Freshpet (FRPT) Financials

$51.00 -0.58 (-1.12%)

As of 04:00 PM Eastern

Annual Income Statements for Freshpet

This table shows Freshpet's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-3.71	-3.16	-4.19	-11	-1.43	-3.19	-30	-58	-34	47	140
Consolidated Net Income / (Loss)	-3.71	-3.16	-4.26	-5.36	-1.38	-3.19	-30	-59	-34	47	139
Net Income / (Loss) Continuing Operations	-3.71	-3.16	-4.26	-5.36	-1.38	-3.19	-30	-59	-34	47	139
Total Pre-Tax Income	-3.65	-3.09	-4.19	-5.28	-1.24	-3.12	-28	-55	-32	48	71
Total Operating Income	-3.65	-2.21	-2.75	-4.89	-0.25	-2.00	-25	-52	-30	38	76
Total Gross Profit	55	60	72	90	114	133	162	186	251	396	450
Total Revenue	116	130	152	193	246	319	425	595	767	975	1,102
Operating Revenue	116	130	152	193	246	319	425	595	767	975	1,102
Total Cost of Revenue	62	69	80	103	132	186	263	409	516	579	652
Operating Cost of Revenue	62	69	80	103	132	186	263	409	516	579	652
Total Operating Expenses	58	63	75	95	114	135	187	238	281	358	374
Selling, General & Admin Expense	58	63	75	95	114	135	187	238	281	358	374
Total Other Income / (Expense), net	-0.01	-0.88	-1.44	-0.40	-0.99	-1.13	-2.87	-3.50	-1.07	9.52	-4.90
Interest Expense	0.45	0.70	0.91	0.30	0.99	1.21	2.88	5.21	14	12	14
Interest & Investment Income	-	-	-	-	-	-	-	-	0.00	9.92	0.00
Other Income / (Expense), net	0.45	-0.18	-0.53	-0.10	0.01	0.09	0.01	1.71	13	12	9.22
Income Tax Expense	0.06	0.07	0.08	0.08	0.14	0.07	0.16	0.28	0.21	0.60	-68
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	-	-	-0.08	5.47	0.05	0.00	0.04	-1.49	-	-	-1.12
Basic Earnings per Share	($0.11)	($0.09)	($0.12)	($0.15)	($0.04)	($0.08)	($0.69)	($1.29)	($0.70)	$0.97	$2.85
Weighted Average Basic Shares Outstanding	33.50M	33.67M	34.49M	35.33M	35.95M	39.76M	42.93M	46.19M	48.16M	48.49M	48.80M
Diluted Earnings per Share	($0.11)	($0.09)	($0.12)	($0.15)	($0.04)	($0.08)	($0.69)	($1.29)	($0.70)	$0.93	$2.64
Weighted Average Diluted Shares Outstanding	33.50M	33.67M	34.49M	35.33M	35.95M	39.76M	42.93M	46.19M	48.16M	50.26M	56.04M
Weighted Average Basic & Diluted Shares Outstanding	33.70M	35.10M	34.90M	36.50M	36.17M	40.72M	43.45M	48.05M	48.29M	48.72M	49.06M

This table shows Freshpet's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-7.46	14	19	-1.69	12	18	-12	16	102	35	49
Consolidated Net Income / (Loss)	-7.17	15	19	-1.69	12	18	-13	16	102	34	49
Net Income / (Loss) Continuing Operations	-7.17	15	19	-1.69	12	18	-13	16	102	34	49
Total Pre-Tax Income	-7.10	15	19	-1.64	12	19	-13	16	24	43	66
Total Operating Income	-7.08	15	8.46	-1.75	12	19	-11	18	25	44	4.33
Total Gross Profit	66	75	88	94	102	112	104	108	114	123	121
Total Revenue	201	215	224	235	253	263	263	265	289	285	298
Operating Revenue	201	215	224	235	253	263	263	265	289	285	298
Total Cost of Revenue	134	141	136	141	151	151	159	156	175	162	177
Operating Cost of Revenue	134	141	136	141	151	151	159	156	175	162	177
