PetMeds Valuation Multiples

Amazon is an American technology and retail company headquartered in Seattle, Washington, with a second headquarters in Arlington County, Virginia. It runs the amazon.com online store and marketplace for third-party sellers, the Amazon Prime subscription programme, which had 200 million subscribers worldwide in 2021, and Amazon Web Services, the cloud computing unit launched in 2002 that rents data storage and computing power to companies. It also sells Echo, Kindle and Fire devices, distributes video, music and audiobooks through Prime Video, MGM+, Amazon Music, Twitch and Audible, and owns the Whole Foods Market grocery chain, Ring, IMDb and the self-driving car developer Zoox. Amazon earns revenue from product sales, seller commissions and fulfilment fees, subscriptions, cloud services and advertising. It reported revenue of US$716.9 billion and net income of US$77.7 billion in 2025 with about 1,576,000 employees, making it the world's largest company by revenue as of 2026 and the second-largest private employer in the United States. Jeff Bezos founded the company as Cadabra on July 5, 1994, in Bellevue, Washington, as an online bookstore and renamed it Amazon that November. Bezos, who owns about 8.8% of the shares, became executive chairman in July 2021, when former AWS chief Andy Jassy became chief executive.

Tencent is the world’s largest game publisher, with top-grossing mobile hits like Honor of Kings and Peacekeeper Elite and a steady pipeline of new titles. It also operates WeChat—China’s super-app with roughly 1.3 billion users—embedded in daily life for messaging, short video, mini programs, payments, and shopping. Beyond its own platforms, Tencent is a prolific strategic investor, holding stakes in leading internet companies such as PDD, Kuaishou, and Xiaohongshu.

Alibaba Group is a Chinese technology company headquartered in Hangzhou, Zhejiang, founded on 28 June 1999 by Jack Ma and 17 friends and students as the business-to-business marketplace Alibaba.com. It operates China's largest consumer marketplaces, Taobao (consumer-to-consumer) and Tmall (business-to-consumer), the global B2B site Alibaba.com and domestic wholesale platform 1688, alongside international e-commerce, Alibaba Cloud, the Cainiao logistics network, local consumer services and digital media and entertainment businesses, reorganised in 2023 into six business groups. It earns revenue mainly from merchant advertising and commissions on its marketplaces, plus cloud computing, logistics and direct sales. Early backers included Goldman Sachs, SoftBank and Investor AB, which invested $25 million in October 1999. Its September 2014 New York Stock Exchange IPO raised $25 billion, then the largest in history, giving it a market value of $231 billion, and in January 2018 it became the second Asian company to pass a $500 billion valuation. Joseph Tsai became chairman and Eddie Wu chief executive in 2023.

CVS Health offers a diverse set of healthcare services. Its roots are in its retail pharmacy operations, where it operates over 9,000 stores primarily in the US. CVS is also a large pharmacy benefit manager (acquired through Caremark), processing about 2 billion adjusted claims annually. It operates a top-tier health insurer (acquired through Aetna) through which it serves about 27 million medical members. The acquisition of Oak Street Health added primary care services to the mix, which could have significant synergies with all existing business lines.

PDD Holdings operates commerce businesses globally. Its main operations are Pinduoduo, a social commerce platform in China, and Temu, a global e-commerce marketplace. PDD also has a community group purchase business in China. PDD has built a network of sourcing, logistics, and fulfillment capabilities that support its underlying businesses. PDD has also started its first-party brand business for global markets.

MercadoLibre is a publicly listed e-commerce and financial technology company founded in Buenos Aires in 1999 by Marcos Galperin. It operates an online marketplace, the Mercado Pago payments and credit business, the Mercado Envios logistics network and an advertising unit across eighteen Latin American countries. The company is incorporated in Delaware, trades on the Nasdaq under the symbol MELI and has its headquarters in Montevideo, Uruguay. It reported revenues of 28.9 billion dollars for 2025 and operating income of 3.2 billion dollars, with about 123,670 employees. Its commerce and fintech services reached 131 million unique buyers over the twelve months to the second quarter of 2026. The company has grown through acquisitions of classifieds portals, logistics and payments businesses and through minority investments made partly through its corporate venture fund.

Carvana Co is an e-commerce platform for buying and selling used cars. The company derives revenue from used vehicle sales, wholesale vehicle sales and other sales and revenues. The other sales and revenues include sales of loans originated and sold in securitization transactions or to financing partners, commissions received on VSCs and sales of GAP waiver coverage. The foundation of the business is retail vehicle unit sales. This drives the majority of the revenue and allows the company to capture additional revenue streams associated with financing, VSCs, auto insurance and GAP waiver coverage, as well as trade-in vehicles.

