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Side-by-side financial comparison of PETMED EXPRESS INC (PETS) and Spok Holdings, Inc (SPOK). Click either name above to swap in a different company.
PETMED EXPRESS INC is the larger business by last-quarter revenue ($40.7M vs $33.9M, roughly 1.2× Spok Holdings, Inc). Spok Holdings, Inc runs the higher net margin — 8.7% vs -26.0%, a 34.6% gap on every dollar of revenue. On growth, Spok Holdings, Inc posted the faster year-over-year revenue change (-0.1% vs -23.3%). Spok Holdings, Inc produced more free cash flow last quarter ($10.1M vs $-9.2M). Over the past eight quarters, Spok Holdings, Inc's revenue compounded faster (-1.5% 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.
Spok Holdings, Inc. is a global provider of critical communication solutions primarily serving the healthcare industry. It offers unified clinical communication platforms, secure messaging tools, alerting systems, and on-call scheduling software that help care teams coordinate efficiently, cut response times, and boost patient safety across medical facilities.
PETS vs SPOK — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $40.7M | $33.9M |
| Net Profit | $-10.6M | $2.9M |
| Gross Margin | 23.3% | 76.7% |
| Operating Margin | -25.7% | 11.6% |
| Net Margin | -26.0% | 8.7% |
| Revenue YoY | -23.3% | -0.1% |
| Net Profit YoY | -1392.6% | -19.6% |
| EPS (diluted) | $-0.50 | $0.13 |
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 | $33.9M | ||
| Q3 25 | $44.4M | $33.9M | ||
| Q2 25 | $51.2M | $35.7M | ||
| Q1 25 | $50.8M | $36.3M | ||
| Q4 24 | $52.0M | $33.9M | ||
| Q3 24 | $58.0M | $34.9M | ||
| Q2 24 | $66.2M | $34.0M | ||
| Q1 24 | $65.1M | $34.9M |
| Q4 25 | $-10.6M | $2.9M | ||
| Q3 25 | $-8.5M | $3.2M | ||
| Q2 25 | $-34.2M | $4.6M | ||
| Q1 25 | $-11.6M | $5.2M | ||
| Q4 24 | $-707.0K | $3.6M | ||
| Q3 24 | $2.3M | $3.7M | ||
| Q2 24 | $3.8M | $3.4M | ||
| Q1 24 | $-5.0M | $4.2M |
| Q4 25 | 23.3% | 76.7% | ||
| Q3 25 | 28.0% | 78.3% | ||
| Q2 25 | 28.1% | 79.5% | ||
| Q1 25 | 29.9% | 80.1% | ||
| Q4 24 | 31.0% | 78.5% | ||
| Q3 24 | 32.3% | 79.5% | ||
| Q2 24 | 28.8% | 78.9% | ||
| Q1 24 | 29.3% | 79.5% |
| Q4 25 | -25.7% | 11.6% | ||
| Q3 25 | -18.9% | 12.9% | ||
| Q2 25 | -66.7% | 15.1% | ||
| Q1 25 | -11.9% | 16.6% | ||
| Q4 24 | -0.9% | 13.7% | ||
| Q3 24 | 1.0% | 14.2% | ||
| Q2 24 | 6.6% | 13.2% | ||
| Q1 24 | -5.9% | 14.0% |
| Q4 25 | -26.0% | 8.7% | ||
| Q3 25 | -19.2% | 9.5% | ||
| Q2 25 | -66.7% | 12.8% | ||
| Q1 25 | -22.9% | 14.3% | ||
| Q4 24 | -1.4% | 10.8% | ||
| Q3 24 | 4.0% | 10.5% | ||
| Q2 24 | 5.7% | 10.1% | ||
| Q1 24 | -7.7% | 12.1% |
| Q4 25 | $-0.50 | $0.13 | ||
| Q3 25 | $-0.41 | $0.15 | ||
| Q2 25 | $-1.65 | $0.22 | ||
