PetMed Express, Inc. (PETS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-75.4%

$0.30

vs $1.20 price

Levered DCF

$0.27

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.25

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-0.83×	-13.97×	-12.65×	64.96×	24.57×	22.99×	22.31×	12.57×
P/B	1.65×	1.01×	0.99×	2.99×	3.66×	4.99×	4.44×	3.51×
P/S	0.27×	0.38×	0.35×	1.28×	1.9×	2.32×	2.03×	1.67×
EV / EBITDA	-1.22×	4.86×	53.14×	20.58×	13.74×	17.81×	13.08×	7.26×
Gross margin	22.8%	30.5%	28.4%	27.7%	27.6%	27.8%	28.6%	33.6%
Operating margin	-17.5%	-0.7%	-2.5%	2.6%	9.4%	10.1%	10.9%	16.3%
Net margin	-32.0%	-2.8%	-2.7%	2.0%	7.7%	7.9%	9.1%	13.3%
Current ratio	0.84×	1.26×	1.3×	2.27×	4.55×	3.59×	5.3×	6.79×
Debt / equity	0.02×	0.01×	0.02×	0.01×	0×	0×	0×	0×
Interest coverage	0×	0×	0×	0×	0×	25.23×	0×	0×
Dividend yield	0.0%	0.2%	13.0%	7.5%	4.7%	3.2%	3.8%	4.6%
Payout ratio	-0.0%	-2.9%	-166.6%	477.4%	115.6%	94.8%	84.3%	58.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-197.9%	-7.4%	-7.7%	4.7%	14.8%	16.9%	19.9%	28.0%
Return on invested capital	-105.8%	-1.8%	-7.1%	4.0%	14.0%	16.6%	18.0%	26.1%
Return on assets	-70.6%	-4.2%	-4.4%	3.0%	12.0%	12.8%	16.6%	24.4%
Free cash flow yield	-69.2%	-0.5%	-0.2%	6.8%	3.2%	5.3%	6.3%	9.4%
Earnings yield	-120.1%	-7.3%	-7.8%	1.6%	4.1%	3.4%	4.5%	8.0%
Enterprise value	$26.8M	$32.6M	$41.6M	$226.2M	$409.5M	$586.9M	$473M	$372.5M
Net debt / EBITDA	0.95×	-8.01×	-68.76×	-9.38×	-3.73×	-3.6×	-2.87×	-1.96×
Cash conversion cycle (days)	-15	-13	-11	-10	12	-5	2	13