Sea started as a gaming business, Garena, but in 2015 expanded into e-commerce. Sea operates Southeast Asia's largest e-commerce company, Shopee, in terms of gross merchandise value. Shopee is a hybrid consumer-to-consumer and business-to-consumer marketplace platform operating in Indonesia, Taiwan, Vietnam, Thailand, Malaysia, the Philippines, and Brazil. For Garena, Free Fire is the key revenue-generating game. Sea’s third business, Monee, provides lending, payment, digital banking, and insurance services. As of March 2025, Forrest Li, the founder, chair, and CEO, owned 59.1% of the voting power. Tencent owned 18.5% of issued shares with no voting power.

JD.com is the third-largest Chinese e-commerce platform by gross merchandise volume in 2024. it offers a wide selection of authentic products with speedy and reliable delivery. The company has built its own nationwide fulfilment infrastructure and last-mile delivery network, staffed by its own employees, which supports both its online direct sales, its online marketplace and omnichannel businesses.

Zoetis sells anti-infectives, vaccines, parasiticides, diagnostics, and other health products for animals. The firm earns roughly 35% of total revenue from production animals (cattle, pigs, poultry, and so on) and nearly 65% from companion animal (dogs, horses, cats) products. Its USA business is skewed even more heavily toward companion animals, while its international business is slightly skewed toward production animals. The firm has the largest market share in the industry and was previously Pfizer's animal health unit.

Coupang is South Korea’s largest e-commerce platform that sells both owned and third-party inventory. Headquartered in the US, Coupang operates e-commerce businesses mainly in South Korea and Taiwan. The company has built an integrated logistics network that covers the entirety of South Korea, with extensive fulfillment centers that ensure timely delivery, even for orders placed seconds before midnight. Outside of its bread-and-butter e-commerce business, Coupang has expanded into Rocket delivery services to third-party merchants (fulfillment and logistics by Coupang), online grocery delivery Rocket Fresh, online meal delivery (Eats), e-commerce in Taiwan, luxury e-commerce (Farfetch), and travel.

LY is a leading Japanese internet services conglomerate. Its main services are Yahoo Japan, the oldest portal site in Japan that offers a wide variety of services, such as news, e-commerce, financial information, and Line, a national messenger application. In 2019, the company acquired Zozo, a leading online apparel retailer, to grow its e-commerce business. In 2022, LY consolidated with its wholly owned subsidiary PayPay, the most popular QR code payment service in Japan.

Sigma Healthcare is Australia’s largest retail pharmacy franchisor, most notably owning the Chemist Warehouse brand, which it merged with in 2025. Sigma is also Australia’s largest full-line wholesaler to franchised and independent pharmacies and distributes a broad range of pharmacy products, including prescription medicines, over-the-counter products, and front of store, or FOS, products, at low prices. The group also operates in New Zealand, Ireland, China, and Dubai, has a growing private label range, and offers third-party logistics services.

Dr Sulaiman Al Habib Medical Services Group provides private health and ancillary services in the Kingdom and the region through the establishment, management, and operation of hospitals, medical complexes, day surgery centers, pharmaceutical facilities, and other ancillary areas, including home health care, specialized laboratories, technology and information systems, facility maintenance, tele-medicine, revenue cycle management, medical equipment maintenance, and real estate activity. The company reports in three segments: Hospitals and Healthcare Facilities, Pharmacies, and HMG Solutions and Others. The majority of revenue comes from the Hospitals and Healthcare Facilities segment.

Shein Global Holdings Ltd is an online fashion and lifestyle company. It operates online platforms that offer fashion products to consumers mainly in the United States and Europe. The company's portfolio of brands includes SHEIN, Dazy, Romwe, MOTF, Anewsta, Musera, Glowmode, and Aralina. The majority of the company's revenue is derived from the sale of its fashion apparel products.

Naver has been the leading search portal in South Korea for many years. The company has also been evolving into an internet platform providing a variety of internet services, such as news, a dictionary, maps, digital comic content, social networking, e-commerce, videos, fintech services based on online payments, and Cloud services. Naver was also the incubator of Line Yahoo, the leading mobile messaging app in Japan, Taiwan, Thailand, and Indonesia, which merged with Z Holdings (Yahoo Japan), with Naver now owning 32.5% of the merged entity renamed LY.

