Freshpet, Inc.
- Open
- 71.40
- Day high
- 71.74
- Day low
- 69.73
- Prev close
- 70.77
- Volume
- 64K
- Mkt cap
- $3.4B
- P/E (TTM)
- 16.8
- EPS (TTM)
- $4.16
- P/B
- 2.7
- P/S
- 2.9
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$19.3M over the last 3 months (0 open-market buys, 25 sales)
- 🏛Institutions mixed (13F)
Freshpet, Inc. (FRPT) is a Consumer Defensive company listed on NASDAQ. The stock is up 35% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 25 sales (SEC Form 4). Drillr has 1 published research article covering FRPT.
Freshpet, Inc. (FRPT) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
FRPT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 5, 2026 | $0.24 | $0.42 | +75.0% | $306M | +4.5% |
| May 6, 2026 | $0.06 | $0.04 | -33.3% | $298M | +2.0% |
| Feb 20, 2025 | $0.44 | $0.36 | -18.2% | $263M | -4.6% |
| Feb 26, 2024 | $0.05 | $0.31 | +520.0% | $215M | +5.4% |
| Feb 27, 2023 | $-0.08 | $-0.06 | +25.0% | $166M | +9.0% |
| Nov 1, 2022 | $-0.23 | $-0.39 | -69.6% | $151M | +2.3% |
| May 2, 2022 | $-0.36 | $-0.40 | -11.1% | $132M | +4.4% |
| Feb 28, 2022 | $-0.14 | $-0.21 | -50.0% | $116M | -0.5% |
| May 3, 2021 | $-0.03 | $-0.26 | -900.0% | $93M | -83.3% |
| Feb 22, 2021 | $0.07 | $-0.08 | -214.3% | $85M | -61.5% |
| May 4, 2020 | $-0.08 | $-0.10 | -26.0% | $70M | +21.2% |
| Feb 25, 2020 | $0.17 | $0.12 | -29.4% | $66M | -29.4% |
FRPT insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 28, 2026 | Cyr William B.director, officer: Chief Executive Officer | Option | 4,180 | $10.23 |
| Aug 28, 2026 | Cyr William B.director, officer: Chief Executive Officer | Option | 7,209 | $10.23 |
| Aug 28, 2026 | Cyr William B.director, officer: Chief Executive Officer | Option | 8,170 | $10.23 |
| Aug 28, 2026 | Cyr William B.director, officer: Chief Executive Officer | Sell | 1,110 | $75.40 |
| Aug 28, 2026 | Cyr William B.director, officer: Chief Executive Officer | Sell | 979 | $75.40 |
| Aug 28, 2026 | Cyr William B.director, officer: Chief Executive Officer | Sell | 37,007 | $74.67 |
| Aug 28, 2026 | Cyr William B.director, officer: Chief Executive Officer | Option | 56,442 | $10.23 |
| Aug 28, 2026 | Cyr William B.director, officer: Chief Executive Officer | Sell | 568 | $75.40 |
| Aug 25, 2026 | Cyr William B.director, officer: Chief Executive Officer | Option | 9,030 | $10.23 |
| Aug 25, 2026 | Cyr William B.director, officer: Chief Executive Officer | Option | 62,369 | $10.23 |
| Aug 25, 2026 | Cyr William B.director, officer: Chief Executive Officer | Sell | 1,102 | $74.34 |
| Aug 25, 2026 | Cyr William B.director, officer: Chief Executive Officer | Sell | 639 | $74.34 |
| Aug 25, 2026 | Cyr William B.director, officer: Chief Executive Officer | Sell | 567 | $74.03 |
| Aug 25, 2026 | Cyr William B.director, officer: Chief Executive Officer | Sell | 1,250 | $74.03 |
| Aug 25, 2026 | Cyr William B.director, officer: Chief Executive Officer | Sell | 1,247 | $74.34 |
Source: FRPT SEC Form 4 filings, latest Aug 28, 2026. For informational purposes only — not investment advice.
See the full FRPT insider & 13F page →Freshpet, Inc. company profile
Overview
Freshpet, Inc. (NASDAQ:FRPT) is a pioneering pet food manufacturer founded in 2004 and headquartered in Secaucus, New Jersey. The company went public in November 2014 and has established itself as a leader in the fresh and natural pet food segment. Freshpet revolutionized the pet food industry by creating refrigerated, fresh pet meals and treats as an alternative to traditional dry kibble and canned pet food. The company has experienced rapid growth over the past decade, transforming from a startup concept into a major player in the premium pet food market with operations across the United States, Canada, and Europe.
Business
Freshpet operates in the packaged foods industry, specifically within the premium pet food segment. The company manufactures and markets natural fresh meals and treats for dogs and cats that require refrigeration, positioning itself as a healthier alternative to traditional processed pet foods. The pet food industry has traditionally been dominated by dry kibble and canned foods that are shelf-stable and heavily processed. Freshpet disrupted this model by creating fresh, refrigerated pet food that more closely resembles human food in terms of ingredients and preparation methods. Their products contain real meat, vegetables, and other natural ingredients without artificial preservatives, which necessitates refrigerated storage and distribution. Freshpet's core product lines include complete meals, treats, and specialty items sold under the Freshpet brand, as well as Dognation and Dog Joy labels. The company's signature innovation is its refrigerated distribution system, which includes specialized fridges placed in retail locations. These fridges maintain the cold chain necessary to preserve the fresh products from manufacturing through to consumer purchase. The company distributes its products through multiple retail channels including grocery stores, mass retailers, club stores, pet specialty retailers, and natural food stores. Additionally, Freshpet has been expanding its online presence and direct-to-consumer capabilities. The fresh pet food segment represents a small but rapidly growing portion of the overall pet food market, which is driven by the humanization trend where pet owners increasingly treat their pets as family members and seek higher-quality nutrition options.
