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. In the quarter to June 2026, revenue grew 15.5%, EPS grew 17.7%, free cash flow grew 3,203.4% and total debt was flat, each against the same quarter a year earlier. Revenue growth for ten consecutive years, operating cash flow growth for three; insiders bought in the last twelve months.
Follow FRPT
Freshpet, Inc. (FRPT) Beneish M-score
Freshpet, Inc.'s Beneish M-score for fiscal 2025 is −1.93; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −1.93 | 0.71 |
| FY2024 | −2.64 | 1.35 |
| FY2023 | −3.99 | (2.07) |
| FY2022 | −1.92 | 0.09 |
| FY2021 | −2.01 | 0.15 |
| FY2020 | −2.15 | 0.74 |
| FY2019 | −2.90 | 0.35 |
| FY2018 | −3.25 | (0.65) |
| FY2017 | −2.60 | 0.49 |
| FY2016 | −3.09 | (0.58) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.82 | — | 0.76 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 2.50 | — | 1.01 | |
| Sales growth index | 1.13 | — | 1.01 | |
| Depreciation index | 0.89 | — | 0.10 | |
| SG&A index | 0.92 | — | −0.16 | |
| Total accruals to total assets | (0.01) | — | −0.06 | |
| Leverage index | 0.86 | — | −0.28 | |
| Beneish M-score | Elevated | −1.93 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| UTZ Utz Brands, Inc. compare | −2.9× |
| CENT Central Garden & Pet Company compare | −2.7× |
| CENTA Central Garden & Pet Company compare | −2.7× |
| CPB The Campbell's Company compare | −2.6× |
| MZTI The Marzetti Company compare | −2.6× |
| NOMD Nomad Foods Limited compare | −2.5× |
| INGR Ingredion Incorporated compare | −2.5× |
| POST Post Holdings, Inc. compare | −2.5× |
| FRPT Freshpet, Inc. | −1.9× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI