PETS (PetMed Express) Operating Income: $-31.4 Mil (TTM As of Mar. 2026)


PETS PetMed Express Inc PETS
56 GF Score
Price $1.95
GF Value $2.87
Valuation Possible Value Trap
! 4 Warning Signs
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What is PetMed Express Operating Income?

PetMed Express PETS -0.77% 56 Operating Income is $-31.4 Mil as of Mar. 2026. GuruFocus rates PETS with a GF Score™ of 56/100 and a GF Value™ of $2.87 (Possible Value Trap). The stock has 4 warning signs investors should review.

PetMed Express's Operating Income for the three months ended in Mar. 2026 was $-5.7 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $-31.4 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. PetMed Express's Operating Income for the three months ended in Mar. 2026 was $-5.7 Mil. PetMed Express's Revenue for the three months ended in Mar. 2026 was $42.8 Mil. Therefore, PetMed Express's Operating Margin % for the quarter that ended in Mar. 2026 was -13.29%.

PetMed Express's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. PetMed Express's annualized ROC % for the quarter that ended in Mar. 2026 was -55.82%. PetMed Express's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was -82.76%.


PetMed Express  (NAS:PETS) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

PetMed Express's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=-22.768 * ( 1 - 2.45% )/( (40.776 + 38.809)/ 2 )
=-22.210184/39.7925
=-55.82 %

where

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

PetMed Express's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=-22.768/( ( (28.181 + max(-32.692, 0)) + (26.838 + max(-29.389, 0)) )/ 2 )
=-22.768/( ( 28.181 + 26.838 )/ 2 )
=-22.768/27.5095
=-82.76 %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(1.559 + 12.206 + 7.827) - (53.452 + 0.832 + 0)
=-32.692

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(1.908 + 13.608 + 6.636) - (50.852 + 0.689 + 0)
=-29.389

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

PetMed Express's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=-5.692/42.817
=-13.29 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.


Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.


PetMed Express Operating Income Related Terms


PetMed Express Operating Income Historical Data

* Premium members only.

The historical data trend for PetMed Express's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

PetMed Express Operating Income Chart

PetMed Express Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 24.29 6.05 -8.16 -0.33 -31.42

PetMed Express Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -4.82 -6.87 -8.38 -10.47 -5.69
PETS
56GF Score
PetMed Express Inc PETS
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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PetMed Express Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $-31.4 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of $-31.4 Mil mean?
PetMed Express (PETS) has a Operating Income of $-31.4 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on PetMed Express and its competitors.
Is PetMed Express' Operating Income too high?
PetMed Express' current Operating Income is $-31.4 Mil. Overall, PetMed Express has a GF Score™ of 56/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does PetMed Express' Operating Income compare to SHFH and BHIC?
PetMed Express' Operating Income of $-31.4 Mil can be compared against companies in the Healthcare Providers & Services industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Healthcare Providers & Services company?
A good Operating Income depends on the Healthcare Providers & Services industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on PetMed Express and its competitors. PetMed Express's current Operating Income is $-31.4 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PetMed Express stock overvalued right now?
Based on GuruFocus' analysis, PetMed Express (PETS) is currently considered Possible Value Trap. The stock's GF Value™ is $2.87, compared to a current price of $1.95 — trading 32.2% below its estimated fair value. The current Operating Income is $-31.4 Mil. PetMed Express' overall GF Score™ is 56/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For PetMed Express (PETS), the current Operating Income is $-31.4 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is PetMed Express (PETS) Overvalued in 2026?

Based on GuruFocus' analysis, PetMed Express stock appears to be undervalued. The current stock price of $1.95 is trading 32.2% below its estimated GF Value™ of $2.87. GuruFocus considers PetMed Express to be Possible Value Trap.

Key valuation signals for PETS:

  • Operating Income: $-31.4 Mil
  • GF Value™: $2.87 vs. price of $1.95 (32.2% below fair value)
  • GF Score™: 56/100 with 4 warning signs

No single metric tells the full story. See the PETS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


PetMed Express Business Description

Other Exchanges PQM:GermanyPQM:Germany
Address 420 South Congress Avenue, Suite 100, Delray Beach, FL, USA, 33445
PetMed Express Inc is a nationwide direct-to-consumer pet pharmacy and online provider of prescription and non-prescription medications, foods, supplements, supplies, and vet services for dogs, cats, and horses. It markets and sells directly to consumers through its websites, toll-free numbers, and mobile application, offering convenience, price, speed of delivery, and customer service. It provides access to branded pharmaceuticals, generic medications, compounded prescription medications, over-the-counter health and wellness products, prescription and non-prescription food, pharmacy fulfillment, and AutoShip capabilities. Its digital platform offers pet healthcare solutions for chronic conditions, including allergies, arthritis, anxiety, kidney-related conditions, and hyperthyroidism.
56GF Score

Get the complete analysis for PETS

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$1.95
Price
$2.87
GF Value