Freshpet, Inc. FRPT

Consumer staples SIC 2040 - Grain Mill Products NAICS Manufacturing › Food Manufacturing derived Nasdaq

Freshpet, Inc. ("Freshpet," the "Company," "we" or "our") is disrupting the over $56.0 billion United States pet food industry by driving consumers to reassess conventional dog and cat food offerings that have remained essentially unchanged for decades. We position our brand to benefit from mainstream trends of growing pet humanization and consumer focus on health and wellness. We price our products to be accessible to the average consumer, providing us with broad demographic appeal and allowing us to penetrate multiple classes of retail, including grocery, mass, international, digital, pet specialty, and club. We have successfully expanded our network of Freshpet Fridges within leading blue-chip retail chains. The strength of our business model extends to our customers, who we believe find that Freshpet grows their pet category sales, drives higher traffic, increases shopper frequency and delivers category leading margins. As of December 31, 2025, our household penetration within the United States was approximately 15.2 million households. Additionally, we believe that there are opportunities to expand our network into international markets as demonstrated by our initiatives in the U.K. market.

Last close 64.12 2026-10-23
Market cap $3.08B 2026-06-30 share count
52-week range 46.45 - 86.00

Valuation FY2025 figures against the last close

P/S2.8x
P/E24.3x
P/FCF249.0x
EV/EBITDA19.0x
Dividend yield—
Diluted EPS2.64

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $1.10B$975.2M$766.9M$595.3M$425.5M$318.8M$245.9M$193.2M$152.4M$129.7M
Cost of revenue $652.4M$579.2M$516.0M$409.3M$263.3M$185.9M$131.7M$103.2M$79.9M$69.3M
Gross profit $449.6M$396.0M$250.9M$186.0M$162.1M$132.9M$114.2M$90.0M$72.4M$60.4M
R&D —————$800.0K$1.2M$500.0K$284.6K$470.1K
SG&A $374.0M$358.0M$281.3M$238.0M$186.8M$134.9M$114.5M$94.9M$75.2M$62.6M
Operating income $75.7M$38.0M-$30.4M-$52.0M-$24.7M-$2.0M-$253.0K-$4.9M-$2.8M-$2.2M
Interest expense $14.1M$12.3M$14.1M$5.2M$2.9M$1.2M$991.0K$296.0K$910.5K$698.1K
Pre-tax income $70.8M$47.5M-$31.5M-$55.5M-$27.5M-$3.1M-$1.2M-$5.3M-$4.2M-$3.1M
Income tax $68.4M$598.0K$210.0K$282.0K$162.0K$65.0K$144.0K$77.0K$75.2K$65.8K
Net income $139.1M$46.9M-$33.6M-$59.5M-$29.7M-$3.2M-$1.4M-$5.4M-$4.3M-$3.2M
EPS, basic 2.850.97-0.70-1.29-0.69-0.08-0.04-0.15-0.12-0.09
EPS, diluted 2.640.93-0.70-1.29-0.69-0.08-0.04-0.15-0.12-0.09
Shares, diluted (wtd. avg.) 56.0M50.3M48.2M46.2M42.9M39.8M35,95035.3M34.5M33.7M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $278.0M$268.6M$296.9M$132.7M$72.8M$67.2M$9.5M$7.6M$2.2M$3.9M
Short-term investments —$0$0$20.0M——————
Receivables $63.8M$68.4M$56.8M$57.6M$34.8M$18.4M$18.6M$12.3M$12.7M$8.9M
Inventory $76.8M$80.8M$63.2M$58.3M$35.6M$19.1M$12.5M$9.3M$10.1M$5.4M
Total current assets $435.7M$437.0M$427.3M$262.0M$150.3M$109.1M$54.3M$31.0M$27.0M$19.2M
Property, plant and equipment ——$979.2M$800.6M$583.9M$281.1M$165.3M$102.1M$100.6M$101.5M
Total assets $1.78B$1.57B$1.46B$1.13B$784.4M$434.4M$236.1M$140.0M$133.9M$126.5M
Accounts payable $42.4M$39.2M$36.1M$55.1M$42.6M$16.5M$18.7M$9.2M$9.2M$6.9M
Short-term debt ——————$54.5M$0$0$7.0M
Total current liabilities $78.6M$98.9M$89.2M$89.6M$58.9M$33.1M$42.0M$18.2M$16.7M$18.7M
Long-term debt —————$0$54.5M———
Total liabilities $569.1M$519.5M$511.0M$93.8M$64.7M$40.2M$104.9M$18.5M$17.0M$18.7M
Retained earnings -$142.7M-$281.8M-$328.7M-$295.1M-$235.6M-$205.9M-$202.7M-$201.4M-$196.0M-$191.7M
Total equity $1.21B$1.06B$953.5M$1.03B$719.8M$394.2M$131.3M$121.5M$116.9M$107.8M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $160.6M$154.3M$75.9M-$43.2M$647.0K$21.2M$16.3M$18.6M$10.3M$12.8M
Depreciation and amortisation $86.4M$69.5M$58.2M$34.3M$29.5M$20.8M$15.6M$13.8M——
Stock-based compensation $13.9M$51.8M$24.9M$26.1M$25.0M$10.9M$7.8M$6.8M$4.4M$4.2M
Capital expenditure $148.2M$187.1M$239.1M$230.1M$322.1M$134.6M$70.6M$16.3M$13.0M$30.0M
Investing cash flow -$148.2M-$187.1M-$239.1M-$233.4M-$322.1M-$162.5M-$70.6M-$16.3M-$13.0M-$26.7M
Financing cash flow -$3.0M$4.6M$327.3M$336.5M$327.0M$199.0M$56.2M$3.1M$1.0M$9.8M
Buybacks ———————$256.2K——

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-017084.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -500M 0 500M 1B 1.5B Revenue, FY2016: 129.7M Gross profit, FY2016: 60.4M Net income, FY2016: -3.2M Revenue, FY2017: 152.4M Gross profit, FY2017: 72.4M Net income, FY2017: -4.3M Revenue, FY2018: 193.2M Gross profit, FY2018: 90M Net income, FY2018: -5.4M Revenue, FY2019: 245.9M Gross profit, FY2019: 114.2M Net income, FY2019: -1.4M Revenue, FY2020: 318.8M Gross profit, FY2020: 132.9M Net income, FY2020: -3.2M Revenue, FY2021: 425.5M Gross profit, FY2021: 162.1M Net income, FY2021: -29.7M Revenue, FY2022: 595.3M Gross profit, FY2022: 186M Net income, FY2022: -59.5M Revenue, FY2023: 766.9M Gross profit, FY2023: 250.9M Net income, FY2023: -33.6M Revenue, FY2024: 975.2M Gross profit, FY2024: 396M Net income, FY2024: 46.9M Revenue, FY2025: 1.1B Gross profit, FY2025: 449.6M Net income, FY2025: 139.1M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $129.7M $152.4M $193.2M $245.9M $318.8M $425.5M $595.3M $766.9M $975.2M $1.10B
Gross profit $60.4M $72.4M $90.0M $114.2M $132.9M $162.1M $186.0M $250.9M $396.0M $449.6M
Net income -$3.2M -$4.3M -$5.4M -$1.4M -$3.2M -$29.7M -$59.5M -$33.6M $46.9M $139.1M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Officer or director change Item 5.02
  • Regulation FD disclosure Item 7.01
  • Officer or director change Item 5.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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