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Side-by-side financial comparison of PETMED EXPRESS INC (PETS) and Waterstone Financial, Inc. (WSBF). Click either name above to swap in a different company.
PETMED EXPRESS INC is the larger business by last-quarter revenue ($40.7M vs $37.2M, roughly 1.1× Waterstone Financial, Inc.). On growth, Waterstone Financial, Inc. posted the faster year-over-year revenue change (16.7% vs -23.3%). Waterstone Financial, Inc. produced more free cash flow last quarter ($23.0M vs $-9.2M). Over the past eight quarters, Waterstone Financial, Inc.'s revenue compounded faster (7.1% 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.
Waterstone Financial, Inc. is a U.S. bank holding company headquartered in Wisconsin. It offers retail and commercial banking services, residential mortgages, and wealth management solutions, primarily serving consumers and small to medium-sized businesses across the U.S. Midwest region.
PETS vs WSBF — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $40.7M | $37.2M |
| Net Profit | $-10.6M | — |
| Gross Margin | 23.3% | — |
| Operating Margin | -25.7% | 27.0% |
| Net Margin | -26.0% | — |
| Revenue YoY | -23.3% | 16.7% |
| Net Profit YoY | -1392.6% | — |
| EPS (diluted) | $-0.50 | $0.43 |
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 | $37.2M | ||
| Q3 25 | $44.4M | $37.0M | ||
| Q2 25 | $51.2M | $38.0M | ||
| Q1 25 | $50.8M | $29.7M | ||
| Q4 24 | $52.0M | $31.8M | ||
| Q3 24 | $58.0M | $34.1M | ||
| Q2 24 | $66.2M | $37.2M | ||
| Q1 24 | $65.1M | $32.4M |
| Q4 25 | $-10.6M | — | ||
| Q3 25 | $-8.5M | $7.9M | ||
| Q2 25 | $-34.2M | $7.7M | ||
| Q1 25 | $-11.6M | $3.0M | ||
| Q4 24 | $-707.0K | — | ||
| Q3 24 | $2.3M | $4.7M | ||
| Q2 24 | $3.8M | $5.7M | ||
| Q1 24 | $-5.0M | $3.0M |
| 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% | 27.0% | ||
| Q3 25 | -18.9% | 26.6% | ||
| Q2 25 | -66.7% | 25.4% | ||
| Q1 25 | -11.9% | 13.1% | ||
| Q4 24 | -0.9% | 19.5% | ||
| Q3 24 | 1.0% | 17.3% | ||
| Q2 24 | 6.6% | 19.2% | ||
| Q1 24 | -5.9% | 14.7% |
| Q4 25 | -26.0% | — | ||
| Q3 25 | -19.2% | 21.4% | ||
| Q2 25 | -66.7% | 20.3% | ||
| Q1 25 | -22.9% | 10.2% | ||
| Q4 24 | -1.4% | — | ||
| Q3 24 | 4.0% | 13.9% | ||
| Q2 24 | 5.7% | 15.4% | ||
| Q1 24 | -7.7% | 9.4% |
| Q4 25 | $-0.50 | $0.43 | ||
| Q3 25 | $-0.41 | $0.45 | ||
| Q2 25 | $-1.65 | $0.43 | ||
| Q1 25 | $-0.56 | $0.17 | ||
| Q4 24 | $-0.03 | $0.28 | ||
| Q3 24 | $0.11 | $0.26 | ||
| Q2 24 | $0.18 | $0.31 | ||
| Q1 24 | $-0.24 | $0.16 |
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 | — |
| Total DebtLower is stronger | — | $412.3M |
| Stockholders' EquityBook value | $32.8M | $349.4M |
| Total Assets | $88.0M | $2.3B |
