Freshpet Inc (FRPT)
🔔 Watch stock
symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
The business demonstrably works: net sales have not fallen in any year since the IPO and reached $1,102.0 million in 2025, gross margin rose to 40.8 percent and adjusted EBITDA to $195.7 million. Nothing supports red: equity of $1,262.1 million at a 68.6 percent equity ratio, an Altman Z-score of 7.60, cash of $381.4 million against a $397.9 million convertible note, no going-concern doubt and no covenant problem. Green is out of reach because the operating question is too large and too open: in both of the most recent reported periods the reported profit rested mostly on one-time items — a $68.4 million tax benefit in 2025 and a $62.0 million investment gain in the quarter ended March 31, 2026 — while operating income in that quarter was $4.3 million and net sales growth has fallen from 39.9 to 13.0 percent. A turnaround whose operating half is still ahead is yellow, even when the balance sheet carries it easily. The decision is yours.
symbol.quality_note
Freshpet sells fresh dog food out of 30,425 company-owned fridges in grocery stores. The company finally reports profits, and the price-to-earnings ratio suddenly looks cheap. One catch: of the $65.6 million in pre-tax profit in the first quarter of 2026, $62.0 million came from selling an equity investment. The operating business contributed $4.3 million, or 1.5 percent of net sales. The year before, it was a $68.4 million tax entry. We read the annual report (10-K) for 2025 and the quarterly report (10-Q) for the period ended March 31, 2026 line by line: what the fridge network really earns, what was one-time only, and what is left of it in 2026. No recommendation — just the question of how much turnaround sits inside a profit that did not come from the food.
Read the analysis
Stock Watch
This analysis is as of July 26, 2026. Stock Watch will tell you what's changed at FRPT since then.
Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.
Appears in These Scanners
This stock currently matches 9 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 59.50 $ — 32% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
Uses AIFreshpet setzt nach eigener Darstellung im Geschäftsbericht 2025 künstliche Intelligenz bereits in mehreren Unternehmensbereichen einschließlich der Fertigung ein und will den Einsatz ausweiten; ein KI-Produkt wird nicht verkauft.
View the full file — quotes, sources, reviewed filings
„We use and plan to increase our use of AI across multiple parts of the business, including in our manufacturing process."
Wir setzen KI in mehreren Teilen des Geschäfts ein, unter anderem in unserem Fertigungsprozess, und planen, diesen Einsatz auszuweiten.
„our ability to successfully implement artificial intelligence into our operations and to realize the anticipated benefits, cost savings and efficiencies from such initiatives"
unsere Fähigkeit, künstliche Intelligenz erfolgreich in unsere Abläufe einzuführen und die erwarteten Vorteile, Kosteneinsparungen und Effizienzgewinne aus diesen Initiativen zu erzielen
„Increased adoption of AI within Freshpet’s operations can amplify cyber risk across our systems and create new opportunities for bad actors to test and exploit system vulnerabilities, which could result in a cyber security incident or otherwise compromise data security."
Der zunehmende Einsatz von KI in den Abläufen von Freshpet kann das Cyber-Risiko über unsere Systeme hinweg verstärken und böswilligen Akteuren neue Gelegenheiten verschaffen, Schwachstellen zu testen und auszunutzen, was zu einem Sicherheitsvorfall führen oder die Datensicherheit anderweitig beeinträchtigen könnte.
Filings Reviewed: 10-K 2026-02-23 · 10-Q 2026-05-06 · 10-Q 2025-11-03 · 10-Q 2025-08-04 · 10-Q 2025-05-05 · 10-K 2025-02-20 · 8-K 2026-06-24
Rated on July 27, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 37.0% above the current price.
