20.9 | 20.8 | — |
| Basic Avg Shares | 21.0 | 20.9 | 20.8 | — |
| LTM | 3/31/26 | 3/31/25 | 3/31/24 | 3/31/23 | |
|---|---|---|---|---|---|
| Total Revenue | 226.97 | 179.02 | 226.97 | 274.10 | 247.57 |
| Revenue YoY % | 26.8% | (21.1%) | (17.2%) | 10.7% | — |
| Cost of Revenue | — | — | 157.84 | 189.33 | 171.07 |
| Gross Profit | 69.14 | 50.22 | 69.14 | 84.77 | 76.50 |
| Gross Profit YoY % | 37.7% | (27.4%) | (18.4%) | 10.8% | — |
| Gross Margin % | 30.5% | 28.1% | 30.5% | 30.9% | 30.9% |
| SG&A | 38.65 | 50.73 | 38.65 | 55.25 | 41.71 |
| Operating Expense | 70.67 | 108.89 | 70.67 | 92.93 | 70.45 |
| Operating Income | (1.53) | (58.67) | (1.53) | (8.16) | 6.05 |
| Operating Income YoY % | 97.4% | (3734.8%) | 81.3% | (234.9%) | — |
| Operating Margin % | (0.7%) | (32.8%) | (0.7%) | (3.0%) | 2.4% |
| EBITDA | 5.51 | (49.29) | 5.51 | (1.11) | 9.60 |
| EBITDA Margin % | 2.4% | (27.5%) | 2.4% | (0.4%) | 3.9% |
| Other Income / (Expense) | 0.94 | 1.31 | 0.94 | 1.89 | 1.39 |
| Pretax Income | (0.59) | (57.36) | (0.59) | (6.27) | 7.45 |
| Tax Provision | 5.68 | (0.07) | 5.68 | 1.19 | 2.31 |
| Net Income | (6.27) | (57.29) | (6.27) | (7.46) | 5.14 |
| Net Margin % | (2.8%) | (32.0%) | (2.8%) | (2.7%) | 2.1% |
| Diluted EPS | -$0.31 | -$2.74 | -$0.30 | -$0.37 | $0.25 |
| Basic EPS | -$0.31 | -$2.74 | -$0.30 | -$0.37 | $0.25 |
| Diluted Avg Shares | 21.0 | 20.9 | 20.6 | 20.4 | 20.3 |
| Basic Avg Shares | 21.0 | 20.9 | 20.6 | 20.4 | 20.3 |
| 12/31/25 | 9/30/25 | 6/30/25 | 3/31/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 26.91 | 36.10 | 41.13 | 54.72 |
| Receivables | 1.56 | 1.97 | 1.60 | 2.32 |
| Inventory | 12.21 | 14.77 | 18.36 | 16.20 |
| Other Current Assets | 7.83 | 6.62 | 6.80 | 5.63 |
| Total Current Assets | 48.51 | 59.45 | 67.89 | 78.87 |
| Net PPE | 27.55 | 28.34 | 28.84 | 28.86 |
| Operating Lease ROU | 0.63 | 0.74 | 0.85 | 0.97 |
| Goodwill | 0.00 | 0.00 | 0.00 | 26.66 |
| Intangible Assets | 5.98 | 6.47 | 6.96 | 8.05 |
| Other Assets | 5.30 | 5.30 | 5.30 | 5.30 |
| Total Assets | 87.97 | 100.30 | 109.84 | 148.70 |
| Accounts Payable | 20.30 | 19.12 | 20.04 | 23.56 |
| Current Lease Liabilities | 0.48 | 0.48 | 0.47 | 0.46 |
| Other Current Liabilities | 33.98 | 37.09 | 37.11 | 38.74 |
| Total Current Liabilities | 54.77 | 56.68 | 57.62 | 62.77 |
| Long-term Lease Liabilities | 0.17 | 0.29 | 0.41 | 0.54 |
| Total Liabilities | 55.20 | 57.24 | 58.29 | 63.57 |
| Retained Earnings | 13.32 | 23.87 | 32.39 | 66.54 |
| Total Equity | 32.77 | 43.06 | 51.55 | 85.13 |
| LTM | 3/31/26 | 3/31/25 | 3/31/24 | 3/31/23 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 26.91 | 21.41 | 54.72 | 55.30 | 104.09 |
| Receivables | 1.56 | 1.91 | 2.32 | 3.28 | 1.74 |
| Inventory | 12.21 | 13.61 | 16.20 | 28.56 | — |
| Other Current Assets | 7.83 | 6.64 | 5.63 | 6.51 | 24.61 |
