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Side-by-side financial comparison of PETMED EXPRESS INC (PETS) and Vanda Pharmaceuticals Inc. (VNDA). Click either name above to swap in a different company.
Vanda Pharmaceuticals Inc. is the larger business by last-quarter revenue ($57.2M vs $40.7M, roughly 1.4× PETMED EXPRESS INC). PETMED EXPRESS INC runs the higher net margin — -26.0% vs -246.8%, a 220.8% gap on every dollar of revenue. On growth, Vanda Pharmaceuticals Inc. posted the faster year-over-year revenue change (7.6% vs -23.3%). PETMED EXPRESS INC produced more free cash flow last quarter ($-9.2M vs $-29.5M). Over the past eight quarters, Vanda Pharmaceuticals Inc.'s revenue compounded faster (9.8% 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.
Vanda Pharmaceuticals Inc. is a biopharmaceutical company focused on developing and commercializing innovative therapies for central nervous system disorders. Its key marketed products cover indications including sleep-wake cycle disturbances and schizophrenia, with core operations and primary sales markets concentrated in North America, catering to patient groups with significant unmet medical needs.
PETS vs VNDA — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $40.7M | $57.2M |
| Net Profit | $-10.6M | $-141.2M |
| Gross Margin | 23.3% | — |
| Operating Margin | -25.7% | -70.5% |
| Net Margin | -26.0% | -246.8% |
| Revenue YoY | -23.3% | 7.6% |
| Net Profit YoY | -1392.6% | -2774.3% |
| EPS (diluted) | $-0.50 | $-2.40 |
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 | $57.2M | ||
| Q3 25 | $44.4M | $56.3M | ||
| Q2 25 | $51.2M | $52.6M | ||
| Q1 25 | $50.8M | $50.0M | ||
| Q4 24 | $52.0M | $53.2M | ||
| Q3 24 | $58.0M | $47.7M | ||
| Q2 24 | $66.2M | $50.5M | ||
| Q1 24 | $65.1M | $47.5M |
| Q4 25 | $-10.6M | $-141.2M | ||
| Q3 25 | $-8.5M | $-22.6M | ||
| Q2 25 | $-34.2M | $-27.2M | ||
| Q1 25 | $-11.6M | $-29.5M | ||
| Q4 24 | $-707.0K | $-4.9M | ||
| Q3 24 | $2.3M | $-5.3M | ||
| Q2 24 | $3.8M | $-4.5M | ||
| Q1 24 | $-5.0M | $-4.1M |
| 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% | -70.5% | ||
| Q3 25 | -18.9% | -55.6% | ||
| Q2 25 | -66.7% | -73.2% | ||
| Q1 25 | -11.9% | -82.0% | ||
| Q4 24 | -0.9% | -19.3% | ||
| Q3 24 | 1.0% | -23.1% | ||
| Q2 24 | 6.6% | -20.1% | ||
| Q1 24 | -5.9% | -19.5% |
| Q4 25 | -26.0% | -246.8% | ||
| Q3 25 | -19.2% | -40.1% | ||
| Q2 25 | -66.7% | -51.7% | ||
| Q1 25 | -22.9% | -58.9% | ||
| Q4 24 | -1.4% | -9.2% | ||
| Q3 24 | 4.0% | -11.2% | ||
| Q2 24 | 5.7% | -9.0% | ||
| Q1 24 | -7.7% | -8.7% |
| Q4 25 | $-0.50 | $-2.40 | ||
| Q3 25 | $-0.41 | $-0.38 | ||
| Q2 25 | $-1.65 | $-0.46 | ||
| Q1 25 | $-0.56 | $-0.50 | ||
| Q4 24 | $-0.03 | $-0.09 | ||
| Q3 24 | $0.11 | $-0.09 | ||
| Q2 24 | $0.18 | $-0.08 | ||
| Q1 24 | $-0.24 | $-0.07 |
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 | $84.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $32.8M | $327.2M |
| Total Assets | $88.0M | $488.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.9M | $84.9M | ||
| Q3 25 | $36.1M | $70.0M | ||
| Q2 25 | $41.1M | $81.0M | ||
| Q1 25 | $54.7M | $111.8M | ||
| Q4 24 | $50.1M | $102.3M | ||
| Q3 24 | $52.0M | $100.5M | ||
| Q2 24 | $46.0M | $103.0M | ||
| Q1 24 | $55.3M | $125.2M |
| Q4 25 | $32.8M | $327.2M | ||
| Q3 25 | $43.1M | $466.0M | ||
| Q2 25 | $51.5M | $486.3M | ||
| Q1 25 | $85.1M | $511.4M | ||
| Q4 24 | $96.2M | $538.5M | ||
| Q3 24 | $96.4M | $541.2M | ||
| Q2 24 | $93.5M | $542.5M | ||
| Q1 24 | $96.7M | $544.0M |
| Q4 25 | $88.0M | $488.9M | ||
| Q3 25 | $100.3M | $601.1M | ||
| Q2 25 | $109.8M | $624.7M | ||
| Q1 25 | $148.7M | $631.9M | ||
| Q4 24 | $144.8M | $656.2M | ||
| Q3 24 | $146.0M | $645.1M | ||
| Q2 24 | $152.7M | $651.4M | ||
| Q1 24 | $169.9M | $652.7M |
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 | $-29.4M |
| Free Cash FlowOCF − Capex | $-9.2M | $-29.5M |
| FCF MarginFCF / Revenue | -22.7% | -51.6% |
| Capex IntensityCapex / Revenue | 0.1% | 0.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-23.0M | $-110.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-9.2M | $-29.4M | ||
| Q3 25 | $-2.2M | $-31.6M | ||
| Q2 25 | $-12.3M | $-15.3M | ||
| Q1 25 | $7.0M | $-33.1M | ||
| Q4 24 | $-1.2M | $-1.8M | ||
| Q3 24 | $7.4M | $-14.6M | ||
| Q2 24 | $-8.5M | $-6.9M | ||
| Q1 24 | $7.1M | $7.6M |
| Q4 25 | $-9.2M | $-29.5M | ||
| Q3 25 | $-4.8M | $-31.8M | ||
| Q2 25 | $-13.6M | $-15.6M | ||
| Q1 25 | $4.6M | $-33.6M | ||
| Q4 24 | $-1.9M | $-2.0M | ||
| Q3 24 | $6.1M | $-14.7M | ||
| Q2 24 | $-9.2M | $-7.0M | ||
| Q1 24 | $5.9M | $7.6M |
| Q4 25 | -22.7% | -51.6% | ||
| Q3 25 | -10.8% | -56.5% | ||
| Q2 25 | -26.5% | -29.6% | ||
| Q1 25 | 9.1% | -67.1% | ||
| Q4 24 | -3.7% | -3.8% | ||
| Q3 24 | 10.6% | -30.9% | ||
| Q2 24 | -13.9% | -13.9% | ||
| Q1 24 | 9.0% | 15.9% |
| Q4 25 | 0.1% | 0.2% | ||
| Q3 25 | 5.9% | 0.3% | ||
| Q2 25 | 2.5% | 0.6% | ||
| Q1 25 | 4.7% | 0.9% | ||
| Q4 24 | 1.5% | 0.4% | ||
| Q3 24 | 2.2% | 0.3% | ||
| Q2 24 | 1.0% | 0.2% | ||
| Q1 24 | 1.9% | 0.0% |
| 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% |
VNDA
| Fanapt | $33.2M | 58% |
| Hetlioz | $16.4M | 29% |
| PONVORY | $7.6M | 13% |
