Calvin Blissett on X
PetMed Express ($PETS) is an online pet pharmacy that has collapsed under Chewy and Amazon competition: FY2026 sales fell 21% to $179 million, with a $57 million net loss including a $26.7 million goodwill write-down. At $1.38, the stock trades at about one-third of the $4.00–4.25 per share unsolicited bids the board rejected in December 2025. With $21 million of cash, no debt and about 21 million shares, cash covers most of the ~$29 million market cap, leaving an enterprise value under $10 million, or less than 0.1x sales. The stabilization is tentative but visible: Q4 sales grew sequentially for the first time since FY2024 as AutoShip sign-ups improved, management is cutting $6.1 million of vendor costs, and new white-label pharmacy deals such as Rural King use excess fulfillment capacity. The risk is time: operating cash burn was $28 million last year, so the turnaround must show up within about four quarters. The board says it remains open to future offers.