| Total Current Assets | 48.51 | 43.56 | 78.87 | 93.65 | 130.43 |
| Net PPE | 27.55 | 26.33 | 28.86 | 26.66 | 26.18 |
| Operating Lease ROU | 0.63 | 0.51 | 0.97 | 1.43 | 0.00 |
| Goodwill | 0.00 | 0.00 | 26.66 | 26.66 | 0.00 |
| Intangible Assets | 5.98 | 5.49 | 8.05 | 11.20 | 0.86 |
| Long-term Investments | — | — | — | 5.30 | 5.00 |
| Other Assets | 5.30 | 5.30 | 5.30 | 4.99 | 5.01 |
| Total Assets | 87.97 | 81.19 | 148.70 | 169.88 | 167.48 |
| Accounts Payable | 20.30 | 20.91 | 23.56 | 37.02 | 25.21 |
| Current Lease Liabilities | 0.48 | 0.49 | 0.46 | 0.46 | 0.00 |
| Other Current Liabilities | 33.98 | 30.64 | 38.74 | 34.67 | 32.30 |
| Total Current Liabilities | 54.77 | 52.03 | 62.77 | 72.16 | 57.51 |
| Long-term Lease Liabilities | 0.17 | 0.04 | 0.54 | 0.99 | 0.00 |
| Total Liabilities | 55.20 | 52.25 | 63.57 | 73.15 | 57.51 |
| Retained Earnings | 13.32 | 9.26 | 66.54 | 71.56 | 91.66 |
| Total Equity | 32.77 | 28.94 | 85.13 | 96.73 | 109.97 |
| 12/31/25 | 9/30/25 | 6/30/25 | 3/31/25 | |
|---|---|---|---|---|
| Net Income | (10.55) | (8.52) | (34.15) | 46.95 |
| D&A | 2.40 | 2.28 | 2.28 | 0.08 |
| Stock-Based Comp | 0.30 | 0.20 | 0.59 | (7.68) |
| Δ Working Cap & Other | (1.35) | 3.87 | 19.01 | (10.99) |
| Operating Cash Flow | (9.21) | (2.17) | (12.27) | 28.37 |
| CapEx | 0.02 | (2.62) | (1.29) | (1.22) |
| Investing Cash Flow | 0.02 | (2.62) | (1.29) | (1.22) |
| Dividends Paid | (0.00) | (0.02) | (0.00) | (0.16) |
| Financing Cash Flow | 0.00 | (0.23) | (0.03) | 0.08 |
| Free Cash Flow | (9.18) | (4.80) | (13.56) | 27.15 |
| LTM | 3/31/26 | 3/31/25 | 3/31/24 | 3/31/23 | |
|---|---|---|---|---|---|
| Net Income | (6.27) | (57.29) | (6.27) | (7.46) | 5.14 |
| D&A | 7.04 | 9.39 | 7.04 | 7.06 | 3.55 |
| Stock-Based Comp | (6.59) | 1.36 | (6.59) | 6.87 | 6.62 |
| Δ Working Cap & Other | 10.54 | 18.14 | 10.54 | (2.15) | 12.50 |
| Operating Cash Flow | 4.72 | (28.39) | 4.72 | 4.32 | 27.80 |
| CapEx | (5.11) | (4.62) | (5.11) | (4.51) | (5.26) |
| Acquisitions | — | 0.00 | 0.00 | (35.86) | 0.00 |
| Other Investing | — | — | — | — | (5.00) |
| Investing Cash Flow | (5.11) | (4.62) | (5.11) | (40.67) | (10.26) |
| Dividends Paid | (0.18) | (0.02) | (0.18) | (12.44) | (24.54) |
| Financing Cash Flow | (0.18) | (0.30) | (0.18) | (12.44) | (24.54) |
| Free Cash Flow | (0.40) | (33.01) | (0.40) | (0.19) | 22.54 |
| 12/31/25 | 9/30/25 | 6/30/25 | 3/31/25 | |
|---|---|---|---|---|
| Current Ratio | 0.89 | 1.05 | 1.18 | 1.26 |
| Quick Ratio | 0.66 | 0.79 | 0.86 | 1.00 |
| Debt / Equity | 1.68 | 1.33 | 1.13 | 0.75 |
| EBITDA Margin % | (19.8%) | (13.8%) | (62.2%) | 56.8% |
| Working Capital | (6.26) | 2.77 | 10.28 | 16.10 |
| Net Debt | — | — | — | — |
| ROE % | (32.2%) | (19.8%) | (66.3%) | 55.2% |
| ROA % | (12.0%) | (8.5%) | (31.1%) | 31.6% |
| LTM | 3/31/26 | 3/31/25 | 3/31/24 | 3/31/23 | |
|---|---|---|---|---|---|
