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Side-by-side financial comparison of PETMED EXPRESS INC (PETS) and Phathom Pharmaceuticals, Inc. (PHAT). Click either name above to swap in a different company.
Phathom Pharmaceuticals, Inc. is the larger business by last-quarter revenue ($57.6M vs $40.7M, roughly 1.4× PETMED EXPRESS INC). On growth, Phathom Pharmaceuticals, Inc. posted the faster year-over-year revenue change (94.1% vs -23.3%). PETMED EXPRESS INC produced more free cash flow last quarter ($-9.2M vs $-167.0M).
PetMed Express, Inc., also known as PetMeds, is an online pet pharmacy based in the United States. It is publicly traded and sells prescription and non-prescription pet medication.
Phathom Pharmaceuticals is a clinical-stage biopharmaceutical firm focused on developing and commercializing innovative therapies for gastrointestinal diseases. Its lead product candidates address acid-related disorders, inflammatory bowel disease, and other GI conditions, serving patients mainly across North America and Europe.
PETS vs PHAT — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $40.7M | $57.6M |
| Net Profit | $-10.6M | — |
| Gross Margin | 23.3% | 86.7% |
| Operating Margin | -25.7% | — |
| Net Margin | -26.0% | — |
| Revenue YoY | -23.3% | 94.1% |
| Net Profit YoY | -1392.6% | 71.6% |
| EPS (diluted) | $-0.50 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $40.7M | $57.6M | ||
| Q3 25 | $44.4M | $49.5M | ||
| Q2 25 | $51.2M | $39.5M | ||
| Q1 25 | $50.8M | $28.5M | ||
| Q4 24 | $52.0M | $29.7M | ||
| Q3 24 | $58.0M | $16.4M | ||
| Q2 24 | $66.2M | $7.3M | ||
| Q1 24 | $65.1M | — |
| Q4 25 | $-10.6M | — | ||
| Q3 25 | $-8.5M | $-30.0M | ||
| Q2 25 | $-34.2M | $-75.8M | ||
| Q1 25 | $-11.6M | $-94.3M | ||
| Q4 24 | $-707.0K | — | ||
| Q3 24 | $2.3M | $-85.6M | ||
| Q2 24 | $3.8M | $-91.4M | ||
| Q1 24 | $-5.0M | — |
| Q4 25 | 23.3% | 86.7% | ||
| Q3 25 | 28.0% | 87.5% | ||
| Q2 25 | 28.1% | 87.2% | ||
| Q1 25 | 29.9% | 86.9% | ||
| Q4 24 | 31.0% | 87.1% | ||
| Q3 24 | 32.3% | 85.6% | ||
| Q2 24 | 28.8% | 81.2% | ||
| Q1 24 | 29.3% | — |
| Q4 25 | -25.7% | — | ||
| Q3 25 | -18.9% | -30.8% | ||
| Q2 25 | -66.7% | -151.7% | ||
| Q1 25 | -11.9% | -276.5% | ||
| Q4 24 | -0.9% | — | ||
| Q3 24 | 1.0% | -433.0% | ||
| Q2 24 | 6.6% | -1055.4% | ||
| Q1 24 | -5.9% | — |
| Q4 25 | -26.0% | — | ||
| Q3 25 | -19.2% | -60.5% | ||
| Q2 25 | -66.7% | -191.9% | ||
| Q1 25 | -22.9% | -330.7% | ||
| Q4 24 | -1.4% | — | ||
| Q3 24 | 4.0% | -523.3% | ||
| Q2 24 | 5.7% | -1248.6% | ||
| Q1 24 | -7.7% | — |
| Q4 25 | $-0.50 | — | ||
| Q3 25 | $-0.41 | $-0.41 | ||
| Q2 25 | $-1.65 | $-1.05 | ||
| Q1 25 | $-0.56 | $-1.31 | ||
| Q4 24 | $-0.03 | — | ||
| Q3 24 | $0.11 | $-1.32 | ||
| Q2 24 | $0.18 | $-1.56 | ||