| Q1 25 | $-0.56 | $0.25 | ||
| Q4 24 | $-0.03 | $0.17 | ||
| Q3 24 | $0.11 | $0.18 | ||
| Q2 24 | $0.18 | $0.17 | ||
| Q1 24 | $-0.24 | $0.21 |
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 | $25.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $32.8M | $146.4M |
| Total Assets | $88.0M | $206.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.9M | $25.3M | ||
| Q3 25 | $36.1M | $21.4M | ||
| Q2 25 | $41.1M | $20.2M | ||
| Q1 25 | $54.7M | $19.9M | ||
| Q4 24 | $50.1M | $29.1M | ||
| Q3 24 | $52.0M | $27.8M | ||
| Q2 24 | $46.0M | $23.9M | ||
| Q1 24 | $55.3M | $23.3M |
| Q4 25 | $32.8M | $146.4M | ||
| Q3 25 | $43.1M | $148.7M | ||
| Q2 25 | $51.5M | $150.9M | ||
| Q1 25 | $85.1M | $151.7M | ||
| Q4 24 | $96.2M | $154.7M | ||
| Q3 24 | $96.4M | $156.3M | ||
| Q2 24 | $93.5M | $158.2M | ||
| Q1 24 | $96.7M | $160.2M |
| Q4 25 | $88.0M | $206.1M | ||
| Q3 25 | $100.3M | $209.7M | ||
| Q2 25 | $109.8M | $208.7M | ||
| Q1 25 | $148.7M | $204.5M | ||
| Q4 24 | $144.8M | $217.1M | ||
| Q3 24 | $146.0M | $216.8M | ||
| Q2 24 | $152.7M | $216.4M | ||
| Q1 24 | $169.9M | $215.0M |
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 | $11.5M |
| Free Cash FlowOCF − Capex | $-9.2M | $10.1M |
| FCF MarginFCF / Revenue | -22.7% | 29.9% |
| Capex IntensityCapex / Revenue | 0.1% | 4.1% |
| Cash ConversionOCF / Net Profit | — | 3.93× |
| TTM Free Cash FlowTrailing 4 quarters | $-23.0M | $25.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-9.2M | $11.5M | ||
| Q3 25 | $-2.2M | $8.1M | ||
| Q2 25 | $-12.3M | $7.0M | ||
| Q1 25 | $7.0M | $2.3M | ||
| Q4 24 | $-1.2M | $8.4M | ||
| Q3 24 | $7.4M | $11.1M | ||
| Q2 24 | $-8.5M | $7.4M | ||
| Q1 24 | $7.1M | $2.0M |
| Q4 25 | $-9.2M | $10.1M | ||
| Q3 25 | $-4.8M | $7.6M | ||
| Q2 25 | $-13.6M | $6.0M | ||
| Q1 25 | $4.6M | $1.5M | ||
| Q4 24 | $-1.9M | $7.5M | ||
| Q3 24 | $6.1M | $10.3M | ||
| Q2 24 | $-9.2M | $6.8M | ||
| Q1 24 | $5.9M | $1.1M |
| Q4 25 | -22.7% | 29.9% | ||
| Q3 25 | -10.8% | 22.4% | ||
| Q2 25 | -26.5% | 16.8% | ||
| Q1 25 | 9.1% | 4.2% | ||
| Q4 24 | -3.7% | 22.3% | ||
| Q3 24 | 10.6% | 29.4% | ||
| Q2 24 | -13.9% | 20.0% | ||
| Q1 24 | 9.0% | 3.2% |
| Q4 25 | 0.1% | 4.1% | ||
| Q3 25 | 5.9% | 1.6% | ||
| Q2 25 | 2.5% | 2.9% | ||
| Q1 25 | 4.7% | 2.1% | ||
| Q4 24 | 1.5% | 2.5% | ||
| Q3 24 | 2.2% | 2.4% | ||
| Q2 24 | 1.0% | 1.9% | ||
| Q1 24 | 1.9% | 2.5% |
| Q4 25 | — | 3.93× | ||
| Q3 25 | — | 2.54× | ||
| Q2 25 | — | 1.55× | ||
| Q1 25 | — | 0.43× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | 3.18× | 3.03× | ||
| Q2 24 | -2.27× | 2.17× | ||
| Q1 24 | — | 0.47× |
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% |
SPOK
| Paging | $16.8M | 50% |
| Software Operations | $16.0M | 47% |
| License | $1.2M | 4% |
