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Freshpet, Inc.

FRPT Consumer Defensive Packaged Foods

Freshpet, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.1 billion, up 13.0% from fiscal 2024.

Revenue
+10.0%
EPS
−70.5%
Free cash flow
+19.9%
Total debt
−0.05%

Quarter to September 2026, against a year earlier

64.20 0.62 −0.96%
Market cap
$3.1B
P/E
23.8×
Fwd P/E
34.4×
Dividend yield
—
F-score
8/9
Altman Z
4.02
Beneish M
−1.93
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.57
Sold, $m 33.54
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 1 — — 6 — — — 1 — —
Sell 1 — — — — 5 — — 5 — — —
Insider Ownership 3.25%

Capital & Financial Ratios $m

Size
Market Cap 3,110.00
Revenue ttm 1,206.30
Net income ttm 131.52
Free cash flow ttm 67.31
Net debt Q 79.24
Valuation
P/E 23.83
Forward P/E 34.40
Price / sales 2.58
Forward P/S Powerpack
Price / FCF 46.19
Price / book 2.53
Financial health
Current ratio Q 5.68 (at or above 1.5: strong)
Debt / equity Q 0.35 (at or below 0.5: strong)
Interest coverage Q 10.30
Growth
Revenue growth Q +10.04% (above 0%: growing)
Operating income growth Q +41.08% (above 0%: growing)
EPS, this year −17.25% (below 0%: weak)
EPS, next year A −11.19% (below 0%: weak)
Revenue, next year A +11.34% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A −4.03% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.7×, against a ten-year median of 5.5×; over the ten years it ranged from 2.3× in 2026 to 21.5× in 2021.
P/E against its own 10 years 26.56%
10-year low 10-year high
P/S against its own 10 years 12.02%
10-year low 10-year high
P/B against its own 10 years 11.80%
10-year low 10-year high
EV/Sales against its own 10 years 6.20%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 297 269 278 346
Receivables 57 68 64 69
Inventory 63 81 77 95
Other 3 3 7 7
427 437 436 527
2023 2024 2025 Q'26
Payables 36 39 42 37
ST’ Debt — — — —
Other — — — —
89 99 79 93

Compound Annual Growth %

10y 5y 3y
Sales 25.23% 28.16% 22.78%
Cash Flow 37.31% 49.93% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 27.81% 25.12% 5.42%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.35 Actual 0.58

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.43 0.64 Beat by 0.21
Q1 FY26 0.06 0.04 Miss by 0.02
Q2 FY26 0.20 0.33 Beat by 0.13
Q3 FY26 0.35 0.58 Beat by 0.23
Q4 FY26 0.58 — Reports 22 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.91 0.39 0.54 — —
’25 (0.26) 0.33 1.86 0.64 2.64
’24 0.37 (0.03) 0.24 0.36 0.93
’23 (0.52) (0.35) (0.15) 0.31 (0.70)
’22 (0.40) (0.45) (0.39) (0.06) (1.29)
’21 (0.26) (0.17) (0.05) (0.21) (0.69)
’20 (0.10) 0.00 0.09 (0.08) (0.08)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 298 306 318 — —
’25 263 265 289 285 1,102
’24 224 235 253 263 975
’23 168 183 201 215 767
’22 132 146 151 166 595
’21 93 109 108 116 425
’20 70 80 84 85 319
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 40 44 61 — —
’25 5 34 67 55 161
’24 5 42 56 50 154
’23 (14) 14 39 37 76
’22 (35) (28) 9 10 (43)
’21 (5) 8 (6) 4 1
’20 (3) (3) 18 8 21
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 13 15 38 — —
’25 (22) 0 32 2 12
’24 (41) (6) 22 (8) (33)
’23 (72) (31) (20) (40) (163)
’22 (91) (67) (64) (52) (273)
’21 (55) (60) (110) (97) (321)
’20 (37) (42) (8) (27) (113)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 130 152 193 246 319 425 595 767 975 1,102 1,206 +26.8% 1,227 1,331 1,440 +9.3%
Gross margin, % 46.54 47.53 46.57 46.45 41.69 38.11 31.25 32.71 40.60 40.80 42.62 (5.7) pt
EBT (3) (4) (5) (1) (3) (28) (55) (32) 48 71 169 n/m
EBT margin, % (2.39) (2.75) (2.73) (0.50) (0.98) (6.47) (9.32) (4.11) 4.87 6.42 14.01 +8.8 pt
Net income (3) (4) (5) (1) (3) (30) (59) (34) 47 139 132 n/m
Per share, $
Per share, $ Revenue 3.85 4.42 5.47 6.84 8.02 9.91 12.89 15.92 20.11 22.58 24.91 +21.7%
Earnings (0.09) (0.12) (0.15) (0.04) (0.08) (0.69) (1.29) (0.70) 0.97 2.85 2.69 n/m
Cash flow 0.38 0.30 0.53 0.45 0.53 0.02 (0.94) 1.58 3.18 3.29 4.14 +27.1%
Capex (0.89) (0.38) (0.46) (1.96) (3.38) (7.50) (4.98) (4.96) (3.86) (3.04) (2.75) +14.6%
Free cash flow (0.51) (0.08) 0.07 (1.51) (2.85) (7.49) (5.92) (3.39) (0.68) 0.25 1.39 n/m
Book value 3.20 3.39 3.44 3.65 9.91 16.77 22.33 19.80 21.77 24.77 25.42 +25.5%
Shares, m 34 34 35 36 40 43 46 48 48 49 49 +4.2%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 152.69 21.38 23.83 17.4
P/S 2.65 4.53 5.88 8.64 17.71 9.61 4.09 5.49 7.36 2.70 2.58 6.9
P/B 3.19 5.90 9.35 16.18 14.32 5.68 2.36 4.42 6.80 2.46 2.53 7.1
EV/Sales 3.33 5.11 6.29 8.83 17.52 9.46 3.99 5.75 7.59 2.90 2.70 7.1
EV/FCF (25.22) (284.88) 528.59 (39.96) (49.27) (12.52) (8.70) (27.02) (225.71) 258.03 48.45 11.3
Cash, $m
Cash, $m Operating cash flow 13 10 19 16 21 1 (43) 76 154 161 201 +32.4%
Capex (30) (13) (16) (71) (135) (322) (230) (239) (187) (148) (133) +19.4%
Free cash flow (17) (3) 2 (54) (113) (321) (273) (163) (33) 12 67 n/m
Balance, $m
Balance, $m Working capital 1 10 13 12 76 91 172 338 338 357 434 +104.3%
Net debt 3 (2) (8) 45 (60) (67) (129) 122 150 147 79 +53.6%
Shareholders’ equity 108 117 121 131 394 720 1,032 953 1,055 1,209 1,231 +30.8%
Returns, %
Returns, % ROA (2.64) (3.27) (3.92) (0.74) (0.95) (4.87) (6.23) (2.60) 3.09 8.30 7.39 +10.9 pt
ROIC (1.25) (1.50) (2.68) (0.09) (0.37) (2.36) (3.60) (1.77) 1.97 3.49 5.04 +4.7 pt
ROE (2.99) (3.79) (4.50) (1.09) (1.21) (5.33) (6.79) (3.39) 4.67 12.29 10.92 +15.3 pt
People
People Employees 218 260 382 462 591 789 1,011 1,083 1,296 1,288 — +21.8%
Revenue/emp, $m 0.59 0.59 0.51 0.53 0.54 0.54 0.59 0.71 0.75 0.86 — +4.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026

