Revenue growth remains highly inconsistent, with a 44.6% year-over-year increase in 2025Q4 failing to offset a gross margin deterioration to -25.3%.
| Sales/Revenue | 1.25M | 563.73K | 754 | 3.1M | 1.08M | 622.8K | 12.65M | 23.67M | 28.98M | 24.44M | 16.31M |
| Revenue Growth % | 121.96% | 74664.72% | -99.98% | 186.63% | 73.59% | -95.08% | -46.57% | -18.31% | 18.56% | 49.85% | - |
| Cost of Goods Sold | 1.26M | 325.3K | 2.65M | 2.05M | 769.97K | 857.06K | 14.17M | 27.73M | 20.68M | 17.37M | 12.29M |
| COGS % of Revenue | 100.94% | 57.71% | 351049.47% | 66.03% | 71.22% | 137.61% | 112.04% | 117.12% | 71.37% | 71.05% | 75.34% |
| Gross Profit | -11.74K | 238.42K | -2.65M | 1.05M | 311.13K | 173.11K | -1.52M | -4.05M | 8.3M | 7.08M | 4.02M |
| Gross Margin % | -0.94% | 42.29% | -350949.47% | 33.97% | 28.78% | 27.79% | -12.04% | -17.12% | 28.63% | 28.95% | 24.66% |
| Gross Profit Growth % | -104.92% | 109.01% | -351.41% | 238.3% | 79.73% | 111.37% | 62.42% | -148.85% | 17.26% | 75.9% | - |
| Operating Expenses | 1.82M | 1.75M | 3.54M | 4.09M | 3.97M | 669.34K | 4.49M | 8.31M | 8.03M | 5.92M | 3.32M |
| OpEx % of Revenue | 145.37% | 309.59% | 469411.8% | 132.11% | 367.38% | 107.47% | 35.52% | 35.1% | 27.71% | 24.24% | 20.38% |
| Selling, General & Admin | 1.82M | 1.75M | 3.54M | 4.09M | 4.02M | 1.88M | 4.62M | 7.33M | 6.98M | 4.85M | 2.75M |
| SG&A % of Revenue | 145.37% | 309.59% | 469411.8% | 132.11% | 371.91% | 302.52% | 36.54% | 30.96% | 24.08% | 19.83% | 16.87% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.06M | 1.05M | 1.08M | 593.96K |
| R&D % of Revenue | - | - | - | - | - | - | - | 4.49% | 3.63% | 4.4% | 3.64% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | -48.93K | -1.21M | -129.25K | -6.75K | 0 | 0 | 0 |
| Operating Income | -1.83M | -1.51M | -6.19M | -3.04M | -3.66M | -496.23K | -6.96M | -14.04M | 267.31K | 1.15M | 676.73K |
| Operating Margin % | -146.31% | -267.3% | -820361.27% | -98.14% | -338.6% | -79.68% | -55.02% | -59.32% | 0.92% | 4.71% | 4.15% |
| Operating Income Growth % | -21.5% | 75.64% | -103.39% | 16.92% | -637.68% | 92.87% | 50.45% | -5353.84% | -76.78% | 70.12% | - |
| EBITDA | -740.11K | -2.07M | -3.54M | -3.02M | -2.76M | -70.94K | -6.3M | -13.65M | 631.48K | 1.41M | 943.27K |
| EBITDA Margin % | -59.15% | -367.48% | -469441.25% | -97.59% | -254.91% | -11.39% | -49.79% | -57.65% | 2.18% | 5.76% | 5.78% |
| EBITDA Growth % | 64.27% | 41.47% | -17.05% | -9.73% | -3784.92% | 98.87% | 53.86% | -2261.36% | -55.13% | 49.2% | - |
| D&A (Non-Cash Add-back) | 1.09M | -564.75K | 2.65M | 17.11K | 904.78K | 425.3K | 660.7K | 395.36K | 364.17K | 256.1K | 266.53K |
| EBIT | -1.83M | -1.51M | -6.19M | -3.04M | -4.06M | 304.92K | -7.25M | -13.99M | 142.96K | 1.2M | 853.7K |
| Net Interest Income | 10.91M | 3.74M | -14.28K | 4.16M | -14.52K | -1.18M | -1.38M | -233.1K | -82.95K | -102.27K | -117.37K |
| Interest Income | 10.91M | 3.81M | 0 | 4.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 68.86K | 14.28K | 0 | 14.52K | 1.18M | 1.38M | 233.1K | 82.95K | 102.27K | 117.37K |
| Other Income/Expense | 3.61M | 3.43M | -2.2M | 4.24M | -409.54K | 2.19M | -1.67M | -175.49K | -207.3K | -52.32K | 59.6K |
| Pretax Income | 1.78M | 1.93M | -8.38M | 1.19M | -4.07M | 1.69M | -8.63M | -14.22M | 60.01K | 1.1M | 736.33K |
| Pretax Margin % | 142.34% | 341.57% | -1111792.44% | 38.53% | -376.48% | 271.3% | -68.19% | -60.06% | 0.21% | 4.5% | 4.51% |
| Income Tax | 0 | 182 | 0 | 0 | 0 | -900 | 0 | 57.61K | -55.1K | 89.8K | 269.58K |
| Effective Tax Rate % | 0% | 0.01% | 0% | 0% | 0% | -0.05% | 0% | -0.41% | -91.82% | 8.17% | 36.61% |
| Net Income | 1.8M | 2.68M | -8.38M | 803.7K | -6.12M | -874.67K | -8.63M | -14.22M | 115.11K | 1.01M | 466.75K |
| Net Margin % | 143.82% | 476.21% | -1111083.69% | 25.94% | -566.12% | -140.44% | -68.19% | -60.06% | 0.4% | 4.13% | 2.86% |
| Net Income Growth % | -32.97% | 132.04% | -1142.38% | 113.13% | -599.73% | 89.86% | 39.34% | -12452.62% | -88.59% | 116.21% | - |
| Net Income (Continuing) | 1.78M | 1.93M | -8.38M | 1.19M | -4.07M | 1.69M | -8.63M | -14.22M | 115.11K | 1.01M | 466.75K |