Total Operating Expenses	73	60	80	96	90	92	115	90	89	79	116
Selling, General & Admin Expense	73	60	80	96	90	92	115	90	89	79	116
Total Other Income / (Expense), net	-0.02	0.40	10	0.11	0.08	-0.82	-1.07	-1.55	-1.20	-1.09	61
Interest Expense	4.15	3.45	3.06	2.75	2.92	3.53	3.46	3.75	3.55	3.36	3.59
Interest & Investment Income	0.00	-	9.92	0.00	0.00	-	-	0.00	0.00	-	62
Other Income / (Expense), net	4.13	3.85	3.34	2.86	3.00	-7.21	2.39	2.20	2.36	2.27	2.88
Income Tax Expense	0.07	-	0.05	0.05	0.05	0.44	0.13	-0.10	-78	9.56	17
Basic Earnings per Share	($0.15)	$0.32	$0.38	($0.03)	$0.25	$0.37	($0.26)	$0.34	$2.08	$0.69	$0.99
Weighted Average Basic Shares Outstanding	48.19M	48.16M	48.32M	48.46M	48.51M	48.49M	48.73M	48.78M	48.79M	48.80M	49.06M
Diluted Earnings per Share	($0.15)	$0.32	$0.37	($0.03)	$0.24	$0.35	($0.26)	$0.33	$1.86	$0.71	$0.91
Weighted Average Diluted Shares Outstanding	48.19M	48.16M	50.05M	48.46M	50.28M	50.26M	48.73M	50.20M	55.88M	56.04M	56.06M
Weighted Average Basic & Diluted Shares Outstanding	48.24M	48.29M	48.43M	48.48M	48.54M	48.72M	48.78M	48.78M	48.81M	49.06M	49.14M

This table details how cash moves in and out of Freshpet's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-28	-4.12	-2.06	5.37	1.92	58	5.54	60	164	-28	9.34
Net Cash From Operating Activities	6.74	13	10	19	16	21	0.65	-43	76	154	161
Net Cash From Continuing Operating Activities	6.74	13	9.94	19	16	21	0.65	-43	76	154	161
Net Income / (Loss) Continuing Operations	-3.71	-3.16	-4.26	-5.36	-1.38	-3.19	-30	-59	-34	47	139
Consolidated Net Income / (Loss)	-3.71	-3.16	-4.26	-5.36	-1.38	-3.19	-30	-59	-34	47	139
Depreciation Expense	7.57	9.89	13	14	16	21	30	35	59	74	90
Amortization Expense	0.14	0.15	0.43	0.12	0.21	0.83	1.21	0.80	4.06	2.09	2.17
Non-Cash Adjustments To Reconcile Net Income	3.42	3.49	5.16	7.03	8.92	13	28	34	31	45	29
Changes in Operating Assets and Liabilities, net	-0.69	2.43	-4.08	2.72	-7.35	-11	-29	-53	16	-14	-99
Net Cash From Investing Activities	-35	-27	-13	-16	-71	-162	-322	-233	-239	-187	-148
Net Cash From Continuing Investing Activities	-35	-27	-13	-16	-71	-162	-322	-233	-239	-187	-148
Purchase of Property, Plant & Equipment	-32	-30	-13	-16	-71	-135	-322	-230	-239	-187	-148
Purchase of Investments	-7.50	-	-	0.00	0.00	-20	0.00	-20	-113	0.00	0.00
Sale and/or Maturity of Investments	4.25	3.25	-	0.00	0.00	20	0.00	20	113	0.00	0.00
Net Cash From Financing Activities	0.29	9.77	1.01	3.07	56	199	327	337	327	4.57	-3.04
Net Cash From Continuing Financing Activities	0.29	9.77	1.01	3.07	56	199	327	337	327	4.57	-3.04
Repayment of Debt	-	-3.00	-15	-6.00	-19	-77	-3.26	-78	-2.03	0.00	0.00
Issuance of Debt	-	10	7.50	6.00	72	21	0.00	78	394	0.00	0.00
Other Financing Activities, net	0.29	2.77	8.28	3.07	3.17	2.87	-1.92	-0.97	-64	4.57	-3.04
Cash Interest Paid	0.33	0.45	0.52	0.18	0.52	1.06	1.73	3.15	9.30	10	12
Cash Income Taxes Paid	0.06	0.08	0.06	0.07	0.01	0.09	0.18	0.30	0.31	0.19	0.91

