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Side-by-side financial comparison of PETMED EXPRESS INC (PETS) and ARS Pharmaceuticals, Inc. (SPRY). Click either name above to swap in a different company.
PETMED EXPRESS INC is the larger business by last-quarter revenue ($40.7M vs $28.1M, roughly 1.4× ARS Pharmaceuticals, Inc.). PETMED EXPRESS INC runs the higher net margin — -26.0% vs -147.1%, a 121.2% gap on every dollar of revenue. On growth, PETMED EXPRESS INC posted the faster year-over-year revenue change (-23.3% vs -67.6%).
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.
ARS Pharmaceuticals, Inc. is a late-stage biopharmaceutical firm specializing in the development and commercialization of novel therapies for severe allergic reactions, most notably needle-free epinephrine delivery solutions for anaphylaxis. It primarily operates in the North American market, catering to both pediatric and adult patient groups at risk of life-threatening allergic responses.
PETS vs SPRY — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $40.7M | $28.1M |
| Net Profit | $-10.6M | $-41.3M |
| Gross Margin | 23.3% | — |
| Operating Margin | -25.7% | -147.6% |
| Net Margin | -26.0% | -147.1% |
| Revenue YoY | -23.3% | -67.6% |
| Net Profit YoY | -1392.6% | -182.8% |
| EPS (diluted) | $-0.50 | $-0.41 |
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 | $28.1M | ||
| Q3 25 | $44.4M | $32.5M | ||
| Q2 25 | $51.2M | $15.7M | ||
| Q1 25 | $50.8M | $8.0M | ||
| Q4 24 | $52.0M | $86.6M | ||
| Q3 24 | $58.0M | $2.1M | ||
| Q2 24 | $66.2M | $500.0K | ||
| Q1 24 | $65.1M | $0 |
| Q4 25 | $-10.6M | $-41.3M | ||
| Q3 25 | $-8.5M | $-51.2M | ||
| Q2 25 | $-34.2M | $-44.9M | ||
| Q1 25 | $-11.6M | $-33.9M | ||
| Q4 24 | $-707.0K | $49.9M | ||
| Q3 24 | $2.3M | $-19.1M | ||
| Q2 24 | $3.8M | $-12.5M | ||
| Q1 24 | $-5.0M | $-10.3M |
| 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% | -147.6% | ||
| Q3 25 | -18.9% | -163.7% | ||
| Q2 25 | -66.7% | -302.9% | ||
| Q1 25 | -11.9% | -466.3% | ||
| Q4 24 | -0.9% | 54.5% | ||
| Q3 24 | 1.0% | -1051.6% | ||
| Q2 24 | 6.6% | -3068.0% | ||
| Q1 24 | -5.9% | — |
| Q4 25 | -26.0% | -147.1% | ||
| Q3 25 | -19.2% | -157.4% | ||
| Q2 25 | -66.7% | -285.6% | ||
| Q1 25 | -22.9% | -425.7% | ||
| Q4 24 | -1.4% | 57.7% | ||
| Q3 24 | 4.0% | -925.0% | ||
| Q2 24 | 5.7% | -2503.2% | ||
| Q1 24 | -7.7% | — |
| Q4 25 | $-0.50 | $-0.41 | ||
| Q3 25 | $-0.41 | $-0.52 | ||
| Q2 25 | $-1.65 | $-0.46 | ||
| Q1 25 | $-0.56 | $-0.35 | ||
| Q4 24 | $-0.03 | $0.52 | ||
| Q3 24 | $0.11 | $-0.20 | ||
| Q2 24 | $0.18 | $-0.13 | ||
| Q1 24 | $-0.24 | $-0.11 |
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 | $245.0M |
| Total DebtLower is stronger | — | $96.4M |
| Stockholders' EquityBook value | $32.8M | $114.3M |
| Total Assets | $88.0M | $327.7M |
| Debt / EquityLower = less leverage | — | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.9M | $245.0M | ||
| Q3 25 | $36.1M | $288.2M | ||
| Q2 25 | $41.1M | $240.1M | ||
| Q1 25 | $54.7M | $275.7M | ||
| Q4 24 | $50.1M | $314.0M | ||
| Q3 24 | $52.0M | $204.6M | ||
| Q2 24 | $46.0M | $218.7M | ||
| Q1 24 | $55.3M | $223.6M |
| Q4 25 | — | $96.4M | ||
| Q3 25 | — | $96.2M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $0 | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $32.8M | $114.3M | ||
| Q3 25 | $43.1M | $147.7M | ||
| Q2 25 | $51.5M | $192.3M | ||
| Q1 25 | $85.1M | $229.0M | ||
| Q4 24 | $96.2M | $256.8M | ||
| Q3 24 | $96.4M | $201.0M | ||
| Q2 24 | $93.5M | $215.2M | ||
| Q1 24 | $96.7M | $223.9M |
| Q4 25 | $88.0M | $327.7M | ||
| Q3 25 | $100.3M | $372.8M | ||
| Q2 25 | $109.8M | $313.5M | ||
| Q1 25 | $148.7M | $327.3M | ||
| Q4 24 | $144.8M | $351.2M | ||
| Q3 24 | $146.0M | $217.6M | ||
| Q2 24 | $152.7M | $222.0M | ||
| Q1 24 | $169.9M | $227.6M |
| Q4 25 | — | 0.84× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-43.5M |
| Free Cash FlowOCF − Capex | $-9.2M | — |
| FCF MarginFCF / Revenue | -22.7% | — |
| Capex IntensityCapex / Revenue | 0.1% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-23.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-9.2M | $-43.5M | ||
| Q3 25 | $-2.2M | $-47.0M | ||
| Q2 25 | $-12.3M | $-39.6M | ||
| Q1 25 | $7.0M | $-40.7M | ||
| Q4 24 | $-1.2M | $42.0M | ||
| Q3 24 | $7.4M | $-14.5M | ||
| Q2 24 | $-8.5M | $-7.3M | ||
| Q1 24 | $7.1M | $-6.7M |
| Q4 25 | $-9.2M | — | ||
| Q3 25 | $-4.8M | $-47.2M | ||
| Q2 25 | $-13.6M | $-39.6M | ||
| Q1 25 | $4.6M | $-40.8M | ||
| Q4 24 | $-1.9M | $41.7M | ||
| Q3 24 | $6.1M | $-14.6M | ||
| Q2 24 | $-9.2M | $-7.3M | ||
| Q1 24 | $5.9M | $-6.8M |
| Q4 25 | -22.7% | — | ||
| Q3 25 | -10.8% | -145.4% | ||
| Q2 25 | -26.5% | -252.2% | ||
| Q1 25 | 9.1% | -512.1% | ||
| Q4 24 | -3.7% | 48.2% | ||
| Q3 24 | 10.6% | -706.3% | ||
| Q2 24 | -13.9% | -1463.4% | ||
| Q1 24 | 9.0% | — |
| Q4 25 | 0.1% | 0.0% | ||
| Q3 25 | 5.9% | 0.6% | ||
| Q2 25 | 2.5% | 0.3% | ||
| Q1 25 | 4.7% | 1.1% | ||
| Q4 24 | 1.5% | 0.3% | ||
| Q3 24 | 2.2% | 6.8% | ||
| Q2 24 | 1.0% | 7.6% | ||
| Q1 24 | 1.9% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.84× | ||
| 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% |
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