| Debt / EquityLower = less leverage | — | 1.18× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.9M | — | ||
| Q3 25 | $36.1M | — | ||
| Q2 25 | $41.1M | — | ||
| Q1 25 | $54.7M | — | ||
| Q4 24 | $50.1M | — | ||
| Q3 24 | $52.0M | — | ||
| Q2 24 | $46.0M | — | ||
| Q1 24 | $55.3M | — |
| Q4 25 | — | $412.3M | ||
| Q3 25 | — | $469.1M | ||
| Q2 25 | — | $465.7M | ||
| Q1 25 | — | $395.9M | ||
| Q4 24 | — | $446.5M | ||
| Q3 24 | — | $560.1M | ||
| Q2 24 | — | $660.8M | ||
| Q1 24 | — | $634.2M |
| Q4 25 | $32.8M | $349.4M | ||
| Q3 25 | $43.1M | $345.5M | ||
| Q2 25 | $51.5M | $341.5M | ||
| Q1 25 | $85.1M | $341.4M | ||
| Q4 24 | $96.2M | $339.1M | ||
| Q3 24 | $96.4M | $342.0M | ||
| Q2 24 | $93.5M | $334.9M | ||
| Q1 24 | $96.7M | $338.0M |
| Q4 25 | $88.0M | $2.3B | ||
| Q3 25 | $100.3M | $2.3B | ||
| Q2 25 | $109.8M | $2.3B | ||
| Q1 25 | $148.7M | $2.2B | ||
| Q4 24 | $144.8M | $2.2B | ||
| Q3 24 | $146.0M | $2.2B | ||
| Q2 24 | $152.7M | $2.3B | ||
| Q1 24 | $169.9M | $2.2B |
| Q4 25 | — | 1.18× | ||
| Q3 25 | — | 1.36× | ||
| Q2 25 | — | 1.36× | ||
| Q1 25 | — | 1.16× | ||
| Q4 24 | — | 1.32× | ||
| Q3 24 | — | 1.64× | ||
| Q2 24 | — | 1.97× | ||
| Q1 24 | — | 1.88× |
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 | $24.2M |
| Free Cash FlowOCF − Capex | $-9.2M | $23.0M |
| FCF MarginFCF / Revenue | -22.7% | 61.9% |
| Capex IntensityCapex / Revenue | 0.1% | 3.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-23.0M | $43.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-9.2M | $24.2M | ||
| Q3 25 | $-2.2M | $32.7M | ||
| Q2 25 | $-12.3M | $-38.4M | ||
| Q1 25 | $7.0M | $26.7M | ||
| Q4 24 | $-1.2M | $48.1M | ||
| Q3 24 | $7.4M | $74.1M | ||
| Q2 24 | $-8.5M | $-39.5M | ||
| Q1 24 | $7.1M | $-9.9M |
| Q4 25 | $-9.2M | $23.0M | ||
| Q3 25 | $-4.8M | $32.4M | ||
| Q2 25 | $-13.6M | $-38.5M | ||
| Q1 25 | $4.6M | $26.5M | ||
| Q4 24 | $-1.9M | $47.0M | ||
| Q3 24 | $6.1M | $73.9M | ||
| Q2 24 | $-9.2M | $-39.7M | ||
| Q1 24 | $5.9M | $-10.3M |
| Q4 25 | -22.7% | 61.9% | ||
| Q3 25 | -10.8% | 87.5% | ||
| Q2 25 | -26.5% | -101.2% | ||
| Q1 25 | 9.1% | 89.2% | ||
| Q4 24 | -3.7% | 147.5% | ||
| Q3 24 | 10.6% | 216.9% | ||
| Q2 24 | -13.9% | -106.7% | ||
| Q1 24 | 9.0% | -31.9% |
| Q4 25 | 0.1% | 3.1% | ||
| Q3 25 | 5.9% | 0.8% | ||
| Q2 25 | 2.5% | 0.2% | ||
| Q1 25 | 4.7% | 0.9% | ||
| Q4 24 | 1.5% | 3.5% | ||
| Q3 24 | 2.2% | 0.6% | ||
| Q2 24 | 1.0% | 0.4% | ||
| Q1 24 | 1.9% | 1.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | 4.13× | ||
| Q2 25 | — | -4.98× | ||
| Q1 25 | — | 8.81× | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.18× | 15.67× | ||
| Q2 24 | -2.27× | -6.92× | ||
| Q1 24 | — | -3.27× |
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% |
WSBF
Segment breakdown not available.