| Current Ratio | 0.89 | 0.84 | 1.26 | 1.30 | 2.27 |
| Quick Ratio | 0.66 | 0.58 | 1.00 | 0.90 | — |
| Debt / Equity | 1.68 | 1.81 | 0.75 | 0.76 | 0.52 |
| EBITDA Margin % | 2.4% | (27.5%) | 2.4% | (0.4%) | 3.9% |
| Working Capital | (6.26) | (8.47) | 16.10 | 21.49 | 72.92 |
| Net Debt | — | — | — | — | — |
| ROE % | (19.1%) | (198.0%) | (7.4%) | (7.7%) | 4.7% |
| ROA % | (7.1%) | (70.6%) | (4.2%) | (4.4%) | 3.1% |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-06-09 | NINA CAPITAL HOLDINGS INC. | 10% Owner | 2026-06-08 | P | 25,000 | $1.75 | $43,725 |
| 2026-01-23 | FULGONI GIAN | Director | 2026-01-21 | D | (26,057) | — | $-0 |
| 2025-11-14 | FULGONI GIAN | Director | 2025-10-30 | A | 33,846 | — | $0 |
| 2025-11-03 | KRULIK DOUGLAS | Officer (CAO and Interim CFO) | 2025-10-30 | A | 20,000 | — | $0 |
| 2025-11-03 | LaCamp James | Director | 2025-10-30 | A | 34,866 | — | $0 |
| 2025-11-03 | Mennen Justin L. | Director | 2025-10-30 | A | 33,846 | — | $0 |
| 2025-11-03 | Solivan Leah | Director | 2025-10-30 | A | 33,846 | — | $0 |
| 2025-11-03 | Batushansky Peter | Director | 2025-10-30 | A | 33,846 | — | $0 |
| 2025-09-11 | KRULIK DOUGLAS | Officer (Chief Accounting Officer) | 2025-09-09 | A | 10,000 | — | $0 |
| 2025-09-11 | KRULIK DOUGLAS | Officer (Chief Accounting Officer) | 2024-09-27 | A | 40,000 | — | $0 |
| 2025-08-14 | Silvercape Investments Ltd | 10% Owner | 2025-08-13 | P | 101,000 | $3.17 | $320,170 |
| 2025-08-04 | Silvercape Investments Ltd | 10% Owner | 2025-08-01 | P | 118,200 | $3.21 | $379,422 |
| 2025-07-22 | NINA CAPITAL HOLDINGS INC. | 10% Owner | 2025-07-21 | P | 25,000 | $3.50 | $87,425 |
| 2025-07-21 | Silvercape Investments Ltd | 10% Owner | 2025-07-18 | P | 17,565 | $3.23 | $56,735 |
| 2025-07-18 | Silvercape Investments Ltd | 10% Owner | 2025-07-17 | P | 31,701 | $3.15 | $99,858 |
| 2025-07-03 | Silvercape Investments Ltd | 10% Owner | 2025-07-02 | P | 2,817 | $3.22 | $9,071 |
| 2025-07-02 | Silvercape Investments Ltd | 10% Owner | 2025-07-01 | P | 694 | $3.21 | $2,228 |
| 2025-06-04 | NINA CAPITAL HOLDINGS INC. | 10% Owner | 2025-06-03 | P | 25,000 | $3.94 | $98,375 |
| 2025-05-23 | NINA CAPITAL HOLDINGS INC. | 10% Owner | 2025-05-21 | P | 25,000 | $3.86 | $96,500 |
| 2025-05-22 | Silvercape Investments Ltd | 10% Owner | 2025-05-20 | P | 7,401 | $3.95 | $29,234 |
| 2025-05-02 | Campos Sandra Yvette | Director, Officer (CEO & President) | 2025-04-30 | S | (58,898) | $3.31 | -$194,876 |
| 2025-05-02 | Campos Sandra Yvette | Director, Officer (CEO & President) | 2025-04-30 | S | (1,565) | $3.33 | -$5,214 |
| 2025-04-11 | Batushansky Peter | Director | 2025-04-09 | A | 2,527 | — | $0 |
| 2025-03-19 | NINA CAPITAL HOLDINGS INC. | 10% Owner | 2025-03-18 | P | 100,000 | $4.08 | $408,500 |
| 2025-03-11 | NINA CAPITAL HOLDINGS INC. | 10% Owner | 2025-03-10 | P | 100,000 | $4.11 | $411,000 |