Wayfair engages in e-commerce in the United States (88% of 2025 sales), Canada, the United Kingdom, and Ireland. It's also embarked on expansion into the brick-and-mortar landscape, with 12 stores (excluding outlets) between the AllModern, Birch Lane, Joss & Main, and Wayfair banners. At the end of 2025, the firm offered more than 40 million products from more than 20,000 suppliers under the brands Wayfair, Joss & Main, AllModern, Birch Lane, and Perigold. Its offerings include furniture, everyday and seasonal decor, decorative accents, housewares, as well as advertising and logistics services. Wayfair was founded in 2002 and began trading publicly in 2014.

JD Health is the largest healthcare e-commerce platform in China in terms of revenue. The company offers pharmaceutical drugs and healthcare products on its platform, both as a marketplace that connects merchants to consumers and as a first-party, or 1P, direct retailer. It also offers online consultation from real life doctors and separately partners with offline pharmacies that can provide location-based 24/7 delivery as part of an omnichannel initiative to complement its core e-commerce business. Its closest competitors are Alibaba Health and Meituan for its e-commerce business. As of Dec. 31, 2024, the platform has over 200 million active annual users and over 70,000 merchants. JD Health is 67.49% owned by its parent company, JD.com.

BrightSpring Health Services Inc is a home and community-based healthcare services platform, focused on delivering complementary pharmacy and provider services to complex patients. Its platform delivers clinical services and pharmacy solutions across Medicare, Medicaid, and commercially insured populations. Its segments include Pharmacy Solutions, Provider Services, and others. It generates the majority of its revenue from the Pharmacy Solutions segment.

Lenskart Solutions Ltd is a technology-driven eyewear company, with a belief that clear vision is fundamental to personal development and well-being. It sells a range of eyewear products including prescription eyeglasses, sunglasses, and other products such as contact lenses and eyewear accessories.

Meesho Ltd is a technology platform that integrates commerce, logistics, and content creation to support e-commerce activities under the Meesho brand. The Company also provides digital financial services by facilitating financing arrangements between non-banking financial companies and sellers to support access to credit, and it operates a supply-chain service for the delivery of groceries and other products. The Company operates through the Marketplace segment, which is a technology platform connecting consumers, sellers, logistics partners, and content creators, and the New Initiatives segment, which includes a low-cost local logistics network for daily essentials and a digital financial services platform. The majority of the Company's revenue is generated from the Marketplace segment.

FSN E-Commerce Ventures Ltd is engaged in the business of manufacturing, selling and distributing beauty, wellness, fitness, personal care, health care, skin care, hair care products, fashion garments, fashion accessories and equipments on the online portals or websites such as e-commerce, m-commerce, internet, intranet as well as through physical stores, stalls, general trade and modern trade etc. In addition, it also provides marketing support services. The group operates in the following segments: Beauty, Fashion, and Others. The majority of its revenue is generated from the Beauty segment, which comprises online beauty platform, beauty-owned brands, physical retail stores, eB2B distribution business, and Nykaa Man BPC business. Geographically, the group derives key revenue from India.

Founded in 2011, Chewy is a leading e-commerce retailer of pet food, toys, supplies, and medications in North America. The firm offers a comprehensive selection of proprietary and third-party brands, anchored by its highly sticky autoship subscription program, which drives over 83% of its sales. Beyond core retail, Chewy is expanding into high-margin revenue streams, including its retail media network (Chewy Ads), specialized veterinary healthcare software, and brick-and-mortar veterinary clinics to further integrate customers into the Chewy ecosystem.

Rakuten is a leading e-commerce and financial technology service provider in Japan. It has built up a comprehensive Rakuten ecosystem in Japan, including Rakuten Ichiba for e-commerce, Rakuten Travel, Rakuten Card, Rakuten Bank, and Rakuten Securities, and became the fourth mobile network operator in Japan in April 2020. The loyalty program, Rakuten Super Points, has encouraged cross-use of services in its ecosystem. About 90% of its revenue is generated from the Japanese market.

Raia Drogasil SA is a large retail drug store operator in Brazil. The company is engaged in the retail sale of medicines, perfumery, personal care and beauty products, cosmetics and dermocosmetics and specialty medicines. Its brands include Impulso, Amplimed, HealthBit, Stix, 4Bio, Drogasil, Raia and others.

Mango Excellent Media Co Ltd is a China-based company engaged in the provision of E-commerce services through Television, Internet, Catalogs, and other multimedia channels. The company operates three main business segments. The Mango Television Internet Video Business segment delivers content such as variety shows, TV dramas, films, movies, animations, and short videos. The New Media Interactive Entertainment Content Production Business segment covers the creation and operation of dramas, variety programs, and games, alongside artist management, music copyrights, and game development. The Media Retail Business segment focuses on TV shopping, media e-commerce, and overseas-related operations. The company generates maximum revenue from the Mango Television internet video business segment.

