Freshpet vs Simply Good Foods
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The short version
- Simply Good Foods is the larger business, with $1.5B of revenue in fiscal 2025 against $1.1B for Freshpet.
- Freshpet grew revenue faster (13.0%, against 9.0%).
- Simply Good Foods kept more of each dollar of sales as operating profit (10.8% operating margin, against 6.9%).
- Simply Good Foods turned more of its sales into free cash flow (10.9% FCF margin, against 1.1%).
| Latest fiscal year | FRPT · FY25 | SMPL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.6B | $936M |
| Revenue | $1.1B | $1.5B |
| Free cash flow | $12.4M | $158M |
| Net income | $139M | $104M |
| Growth | ||
| Revenue growth | 13.0% | 9.0% |
| 5-year growth | 28.2% | 12.2% |
| Share count change | 11.5% | 0.2% |
| Profitability | ||
| Gross margin | 40.8% | 36.2% |
| Operating margin | 6.9% | 10.8% |
| Net margin | 12.6% | 7.1% |
| FCF margin | 1.1% | 10.9% |
| Return on capital | 5.9% | 6.1% |
| Return on equity | 12.3% | 5.9% |
| Balance sheet | ||
| Net debt | $150M | $151M |
| Net debt / EBITDA | 0.9x | 0.8x |
| Dividends and buybacks | $0.0M | $50.9M |
| Valuation & quality | ||
| P/E | 16.9x | — |
| Piotroski F-score | 8 | 4 |
Revenue
FY16
FRPT $130M
SMPL —
FY17
FRPT $152M
SMPL —
FY18
FRPT $193M
SMPL $431M
FY19
FRPT $246M
SMPL $523M
FY20
FRPT $319M
SMPL $817M
FY21
FRPT $426M
SMPL $1.0B
FY22
FRPT $595M
SMPL $1.2B
FY23
FRPT $767M
SMPL $1.2B
FY24
FRPT $975M
SMPL $1.3B
FY25
FRPT $1.1B
SMPL $1.5B
FRPT
SMPL
Operating margin
FY16
FRPT −1.7%
SMPL —
FY17
FRPT −1.8%
SMPL —
FY18
FRPT −2.5%
SMPL 15.6%
FY19
FRPT −0.1%
SMPL 13.9%
FY20
FRPT −0.6%
SMPL 9.6%
FY21
FRPT −5.8%
SMPL 17.3%
FY22
FRPT −8.7%
SMPL 17.4%
FY23
FRPT −4.0%
SMPL 16.5%
FY24
FRPT 3.9%
SMPL 15.5%
FY25
FRPT 6.9%
SMPL 10.8%
FRPT
SMPL
Free cash flow
FY16
FRPT −$17.2M
SMPL —
FY17
FRPT −$2.7M
SMPL —
FY18
FRPT $2.3M
SMPL $59.3M
FY19
FRPT −$54.3M
SMPL $72.0M
FY20
FRPT −$113M
SMPL $57.2M
FY21
FRPT −$321M
SMPL $126M
FY22
FRPT −$273M
SMPL $105M
FY23
FRPT −$163M
SMPL $160M
FY24
FRPT −$32.8M
SMPL $210M
FY25
FRPT $12.4M
SMPL $158M
FRPT
SMPL
Return on capital
FY16
FRPT —
SMPL —
FY17
FRPT —
SMPL —
FY18
FRPT —
SMPL 9.5%
FY19
FRPT —
SMPL 8.6%
FY20
FRPT —
SMPL 5.7%
FY21
FRPT —
SMPL 5.5%
FY22
FRPT −5.4%
SMPL 8.8%
FY23
FRPT −2.5%
SMPL 8.8%
FY24
FRPT 3.3%
SMPL 8.2%
FY25
FRPT 5.9%
SMPL 6.1%
FRPT
SMPL
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.