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Freshpet

FRPT Nasdaq Packaged Foods & Meats Financials FY2016–FY2025

Freshpet's revenue rose 13.0% to $1.1 billion in fiscal 2025. Its operating margin was 6.9%, up from 3.9% a year earlier. Free cash flow was $12 million. The diluted share count rose 11.5%.

Last close · Oct 23, 2026

$64.12

4.3%
Value it Compare
Revenue Total sales reported in the income statement.
$1.1B
13.0% vs prior year
Operating margin Operating income as a share of revenue.
6.9%
3.0 pts
Net income Profit after all expenses, interest and tax.
$139M
196.6%
Free cash flow Cash from operations minus capital spending.
$12.4M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
5.9%
2.6 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$3.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
16.9x
On $3.80 EPS (TTM)

What Freshpet does

No business description yet.

Legal name
FRESHPET, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001611647-26-000006
0001611647

Revenue and margins

Freshpet had $1.1B of revenue in fiscal 2025, up 13.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $12.4M in fiscal 2025, 1.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Freshpet returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 11.5%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Freshpet yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$150M and divides by 56.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 16.9x · peers 22.4x · sector 24.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Freshpet can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $72.8M$153M$297M$269M$278M
Debt incl. finance leases $0.0M$0.0M$421M$421M$428M
Net debt / EBITDA −15.2x—4.5x1.4x0.9x
Debt / equity 0.0x0.0x0.4x0.4x0.4x
Interest coverage −8.6x−10.0x−2.2x3.1x5.4x
Current ratio 2.6x2.9x4.8x4.4x5.5x
Quick ratio 2.0x2.3x4.1x3.6x4.6x
Total assets $784M$1.1B$1.5B$1.6B$1.8B
Total liabilities $64.7M$93.8M$511M$520M$569M
Shareholders' equity $720M$1.0B$954M$1.1B$1.2B
Net debt (− = net cash) −$72.8M−$153M$124M$152M$150M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.2M

3 insiders

Sold, 12 months

$26.2M

1 insider

Of sales under plans

100%

$26.2M

DateInsiderTradeSharesPriceValueFiling
Sep 14, 2026 Walter N. GeorgeDirector Bought 1,000 $64.92 $0.1M Form 4
Aug 26, 2026 William B. CyrChief Executive Officer, Director Sold plan 39,664 $74.72 $3.0M Form 4
Aug 24, 2026 William B. CyrChief Executive Officer, Director Sold plan 43,960 $75.85 $3.3M Form 4
Aug 21, 2026 William B. CyrChief Executive Officer, Director Sold plan 43,945 $73.90 $3.2M Form 4
Aug 19, 2026 William B. CyrChief Executive Officer, Director Sold plan 44,078 $74.72 $3.3M Form 4
Aug 17, 2026 William B. CyrChief Executive Officer, Director Sold plan 44,067 $72.83 $3.2M Form 4
Aug 14, 2026 William B. CyrChief Executive Officer, Director Sold plan 44,069 $72.90 $3.2M Form 4
May 22, 2026 William B. CyrChief Executive Officer, Director Sold plan 46,814 $51.04 $2.4M Form 4
May 20, 2026 Craig D. SteeneckDirector Bought 2,000 $47.83 $0.1M Form 4
May 20, 2026 Daryl G BrewsterDirector Bought 211 $47.52 $0.0M Form 4
May 20, 2026 William B. CyrChief Executive Officer, Director Sold plan 47,582 $47.88 $2.3M Form 4
May 18, 2026 William B. CyrChief Executive Officer, Director Sold plan 47,181 $49.01 $2.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✕ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✓
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✕ ✕ ✓
F-score 5 / 96 / 98 / 9
Accruals ratio −8.5%−7.1%−1.3%
Altman Z'' 2.603.123.57

