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PetMed Express, Inc. and subsidiaries, d/b/a PetMeds , and as parent company of PetCareRx , is a pioneer in pet healthcare, building a consumer-first digital platform in 1996 that transformed the way customers fulfill pet medications. Thirty years later, as a leading nationwide direct-to-consumer pet health and wellness retailer, the Company markets and sells directly to consumers through its w…
The business is unprofitable at the operating level (-32.77% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 21.1% YoY. Margins deteriorated 32.1pp alongside, both lines moving the wrong way.
ROIC dropped from -1.31% to -80.19%, capital efficiency is deteriorating. Negative free cash flow of -$33M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$179M
▼ -21.1% YoY
Net Income (TTM)
-$57M
▼ -813.5% YoY
Op. Margin
-32.77%
▼ -32.1pp YoY
ROIC
-80.19%
▼ -78.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$33M
▼ -8256.7% YoY
Op. Cash Flow (TTM)
-$28M
▼ -701.8% YoY
Net Debt
-$21M
Net Cash Position
Cash & Equiv.
$21M
5Y CAGR: -10.0%
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