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Side-by-side financial comparison of PETMED EXPRESS INC (PETS) and P10, Inc. (PX). Click either name above to swap in a different company.
P10, Inc. is the larger business by last-quarter revenue ($81.0M vs $40.7M, roughly 2.0× PETMED EXPRESS INC). P10, Inc. runs the higher net margin — 11.7% vs -26.0%, a 37.6% gap on every dollar of revenue. On growth, P10, Inc. posted the faster year-over-year revenue change (-4.7% vs -23.3%). P10, Inc. produced more free cash flow last quarter ($18.1M vs $-9.2M). Over the past eight quarters, P10, Inc.'s revenue compounded faster (10.7% CAGR vs -20.9%).
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.
P10, Inc. is a global alternative investment management firm that offers a diversified portfolio of investment solutions spanning private equity, private credit, real assets and venture capital. It primarily caters to institutional clients including pension funds, endowments, foundations, and high-net-worth individuals across North America, Europe, and Asia Pacific.
PETS vs PX — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $40.7M | $81.0M |
| Net Profit | $-10.6M | $9.5M |
| Gross Margin | 23.3% | — |
| Operating Margin | -25.7% | 31.9% |
| Net Margin | -26.0% | 11.7% |
| Revenue YoY | -23.3% | -4.7% |
| Net Profit YoY | -1392.6% | 79.0% |
| EPS (diluted) | $-0.50 | $0.08 |
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 | $81.0M | ||
| Q3 25 | $44.4M | $75.9M | ||
| Q2 25 | $51.2M | $72.7M | ||
| Q1 25 | $50.8M | $67.7M | ||
| Q4 24 | $52.0M | $85.0M | ||
| Q3 24 | $58.0M | $74.2M | ||
| Q2 24 | $66.2M | $71.1M | ||
| Q1 24 | $65.1M | $66.1M |
| Q4 25 | $-10.6M | $9.5M | ||
| Q3 25 | $-8.5M | $2.1M | ||
| Q2 25 | $-34.2M | $3.4M | ||
| Q1 25 | $-11.6M | $4.5M | ||
| Q4 24 | $-707.0K | $5.3M | ||
| Q3 24 | $2.3M | $1.4M | ||
| Q2 24 | $3.8M | $7.0M | ||
| Q1 24 | $-5.0M | $5.0M |
| Q4 25 | 23.3% | — | ||
| Q3 25 | 28.0% | — | ||
| Q2 25 | 28.1% | — | ||
| Q1 25 | 29.9% | — | ||
| Q4 24 | 31.0% | — | ||
| Q3 24 | 32.3% | — | ||
| Q2 24 | 28.8% | — | ||
| Q1 24 | 29.3% | — |
| Q4 25 | -25.7% | 31.9% | ||
| Q3 25 | -18.9% | 14.1% | ||
| Q2 25 | -66.7% | 24.4% | ||
| Q1 25 | -11.9% | 16.6% | ||
| Q4 24 | -0.9% | 26.9% | ||
| Q3 24 | 1.0% | 11.9% | ||
| Q2 24 | 6.6% | 23.7% | ||
| Q1 24 | -5.9% | 18.3% |
| Q4 25 | -26.0% | 11.7% | ||
| Q3 25 | -19.2% | 2.8% | ||
| Q2 25 | -66.7% | 4.7% | ||
| Q1 25 | -22.9% | 6.7% | ||
| Q4 24 | -1.4% | 6.2% | ||
| Q3 24 | 4.0% | 1.9% | ||
| Q2 24 | 5.7% | 9.8% | ||
| Q1 24 | -7.7% | 7.6% |
| Q4 25 | $-0.50 | $0.08 | ||
| Q3 25 | $-0.41 | $0.02 | ||
| Q2 25 | $-1.65 | $0.03 | ||
| Q1 25 | $-0.56 | $0.04 | ||
| Q4 24 | $-0.03 | $0.05 | ||
| Q3 24 | $0.11 | $0.01 | ||
| Q2 24 | $0.18 | $0.06 | ||
| Q1 24 | $-0.24 | $0.04 |
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 | $28.2M |
| Total DebtLower is stronger | — | $373.2M |