| Discontinued Operations | 0 | 575.25K | 0 | -339.05K | -2.65M | -2.57M | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 78.78K | 97.21K | 430.32K | 435.66K | 384.35K | 0 | -8 | -347 | 0 | 0 | 0 |
| EPS (Diluted) | 0.17 | 0.20 | -0.81 | 0.10 | -1.17 | -0.38 | -9.12 | -29.75 | 0.20 | 2.19 | 1.01 |
| EPS Growth % | -15% | 124.69% | -910% | 108.55% | -207.89% | 95.83% | 69.34% | -14975% | -90.87% | 116.83% | - |
| EPS (Basic) | 0.17 | 0.20 | -0.81 | 0.10 | -1.17 | -0.38 | -9.12 | -29.80 | 0.20 | 2.19 | 1.01 |
| Diluted Shares Outstanding | 10.32M | 10.32M | 10.32M | 8.02M | 5.22M | 2.29M | 1.05M | 477.92K | 415.19K | 461.25K | 461.25K |
| Basic Shares Outstanding | 10.32M | 10.32M | 10.32M | 8.02M | 5.22M | 2.29M | 1.05M | 477.15K | 415.19K | 461.25K | 461.25K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Structural operational unprofitability
As reported in recent financial filings, TDH Holdings exhibits highly erratic revenue patterns, with a 44.6% year-over-year increase in 2025Q4 following a 71.6% decline in 2024Q4, suggesting that the company's top-line growth is driven by lumpy, non-recurring order volumes rather than a sustainable, scalable market expansion strategy.
The extreme quarter-to-quarter fluctuations indicate a lack of recurring revenue streams or long-term customer contracts. Investors should monitor whether these revenue spikes represent genuine market penetration or merely opportunistic inventory clearing that fails to build a durable brand presence.
Based on the company's latest income statement data, gross margins have deteriorated into negative territory, reaching -25.3% in 2025Q4, which implies that the cost of production currently exceeds the revenue generated, highlighting a severe lack of pricing power and significant manufacturing inefficiencies within the Qingdao facility.
The inability to maintain positive gross margins suggests that the company is essentially subsidizing its customers with every unit sold. This structural weakness indicates that the current business model may be fundamentally unviable without a drastic reduction in input costs or a pivot to higher-margin product categories.
According to historical income statements, the company frequently reports positive net income despite persistent operating losses, such as the 63.1% net margin in 2025Q4, which appears to be driven by non-operating financial events rather than the core pet food manufacturing business's underlying operational performance.
The divergence between operating and net margins warrants extreme caution, as it suggests that reported profitability is not reflective of sustainable business health. Analysts should strip out these non-recurring gains to assess the true cash-burn rate and the actual viability of the company's core operations.
As evidenced by the income statement, SG&A expenses consistently dwarf gross profit, with 2025Q4 SG&A reaching $1.1M against a gross loss of $168.3K, indicating that the company's overhead structure is far too heavy for its current, limited revenue scale and lacks necessary expense discipline.
The persistent operating losses suggest that management has failed to right-size the cost structure to match the company's actual throughput. Without a significant increase in revenue volume, the current overhead burden will likely continue to erode the company's cash reserves at an unsustainable pace.
Quick answers to the most common questions about buying PETZ stock.
For fiscal year 2025, TDH Holdings, Inc. (PETZ) reported total revenue of $1.3M. This represents a 92.3% decline compared to $16.3M in 2015.
TDH Holdings, Inc. (PETZ) is profitable, generating $1.8M in net income for the fiscal year ending 2025 with a net profit margin of 143.8%.
TDH Holdings, Inc. (PETZ) reported an operating income of $-1.8M, resulting in an operating profit margin of -146.3%. This margin reflects the operational efficiency of the business before interest and taxes.
TDH Holdings, Inc. (PETZ) generated $-0.0M in gross profit for the year, representing a gross profit margin of -0.9%. This demonstrates the company's core pricing power and production efficiency.