Global E Online Ltd provides e-commerce solutions. The company offers a platform to enable and accelerate direct-to-consumer cross-border e-commerce. The platform was purpose-built for international shoppers to buy seamlessly online and for merchants to sell from and anywhere in the world. The company localizes the shopper experience to make international transactions as seamless as domestic ones. The platform increases the conversion of international traffic into sales by removing much of the complexity associated with international e-commerce. The company derives maximum revenue from the United States.

Zalando, founded in 2008, is Europe’s biggest pure-play online fashion platform. Zalando is present in 25 European countries, and its major market is the DACH region, comprising Germany, Austria, and Switzerland. After the About You acquisition, it has 17 fulfillment centers, offers over 7,000 brands, and as of September 2025, had 62 million active users (more than 10% of the population in countries where the firm has a presence).

Zozo, established in 1998 by Yusaku Maezawa, operates Zozotown, Japan's largest fashion e-commerce platform. Zozotown runs primarily on a consignment model, where brands stock products at Zozo's logistics bases and operate shops as tenants. As of 2025, Zozotown hosts over 11,000 brands and 12.5 million active users. Beyond its core domestic business, Zozo is expanding into adjacent categories such as skincare, cosmetics, and fragrance (near fashion), and internationally through Lyst, a UK-based luxury fashion platform acquired in 2025, and Zozofit, a body measurement app.

MatsukiyoCocokara & Co operates retail drugstores and insurance dispensing pharmacies in Japan. The company's main segments are the Matsumotokiyoshi Group Business, focused on stores under the Matsumotokiyoshi brand; the Cocokara Fine Group Business, centered on Cocokara Fine stores; and the Management Support Business, which procures products, oversees group operations, and manages indirect functions such as advertising and promotion. It generates the majority of its revenue from the Matsumotokiyoshi Group Business segment.

Vipshop is a leading Chinese online discount retailer offering branded products at attractive discounts ranging from 10%-90% off their original price through daily flash sales. It operates warehousing, retailing, product procurements, software development, and information technology support in-house while outsourcing to third-party logistics providers for distribution and shipments. Branded products on Vipshop’s platform are sourced mostly through a consignment model with global brand partners . As of March 31, 2025, Eric Ya Shen, chairman and CEO, had 64.5% voting rights. Leading Chinese social media firm and strategic shareholder Tencent also holds an 12.5% interest.

Tsuruha Holdings Inc manages pharmaceutical companies in Japan, where the drugstore business is the core of their operations. The company generates revenue through selling prescription and over-the-counter drugs, medical supplies, nursing care products, discount cosmetics, health products, and a miscellaneous assortment of general merchandise. It also provides blood testing services, disease prevention solutions, and at-home drug delivery services.

Alibaba Health is of one of China's leading e-commerce platform specializing in healthcare-related products, including prescription drugs, OTC drugs, traditional Chinese medicine, health foods, and so on. The company operates both a third-party B2C service, or 3P, and its own direct-to-consumer business, or 1P, with its own inventory, which can both be accessed by Alibaba’s Tmall app and Alipay. The company also provides online consultation services in a separate app called Yilu or “Dr. Deer,” although its e-commerce businesses remain its core competency in the long-term. E-commerce accounted for 93% of revenue in fiscal year 2022. We estimate that AliHealth holds about 45% of market share in the industry in terms of GMV. AliHealth is 63.74% owned by its parent company, Alibaba Group.

Vishal Mega Mart Ltd is engaged in the wholesale and retail trade of apparel, fast-moving consumer goods, and general merchandise. The group offers products across three product categories: apparel, general merchandise, and fast-moving consumer goods through a pan-India network of nearly 645 Vishal Mega Mart stores. Its brands are Yellow Hippo, Wavelength, Brink, Home Pure, Outshine, Tandem, Home Finery, and Others. The Group operates in the reportable segment of Contract Manufacturing and Wholesale and Retail Trading.

Yifeng Pharmacy Chain Co Ltd is mainly engaged in the chain retail business of medicines, health products, medical devices, and health-related daily convenience products. Its operating segments include the Retail segment and the Wholesale segment.

Xingyun Technology Co Ltd is engaged in modern manufacturing, communications design and construction, software services, and transportation and logistics. Its activities include software development, wholesale and retail of computer hardware, software, and related equipment, sales agency services.