| Stockholders' EquityBook value | $32.8M | $403.5M |
| Total Assets | $88.0M | $928.3M |
| Debt / EquityLower = less leverage | — | 0.93× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.9M | $28.2M | ||
| Q3 25 | $36.1M | $40.0M | ||
| Q2 25 | $41.1M | $33.4M | ||
| Q1 25 | $54.7M | $74.4M | ||
| Q4 24 | $50.1M | $67.5M | ||
| Q3 24 | $52.0M | $61.5M | ||
| Q2 24 | $46.0M | $31.2M | ||
| Q1 24 | $55.3M | $29.0M |
| Q4 25 | — | $373.2M | ||
| Q3 25 | — | $393.4M | ||
| Q2 25 | — | $373.0M | ||
| Q1 25 | — | $357.2M | ||
| Q4 24 | — | $319.8M | ||
| Q3 24 | — | $319.4M | ||
| Q2 24 | — | $300.6M | ||
| Q1 24 | — | $314.0M |
| Q4 25 | $32.8M | $403.5M | ||
| Q3 25 | $43.1M | $396.8M | ||
| Q2 25 | $51.5M | $388.9M | ||
| Q1 25 | $85.1M | $374.3M | ||
| Q4 24 | $96.2M | $386.9M | ||
| Q3 24 | $96.4M | $394.1M | ||
| Q2 24 | $93.5M | $396.9M | ||
| Q1 24 | $96.7M | $400.1M |
| Q4 25 | $88.0M | $928.3M | ||
| Q3 25 | $100.3M | $936.0M | ||
| Q2 25 | $109.8M | $932.2M | ||
| Q1 25 | $148.7M | $877.4M | ||
| Q4 24 | $144.8M | $869.3M | ||
| Q3 24 | $146.0M | $857.0M | ||
| Q2 24 | $152.7M | $823.2M | ||
| Q1 24 | $169.9M | $832.8M |
| Q4 25 | — | 0.93× | ||
| Q3 25 | — | 0.99× | ||
| Q2 25 | — | 0.96× | ||
| Q1 25 | — | 0.95× | ||
| Q4 24 | — | 0.83× | ||
| Q3 24 | — | 0.81× | ||
| Q2 24 | — | 0.76× | ||
| Q1 24 | — | 0.78× |
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 | $23.0M |
| Free Cash FlowOCF − Capex | $-9.2M | $18.1M |
| FCF MarginFCF / Revenue | -22.7% | 22.3% |
| Capex IntensityCapex / Revenue | 0.1% | 6.0% |
| Cash ConversionOCF / Net Profit | — | 2.43× |
| TTM Free Cash FlowTrailing 4 quarters | $-23.0M | $14.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-9.2M | $23.0M | ||
| Q3 25 | $-2.2M | $-8.6M | ||
| Q2 25 | $-12.3M | $13.4M | ||
| Q1 25 | $7.0M | $-4.7M | ||
| Q4 24 | $-1.2M | $101.0M | ||
| Q3 24 | $7.4M | $27.5M | ||
| Q2 24 | $-8.5M | $34.8M | ||
| Q1 24 | $7.1M | $11.0M |
| Q4 25 | $-9.2M | $18.1M | ||
| Q3 25 | $-4.8M | $-9.5M | ||
| Q2 25 | $-13.6M | $11.6M | ||
| Q1 25 | $4.6M | $-6.0M | ||
| Q4 24 | $-1.9M | $96.6M | ||
| Q3 24 | $6.1M | $25.2M | ||
| Q2 24 | $-9.2M | $33.9M | ||
| Q1 24 | $5.9M | $10.7M |
| Q4 25 | -22.7% | 22.3% | ||
| Q3 25 | -10.8% | -12.6% | ||
| Q2 25 | -26.5% | 15.9% | ||
| Q1 25 | 9.1% | -8.9% | ||
| Q4 24 | -3.7% | 113.6% | ||
| Q3 24 | 10.6% | 34.0% | ||
| Q2 24 | -13.9% | 47.7% | ||
| Q1 24 | 9.0% | 16.2% |
| Q4 25 | 0.1% | 6.0% | ||
| Q3 25 | 5.9% | 1.2% | ||
| Q2 25 | 2.5% | 2.5% | ||
| Q1 25 | 4.7% | 1.9% | ||
| Q4 24 | 1.5% | 5.2% | ||
| Q3 24 | 2.2% | 3.0% | ||
| Q2 24 | 1.0% | 1.3% | ||
| Q1 24 | 1.9% | 0.4% |
| Q4 25 | — | 2.43× | ||
| Q3 25 | — | -4.01× | ||
| Q2 25 | — | 3.96× | ||
| Q1 25 | — | -1.05× | ||
| Q4 24 | — | 19.12× | ||
| Q3 24 | 3.18× | 19.54× | ||
| Q2 24 | -2.27× | 4.98× | ||
| Q1 24 | — | 2.18× |
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% |
PX
| Management Fees | $78.1M | 96% |
| Advisory Fees | $1.8M | 2% |
