PetMed Express, Inc.
- Open
- 1.95
- Day high
- 1.97
- Day low
- 1.95
- Prev close
- 1.96
- Volume
- 2K
- Mkt cap
- $42M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.4
- P/S
- 0.2
- Yield
- —
- Per share
- —
- ▲Insiders net buying $44K over the last 3 months (1 open-market buy, 0 sales)
- 🏛Institutions reducing (13F)
PetMed Express, Inc. (PETS) is a Healthcare company listed on NASDAQ. The stock is down 42% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 0 sales (SEC Form 4).
PetMed Express, Inc. (PETS) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
PETS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 2, 2026 | $-0.18 | $-0.19 | -5.6% | $43M | -17.7% |
| Feb 5, 2026 | $-0.06 | $-0.50 | -733.3% | $41M | -24.8% |
| Dec 19, 2025 | $-0.02 | $-0.34 | -1600.0% | $44M | -36.0% |
| Apr 15, 2024 | $-0.01 | $-0.10 | -900.0% | $67M | +2.3% |
| Feb 8, 2024 | $-0.01 | $-0.10 | -900.0% | $65M | +0.5% |
| May 22, 2023 | $0.15 | $0.04 | -73.3% | $62M | -5.3% |
| Jul 25, 2022 | $0.25 | $0.14 | -44.0% | $70M | -10.3% |
| Jan 24, 2022 | $0.30 | $0.21 | -30.0% | $61M | -5.3% |
| May 3, 2021 | $0.40 | $0.34 | -15.0% | $72M | -3.2% |
| Jan 19, 2021 | $0.38 | $0.38 | +0.0% | $66M | +3.3% |
| Jul 20, 2020 | $0.40 | $0.39 | -2.5% | $96M | -2.5% |
| May 4, 2020 | $0.29 | $0.35 | +20.7% | $74M | +20.7% |
PETS insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 26, 2026 | KRULIK DOUGLASofficer: CAO and Interim CFO | Grant | 32,500 | — |
| Jun 9, 2026 | NINA CAPITAL HOLDINGS INC.10 percent owner | Buy | 25,000 | $1.75 |
| Nov 14, 2025 | FULGONI GIANdirector | Grant | 33,846 | — |
| Nov 3, 2025 | Batushansky Peterdirector | Grant | 33,846 | — |
| Nov 3, 2025 | Mennen Justin L.director | Grant | 33,846 | — |
| Nov 3, 2025 | LaCamp Jamesdirector | Grant | 34,866 | — |
| Nov 3, 2025 | Solivan Leahdirector | Grant | 33,846 | — |
| Nov 3, 2025 | KRULIK DOUGLASofficer: CAO and Interim CFO | Grant | 20,000 | — |
| Sep 11, 2025 | KRULIK DOUGLASofficer: Chief Accounting Officer | Grant | 40,000 | — |
| Sep 11, 2025 | KRULIK DOUGLASofficer: Chief Accounting Officer | Grant | 10,000 | — |
| Aug 14, 2025 | Silvercape Investments Ltd10 percent owner | Buy | 101,000 | $3.17 |
| Aug 4, 2025 | Silvercape Investments Ltd10 percent owner | Buy | 118,200 | $3.21 |
| Jul 22, 2025 | NINA CAPITAL HOLDINGS INC.10 percent owner | Buy | 25,000 | $3.50 |
| Jul 21, 2025 | Silvercape Investments Ltd10 percent owner | Buy | 17,565 | $3.23 |
| Jul 18, 2025 | Silvercape Investments Ltd10 percent owner | Buy | 31,701 | $3.15 |
Source: PETS SEC Form 4 filings, latest Jun 26, 2026. For informational purposes only — not investment advice.