- Consensus
- Sell
- Analyst Ratings
- 19
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 1.67 | 1.19 – 2.08 | 1,211 | -40.9% | 5 |
| 12/31/2027 | 1.79 | 1.47 – 2.19 | 1,318 | 7.1% | 5 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Next Reporting Date
- Expected Earnings per Share
- 0.20 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.36 | 17.30 | 263 | 22.00 | 6.90 | 50 | -8 |
| 2025: Q1 | -0.26 | -170.10 | 263 | 17.60 | -4.80 | 5 | -22 |
| 2025: Q2 | 0.33 | – | 265 | 12.50 | 6.20 | 34 | 41 |
| 2025: Q3 | 1.82 | 669.10 | 289 | 14.00 | 35.20 | 67 | 32 |
| 2025: Q4 | 0.60 | 67.80 | 285 | 8.60 | 11.90 | 55 | 110 |
| 2026: Q1 | 0.87 | – | 298 | 13.10 | 16.30 | 40 | 13 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 133 | -2 | -3 | -0.09 | 13 | 108 | 126 |
| 2017 | 156 | -3 | -4 | -0.12 | 10 | 117 | 134 |
| 2018 | 193 | -5 | -5 | -0.15 | 19 | 121 | 140 |
| 2019 | 246 | 0 | -1 | -0.04 | 16 | 131 | 236 |
| 2020 | 319 | -2 | -3 | -0.08 | 21 | 394 | 434 |
| 2021 | 425 | -25 | -30 | -0.69 | 1 | 720 | 784 |
| 2022 | 595 | -52 | -59 | -1.29 | -43 | 1,032 | 1,125 |
| 2023 | 767 | -30 | -34 | -0.70 | 76 | 953 | 1,464 |
| 2024 | 975 | 38 | 47 | 0.93 | 154 | 1,055 | 1,575 |
| 2025 | 1,102 | 95 | 139 | 2.48 | 161 | 1,209 | 1,778 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
Net sales rose without interruption from $245.9 million (2019) to $1,102.0 million (2025). The quarter ended March 31, 2026 added 13.1 percent, driven by 14.6 percent more volume against an unfavorable price and mix effect of 1.5 percent. The network of 30,425 company-owned fridges (as of March 31, 2026) is a physical barrier for imitators.
Gross margin climbed from 32.7 percent (2023) to 40.8 percent (2025), adjusted EBITDA from $66.6 million to $195.7 million, and the adjusted EBITDA margin from 8.7 to 17.8 percent. Operating income turned from minus $30.4 million (2023) to plus $75.7 million (2025). In the quarter ended March 31, 2026, adjusted EBITDA improved from $35.5 million to $37.9 million.
In fiscal 2025, pre-tax income of $70.8 million met net income of $139.1 million — the difference is a $68.4 million income tax benefit from releasing a valuation allowance. In the quarter ended March 31, 2026, $62.0 million of the $65.6 million pre-tax profit (94 percent) came from the sale of an equity investment. Operating income was $4.3 million, or 1.5 percent of net sales.
Net sales growth fell from 39.9 percent (2022) through 28.8 and 27.2 to 13.0 percent (2025); guidance issued May 6, 2026 calls for 8 to 11 percent in 2026. It is being held up by advertising: media costs rose from $85.5 million (2023) through $111.3 million to $140.5 million (2025) — from 11.1 to 12.7 percent of net sales; in the quarter ended March 31, 2026 they were $47.0 million, or 15.8 percent.
The balance sheet is robust: equity of $1,262.1 million, an equity ratio of 68.6 percent, an Altman Z-score of 7.60 and cash of $381.4 million against a convertible note carried at $397.9 million (as of March 31, 2026). At the same time the model is capital-hungry: $574.4 million went into property and equipment from 2023 through 2025 against $390.8 million of operating cash flow; free cash flow turned positive only in 2025, at $12.4 million after six negative years, and roughly $150 million of capital spending is planned for 2026.
Roughly $2.83 billion of market value (49,142,791 shares at a closing price of $57.54 on July 24, 2026) equals 14.5 times 2025 adjusted EBITDA and 2.6 times net sales; the trailing price-to-earnings ratio of about 15 is distorted by the one-time items, while the forward figure is about 35. Nineteen analysts arrive at an average price target of $81.25, yet roughly 18 percent of the float is sold short (data cut-off July 27, 2026).
Freshpet has left the bottom behind: gross margin rose from 32.7 percent (2023) to 40.8 percent (2025), adjusted EBITDA from $66.6 million to $195.7 million, and 2025 turned free cash flow positive after six negative years, at $12.4 million. The uncomfortable half: the reported profit has so far come mostly from elsewhere. A $68.4 million tax benefit carried half of the $139.1 million of 2025 net income, and $62.0 million of the $65.6 million pre-tax profit in the quarter ended March 31, 2026 came from selling an equity investment; operating income in that quarter was $4.3 million, or 1.5 percent of net sales. Growth is halving as well (13.0 percent in 2025, guidance of 8 to 11 percent for 2026) while media costs climbed to 12.7 percent of net sales. The financing is comfortable: a 68.6 percent equity ratio, an Altman Z-score of 7.60 and effectively no net debt. Not investment advice.
