Freshpet Financials
Freshpet (FRPT) reported $1.1B in revenue for fiscal year 2025, up 13.0% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Freshpet’s recent inflection comes from gross-margin expansion finally outrunning a still-heavy production build, turning growth into cash.
Operating cash flow was nearly flat at$160.6M versus$154.3M in FY2024, so FY2025’s free-cash-flow turn did not come from a dramatic cash-earnings surge. Instead, easing capital intensity did the work: lower capital spending moved free cash flow from-$32.8M to$12.4M , showing the expansion build-out is becoming easier to fund internally.
From FY2023 to FY2025, gross margin widened from
FY2025 net income ran well ahead of operating profit, at
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Freshpet's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Freshpet has an operating margin of 6.9%, meaning the company retains $7 of operating profit per $100 of revenue. This results in a moderate score of 38/100, indicating healthy but not exceptional operating efficiency. This is up from 3.9% the prior year.
Freshpet's revenue grew 13.0% year-over-year to $1.1B, a solid pace of expansion. This earns a growth score of 82/100.
Freshpet has a moderate D/E ratio of 0.47. This balance of debt and equity financing earns a leverage score of 61/100.
With a current ratio of 5.54, Freshpet holds $5.54 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 91/100.
While Freshpet generated $160.6M in operating cash flow, capex of $148.2M consumed most of it, leaving $12.4M in free cash flow. This results in a low score of 20/100, reflecting heavy capital investment rather than weak cash generation.
Freshpet's ROE of 11.5% shows moderate profitability relative to equity, earning a score of 32/100. This is up from 4.5% the prior year.
Freshpet scores 4.64, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($3.6B) relative to total liabilities ($569.1M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Freshpet passes 7 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Freshpet generates $1.15 in operating cash flow ($160.6M OCF vs $139.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Freshpet earns $5.36 in operating income for every $1 of interest expense ($75.7M vs $14.1M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Freshpet generated $1.1B in revenue in fiscal year 2025. This represents an increase of 13.0% from the prior year.
Freshpet's EBITDA was $162.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 50.8% from the prior year.
Freshpet reported $139.1M in net income in fiscal year 2025. This represents an increase of 196.5% from the prior year.
Freshpet earned $2.64 per diluted share (EPS) in fiscal year 2025. This represents an increase of 183.9% from the prior year.
Cash & Balance Sheet
Freshpet generated $12.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 137.7% from the prior year.
Freshpet held $278.0M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Freshpet's gross margin was 40.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.2 percentage points from the prior year.
Freshpet's operating margin was 6.9% in fiscal year 2025, reflecting core business profitability. This is up 3.0 percentage points from the prior year.
Freshpet's net profit margin was 12.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 7.8 percentage points from the prior year.
