Petco Health & Wellness Company, Inc. earns about -6% on invested capital, but has diluted owners by 107743% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.32 a share. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|---|---|
| Revenue | $5.81B1 | $6.04B2 | $6.26B3 | $6.12B3 | $5.96B3 |
| Net income | $164.4M4 | $90.8M5 | −$1.28B6 | −$101.8M6 | $9.07M6 |
| Operating cash flow | $358.2M7 | $346M8 | $215.7M9 | $177.7M9 | $314.1M9 |
| Capital expenditure | $239.1M10 | $278M11 | $225.6M12 | $128M12 | $127.1M12 |
| Free cash flow (derived) | $119.1M7,10 | $68M8,11 | −$9.88M9,12 | $49.7M9,12 | $187M9,12 |
| Total debt | $1.64B13 | $1.63B14 | $1.58B15 | $1.58B16 | $1.49B16 |
| Cash & equivalents | $211.6M17 | $201.9M18 | $125.4M19 | $165.8M20 | $256.7M20 |
| Diluted shares | 265,338 | 266.0M | 267.5M | 273.4M | 286.1M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
10 shares is a claim on $40.69 of net worth that earned you $0.32 and generated $6.53 of cash last year, against $52.02 of debt.
It earned an average -6% on invested capital over 5 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is up 107743% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
assumptions (10)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Terminal growth2.50%
- Projection period10 years
- FCF growth0.0%
- Starting free cash flow$49.7M
assumptions (10)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Terminal growth2.50%
- Projection period5 years
- FCF growth0.0%
- Starting free cash flow$49.7M
assumptions (8)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Normalized earnings$9.07M
- Growth assumed0.0%
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MeritValue on the App Store →- 10-K filed 2024-04-03 · period ending 2022-01-29 · accession 0000950170-24-040516 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2025-03-31 · period ending 2023-01-28 · accession 0000950170-25-047693 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2026-03-13 · periods ending 2024-02-03, 2025-02-01, 2026-01-31 · accession 0001193125-26-106114 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2024-04-03 · period ending 2022-01-29 · accession 0000950170-24-040516 (NetIncomeLoss)
- 10-K filed 2025-03-31 · period ending 2023-01-28 · accession 0000950170-25-047693 (NetIncomeLoss)
- 10-K filed 2026-03-13 · periods ending 2024-02-03, 2025-02-01, 2026-01-31 · accession 0001193125-26-106114 (NetIncomeLoss)
- 10-K filed 2024-04-03 · period ending 2022-01-29 · accession 0000950170-24-040516 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2025-03-31 · period ending 2023-01-28 · accession 0000950170-25-047693 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2026-03-13 · periods ending 2024-02-03, 2025-02-01, 2026-01-31 · accession 0001193125-26-106114 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2024-04-03 · period ending 2022-01-29 · accession 0000950170-24-040516 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2025-03-31 · period ending 2023-01-28 · accession 0000950170-25-047693 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2026-03-13 · periods ending 2024-02-03, 2025-02-01, 2026-01-31 · accession 0001193125-26-106114 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2023-03-28 · period ending 2022-01-29 · accession 0000950170-23-010285 (LongTermDebtNoncurrent)
- 10-K filed 2024-04-03 · period ending 2023-01-28 · accession 0000950170-24-040516 (LongTermDebtNoncurrent)
- 10-K filed 2025-03-31 · period ending 2024-02-03 · accession 0000950170-25-047693 (LongTermDebtNoncurrent)
- 10-K filed 2026-03-13 · periods ending 2025-02-01, 2026-01-31 · accession 0001193125-26-106114 (LongTermDebtNoncurrent)
- 10-K filed 2023-03-28 · period ending 2022-01-29 · accession 0000950170-23-010285 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2024-04-03 · period ending 2023-01-28 · accession 0000950170-24-040516 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2025-03-31 · period ending 2024-02-03 · accession 0000950170-25-047693 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2026-03-13 · periods ending 2025-02-01, 2026-01-31 · accession 0001193125-26-106114 (CashAndCashEquivalentsAtCarryingValue)