This table details how cash moves in and out of Freshpet's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	94	-41	-39	-6.20	23	-5.96	-25	-0.05	31	3.38	103
Net Cash From Operating Activities	39	37	5.41	42	56	50	4.81	34	67	55	40
Net Cash From Continuing Operating Activities	39	37	5.41	42	56	50	4.81	34	67	55	40
Net Income / (Loss) Continuing Operations	-7.17	15	19	-1.69	12	18	-13	16	102	34	49
Consolidated Net Income / (Loss)	-7.17	15	19	-1.69	12	18	-13	16	102	34	49
Depreciation Expense	17	13	16	17	19	21	22	21	24	23	25
Amortization Expense	1.51	0.51	0.51	0.52	0.52	0.53	0.54	0.54	0.54	0.55	0.55
Non-Cash Adjustments To Reconcile Net Income	8.30	3.59	-2.47	20	13	14	21	6.77	6.33	-5.21	-52
Changes in Operating Assets and Liabilities, net	20	4.50	-27	6.54	12	-3.92	-26	-10	-66	3.03	19
Net Cash From Investing Activities	54	-77	-46	-48	-34	-58	-26	-33	-35	-53	68
Net Cash From Continuing Investing Activities	54	-77	-46	-48	-34	-58	-26	-33	-35	-53	68
Purchase of Property, Plant & Equipment	-59	-77	-46	-48	-34	-58	-26	-33	-35	-53	-28
Divestitures	-	-	-	-	-	-	0.00	-	-	-	95
Net Cash From Financing Activities	0.55	-0.76	2.09	-0.29	0.83	1.93	-3.22	-0.49	-0.65	1.33	-4.78
Net Cash From Continuing Financing Activities	0.55	-0.76	2.09	-0.29	0.83	1.93	-3.22	-0.49	-0.65	1.33	-4.78
Other Financing Activities, net	0.55	-0.76	2.09	-0.29	0.83	1.93	-3.22	-0.49	-0.65	1.33	-4.78
Cash Interest Paid	7.47	0.61	6.59	0.57	6.60	-3.61	5.95	0.05	5.88	-0.35	6.05
Cash Income Taxes Paid	-	-	-	-	-	-	0.00	-	-	-	0.21

This table presents Freshpet's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	113	126	134	140	236	434	784	1,125	1,464	1,575	1,778
Total Current Assets	25	19	27	31	54	109	150	262	427	437	436
Cash & Equivalents	8.03	3.91	2.18	7.55	9.47	67	73	133	297	269	278
Accounts Receivable	7.03	8.89	13	12	19	18	35	58	57	68	64
Inventories, net	6.85	5.40	10	9.32	13	19	36	58	63	81	77
Prepaid Expenses	0.23	0.74	1.20	1.08	3.28	3.38	5.83	9.78	7.62	16	9.81
Other Current Assets	-	0.30	0.73	0.68	10	0.91	1.35	3.59	2.84	3.13	7.40
Plant, Property, & Equipment, net	83	101	101	102	165	281	584	801	0.00	0.00	0.00
Total Noncurrent Assets	4.91	5.71	6.34	6.91	17	44	50	63	1,037	1,138	1,342
Long-Term Investments	-	-	-	-	0.00	28	26	25	24	33	33
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	-	-	0.00	69
Other Noncurrent Operating Assets	4.91	5.71	6.34	6.91	17	16	24	37	1,014	1,104	1,240
Total Liabilities & Shareholders' Equity	113	126	134	140	236	434	784	1,125	1,464	1,575	1,778
Total Liabilities	9.15	19	17	18	105	40	65	94	511	520	569
Total Current Liabilities	9.15	19	17	18	42	33	59	90	89	99	79
Accounts Payable	6.67	6.88	9.17	9.17	19	16	43	55	36	39	42
Accrued Expenses	2.48	4.78	7.52	9.05	22	15	15	33	50	56	32
Other Current Liabilities	-	-	-	-	1.19	1.30	1.38	1.51	3.31	3.44	4.56
Total Noncurrent Liabilities	0.00	0.00	0.30	0.27	63	7.10	5.71	4.20	422	421	491