Freshpet's ROE was 11.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 7.1 percentage points from the prior year.
Capital Allocation
Freshpet invested $148.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 20.8% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
FRPT Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.2B | $1.1B+13.0% | $975.2M+27.2% | $766.9M+28.8% | $595.3M+39.9% | $425.5M+33.5% | $318.8M+29.7% | $245.9M+27.2% | $193.2M+26.8% | $152.4M+17.5% | $129.7M+11.6% | $116.2M+33.9% | $86.8M+37.4% | $63.2M+45.1% | $43.5M |
| Cost of Revenue | $690.3M | $652.4M+12.6% | $579.2M+12.2% | $516.0M+26.1% | $409.3M+55.4% | $263.3M+41.7% | $185.9M+41.2% | $131.7M+27.5% | $103.2M+29.1% | $79.9M+15.3% | $69.3M+12.7% | $61.5M+38.1% | $44.5M+23.9% | $36.0M+57.1% | $22.9M |
| Gross Profit | $487.0M | $449.6M+13.6% | $396.0M+57.8% | $250.9M+34.9% | $186.0M+14.7% | $162.1M+22.0% | $132.9M+16.4% | $114.2M+26.9% | $90.0M+24.3% | $72.4M+20.0% | $60.4M+10.5% | $54.6M+29.4% | $42.2M+55.3% | $27.2M+31.8% | $20.6M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | $800K-33.3% | $1.2M+140.0% | $500K+75.7% | $285K-39.5% | $470K | N/A | N/A | N/A | N/A |
| SG&A Expenses | $391.6M | $374.0M+4.5% | $358.0M+27.2% | $281.3M+18.2% | $238.0M+27.4% | $186.8M+38.5% | $134.9M+17.9% | $114.5M+20.6% | $94.9M+26.2% | $75.2M+20.1% | $62.6M+7.4% | $58.3M+20.7% | $48.3M+22.0% | $39.6M+11.8% | $35.4M |
| Operating Income | $95.4M | $75.7M+99.1% | $38.0M+224.8% | -$30.4M+41.4% | -$52.0M-110.8% | -$24.7M-1134.4% | -$2.0M-689.7% | -$253K+94.8% | -$4.9M-77.6% | -$2.8M-24.2% | -$2.2M+39.3% | -$3.6M+40.0% | -$6.1M+50.9% | -$12.4M+16.0% | -$14.7M |
| Interest Expense | $14.0M | $14.1M+15.2% | $12.3M-13.0% | $14.1M+170.7% | $5.2M+80.7% | $2.9M+137.8% | $1.2M+22.3% | $991K+234.8% | $296K-67.5% | $910K+30.4% | $698K+53.6% | $455K-90.1% | $4.6M+32.1% | $3.5M+113.2% | $1.6M |
| Income Tax | -$45.2M | -$68.4M-11532.1% | $598K+184.8% | $210K-25.5% | $282K+74.1% | $162K+149.2% | $65K-54.9% | $144K+87.0% | $77K+2.4% | $75K+14.4% | $66K+14.3% | $58K+37.8% | $42K+32.4% | $32K-3.8% | $33K |
| Net Income | $203.5M | $139.1M+196.5% | $46.9M+239.6% | -$33.6M+43.5% | -$59.5M-100.3% | -$29.7M-831.6% | -$3.2M-130.5% | -$1.4M+74.2% | -$5.4M-25.8% | -$4.3M-34.9% | -$3.2M+14.8% | -$3.7M+90.1% | -$37.3M-72.2% | -$21.7M-16.2% | -$18.7M |
| EPS (Diluted) | — | $2.64+183.9% | $0.93+232.9% | -$0.70+45.7% | -$1.29-87.0% | -$0.69-762.5% | -$0.08-100.0% | -$0.04+73.3% | -$0.15-25.0% | -$0.12-33.3% | -$0.09+18.2% | -$0.11 | -$9.63 | -$2.91-13.7% | -$2.56 |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
FRPT Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.8B+12.9% | $1.6B+7.5% | $1.5B+30.1% | $1.1B+43.5% | $784.4M+80.6% | $434.4M+84.0% | $236.1M+68.7% | $140.0M+4.5% | $133.9M+5.9% | $126.5M+11.8% | $113.1M+0.6% | $112.5M+79.6% | $62.6M | N/A |
| Current Assets | $435.7M-0.3% | $437.0M+2.3% | $427.3M+63.1% | $262.0M+74.3% | $150.3M+37.8% | $109.1M+100.8% | $54.3M+75.5% | $31.0M+14.8% | $27.0M+40.1% | $19.2M-24.2% | $25.4M-49.4% | $50.2M+331.9% | $11.6M | N/A |
| Cash & Equivalents | $278.0M+3.5% | $268.6M-9.5% | $296.9M+123.7% | $132.7M+82.4% | $72.8M+8.2% | $67.2M+610.0% | $9.5M+25.4% | $7.6M+245.9% | $2.2M-44.1% | $3.9M-51.3% | $8.0M-77.9% | $36.3M+1383.1% | $2.4M+49.7% | $1.6M |
| Inventory | $76.8M-5.0% | $80.8M+27.8% | $63.2M+8.5% | $58.3M+63.9% | $35.6M+86.1% | $19.1M+52.4% | $12.5M+34.6% | $9.3M-7.9% | $10.1M+87.3% | $5.4M-21.2% | $6.9M-6.3% | $7.3M+32.7% | $5.5M | N/A |
