MeritValue

PETMED EXPRESS INC

PETSdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

PETMED EXPRESS INC earns about -75% on invested capital, but has diluted owners by 3% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$272.3M1$247.6M2$274.1M3$227M3$179M3
Net income$18.7M4$5.14M5−$7.46M6−$6.27M6−$57.3M6
Operating cash flow$18.5M7$27.8M8$4.32M9$4.72M9−$28.4M9
Capital expenditure$1.75M10$5.26M11$4.51M12$5.11M12$4.62M12
Free cash flow (derived)$16.7M7$22.5M8−$194,0009−$395,0009−$33M9
Total debt—————
Cash & equivalents$111.1M13$104.1M14$55.3M15$54.7M16$21.4M16
Diluted shares20.4M20.3M20.4M20.6M20.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$13.83
your share of equity
Profit it earned you last year
−$27.38
Free cash flow it threw off
−$15.78
Debt you’d be carrying
—

10 shares is a claim on $13.83 of net worth that earned you −$27.38 and generated −$15.78 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-75% avg · 5y
FY22 151%FY23 87%FY24 -12%FY25 -2%FY26 -602%

It earned an average -75% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+3% shares · 5y

Share count is up 3% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-03-31 · accession 0001040130-24-000046 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2023-03-31 · accession 0001040130-25-000072 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-03-31 · accession 0001040130-26-000019 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-03-31 · accession 0001040130-24-000046 (NetIncomeLoss)
  5. 10-K · period ending 2023-03-31 · accession 0001040130-25-000072 (NetIncomeLoss)
  6. 10-K · period ending 2024-03-31 · accession 0001040130-26-000019 (NetIncomeLoss)
  7. 10-K · period ending 2022-03-31 · accession 0001040130-24-000046 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-03-31 · accession 0001040130-25-000072 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-03-31 · accession 0001040130-26-000019 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-03-31 · accession 0001040130-24-000046 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-03-31 · accession 0001040130-25-000072 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-03-31 · accession 0001040130-26-000019 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K/A · period ending 2022-03-31 · accession 0001040130-24-000016 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-03-31 · accession 0001040130-24-000046 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-03-31 · accession 0001040130-25-000072 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2025-03-31 · accession 0001040130-26-000019 (CashAndCashEquivalentsAtCarryingValue)