PETS PETMED EXPRESS INC

Overview and Growth

PETMED EXPRESS INC generated $179.02M of revenue in fiscal 2026, with net loss of $57.29M and an operating cash outflow of $28.39M. The $179.02M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Compared with $226.97M in fiscal 2025, revenue decreased 21.1%, a top-line contraction that reduced operating scale. The company reported diluted EPS of -$2.74, adding a shareholder-level measure to the absolute income figures considered below. The diluted weighted-average share count was 20.92M, linking total earnings with the per-share result received by shareholders. Total assets stood at $81.19M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. The revenue-to-assets relationship was 2.2x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Gross profit was $50.22M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross margin was 28.1%, so that share of each revenue unit remained after the cost of revenue reported for the period. The reported operating result was an operating loss of $58.67M, reflecting costs that exceeded gross profit. An operating margin of -32.8% reflected costs exceeding revenue-level gross profit by 32.8% of sales. The bottom-line result was a net loss of $57.29M after operating, financing, tax, and other recognized items. Measured against revenue, the bottom-line deficit represented 32.0% after all recognized items. EBITDA was negative $51.27M, showing a deficit before interest, taxes, depreciation, and amortization. Before income taxes, the company recorded a loss of $57.36M, bridging the operating result to the final net loss. Measured against revenue, the pretax deficit represented 32.0%. The reported tax benefit was $73.00K, favorably bridging the pretax and after-tax results. The loss-to-equity relationship was 197.9%, placing the bottom-line deficit against shareholder capital. The loss-to-assets relationship was 70.6%, placing the bottom-line deficit against the company’s resource base. Compared with a $6.27M net loss in fiscal 2025, the current loss increased to $57.29M.

Liquidity and Capital Structure

Total assets were $81.19M, supported by $52.25M of liabilities and $28.94M of shareholder equity. At period end, current assets of $43.56M compared with current liabilities of $52.03M, defining the company’s short-term resource position. At 0.84x, current liabilities exceeded current assets and placed pressure on the company’s near-term liquidity position. The company held $21.41M in cash and equivalents, a narrower liquidity measure than total current assets. Cash and equivalents represented 41.2% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Book equity represented 35.6% of total assets, quantifying the balance-sheet share supported by shareholder capital. The liabilities-to-assets relationship was 64.4%, placing reported obligations against the full positive asset balance. The cash-to-assets relationship was 26.4%, comparing reported cash and equivalents with the full positive asset balance. Total assets were 45.4% lower than fiscal 2025 assets of $148.70M, measuring the company’s own balance-sheet change. Book equity was 66.0% lower than fiscal 2025 equity of $85.13M, showing how shareholder capital changed year over year. Compared with $54.72M in fiscal 2025, the current cash balance moved 60.9% and finished lower.

Cash Flow and Earnings Quality

Operating activities used $28.39M of cash, resulting in an operating cash outflow for the year. The company spent $4.62M on capital expenditures while operations also absorbed cash, so both ongoing activity and investment drew on liquidity during the period. Negative free cash flow was $33.01M, leaving a cash deficit after capital spending and reducing financial flexibility. The free-cash-flow deficit equaled 18.4% of revenue, showing the post-investment cash shortfall relative to sales. The cash deficit after capital spending represented 40.7% of the period-end asset base.

Based on the annual report for the fiscal year ending Mar 31, 2026. Analysis generated Oct 21, 2026.