Long-Term Debt	-	-	-	-	54	-	-	0.00	393	395	397
Capital Lease Obligations	-	-	-	-	-	-	-	0.00	26	23	28
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	-	-	0.00	0.09
Other Noncurrent Operating Liabilities	-	-	0.30	0.27	8.41	7.10	5.71	4.20	2.59	2.21	65
Commitments & Contingencies	-	-	-	-	-	-	-	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	104	108	117	121	131	394	720	1,032	953	1,055	1,209
Total Preferred & Common Equity	104	108	117	121	131	394	720	1,032	953	1,055	1,209
Total Common Equity	104	108	117	121	131	394	720	1,032	953	1,055	1,209
Common Stock	293	300	313	323	334	600	956	1,326	1,283	1,338	1,351
Retained Earnings	-189	-192	-196	-201	-203	-206	-236	-295	-329	-282	-143
Accumulated Other Comprehensive Income / (Loss)	-	-	0.08	-0.03	-0.08	-0.08	-0.12	1.37	-0.59	-0.79	0.33
Other Equity Adjustments	-	-	-	-0.26	-	-	-	-0.26	-0.26	-0.26	-0.26

This table presents Freshpet's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	1,165	1,400	1,410	1,444	1,481	1,506	1,532	1,559	1,647	1,746	1,839
Total Current Assets	383	513	487	462	407	405	421	405	409	424	542
Cash & Equivalents	240	337	244	338	258	252	275	244	244	275	381
Accounts Receivable	48	50	52	54	69	68	65	63	60	64	65
Inventories, net	64	66	65	59	72	73	73	82	91	70	81
Prepaid Expenses	8.40	7.75	8.18	8.81	5.76	8.57	5.77	14	11	9.33	7.34
Other Current Assets	2.31	3.09	3.32	1.99	2.94	3.55	3.13	3.07	3.83	5.46	7.12
Plant, Property, & Equipment, net	719	826	865	925	1,006	0.00	0.00	1,082	0.00	0.00	1,144
Total Noncurrent Assets	63	61	58	57	68	1,101	1,110	71	1,238	1,322	154
Long-Term Investments	26	24	24	24	33	33	33	33	33	33	0.00
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	-	-	78	53
Other Noncurrent Operating Assets	36	36	34	34	34	1,068	1,077	38	1,205	1,211	101
Total Liabilities & Shareholders' Equity	1,165	1,400	1,410	1,444	1,481	1,506	1,532	1,559	1,647	1,746	1,839
Total Liabilities	136	451	473	506	503	511	510	510	576	567	577
Total Current Liabilities	131	56	77	84	82	90	89	83	85	77	88
Accounts Payable	37	26	32	41	47	34	35	43	43	31	35
Accrued Expenses	20	28	43	39	32	53	50	36	38	41	48
Other Current Liabilities	1.48	1.54	1.58	3.49	3.16	3.07	3.37	3.52	4.29	4.42	4.68
Total Noncurrent Liabilities	4.59	395	395	422	421	421	421	427	491	490	489
Long-Term Debt	-	392	392	393	394	394	395	396	396	397	398
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	-	-	-	0.11
Other Noncurrent Operating Liabilities	-	3.80	3.10	2.85	2.33	2.06	2.56	31	66	65	91
Commitments & Contingencies	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,030	949	938	939	978	996	1,021	1,049	1,072	1,178	1,262
Total Preferred & Common Equity	1,030	949	938	939	978	996	1,021	1,049	1,072	1,178	1,262
Total Common Equity	1,030	949	938	939	978	996	1,021	1,049	1,072	1,178	1,262
Common Stock	1,321	1,268	1,276	1,284	1,289	1,309	1,322	1,345	1,350	1,356	1,357
Retained Earnings	-292	-320	-337	-344	-310	-312	-300	-295	-278	-176	-94