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Freshpet FRPT $3.6B 13.0% 6.9% 1.1% 5.9% 16.9x 8
John B. Sanfilippo & Son JBSS $791M 6.2% 7.6% 3.0% 16.6% 12.8x 3 Compare →
Simply Good Foods SMPL $936M 9.0% 10.8% 10.9% 6.1% — 4 Compare →
J&J Snack Foods JJSF $1.6B 0.5% 5.3% 5.2% 7.3% 32.1x 4 Compare →
Tootsie Roll Industries TR $2.6B 1.3% 13.8% 13.2% — — — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $130M $152M $193M $246M $319M $426M $595M $767M $975M $1.1B
Gross profit $60.4M $72.4M $90.0M $114M $133M $162M $186M $251M $396M $450M
Research and development $0.5M $0.3M $0.5M $1.2M $0.8M — — — — —
Operating income −$2.2M −$2.8M −$4.9M −$0.3M −$2.0M −$24.7M −$52.0M −$30.4M $38.0M $75.7M
Interest expense $0.7M $0.9M $0.3M $1.0M $1.2M $2.9M $5.2M $14.1M $12.3M $14.1M
Pretax income −$3.1M −$4.2M −$5.3M −$1.2M −$3.1M −$27.5M −$55.5M −$31.5M $47.5M $70.8M
Income tax $0.1M $0.1M $0.1M $0.1M $0.1M $0.2M $0.3M $0.2M $0.6M −$68.4M
Net income −$3.2M −$4.3M −$5.4M −$1.4M −$3.2M −$29.7M −$59.5M −$33.6M $46.9M $139M
Diluted EPS −$0.09 −$0.12 −$0.15 −$0.04 −$0.08 −$0.69 −$1.29 −$0.70 $0.93 $2.64
Diluted shares 0.03B 0.03B 0.04B 0.04B 0.04B 0.04B 0.05B 0.05B 0.05B 0.06B
Cash flow
Cash from operations $12.8M $10.3M $18.6M $16.3M $21.2M $0.6M −$43.2M $75.9M $154M $161M
Capital expenditure $30.0M $13.0M $16.3M $70.6M $135M $322M $230M $239M $187M $148M
Free cash flow −$17.2M −$2.7M $2.3M −$54.3M −$113M −$321M −$273M −$163M −$32.8M $12.4M
Depreciation and amortization $9.9M $12.7M $13.8M $15.6M $20.8M $29.5M $34.3M $58.2M $69.5M $86.4M
Stock-based compensation $4.2M $4.4M $6.8M $7.8M $10.9M $25.0M $26.1M $24.9M $51.8M $13.9M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.3M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.3M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Balance sheet
Cash and short-term investments — $2.2M $7.6M $9.5M $67.2M $72.8M $153M $297M $269M $278M
Total debt — — — $109M — $0.0M $0.0M $393M $395M $397M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $28.1M $25.4M $30.4M
Current assets $19.2M $27.0M $31.0M $54.3M $109M $150M $262M $427M $437M $436M
Current liabilities $18.7M $16.7M $18.2M $42.0M $33.1M $58.9M $89.6M $89.2M $98.9M $78.6M
Inventory $5.4M $10.1M $9.3M $12.5M $19.1M $35.6M $58.3M $63.2M $80.8M $76.8M
Property and equipment, net $102M $101M $102M $165M $281M $584M $801M $979M $1.1B $1.1B
Total assets $127M $134M $140M $236M $434M $784M $1.1B $1.5B $1.6B $1.8B
Total liabilities $18.7M $17.0M $18.5M $105M $40.2M $64.7M $93.8M $511M $520M $569M
Shareholders' equity $108M $117M $122M $131M $394M $720M $1.0B $954M $1.1B $1.2B
Margins
Gross margin 46.5% 47.5% 46.6% 46.5% 41.7% 38.1% 31.3% 32.7% 40.6% 40.8%
Operating margin −1.7% −1.8% −2.5% −0.1% −0.6% −5.8% −8.7% −4.0% 3.9% 6.9%
EBITDA margin 5.9% 6.5% 4.6% 6.2% 5.9% 1.1% −3.0% 3.6% 11.0% 14.7%
Net margin −2.4% −2.8% −2.8% −0.6% −1.0% −7.0% −10.0% −4.4% 4.8% 12.6%
FCF margin −13.2% −1.8% 1.2% −22.1% −35.6% −75.6% −45.9% −21.3% −3.4% 1.1%
Returns
Return on capital — — — — — — −5.4% −2.5% 3.3% 5.9%
Return on capital employed −2.1% −2.5% −4.1% −0.2% −0.7% −4.4% −5.9% −2.5% 2.7% 4.8%
Return on equity −3.0% −3.8% −4.5% −1.1% −1.2% −5.3% −6.8% −3.4% 4.7% 12.3%
Return on assets −2.6% −3.3% −3.9% −0.7% −1.0% −4.9% −6.2% −2.6% 3.1% 8.3%
Growth
Revenue growth 11.6% 17.5% 26.8% 27.2% 29.7% 33.5% 39.9% 28.8% 27.2% 13.0%
Net income growth — — — — — — — — — 196.5%
EPS growth — — — — — — — — — 183.9%
FCF growth — — — −2,460.5% — — — — — —
Share count change 0.5% 2.4% 2.4% 1.8% 10.6% 8.0% 7.6% 4.3% 4.3% 11.5%
Financial health
Net debt / EBITDA — — — 6.5x — −15.2x — 4.5x 1.4x 0.9x
Debt / equity — — — 0.8x — 0.0x 0.0x 0.4x 0.4x 0.4x
Interest coverage −3.2x −3.0x −16.5x −0.3x −1.7x −8.6x −10.0x −2.2x 3.1x 5.4x
Current ratio 1.0x 1.6x 1.7x 1.3x 3.3x 2.6x 2.9x 4.8x 4.4x 5.5x
Quick ratio 0.7x 1.0x 1.2x 1.0x 2.7x 2.0x 2.3x 4.1x 3.6x 4.6x
Capital allocation
Capex / revenue 23.1% 8.5% 8.4% 28.7% 42.2% 75.7% 38.7% 31.2% 19.2% 13.5%
Stock comp / revenue 3.2% 2.9% 3.5% 3.2% 3.4% 5.9% 4.4% 3.3% 5.3% 1.3%
Payouts / FCF — — 11.1% — — — — — — 0.0%
Quality scores
Piotroski F-score — — — — — — 2.0 5.0 6.0 8.0
Altman Z'' 1.0 2.8 2.6 −1.2 9.9 11.3 11.4 2.6 3.1 3.6
Accruals ratio −13.3% −11.2% −17.5% −9.4% −7.3% −5.0% −1.7% −8.5% −7.1% −1.3%

Source: SEC EDGAR XBRL filings (CIK 0001611647). Data updated October 20, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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