| Q1 24 | $-0.24 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $26.9M | $130.0M |
| Total DebtLower is stronger | — | $209.1M |
| Stockholders' EquityBook value | $32.8M | $-438.2M |
| Total Assets | $88.0M | $259.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.9M | $130.0M | ||
| Q3 25 | $36.1M | $135.2M | ||
| Q2 25 | $41.1M | $149.6M | ||
| Q1 25 | $54.7M | $212.3M | ||
| Q4 24 | $50.1M | $297.3M | ||
| Q3 24 | $52.0M | $334.7M | ||
| Q2 24 | $46.0M | $276.2M | ||
| Q1 24 | $55.3M | — |
| Q4 25 | — | $209.1M | ||
| Q3 25 | — | $207.1M | ||
| Q2 25 | — | $205.1M | ||
| Q1 25 | — | $203.2M | ||
| Q4 24 | — | $201.4M | ||
| Q3 24 | — | $175.7M | ||
| Q2 24 | — | $174.4M | ||
| Q1 24 | — | — |
| Q4 25 | $32.8M | $-438.2M | ||
| Q3 25 | $43.1M | $-422.5M | ||
| Q2 25 | $51.5M | $-405.8M | ||
| Q1 25 | $85.1M | $-338.4M | ||
| Q4 24 | $96.2M | $-253.6M | ||
| Q3 24 | $96.4M | $-187.1M | ||
| Q2 24 | $93.5M | $-233.8M | ||
| Q1 24 | $96.7M | — |
| Q4 25 | $88.0M | $259.1M | ||
| Q3 25 | $100.3M | $240.3M | ||
| Q2 25 | $109.8M | $250.2M | ||
| Q1 25 | $148.7M | $294.2M | ||
| Q4 24 | $144.8M | $378.3M | ||
| Q3 24 | $146.0M | $387.0M | ||
| Q2 24 | $152.7M | $319.4M | ||
| Q1 24 | $169.9M | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-9.2M | $-166.8M |
| Free Cash FlowOCF − Capex | $-9.2M | $-167.0M |
| FCF MarginFCF / Revenue | -22.7% | -290.0% |
| Capex IntensityCapex / Revenue | 0.1% | 0.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-23.0M | $-328.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-9.2M | $-166.8M | ||
| Q3 25 | $-2.2M | $-14.1M | ||
| Q2 25 | $-12.3M | $-62.7M | ||
| Q1 25 | $7.0M | $-84.9M | ||
| Q4 24 | $-1.2M | $-266.8M | ||
| Q3 24 | $7.4M | $-63.6M | ||
| Q2 24 | $-8.5M | $-70.7M | ||
| Q1 24 | $7.1M | — |
| Q4 25 | $-9.2M | $-167.0M | ||
| Q3 25 | $-4.8M | $-14.1M | ||
| Q2 25 | $-13.6M | $-62.8M | ||
| Q1 25 | $4.6M | $-84.9M | ||
| Q4 24 | $-1.9M | $-266.9M | ||
| Q3 24 | $6.1M | $-63.6M | ||
| Q2 24 | $-9.2M | $-70.8M | ||
| Q1 24 | $5.9M | — |
| Q4 25 | -22.7% | -290.0% | ||
| Q3 25 | -10.8% | -28.6% | ||
| Q2 25 | -26.5% | -159.0% | ||
| Q1 25 | 9.1% | -297.9% | ||
| Q4 24 | -3.7% | -899.8% | ||
| Q3 24 | 10.6% | -389.0% | ||
| Q2 24 | -13.9% | -966.2% | ||
| Q1 24 | 9.0% | — |
| Q4 25 | 0.1% | 0.4% | ||
| Q3 25 | 5.9% | 0.1% | ||
| Q2 25 | 2.5% | 0.2% | ||
| Q1 25 | 4.7% | 0.1% | ||
| Q4 24 | 1.5% | 0.5% | ||
| Q3 24 | 2.2% | 0.3% | ||
| Q2 24 | 1.0% | 0.6% | ||
| Q1 24 | 1.9% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.18× | — | ||
| Q2 24 | -2.27× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PETS
| Reorder | $34.0M | 84% |
| New Order | $5.0M | 12% |
| Membership Fees | $1.6M | 4% |
PHAT
Segment breakdown not available.