| Accounts Receivable | $63.8M-6.8% | $68.4M+20.6% | $56.8M-1.4% | $57.6M+65.5% | $34.8M+88.6% | $18.4M-0.8% | $18.6M+50.7% | $12.3M-3.1% | $12.7M+43.2% | $8.9M+26.4% | $7.0M+31.2% | $5.4M+53.3% | $3.5M | N/A |
| Total Liabilities | $569.1M+9.5% | $519.5M+1.7% | $511.0M+444.7% | $93.8M+45.1% | $64.7M+60.8% | $40.2M-61.6% | $104.9M+467.1% | $18.5M+8.8% | $17.0M-9.0% | $18.7M+104.1% | $9.1M+0.9% | $9.1M-95.3% | $193.7M | N/A |
| Current Liabilities | $78.6M-20.5% | $98.9M+10.8% | $89.2M-0.4% | $89.6M+52.0% | $58.9M+78.0% | $33.1M-21.1% | $42.0M+130.5% | $18.2M+9.1% | $16.7M-10.6% | $18.7M+104.1% | $9.1M+0.9% | $9.1M+10.7% | $8.2M | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | $0 | $0-100.0% | $54.5M | N/A | N/A | N/A | N/A | N/A | $1.1M | N/A |
| Total Equity | $1.2B+14.5% | $1.1B+10.7% | $953.5M-7.6% | $1.0B+43.3% | $719.8M+82.6% | $394.2M+200.3% | $131.3M+8.1% | $121.5M+3.9% | $116.9M+8.5% | $107.8M+3.7% | $104.0M+0.5% | $103.4M+178.9% | -$131.1M-28.7% | -$101.8M |
| Retained Earnings | -$142.7M+49.4% | -$281.8M+14.3% | -$328.7M-11.4% | -$295.1M-25.2% | -$235.6M-14.4% | -$205.9M-1.6% | -$202.7M-0.7% | -$201.4M-2.7% | -$196.0M-2.2% | -$191.7M-1.7% | -$188.6M-2.0% | -$184.9M-25.3% | -$147.5M | N/A |
Not reported in any period shown, so not listed: Goodwill.
FRPT Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $206.6M | $160.6M+4.1% | $154.3M+103.2% | $75.9M+275.7% | -$43.2M-6781.1% | $647K-96.9% | $21.2M+29.9% | $16.3M-12.2% | $18.6M+80.9% | $10.3M-19.8% | $12.8M+89.9% | $6.7M+184.0% | -$8.0M+28.6% | -$11.2M-29.0% | -$8.7M |
| Capital Expenditures | $145.6M | $148.2M-20.8% | $187.1M-21.7% | $239.1M+3.9% | $230.1M-28.6% | $322.1M+139.4% | $134.6M+90.5% | $70.6M+334.0% | $16.3M+25.1% | $13.0M-56.6% | $30.0M+10.9% | $27.0M+57.7% | $17.1M-30.5% | $24.6M-6.6% | $26.4M |
| Free Cash Flow | $61.0M | $12.4M+137.7% | -$32.8M+79.9% | -$163.2M+40.3% | -$273.3M+15.0% | -$321.5M-183.5% | -$113.4M-108.7% | -$54.3M-2460.5% | $2.3M+184.2% | -$2.7M+84.1% | -$17.2M+15.4% | -$20.3M+19.4% | -$25.2M+29.9% | -$35.9M-2.2% | -$35.1M |
| Investing Cash Flow | -$45.6M | -$148.2M+20.8% | -$187.1M+21.7% | -$239.1M-2.5% | -$233.4M+27.5% | -$322.1M-98.3% | -$162.5M-130.0% | -$70.6M-334.0% | -$16.3M-25.1% | -$13.0M+51.3% | -$26.7M | N/A | N/A | N/A | N/A |
| Financing Cash Flow | -$53.9M | -$3.0M-166.5% | $4.6M-98.6% | $327.3M-2.7% | $336.5M+2.9% | $327.0M+64.3% | $199.0M+254.0% | $56.2M+1732.3% | $3.1M+204.0% | $1.0M-89.7% | $9.8M | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $256K | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
FRPT Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 40.8%+0.2pp | 40.6%+7.9pp | 32.7%+1.5pp | 31.3%-6.9pp | 38.1%-3.6pp | 41.7%-4.8pp | 46.5%-0.1pp | 46.6%-1.0pp | 47.5%+1.0pp | 46.5%-0.5pp | 47.0%-1.6pp | 48.7%+5.6pp | 43.1%-4.4pp | 47.4% |
| Operating Margin | 6.9%+3.0pp | 3.9%+7.9pp | -4.0%+4.8pp | -8.7%-2.9pp | -5.8%-5.2pp | -0.6%-0.5pp | -0.1%+2.4pp | -2.5%-0.7pp | -1.8%-0.1pp | -1.7%+1.4pp | -3.1%+3.9pp | -7.0%+12.6pp | -19.6%+14.3pp | -33.9% |
| Net Margin | 12.6%+7.8pp | 4.8%+9.2pp | -4.4%+5.6pp | -10.0%-3.0pp | -7.0%-6.0pp | -1.0%-0.4pp | -0.6%+2.2pp | -2.8%0.0pp | -2.8%-0.4pp | -2.4%+0.7pp | -3.2%+39.9pp | -43.0%-8.7pp | -34.3%+8.5pp | -42.9% |
| Return on Equity | 11.5%+7.1pp | 4.5%+8.0pp | -3.5%+2.2pp | -5.8%-1.6pp | -4.1%-3.3pp | -0.8%+0.2pp | -1.1%+3.4pp | -4.4%-0.8pp | -3.6%-0.7pp | -2.9%+0.6pp | -3.6%+32.5pp | -36.1% | N/A | N/A |