Accumulated Other Comprehensive Income / (Loss)	1.05	1.38	-0.66	-0.96	-0.71	-0.79	-0.18	-0.58	-0.34	-0.42	-0.46
Other Equity Adjustments	-	-0.26	-0.26	-0.26	-0.26	-0.26	-0.26	-0.26	-0.26	-0.26	-0.26

This table displays calculated financial ratios and metrics derived from Freshpet's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	33.91%	11.64%	17.46%	26.83%	27.23%	29.66%	33.47%	39.92%	28.82%	27.16%	13.01%
EBITDA Growth	117.83%	69.05%	28.81%	-6.58%	72.76%	26.21%	-64.93%	-312.28%	402.62%	178.06%	40.78%
EBIT Growth	90.21%	25.07%	-36.71%	-52.23%	95.03%	-670.56%	-1,189.90%	-103.95%	65.36%	386.31%	70.24%
NOPAT Growth	40.01%	39.28%	-24.21%	-77.59%	94.82%	-689.72%	-1,134.38%	-110.77%	41.43%	276.05%	296.49%
Net Income Growth	90.06%	14.83%	-34.86%	-25.78%	74.20%	-130.51%	-831.59%	-100.32%	43.50%	239.60%	196.51%
EPS Growth	98.86%	18.18%	-33.33%	-25.00%	73.33%	-100.00%	-762.50%	-86.96%	45.74%	232.86%	183.87%
Operating Cash Flow Growth	183.96%	89.94%	-19.76%	80.86%	-12.16%	29.88%	-96.95%	-6,781.14%	275.68%	103.17%	4.07%
Free Cash Flow Firm Growth	-1.82%	29.68%	70.79%	54.57%	-2,284.68%	-98.62%	-173.30%	14.93%	30.69%	59.03%	97.37%
Invested Capital Growth	38.04%	19.64%	3.47%	-0.70%	54.72%	69.65%	107.71%	40.62%	20.47%	11.36%	12.88%
Revenue Q/Q Growth	5.15%	0.40%	6.36%	6.51%	6.09%	6.26%	7.95%	9.16%	6.91%	5.10%	2.09%
EBITDA Q/Q Growth	126.85%	-7.50%	5.18%	6.66%	31.78%	-23.50%	-27.04%	37.43%	102.42%	1.40%	17.45%
EBIT Q/Q Growth	87.15%	-174.34%	4.24%	3.94%	92.83%	-130.83%	-22.54%	11.87%	52.93%	-11.64%	41.01%
NOPAT Q/Q Growth	35.19%	-146.86%	2.35%	5.28%	92.19%	-124.14%	-22.54%	9.68%	35.78%	12.36%	9.48%
Net Income Q/Q Growth	83.82%	-95.85%	6.20%	4.33%	67.52%	-167.23%	-25.15%	9.64%	35.13%	6.42%	12.71%
EPS Q/Q Growth	98.50%	-125.00%	14.29%	-7.14%	69.23%	-161.54%	-25.45%	11.03%	34.58%	3.33%	15.79%
Operating Cash Flow Q/Q Growth	1,476.58%	40.83%	-3.20%	35.86%	20.60%	-18.15%	-86.51%	13.02%	53.66%	9.51%	3.04%
Free Cash Flow Firm Q/Q Growth	0.00%	27.89%	9.41%	43.46%	-33.04%	-17.05%	-26.87%	13.92%	3.91%	19.92%	92.28%
Invested Capital Q/Q Growth	10.63%	0.31%	-0.18%	-1.75%	9.70%	9.71%	18.09%	6.38%	5.64%	3.52%	2.08%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	47.04%	46.54%	47.53%	46.57%	46.45%	41.69%	38.11%	31.25%	32.71%	40.60%	40.80%
EBITDA Margin	3.89%	5.89%	6.46%	4.76%	6.46%	6.29%	1.65%	-2.51%	5.89%	12.88%	16.04%
Operating Margin	-3.14%	-1.71%	-1.81%	-2.53%	-0.10%	-0.63%	-5.80%	-8.73%	-3.97%	3.90%	6.87%
EBIT Margin	-2.75%	-1.85%	-2.15%	-2.58%	-0.10%	-0.60%	-5.79%	-8.44%	-2.27%	5.11%	7.70%
Profit (Net Income) Margin	-3.19%	-2.44%	-2.80%	-2.77%	-0.56%	-1.00%	-6.98%	-9.99%	-4.38%	4.81%	12.63%
Tax Burden Percent	101.57%	102.12%	101.80%	101.46%	111.62%	102.08%	107.87%	107.23%	106.66%	98.74%	196.60%
Interest Burden Percent	114.21%	129.13%	127.79%	105.93%	499.60%	163.42%	111.69%	110.36%	180.94%	95.30%	83.37%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.26%	-96.60%
