Freshpet, Inc.
Rank #281Op. LeverageFRPT · Nasdaq · Consumer Defensive
Freshpet, Inc. (FRPT) — Rank #281 by gross profitability (GP/assets 0.25) · ROE 11.2% · Piotroski F-Score N/A.
As-of 2026-09-15 · CIK 0001611647 · all metrics point-in-time as of the filing date.
About
Freshpet, Inc., together with its subsidiaries, manufactures, distributes, and markets natural fresh meals and treats for dogs and cats in the United States, Canada, and Europe.
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It offers dog food, cat food, and dog treats under the Freshpet brand name; and fresh treats under the Dognation and Dog Joy brand names. The company sells its products through a network of company-owned branded refrigerators, the Freshpet Fridges, as well as through various classes of retail, including grocery, mass, club, pet specialty, and international, as well as digital.
The company was incorporated in 2004 and is headquartered in Bedminster, New Jersey.
- Industry
- Packaged Foods
- Sector
- Consumer Defensive
- State
- DE
- Filer Category
- Large accelerated filer
- Fiscal Year End
- December 31
- Website
- freshpet.com
Price History
Company Snapshot
P/E and reverse DCF are the primary valuation lenses at this stage.
Market Cap
$3.03B
P/E (annual)
23.9
P/S (annual)
2.8
P/B
2.5
P/OCF (annual)
18.9
Shareholder Yield
-11.5%
Employees
1,288
Industry
Packaged Foods
Exchange
Nasdaq
Signal Flags
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
2/3 passGrowth
1/2 passTerry Smith quality gate
Passes 0/5 Terry Smith thresholds1 of 5 threshold not computable from filed data.
What Growth Is Priced In
Implied revenue growth (10Y)
45.4%
The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).
Dilution drag: 11.5% — per-share value needs a total required return of 56.9% once share-count change is priced in.
vs. own 6-year median revenue growth: 29.2%
priced above its own historyCost-of-equity sensitivity (implied growth at different discount rates)
r = 8%
39.1%
r = 10% (base)
45.4%
r = 12%
50.9%
Net debt / market cap: -9.9%
Valuation History
Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.
P / S
Price / revenue per share
P / B
Price / book value per share
P / GP
Price / gross profit per share
Earnings bubble check
Current margins may be above sustainable levels — a P/E based on peak earnings can overstate cheapness.
Disclosure regression check
A previously-disclosed line item is no longer reported. Worth checking the filing for why.
Operating margin expansion and free cash flow are the primary reads at this stage.
Profitability
Gross profitability (GP / assets)
0.25
Primary signal (Novy-Marx).
7th of 18 SIC 20 peers
Return on equity
11.2%
Gross margin
40.8%
6th of 18 SIC 20 peers
Revenue growth (YoY)
13.0%
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Revenue vs COGS | ||||
| Revenue vs OpEx | ||||
| Op. Income vs Revenue |
Growth
Revenue CAGR (3Y)
22.8%
Revenue CAGR (5Y)
28.2%
Earnings CAGR (3Y)
—
FCF CAGR (3Y)
—
Anti-fragile safety
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
0.46
5th of 18 SIC 20 peers (best = lowest)
Current ratio
6.05×
2nd of 18 SIC 20 peers
Quick ratio
4.87×
Net cash
$350.81M
Cash & equivalents minus total debt.
Cash-flow health
Free cash flow
$12.38M
Operating cash flow minus capex.
Positive free cash flow
FCF / net income
-0.91
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
1.3%
Stock-based comp intensity.
Piotroski F-Score
F-Score
N/A
Only 8/9 components determinable.
Lifecycle Phase History
Lynch sell alert: Fast grower deceleration
Revenue growth decelerated to 13.0% after being classified hypergrowth as of 2024-12-31 -- Lynch's fast-grower rule: sell once growth slows below the pace that justified the label, not on price weakness.