See the full PETS insider & 13F page →PetMed Express, Inc. company profile
Overview
PetMed Express, Inc. (NASDAQ:PETS) is a pet pharmacy company founded in 1996 and headquartered in Delray Beach, Florida. The company went public in 1999 and operates as one of the leading direct-to-consumer pet medication and health product retailers in the United States. Over its nearly three-decade history, PetMed Express has evolved from a traditional mail-order pharmacy to a multi-channel digital platform serving pet owners nationwide. The company has undergone significant transformation in recent years, including the acquisition and integration of PetCareRx, positioning itself as a comprehensive pet health and wellness provider beyond just prescription medications.
Business
PetMed Express operates in the pet pharmacy and health products industry, which sits at the intersection of the broader $150 billion pet care market and the pharmaceutical distribution sector. The company functions as a direct-to-consumer retailer that bridges the gap between veterinary clinics, pharmaceutical manufacturers, and pet owners. The company's core offering revolves around prescription and non-prescription pet medications for dogs, cats, and horses. Prescription medications include heartworm preventatives, flea and tick preventatives, treatments for arthritis, dermatitis, thyroid conditions, diabetes, pain management, and heart/blood pressure medications, along with generic substitutes. These products require veterinary authorization before dispensing, similar to human pharmacies. Non-prescription products encompass flea and tick control products, bone and joint care supplements, vitamins, nutritional supplements, hygiene products, treats, and general pet supplies. The company has expanded beyond medications to include pet food (particularly prescription diets from brands like Hill's and Royal Canin), beds, crates, stairs, and other pet accessories. PetMed Express operates through multiple sales channels: its primary website and mobile app under the 1-800-PetMeds and PetMeds brands, a telephone contact center, direct mail campaigns including brochures and postcards, and television advertising. The company's AutoShip subscription program represents approximately 56% of total business, providing recurring revenue through automated delivery of medications and supplies. The business model centers on convenience and cost savings for pet owners who might otherwise purchase these products at higher prices through veterinary clinics or traditional pet stores. By operating as a licensed pharmacy with direct relationships to pharmaceutical manufacturers, PetMed Express can offer competitive pricing while providing the convenience of home delivery.
Revenue model
PetMed Express generates revenue primarily through direct product sales to consumers, operating on a traditional retail markup model. The company purchases medications and pet health products from manufacturers and distributors, then sells them at marked-up prices to end consumers through its various channels. The paying customers are individual pet owners who either purchase products directly through one-time orders or subscribe to the AutoShip program for recurring deliveries. The AutoShip subscription model, representing 56% of business, provides more predictable revenue streams and higher customer lifetime value. Customers typically reorder prescription medications approximately 2.7 times per year, creating natural recurring purchase patterns. The company's gross margins hover around 27-29%, with recent quarters showing improvement due to product mix optimization and operational efficiencies. Revenue is generated through multiple channels, with the website and mobile app being primary drivers, supplemented by telephone orders and responses to direct marketing campaigns. Several factors influence the company's profitability margins. Positive margin drivers include the consolidation of PetMed and PetCareRx operations yielding approximately $5 million in annual cost savings, improved inventory management reducing carrying costs, and the focus on higher-margin products through SKU rationalization. The subscription-based AutoShip program also improves margins through reduced customer acquisition costs and increased purchase frequency. Negative margin pressures include intense competition from veterinary clinics, large retailers like Chewy and Amazon, and other online pet pharmacies, leading to promotional pricing pressures. Regulatory requirements for prescription verification and pharmacy operations create fixed compliance costs. Economic pressures on consumers have led to increased price sensitivity and demand for promotional pricing, while reduced veterinary visits during economic uncertainty decrease prescription volumes. Rising digital marketing costs and the need for technology investments to remain competitive also pressure margins.