Return on Invested Capital (ROIC)	-3.20%	-1.52%	-1.71%	-2.99%	-0.12%	-0.59%	-3.75%	-4.87%	-2.21%	3.37%	11.93%
ROIC Less NNEP Spread (ROIC-NNEP)	1.67%	37.81%	-516.59%	36.87%	-6.56%	6.55%	9.08%	13.13%	39.21%	12.12%	3.57%
Return on Net Nonoperating Assets (RNNOA)	-0.38%	-1.46%	-2.09%	-1.51%	-0.97%	-0.62%	-1.58%	-1.92%	-1.17%	1.30%	0.36%
Return on Equity (ROE)	-3.58%	-2.99%	-3.79%	-4.50%	-1.09%	-1.21%	-5.33%	-6.79%	-3.39%	4.67%	12.29%
Cash Return on Invested Capital (CROIC)	-35.16%	-19.41%	-5.12%	-2.29%	-43.09%	-52.25%	-73.76%	-38.63%	-20.78%	-7.37%	-0.17%
Operating Return on Assets (OROA)	-2.84%	-2.00%	-2.52%	-3.64%	-0.13%	-0.57%	-4.05%	-5.26%	-1.35%	3.28%	5.06%
Return on Assets (ROA)	-3.29%	-2.64%	-3.27%	-3.92%	-0.74%	-0.95%	-4.87%	-6.23%	-2.60%	3.09%	8.30%
Return on Common Equity (ROCE)	-3.58%	-2.99%	-3.79%	-4.50%	-1.09%	-1.21%	-5.33%	-6.79%	-3.39%	4.67%	12.29%
Return on Equity Simple (ROE_SIMPLE)	-3.57%	-2.93%	-3.65%	-4.41%	-1.05%	-0.81%	-4.13%	-5.77%	-3.53%	4.45%	0.00%
Net Operating Profit after Tax (NOPAT)	-2.55	-1.55	-1.93	-3.42	-0.18	-1.40	-17	-36	-21	38	149
NOPAT Margin	-2.20%	-1.20%	-1.26%	-1.77%	-0.07%	-0.44%	-4.06%	-6.11%	-2.78%	3.85%	13.50%
Net Nonoperating Expense Percent (NNEP)	-4.87%	-39.33%	514.89%	-39.86%	6.44%	-7.14%	-12.83%	-18.00%	-41.42%	-8.74%	8.36%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-3.53%	-1.55%	2.55%	9.10%
Cost of Revenue to Revenue	52.96%	53.46%	52.47%	53.43%	53.55%	58.31%	61.89%	68.75%	67.29%	59.40%	59.20%
SG&A Expenses to Revenue	50.18%	48.25%	49.34%	49.10%	46.55%	42.32%	43.90%	39.98%	36.68%	36.71%	33.93%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	50.18%	48.25%	49.34%	49.10%	46.55%	42.32%	43.90%	39.98%	36.68%	36.71%	33.93%
Earnings before Interest and Taxes (EBIT)	-3.20	-2.40	-3.28	-4.99	-0.25	-1.91	-25	-50	-17	50	85
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	4.52	7.64	9.84	9.20	16	20	7.03	-15	45	126	177
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.74	3.19	5.65	9.41	16.25	14.64	5.74	2.46	4.39	6.81	2.46
Price to Tangible Book Value (P/TBV)	2.74	3.19	5.65	9.41	16.25	14.64	5.74	2.46	4.39	6.81	2.46
Price to Revenue (P/Rev)	2.45	2.65	4.34	5.91	8.67	18.10	9.72	4.26	5.46	7.37	2.70
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	153.20	21.20
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.65%	4.72%
Enterprise Value to Invested Capital (EV/IC)	2.95	3.13	5.74	9.97	12.35	18.98	6.50	2.72	4.07	6.23	2.33
Enterprise Value to Revenue (EV/Rev)	2.35	2.67	4.32	5.88	8.86	17.80	9.48	3.99	5.59	7.49	2.80
Enterprise Value to EBITDA (EV/EBITDA)	60.46	45.36	66.90	123.47	137.08	283.09	573.99	0.00	94.87	58.18	17.47
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	146.49	36.37
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	194.70	20.76