Openlane Inc provides a digital marketplace for used vehicles, connecting sellers and buyers in North America and Europe for fast and transparent transactions. Its services include financing, repossessions, repairs, transportation, warranty, and inventory management. The company operates used-vehicle auctions and has two main segments: Marketplace and Finance, with majority revenue coming from the Marketplace segment, which to used vehicle remarketing, including marketplace services, remarketing, or make ready services and all are interrelated, synergistic elements along the auto remarketing chain. The Finance segment, through AFC engaged in business of providing short-term, inventory-secured financing to independent vehicle dealers.

Jointown Pharmaceutical Group Co Ltd is engaged in the business of wholesaling drugs and medical devices. The company offers logistics and other value-added services and mainly serves medical institutions, wholesale enterprises, and retail pharmacies.

China Resources Pharmaceutical Group Ltd is principally engaged in the manufacture, distribution and retail of pharmaceutical and healthcare products. Specifically, the Group has four reportable segments as follows: Pharmaceutical manufacturing business, Pharmaceutical distribution business, Pharmaceutical retail business , and Other business operations. The company generates majority of its revenue from the Pharmaceutical distribution business.

Founded in 2000, Ocado provides automation and logistics solutions to grocers. Ocado operates in two segments: logistics and solutions. Logistics provides fulfillment and delivery services in the United Kingdom. Solutions is based on the Ocado Smart Platform, a modular, automated online retail fulfillment and delivery solution that provides software, fulfillment hardware, and support services to corporate customers in return for upfront and recurring fees. Partners include leading grocers around the world, like Sobeys, Morrisons, ICA, Groupe Casino, Bon Preu, Kroger, and Coles. Ocado also has a 50% stake in Ocado Retail, a pure-play e-grocery business. The other 50% is owned by Marks & Spencer.

Clicks Group Ltd operates prominently in health, beauty, and wellness retail across southern Africa. The company predominantly operates a retail pharmacy chain in South Africa, with a limited number of operations in bordering countries. The company has a portfolio of retail franchise brands including The Body Shop, M-Kem, and Sorbet among others. The company's business segments include Retail and Distribution. The company generates revenue from in-store and online sales of health, beauty, and wellness items, plus wholesale pharmaceutical distribution. Geographically, the maximum revenue is generated from South Africa.

Freshpet produces and sells premium fresh pet food through its company-owned refrigerators placed in grocery, mass and club, pet specialty, and natural stores. Freshpet primarily targets dogs (likely representing well north of 90% of sales), with cats and treats nascent contributors. Geographically, the company’s home US market, where all its food is produced, accounts for nearly all of sales, with exports to Canada, the United Kingdom, and other European countries being very small contributors.

COSMOS Pharmaceutical Corp manages retail drugstores in Japan. The company emphasizes convenience regarding its product selection, which includes medical products, health and beauty aids, personal-care items, discount cosmetics, household items, food and beverages, greeting cards, seasonal merchandise, alcoholic beverages, tobacco, insect repellent, and miscellaneous everyday consumables. The majority of the company’s revenue is derived from common grocery sales. It also operates a private grocery brand called ON 365.

DaShenLin Pharmaceutical Group Co Ltd is engaged in the pharmaceutical manufacturing, retail, and wholesale business. The company is based on the development of the pharmacy chain. It primarily offers Chinese herbal medicine such as antibiotics and biochemical drugs. The business activities are geographically carried out through China.

Virbac SA is a drug manufacturing company with a focus on animal health. The company generates the vast majority of its revenue in Europe, and it also has its presence in Europe, North America, Far East Asia, India, Africa & Middle East (IMEA), Pacific, and Latin America.

Nahdi Medical Co is engaged in the wholesale and retail trading of cosmetics, pharmaceutical products, special and healthy foods, and medical equipment. It has two operating segments Front Shop and Pharma.

Inchcape PLC is engaged in the automotive distribution business, focusing on the sale and distribution of new and used vehicles along with after-sales services. The group has three reportable segments: APAC, Europe & Africa, and Americas. It is involved in the exclusive distribution, sales, and marketing of new vehicles and parts, as well as logistics services and aftersales activities, including servicing, body shop repairs, and parts sales across its operating regions.

Sugi Holdings Co Ltd is a Japan-based company engaged in drugstore operations and the pharmaceutical dispensing business. Through its subsidiaries, the company is involved in selling pharmaceuticals, health foods, cosmetics, daily essentials, and prescription drugs. It also operates community-based drugstores that support home healthcare in collaboration with local medical professionals. The company also supports regional healthcare facilities and provides at-home nursing services.