Freshpet, Inc. vs peers in Packaged Foods (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
INGR Ingredion Incorporated $6.1B 10.2× 10.3× −1.32% (below 0%: shrinking) −15.40% (below 0%: shrinking) +66.25% (above 0%: growing) 22.27% 11.22% Compare
POST Post Holdings, Inc. $3.7B 14.0× 11.8× −1.83% (below 0%: shrinking) −27.69% (below 0%: shrinking) +69.65% (above 0%: growing) 29.07% 9.72% Compare
FRPT Freshpet, Inc. $3.1B 23.8× 34.4× +10.04% (above 0%: growing) −70.50% (below 0%: shrinking) +19.86% (above 0%: growing) 44.46% 11.05%
MZTI The Marzetti Company $3.0B 16.5× 16.5× −2.42% (below 0%: shrinking) −37.06% (below 0%: shrinking) −38.53% (below 0%: shrinking) 23.00% 8.61% Compare
CENT Central Garden & Pet Company $2.7B 17.7× 16.3× −8.17% (below 0%: shrinking) −4.58% (below 0%: shrinking) +25.12% (above 0%: growing) 35.92% 14.26% Compare
CENTA Central Garden & Pet Company $2.7B 15.1× — −8.17% (below 0%: shrinking) −4.58% (below 0%: shrinking) +25.12% (above 0%: growing) 35.92% 14.26% Compare
UTZ Utz Brands, Inc. $2.1B — (loss-making) 21.0× +1.39% (above 0%: growing) n/m +93.40% (above 0%: growing) 25.87% (1.48%) Compare
JJSF J & J Snack Foods Corp. $1.7B 34.3× 25.9× −6.24% (below 0%: shrinking) −16.74% (below 0%: shrinking) +4.83% (above 0%: growing) 35.45% 10.86% Compare
NOMD Nomad Foods Limited $1.7B 10.6× 9.1× +0.77% (above 0%: growing) +19.11% (above 0%: growing) +24.23% (above 0%: growing) 26.92% 14.81% Compare
Median of peers $2.7B 15.1× 16.3× −2.12% −15.40% +25.12% 28.00% 11.04%

All 68 Packaged Foods stocks →

Pay and ownership Proxy statement filed 27 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 12.51m 5.50m 42.91
2024 2.27m 9.69m 104.31
2023 1.61m 6.53m 61.10
2022 914.92k (2.71m) 37.16
2021 765.04k (7.07m) 67.10

Ownership

Directors and executive officers, together 4.30%
Blackrock, Inc. 11.40%
Wasatch Advisors LP 7.80%
Bank of Montreal Entities 5.20%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Freshpet, Inc. (FRPT) Latest News

4 Nov

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FRPT metrics, ten years each

stockrow.com/FRPT · Data as of Nov 6, 2026 · For information only; not investment advice. · © 2026 stockrow.com