- Hook: our in-house stock scanner "Turnaround Candidates" — rank 11 of 60 U.S. hits, turnaround check 7 of 8, measured on the live list on July 27, 2026. The lists are recalculated daily; rank and score are a dated snapshot, not a permanent state. The display starts at 6 of 8 points.
- The scanner's two mandatory pillars: at least 50 percent below the all-time high and an Altman Z-score of at least 1.1. Both are comfortably met (Altman Z 7.60; roughly 69 percent below the all-time high). Pillar 1 only breaks above roughly $93 (half of the highest intraday print of $186.98 on May 3, 2021; $92 on a closing basis). The average analyst price target of $81.25 sits below that — unlike many other candidates on this list, reaching the target would not throw the stock out of the scanner.
- Plausibility check on the all-time-high figure: the stored distance of −71.5 percent was recomputed against our own price history. Highest close $184.82 on April 30, 2021, highest intraday print $186.98 on May 3, 2021; against the closing price of $57.54 on July 24, 2026 that gives −68.9 percent (closing basis) and −69.2 percent (intraday basis). The stored value reflects the same calculation on an earlier price date. There is no all-time high misplaced by a factor of 1,000 here, and there has never been a stock split.
- No takeover situation: as of July 27, 2026 the SEC filing history contains neither a solicitation/recommendation statement (SC 14D9) nor a merger document, no Form 15 and no Form 25. Activist investor JANA Partners filed a Schedule 13D on September 22, 2022, signed a cooperation agreement on August 21, 2023 and reported 2,383,150 shares, or 4.9 percent, in the ninth and final amendment on January 11, 2024. Defense costs of $8.177 million are disclosed for fiscal 2023 as "shareholder activism defense engagement".
- Recency gate: the most recent periodic report is the 10-Q for the period ended March 31, 2026 (filed May 6, 2026). Filed after that, up to the July 27, 2026 data cut-off: the current report 8-K of June 11, 2026 (Item 5.07, annual meeting of June 10, 2026 — all twelve directors elected, KPMG ratified as auditor), the current report 8-K of June 24, 2026 (Item 5.02, retirement of co-founder and President Scott Morris effective October 20, 2026, with Nicola Baty taking on the role), routine insider filings (Form 4 and Form 144) and ownership filings on Schedule 13G, most recently July 15, 2026. All reviewed.
- Price figures are dated valuation anchors, not buy arguments: closing price $57.54 on July 24, 2026, 52-week high $86.00 (March 5, 2026), 52-week low $46.45 (May 20, 2026). Cross-check on market value: 49,142,791 shares per the cover page of the quarterly report (as of April 30, 2026) times $57.54 gives $2.83 billion — matching the value from fundamental data.
- Risk of confusion: Freshpet, Inc. (FRPT) is not related to Chewy, Inc. (CHWY), Petco Health and Wellness (WOOF) or the Nestlé unit Purina; the reference here is the Nasdaq listing under CIK 0001611647. The privately held company behind the equity investment is not named in the quarterly report.
About the Company
Freshpet, Inc. fertigt, vertreibt und vermarktet gemeinsam mit ihren Tochtergesellschaften natürliche frische Mahlzeiten und Leckerlis für Hunde und Katzen in den USA, Kanada und Europa.
| Employees | 1,288 |
|---|---|
| Headquarters | Bedminster, NJ |
| Address | 1450 US-206, 07921 Bedminster, United States |
| Phone | 201 520 4000 |
| Website | freshpet.com |
| IPO Date | 7. Nov 2014 |
| ISIN | US3580391056 |
Management
| Name | Title | Birth Year |
|---|---|---|
| William B. Cyr | CEO & Executive Director | 1963 |
| Scott James Morris | Co-Founder & President | 1969 |
| Nicola J Baty | Chief Operating Officer | 1980 |
| Thembeka Machaba | Chief Administrative Officer & Chief Human Resources Officer | 1978 |
| Ivan Garcia | Senior Vice President of Finance | 1986 |
| Cathal Walsh | Co-Founder, Senior VP & MD of Europe | 1972 |
| John O'Connor | Chief Financial Officer | 1981 |
| Nishu Patel | Chief Accounting Officer | 1986 |
| Christopher Kraus | Chief Information Officer | – |
| Rachel Perkins-Ulsh | Vice President of Investor Relations & Corporate Communications | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.