| Return on Assets | 7.8%+4.8pp | 3.0%+5.3pp | -2.3%+3.0pp | -5.3%-1.5pp | -3.8%-3.1pp | -0.7%-0.1pp | -0.6%+3.2pp | -3.8%-0.6pp | -3.2%-0.7pp | -2.5%+0.8pp | -3.3%+29.9pp | -33.2%+1.4pp | -34.6% | N/A |
| Current Ratio | 5.54+1.1x | 4.42-0.4x | 4.79+1.9x | 2.92+0.4x | 2.55-0.7x | 3.29+2.0x | 1.29-0.4x | 1.70+0.1x | 1.61+0.6x | 1.03-1.7x | 2.78-2.8x | 5.54+4.1x | 1.42 | N/A |
| Debt-to-Equity | 0.470.0x | 0.490.0x | 0.54+0.4x | 0.09+0.1x | 0.000.0x | 0.00-0.4x | 0.41+0.3x | 0.150.0x | 0.150.0x | 0.17+0.1x | 0.090.0x | 0.09 | N/A | N/A |
| FCF Margin | 1.1%+4.5pp | -3.4%+17.9pp | -21.3%+24.6pp | -45.9%+29.6pp | -75.5%-40.0pp | -35.6%-13.5pp | -22.1%-23.3pp | 1.2%+3.0pp | -1.8%+11.4pp | -13.2%+4.2pp | -17.4%+11.5pp | -29.0%+27.8pp | -56.8%+23.9pp | -80.7% |
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Where Freshpet Ranks
Frequently Asked Questions
What is Freshpet's annual revenue?
Freshpet (FRPT) reported $1.1B in total revenue for fiscal year 2025. This represents a 13.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Freshpet's revenue growing?
Freshpet (FRPT) revenue grew by 13.0% year-over-year, from $975.2M to $1.1B in fiscal year 2025.
Is Freshpet profitable?
Yes, Freshpet (FRPT) reported a net income of $139.1M in fiscal year 2025, with a net profit margin of 12.6%.
What is Freshpet's EBITDA?
Freshpet (FRPT) had EBITDA of $162.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Freshpet's gross margin?
Freshpet (FRPT) had a gross margin of 40.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Freshpet's operating margin?
Freshpet (FRPT) had an operating margin of 6.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Freshpet's net profit margin?
Freshpet (FRPT) had a net profit margin of 12.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Freshpet's return on equity (ROE)?
Freshpet (FRPT) has a return on equity of 11.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Freshpet's free cash flow?
Freshpet (FRPT) generated $12.4M in free cash flow during fiscal year 2025. This represents a 137.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Freshpet's operating cash flow?
Freshpet (FRPT) generated $160.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Freshpet's total assets?
Freshpet (FRPT) had $1.8B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Freshpet's capital expenditures?
Freshpet (FRPT) invested $148.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Freshpet's current ratio?
Freshpet (FRPT) had a current ratio of 5.54 as of fiscal year 2025, which is generally considered healthy.
What is Freshpet's debt-to-equity ratio?
Freshpet (FRPT) had a debt-to-equity ratio of 0.47 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Freshpet's return on assets (ROA)?
Freshpet (FRPT) had a return on assets of 7.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Freshpet's Altman Z-Score?
Freshpet (FRPT) has an Altman Z-Score of 4.64, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Freshpet's Piotroski F-Score?
Freshpet (FRPT) has a Piotroski F-Score of 7 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Freshpet's earnings high quality?
Freshpet (FRPT) has an earnings quality ratio of 1.15x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Freshpet cover its interest payments?
Freshpet (FRPT) has an interest coverage ratio of 5.36x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Freshpet?
Freshpet (FRPT) scores 54 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.