Competitive moat
PetMed Express operates in a highly competitive market with limited sustainable competitive advantages. The company's primary moat elements are relatively weak and face ongoing erosion from multiple competitive threats. The company's main defensive position comes from its established brand recognition in the 1-800-PetMeds trademark and its long-standing relationships with pet owners through its AutoShip subscription program. With nearly three decades of operation, PetMed Express has built customer loyalty and trust, particularly among price-conscious pet owners who value the convenience and cost savings compared to veterinary clinic pricing. However, this moat is increasingly under pressure. Large-scale competitors like Chewy have emerged with superior technology platforms, broader product selections, and significant venture capital backing that enables aggressive customer acquisition spending. Amazon's entry into pet pharmaceuticals brings massive scale advantages and logistics capabilities that dwarf PetMed Express's operations. The regulatory requirements for operating as a licensed pharmacy provide some barrier to entry, but this is not insurmountable for well-funded competitors. Traditional veterinary clinics are also fighting back by improving their own e-commerce capabilities and offering competitive pricing to retain customers. The company's technology infrastructure and customer experience lag behind newer entrants, as evidenced by recent operational challenges with order management systems and the need for significant technology investments. The pet pharmacy market has become increasingly commoditized, with limited differentiation beyond price and convenience. Overall, PetMed Express faces an eroding competitive position in a market where scale, technology, and capital resources increasingly determine success. The company's small size relative to major competitors limits its negotiating power with suppliers and its ability to invest in customer acquisition and technology at competitive levels.
Risks & safety
PetMed Express presents a moderate margin of safety from a financial stability perspective, though operational challenges create uncertainty. **Cash and Solvency Position:** - Strong cash position of $50 million with minimal debt (debt-to-equity ratio of 0.01) - Current ratio of 1.43 indicates adequate short-term liquidity - However, recent negative free cash flow of -$1.9 million and operating cash flow of -$1.2 million in Q3 2025 signal operational stress - The company is essentially debt-free, eliminating solvency risk in the near term **Valuation Metrics:** - Trading at extremely low valuation multiples: P/E ratio around 8-10x in profitable quarters - EV/EBITDA of 11.1x appears reasonable for a stable business - Price-to-book ratio of 1.03 suggests shares trade near tangible book value - Graham net-net ratio of 0.44 indicates the stock trades below net current asset value **Other Considerations:** - Declining revenue trend (19% drop in Q3 2025) raises concerns about business sustainability - Recent cost-cutting measures targeting $5 million in annual savings should improve profitability - Strong balance sheet provides runway to weather operational challenges, but cash burn needs monitoring
Recent development
Over the past few years, PetMed Express has undergone significant strategic transformation focused on operational consolidation, technology modernization, and market repositioning. The most significant development was the acquisition and integration of PetCareRx, which the company has been consolidating to achieve approximately $5 million in annual cost savings through elimination of redundancies and operational synergies. The company has invested heavily in technology infrastructure modernization, including replatforming its website, launching mobile app updates, implementing new order management systems, and integrating AI-driven tools for workforce management and customer recommendations. These technology initiatives faced challenges in early 2024 with system disruptions affecting customer service and pharmacy operations, but management reports these issues have been largely resolved. Product portfolio optimization has been a key focus, with the company eliminating 4,000 underperforming SKUs while adding strategic product lines like Hill's and Royal Canin prescription foods. The inventory reduction of 66% to $11.8 million reflects this rationalization effort. The company launched pethealthmd.com as an educational platform and has been developing strategic partnerships in telehealth, pet insurance, and grooming services. Customer experience improvements include the rebranding with the tagline "Care You Trust," achieving a 4.5-star Trustpilot rating, and implementing new payment options including planned Buy Now, Pay Later solutions. The AutoShip subscription program has been replatformed and now represents 56% of total business. Recent quarters have seen strategic pullbacks in aggressive marketing during economic uncertainty, with management prioritizing margin protection over growth. The company has been refining customer acquisition strategies to target millennial and Gen Z consumers while focusing on higher-income households that continue spending consistently on pet care despite economic pressures.
PETS company profile · for informational purposes only — not investment advice.
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