| 2025-03-04 | NINA CAPITAL HOLDINGS INC. | 10% Owner | 2025-03-03 | P | 50,000 | $4.33 | $216,250 |
| 2025-02-04 | NINA CAPITAL HOLDINGS INC. | 10% Owner | 2025-02-03 | P | 25,000 | $4.82 | $120,500 |
| 2025-01-28 | NINA CAPITAL HOLDINGS INC. | 10% Owner | 2025-01-27 | P | 25,000 | $4.63 | $115,875 |
| 2025-01-28 | NINA CAPITAL HOLDINGS INC. | 10% Owner | 2025-01-24 | P | 25,000 | $4.95 | $123,675 |
| 2025-01-17 | Campos Sandra Yvette | Director, Officer (CEO & President) | 2025-01-15 | A | 146,772 | — | $0 |
| 2025-01-17 | Campos Sandra Yvette | Director, Officer (CEO & President) | 2025-01-15 | A | 146,772 | — | $0 |
| 2025-01-17 | Smith Jacqueline Paula | Other (Vice President of People) | 2025-01-15 | A | 8,000 | — | $0 |
| 2025-01-10 | NINA CAPITAL HOLDINGS INC. | 10% Owner | 2025-01-07 | P | 25,000 | $4.97 | $124,375 |
| 2024-12-18 | NINA CAPITAL HOLDINGS INC. | 10% Owner | 2024-12-16 | P | 32,000 | $5.66 | $180,960 |
| 2024-12-10 | NINA CAPITAL HOLDINGS INC. | 10% Owner | 2024-12-06 | P | 40,000 | $5.55 | $222,000 |
| 2024-12-06 | Campbell Leslie C.G. | Director | 2024-12-05 | P | 5,000 | $5.42 | $27,116 |
| 2024-12-06 | Campbell Leslie C.G. | Director | 2024-12-05 | P | 5,000 | $5.44 | $27,210 |
| 2024-12-06 | Campbell Leslie C.G. | Director | 2024-12-05 | P | 5,000 | $5.41 | $27,029 |
| 2024-12-06 | Campbell Leslie C.G. | Director | 2024-12-05 | P | 5,000 | $5.42 | $27,100 |
| 2024-12-06 | Campbell Leslie C.G. | Director | 2024-12-05 | P | 5,000 | $5.45 | $27,250 |
| 2024-12-06 | Campbell Leslie C.G. | Director | 2024-12-05 | P | 5,000 | $5.46 | $27,300 |
| 2024-12-06 | Campbell Leslie C.G. | Director | 2024-12-04 | P | 5,000 | $5.39 | $26,950 |
| 2024-12-06 | Campbell Leslie C.G. | Director | 2024-12-04 | P | 5,000 | $5.36 | $26,795 |
| 2024-12-06 | Campbell Leslie C.G. | Director | 2024-12-04 | P | 5,000 | $5.38 | $26,888 |
| 2024-12-06 | Campbell Leslie C.G. | Director | 2024-12-04 | P | 10,000 | $5.39 | $53,900 |
| 2024-12-06 | Campbell Leslie C.G. | Director | 2024-12-04 | P | 5,000 | $5.42 | $27,100 |
| 2024-10-18 | NINA CAPITAL HOLDINGS INC. | 10% Owner | 2024-09-09 | P | 12,500 | $3.34 | $41,750 |
| 2024-09-27 | D'Elia Robyn M. | Officer (Chief Financial Officer) | 2024-09-27 | A | 250,000 | — | $0 |
| 2024-08-19 | Smith Jacqueline Paula | Other (Vice President of People) | 2024-08-15 | S | (601) | $3.19 | -$1,917 |
| 2024-08-09 | FULGONI GIAN | Director | 2024-08-08 | A | 7,500 | — | $0 |
| 2024-08-09 | Solivan Leah | Director | 2024-08-08 | A | 7,500 | — | $0 |
| 2024-08-09 | Mennen Justin L. | Director | 2024-08-08 | A | 7,500 | — | $0 |
| 2024-08-09 | PURCEL DIANA G | Director | 2024-08-08 | A | 7,500 | — | $0 |
| 2024-08-09 | Campbell Leslie C.G. | Director | 2024-08-08 | A | 7,500 | — | $0 |
| 2024-07-02 | Solivan Leah | Director | 2024-07-01 | A | 943 | — | $0 |