Revenue model
Freshpet generates revenue primarily through product sales to retail partners who then sell to end consumers. The company operates on a traditional manufacturing and distribution business model where it produces fresh pet food products in its facilities and sells them to various retail channels including grocery stores, mass retailers like Walmart and Target, club stores such as Sam's Club, pet specialty stores, and natural food retailers. The company's customers are retail partners rather than individual pet owners, though Freshpet invests heavily in consumer marketing to drive demand at the retail level. Revenue growth comes from expanding distribution (adding new stores and additional refrigerated units within existing stores), increasing household penetration among pet owners, and growing consumption among existing customers. The company has been particularly successful in targeting higher-income households and what they term "Most Valuable Pet-parents" (MVPs) who are willing to pay premium prices for fresh, natural pet food. Several factors influence Freshpet's margins and profitability. Positive margin drivers include operational efficiency improvements, economies of scale as production volumes increase, pricing power due to premium positioning, and the company's ability to command higher prices than traditional pet food. The specialized refrigerated distribution system creates barriers to entry and allows for premium pricing. Negative margin pressures come from commodity cost inflation (meat, vegetables, packaging materials), the complexity and cost of maintaining a cold chain distribution system, significant capital requirements for production capacity expansion, and competitive pressures as larger pet food companies enter the fresh segment. Economic downturns could also pressure margins if consumers trade down from premium products, though pet food has historically shown resilience during recessions.
Competitive moat
Freshpet possesses a moderate but strengthening competitive moat built primarily around its specialized refrigerated distribution infrastructure and first-mover advantage in the fresh pet food category. The company's most significant barrier to entry is its extensive network of over 36,000 specialized refrigerated units across more than 28,000 retail locations. This cold chain infrastructure represents a substantial capital investment and operational complexity that competitors would need to replicate to compete effectively in the fresh pet food space. The company benefits from strong brand recognition and customer loyalty in the premium pet food segment, with growing household penetration reaching 13.5 million households. Pet owners who switch to fresh food often become highly loyal customers due to perceived health benefits for their pets. Additionally, Freshpet has developed operational expertise in fresh food manufacturing, quality control, and cold chain logistics that creates institutional knowledge advantages. However, the moat faces several potential threats. Large established pet food companies like Mars Petcare, Nestlé Purina, and Hill's Pet Nutrition have significantly greater financial resources and could potentially build competing fresh pet food capabilities and distribution networks. Some of these companies have already begun entering the premium and fresh segments through acquisitions or new product development. Retail consolidation could also weaken Freshpet's position by giving major retailers more negotiating power. The fresh pet food concept, while innovative, is not proprietary and could be replicated by well-funded competitors. The company's moat is strongest in the near term but may face increasing pressure as the fresh pet food market grows and attracts more competition from established industry players.
Risks & safety
Freshpet demonstrates a strong financial position with adequate margin of safety, though the company is in a high-investment growth phase. • Liquidity and Solvency: Strong cash position of $244 million with minimal debt (debt-to-equity ratio of 0.41), current ratio of 4.9 indicating excellent short-term liquidity, and recently achieved positive operating cash flow of $154 million in 2024 • Profitability Trajectory: Achieved first profitable year in 2024 with $47 million net income, though still burning cash on free cash flow basis due to heavy capital investments ($33 million negative free cash flow in 2024) • Valuation Metrics: Trading at premium valuations with P/E ratio around 99x and EV/EBITDA of 55x, reflecting high growth expectations but creating vulnerability to execution disappointments • Growth Sustainability: Revenue growing at 25%+ annually with improving gross margins (48% in Q4 2024), but requires continued heavy capital investment in production capacity and distribution infrastructure • Other Considerations: Management guidance suggests free cash flow positive by 2026, strong balance sheet provides cushion for continued investment, but high valuation multiples leave little room for error in execution
Recent development
Over the past few years, Freshpet has undergone significant strategic evolution focused on scaling operations and improving profitability. The company achieved a major milestone in 2024 by reaching profitability for the first time, generating $47 million in net income and $154 million in operating cash flow, representing a dramatic turnaround from previous losses. Capacity expansion has been a central focus, with the company systematically adding production lines at its facilities. The Ennis facility has been expanded with multiple new production lines, including a fourth line that started in Q3 2024 and a fifth line commissioned in Q4 2024. This expansion has enabled the company to maintain its target of approximately 25% annual growth while achieving fill rates in the high-90% range. The company has significantly improved its operational efficiency and margins, with adjusted gross margins expanding from 36% in 2022 to 48% by Q4 2024. This improvement came through better production line efficiency, reduced quality costs, improved logistics performance, and economies of scale. Management raised its 2027 margin targets, increasing the adjusted gross margin target from 45% to 48% and the adjusted EBITDA margin target from 18% to 22%. Distribution expansion has been another key strategic focus, with Freshpet adding approximately 5,000-6,000 new refrigerated units annually and expanding to over 36,000 fridges across more than 28,000 stores. The company has been particularly successful in adding second and third fridges to existing stores, which significantly increases sales velocity. Recent expansions include partnerships with value-oriented retailers like Sam's Club to reach different consumer segments. The company has also been developing its direct-to-consumer and e-commerce capabilities, with digital sales growing 58% in 2023 and projected to exceed $100 million. Additionally, Freshpet has been expanding internationally, particularly in European markets, though this remains in early test-and-learn phases.
FRPT company profile · for informational purposes only — not investment advice.
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