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Petmed Express

PETS on Nasdaq. Market value $29m.

Watch this stockFree. We tell you when something changes.

Should I look at this?

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Why it could be worth it

Nothing stands out yet.

What to watch out for

Read the warning sign in its own filings

This is not advice.

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Who owns it

None of the long-term investors we follow own it. 50 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

2 investors own more than 5%.

  • SilverCape Investments Limited
    Strategic holder
    at least 12.1%−0.2 pts
    (filed with 1 related holder)
    Since 29 June 2026
    What they said

    Item 4 of the Prior Statement is hereby amended and supplemented to add the following: On June 29, 2026, SilverCape sent a (the "Letter") to the Issuer's Chief Executive Officer and board of directors providing a revised non-binding proposal (as revised, the "Proposal") to take…

    Read the filing
  • at least 5.3%
    (filed with 1 related holder)
    Since 30 June 2026
  • Hotchkis & Wiley
    Passive investor
    Sold down below 5%
    Since 31 December 2024
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 31 December 2024
  • Diveroli Investment Group LLC
    Passive investor
    Sold down below 5%
    Since 11 January 2025
    What they said

    As the holders of a significant interest in the Issuer, the Reporting Persons may have influence over the corporate activities of the Issuer, including activities which may relate to the transactions described in clauses (a) through (j) of the instructions to Item 4 of Schedule…

    Read the filing

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought or sold on the open market in the last 12 months.

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

2 serious warning signs in Petmed Express’ filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 2 Jun 2026, plus the 10-Q filed 13 Aug 2026 and 7 later 8-Ks.

  • Weak checks on its own accounts

    Serious

    The company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.

    “Based upon that evaluation, our Interim Chief Executive Officer and Interim Principal Financial Officer concluded, that our disclosure controls and procedures were not effective as of June 30, 2026 because of certain material weaknesses in internal control over financial reporting, as described in Item 9A, “Controls and Procedures” of our fiscal 2026 Form 10-K.”
    Show the full paragraph
    An evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2026 , the end of the period covered by this report was performed under the supervision and with participation of management, including our Interim Chief Executive Officer and Interim Principal Financial Officer. Based upon that evaluation, our Interim Chief Executive Officer and Interim Principal Financial Officer concluded, that our disclosure controls and procedures were not effective as of June 30, 2026 because of certain material weaknesses in internal control over financial reporting, as described in Item 9A, “Controls and Procedures” of our fiscal 2026 Form 10-K.

    From the 10-Q filed 13 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing

  • Its past accounts can't be relied on

    Serious

    It told the SEC its earlier accounts should no longer be relied on, usually because they contained errors.

    8-K Item 4.02 filed 7 Oct 2025: the company said its earlier financial statements should no longer be relied on.

    From an 8-K filed 7 October 2025: Previously issued accounts should no longer be relied on. Open the filing

  • Changed auditor

    Worth knowing

    The company changed its auditor (the firm that checks its books) in the last two years.

    “Accordingly, the dismissal of RSM as the Company’s independent registered public accounting firm was effective December 19, 2025.”

    From an 8-K filed 29 December 2025: Change of auditor. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.