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FRPT

Freshpet, Inc.

FRPT

Freshpet, Inc. • NASDAQ
$57.16 ▲ 1.60% (+0.90)
Market Cap $2.79 B
52w High $164.07
52w Low $46.76
Dividend Yield 0%
P/E 24.22
Volume 199.42K
Outstanding Shares 48.81M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $288.848M ▲ $82.648M ▼ $101.663M ▲ 35.196% ▲ $2.084 ▲ $50.895M ▲
Q2-2025 $264.689M ▲ $90.386M ▼ $16.356M ▲ 6.179% ▲ $0.34 ▲ $40.612M ▲
Q1-2025 $263.249M ▲ $115.285M ▲ $-12.697M ▼ -4.823% ▼ $-0.26 ▼ $12.723M ▼
Q4-2024 $262.708M ▲ $92.223M ▲ $18.122M ▲ 6.898% ▲ $0.37 ▲ $43.452M ▲
Q3-2024 $253.367M $90.338M $11.895M 4.695% $0.25 $33.797M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $274.591M ▲ $1.746B ▲ $567.137M ▼ $1.178B ▲
Q2-2025 $243.684M ▼ $1.647B ▲ $575.84M ▲ $1.072B ▲
Q1-2025 $243.732M ▼ $1.559B ▼ $509.535M ▼ $1.049B ▼
Q4-2024 $268.633M ▼ $1.575B ▲ $519.518M ▲ $1.055B ▲
Q3-2024 $274.594M $1.532B $510.251M $1.021B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $101.663M ▲ $66.762M ▲ $-35.202M ▼ $-653K ▼ $30.907M ▲ $31.56M ▼
Q2-2025 $16.356M ▲ $33.886M ▲ $-33.441M ▼ $-493K ▲ $-48K ▲ $41.122M ▲
Q1-2025 $-12.697M ▼ $4.807M ▼ $-26.491M ▲ $-3.217M ▼ $-24.901M ▼ $-21.684M ▼
Q4-2024 $18.122M ▲ $50.369M ▼ $-58.264M ▼ $1.934M ▲ $-5.961M ▼ $-7.895M ▼
Q3-2024 $11.895M $56.1M $-34.033M $828K $22.895M $22.067M

Revenue by Products

Product Q1-2020Q1-2025Q2-2025Q3-2025
Reportable Segment
Reportable Segment
 $0 ▲$260.00M ▲$260.00M ▲$290.00M ▲
Grocery Including Online Mass And Club
Grocery Including Online Mass And Club
 $60.00M ▲$0 ▼$0 ▲$0 ▲
Pet Specialty And Natural
Pet Specialty And Natural
 $10.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Freshpet’s sales have grown steadily over the past five years, with revenue rising each year at a healthy pace. As the company has scaled, gross profit has improved, showing its basic business model has economic strength. For several years, high spending on marketing, manufacturing, and distribution kept operating profit and net income in negative territory, reflecting a “build-out” phase rather than a mature earnings profile. More recently, the company has crossed into modest profitability, suggesting its earlier investments are starting to pay off, but profit margins still look relatively thin and sensitive to cost pressures. Overall, it looks like a business moving from heavy investment and losses toward more sustainable earnings, but still early in that transition.

Balance Sheet

Balance Sheet The balance sheet shows a company that has expanded its asset base significantly, especially in facilities, equipment, and infrastructure needed for production and refrigerated distribution. Cash levels have generally improved from the early years, but not in a straight line, and they sit alongside a noticeable jump in debt in the more recent period. Equity has grown over time, indicating that shareholders have funded a good portion of the expansion, and that accumulated losses have not overwhelmed the capital base. The use of more debt marks a shift toward a more leveraged structure, which can amplify both upside and downside if conditions change. Overall, the balance sheet reflects a capital-intensive growth story that now carries more financial obligations than it did in the past, but still appears supported by a solid equity cushion.

Cash Flow

Cash Flow Freshpet’s cash flows underline how investment-heavy its strategy has been. Cash generated from day‑to‑day operations has moved from weak or negative to clearly positive, which is an encouraging sign that the core business is maturing. However, free cash flow has remained negative because the company continues to spend heavily on new facilities, equipment, and related infrastructure. These capital expenditures have been substantial for several years in a row, signaling a long-term capacity build-out rather than a short, one-off investment cycle. The key question going forward is how quickly rising operating cash flow can catch up with and eventually exceed the company’s ongoing investment needs, turning the model into a more self-funding one.

Competitive Edge

Competitive Edge Freshpet sits in a distinctive niche: fresh, refrigerated pet food, which differentiates it from traditional dry kibble and canned offerings. Its major advantage lies in its branded refrigerators and cold-chain distribution inside retailers, which creates both strong in‑store visibility and a barrier for rivals who would need to match that infrastructure. Vertical integration and scale in its “kitchens” help it manage quality and costs, while its brand is strongly associated with premium, health-oriented pet nutrition. At the same time, the category’s attractiveness invites attention from large, well-funded competitors, and the need to maintain thousands of fridges and a refrigerated supply chain adds operational complexity and cost. Freshpet’s moat looks meaningful today, but it must keep executing well in logistics, quality, and retailer relationships to maintain that edge as the market evolves.

Innovation and R&D

Innovation and R&D Innovation is deeply embedded in Freshpet’s model, from its proprietary production processes to its specialized in‑store fridges and sustainability initiatives. The company has developed multiple product lines targeting different customer needs and preferences, supported by veterinary nutrition expertise and a focus on fresh, recognizable ingredients. On the operations side, it is investing in more advanced manufacturing technologies, including new packaging lines and efficiency upgrades, aimed at improving margins as volumes grow. Freshpet is also expanding into new channels such as e‑commerce and club stores, refining its fridge formats, and pushing into underpenetrated segments like cat food. The big opportunity is that these initiatives can widen the customer base and strengthen loyalty, but there is execution risk if new products or formats fail to gain traction or if complexity outpaces management capacity.

Summary

Overall, Freshpet looks like a fast-growing, capital-intensive consumer business that is transitioning from an investment-heavy build-out into a more profitable phase. Revenue growth has been strong and consistent, and the company has recently turned the corner into positive earnings and operating cash flow, albeit with still modest margins. Its balance sheet and cash flows show a clear trade-off: meaningful debt and ongoing negative free cash flow in exchange for a larger, harder-to-replicate infrastructure and brand presence. The competitive position in fresh, refrigerated pet food appears strong, supported by a physical moat in stores and a clear brand identity, but the model is complex and vulnerable to cost inflation, operational issues, and competitive responses. Future performance will hinge on Freshpet’s ability to convert its heavy past investments and innovation pipeline into durable profitability and sustained cash generation without overextending its financial or operational capacity.

NEWS

November 18, 2025 · 8:00 AM UTC

Freshpet, Inc. to Participate in the Morgan Stanley Global Consumer & Retail Conference

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November 5, 2025 · 8:00 AM UTC

Freshpet, Inc. to Participate in the J.P. Morgan U.S. Opportunities Forum

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November 3, 2025 · 6:31 AM UTC

Freshpet CEO to Adopt Rule 10b5-1 Trading Plan

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November 3, 2025 · 6:30 AM UTC

Freshpet, Inc. Reports Third Quarter 2025 Financial Results

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October 30, 2025 · 4:00 PM UTC

Rosen Law Firm Encourages Freshpet, Inc. Investors to Inquire About Securities Class Action Investigation – FRPT

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