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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 |
| 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 |
| Operating Income | - | -51.98 | -30.45 | 38 | 75.67 |
| EBITDA | - | -15.72 | 41.10 | 133.40 | 174.61 |
| EBIT | - | -50.27 | -17.42 | 59.78 | 84.89 |
| Pretax Income | - | -55.48 | -31.51 | 47.52 | 70.77 |
| Tax Provision | - | 0.28 | 0.21 | 0.60 | -68.36 |
| Net Income | - | -59.49 | -33.61 | 46.92 | 139.14 |
| Net Income Common Stockholders | - | -59.49 | -33.61 | 46.92 | 139.14 |
| Total Expenses | - | 647.33 | 797.34 | 937.18 | 1,026.34 |
| Interest Expense | - | 5.21 | 14.10 | 12.26 | 14.12 |
| Interest Income | - | 1.71 | 13.03 | 11.87 | 9.22 |
| Selling General And Administration | - | 238.02 | 281.32 | 357.96 | 373.95 |
| Normalized EBITDA | - | -15.72 | 41.10 | 133.40 | 174.61 |
| Normalized Income | - | -59.49 | -33.61 | 46.92 | 139.14 |
| Market Cap | 3,245.13 | 3,245.13 | 3,245.13 | 3,245.13 | 3,245.13 |
Consumer Defensive sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Freshpet, Inc.this co. | FRPT | $3.2B | 23.32↑ premium | 2.68 | 11.5% | 19.83 |
| Covista Inc. | CVSA | $4.0B | 15.67 | 2.59 | 16.5% | 10.04 |
| Cal-Maine Foods, Inc. | CALM | $3.7B | 2.96 | 1.41 | 47.6% | - |
| National Beverage Corp. | FIZZ | $3.2B | 17.14 | 7.21 | 42.1% | 12.02 |
| Interparfums, Inc. | IPAR | $2.9B | 17.37 |
| - |
| - |
| - |
| - |
| 3.32 |
| 19.1% |
| 9.79 |
| The Vita Coco Company, Inc. | COCO | $2.9B | 40.33 | 8.68 | 21.5% | 32.23 |
| The Andersons, Inc. | ANDE | $2.6B | 27.01 | 2.08 | 7.7% | 10.66 |
| The Chefs' Warehouse, Inc. | CHEF | $2.5B | 36.89 | 4.42 | 12.0% | 15.78 |
| Central Garden & Pet Company | CENT | $2.4B | 14.72 | 1.51 | 10.3% | 8.22 |
| Peer Median | - | 17.25 | 2.96 | 17.8% | 10.66 | |