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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. 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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.1B | $175M | $139M | $12M | 11.5% | 13.0% | 196.5% |
| 2024 | $975M | $133M | $47M | $-33M | 4.4% | 27.2% | -239.6% |
| 2023 | $767M | $41M | $-34M | $-163M | -3.5% | 28.8% | -43.5% |
| 2022 | $595M | $-16M | $-59M | $-273M | -5.8% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 595.34 | 766.90 | 975.18 | 1,102.02 |
| Operating Revenue | - | 595.34 | 766.90 | 975.18 | 1,102.02 |
| Cost Of Revenue | - | 409.31 | 516.02 | 579.22 | 652.39 |
| Gross Profit | - | 186.03 | 250.87 | 395.96 | 449.63 |
| Operating Expense | - | 238.02 | 281.32 | 357.96 | 373.95 |
| Selling General And Administration | - | 238.02 | 281.32 | 357.96 | 373.95 |
| Total Expenses | - | 647.33 | 797.34 | 937.18 | 1,026.34 |
| Operating Income | - | -51.98 | -30.45 | 38 | 75.67 |
| Total Operating Income As Reported | - | -51.98 | -30.45 | 38 | 75.67 |
| EBITDA | - | -15.72 | 41.10 | 133.40 | 174.61 |
| Normalized EBITDA | - | -15.72 | 41.10 | 133.40 | 174.61 |
| EBIT | - | -50.27 | -17.42 | 59.78 | 84.89 |
| Interest Income | - | 1.71 | 13.03 | 11.87 | 9.22 |
| Interest Expense | - | 5.21 | 14.10 | 12.26 | 14.12 |
| Net Interest Income | - | -3.50 | -1.07 | -0.39 | -4.90 |
| Other Non Operating Income Expenses | 0.01 | 1.71 | - | - | - |
| Other Income Expense | 0.01 | 1.71 | - | 9.92 | - |
| Interest Income Non Operating | - | 1.71 | 13.03 | 11.87 | 9.22 |
| Interest Expense Non Operating | - | 5.21 | 14.10 | 12.26 | 14.12 |
| Net Non Operating Interest Income Expense | - | -3.50 | -1.07 | -0.39 | -4.90 |
| Pretax Income | - | -55.48 | -31.51 | 47.52 | 70.77 |
| Tax Provision | - | 0.28 | 0.21 | 0.60 | -68.36 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -59.49 | -33.61 | 46.92 | 139.14 |
| Net Income From Continuing And Discontinued Operation | - | -59.49 | -33.61 | 46.92 | 139.14 |
| Net Income From Continuing Operation Net Minority Interest | - | -59.49 | -33.61 | 46.92 | 139.14 |
| Net Income | - | -59.49 | -33.61 | 46.92 | 139.14 |
| Net Income Common Stockholders | - | -59.49 | -33.61 | 46.92 | 139.14 |
| Net Income Including Noncontrolling Interests | - | -59.49 | -33.61 | 46.92 | 139.14 |
| Normalized Income | - | -59.49 | -33.61 | 46.92 | 139.14 |
| Diluted NI Availto Com Stockholders | - | -59.49 | -33.61 | 46.92 | 147.98 |
| Basic Average Shares | - | 46.19 | 48.16 | 48.49 | 48.80 |
| Diluted Average Shares | - | 46.19 | 48.16 | 50.26 | 56.04 |
| Reconciled Depreciation | - | 34.56 | 58.52 | 73.61 | 89.72 |
| Reconciled Cost Of Revenue | - | 409.31 | 516.02 | 579.22 | 652.39 |
| Earnings From Equity Interest Net Of Tax | - | -3.73 | -1.89 | 0 | 0 |
| Earnings From Equity Interest | - | 0 | 0 | 9.92 | 0 |
| Average Dilution Earnings | - | - | - | 0 | 8.84 |
Consumer Defensive sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Freshpet, Inc.this co. | FRPT | $2.4B | 17.38 | 2.00 | 11.5% | 15.10 |
| United Natural Foods, Inc. | UNFI | $3.2B | -27.35 | 2.08 | -7.6% | 21.68 |
| The Chefs' Warehouse, Inc. | CHEF | $3.2B | 43.70 | 5.23 | 12.0% | 17.99 |
| Tootsie Roll Industries, Inc. | TR | $2.9B | 28.60 | 3.04 | 10.6% | 17.22 |
| Interparfums, Inc. | IPAR | $2.8B | 16.90 |
| - |
| - |
| - |
| - |
| 3.23 |
| 19.1% |
| 9.53 |
| The Andersons, Inc. | ANDE | $2.5B | 25.96 | 2.00 | 7.7% | 10.35 |
| Central Garden & Pet Company | CENT | $2.5B | 15.21 | 1.56 | 10.3% | 8.44 |
| Central Garden & Pet Company | CENTA | $2.2B | 13.38 | 1.38 | 10.3% | 7.62 |
| Perdoceo Education Corporation | PRDO | $2.1B | 13.39 | 2.20 | 16.4% | 8.11 |
| Peer Median | - | 16.06 | 2.14 | 10.5% | 9.94 | |