Enterprise Value to Operating Cash Flow (EV/OCF)	40.55	27.08	64.11	61.12	133.45	267.79	6,236.73	0.00	56.42	47.35	19.23
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.06	0.00	0.00	0.41	0.00	0.00	0.00	0.44	0.40	0.35
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.41	0.00	0.00	0.00	0.44	0.40	0.35
Financial Leverage	-0.23	-0.04	0.00	-0.04	0.15	-0.10	-0.17	-0.15	-0.03	0.11	0.10
Leverage Ratio	1.09	1.13	1.16	1.15	1.49	1.28	1.09	1.09	1.30	1.51	1.48
Compound Leverage Factor	1.24	1.46	1.48	1.22	7.43	2.09	1.22	1.20	2.36	1.44	1.23
Debt to Total Capital	0.00%	6.10%	0.00%	0.00%	29.33%	0.00%	0.00%	0.00%	30.54%	28.39%	26.03%
Short-Term Debt to Total Capital	0.00%	6.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	29.33%	0.00%	0.00%	0.00%	30.54%	28.39%	26.03%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	93.90%	100.00%	100.00%	70.67%	100.00%	100.00%	100.00%	69.46%	71.61%	73.97%
Debt to EBITDA	0.00	0.92	0.00	0.00	3.43	0.00	0.00	0.00	9.28	3.33	2.41
Net Debt to EBITDA	0.00	0.40	0.00	0.00	2.83	0.00	0.00	0.00	2.19	0.93	0.64
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	3.43	0.00	0.00	0.00	9.28	3.33	2.41
Debt to NOPAT	0.00	-4.51	0.00	0.00	-307.54	0.00	0.00	0.00	-19.67	11.15	2.86
Net Debt to NOPAT	0.00	-1.99	0.00	0.00	-254.06	0.00	0.00	0.00	-4.63	3.10	0.77
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	-307.54	0.00	0.00	0.00	-19.67	11.15	2.86
Altman Z-Score	17.43	9.89	22.42	36.44	12.10	86.35	38.52	16.40	5.36	9.03	4.04
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.78	1.03	1.62	1.70	1.29	3.29	2.55	2.92	4.79	4.42	5.54
Quick Ratio	2.00	0.69	0.89	1.09	0.67	2.59	1.82	2.12	3.96	3.41	4.35
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-28	-20	-5.77	-2.62	-63	-124	-339	-289	-200	-82	-2.16
Operating Cash Flow to CapEx	21.05%	42.75%	78.98%	114.14%	23.10%	15.75%	0.20%	-18.79%	31.76%	82.47%	108.35%
Free Cash Flow to Firm to Interest Expense	-61.80	-28.30	-6.34	-8.86	-63.08	-102.45	-117.75	-55.43	-14.19	-6.69	-0.15
Operating Cash Flow to Interest Expense	14.82	18.33	11.28	62.75	16.47	17.49	0.22	-8.30	5.39	12.58	11.37
Operating Cash Flow Less CapEx to Interest Expense	-55.59	-24.55	-3.00	7.77	-54.81	-93.54	-111.54	-52.48	-11.57	-2.68	0.88
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.03	1.08	1.17	1.41	1.31	0.95	0.70	0.62	0.59	0.64	0.66
Accounts Receivable Turnover	18.75	16.30	14.10	15.43	15.91	17.22	15.99	12.89	13.42	15.58	16.67
Inventory Turnover	8.69	11.31	10.30	10.62	12.05	11.74	9.63	8.72	8.49	8.04	8.28
Fixed Asset Turnover	1.65	1.41	1.51	1.91	1.84	1.43	0.98	0.86	0.00	0.00	0.00
Accounts Payable Turnover	10.18	10.23	9.96	11.26	9.46	10.59	8.92	8.38	11.32	15.39	15.99
Days Sales Outstanding (DSO)	19.46	22.40	25.88	23.66	22.94	21.19	22.83	28.31	27.21	23.43	21.89
Days Inventory Outstanding (DIO)	42.02	32.26	35.43	34.35	30.30	31.09	37.90	41.85	42.98	45.38	44.08
Days Payable Outstanding (DPO)	35.86	35.67	36.66	32.42	38.58	34.48	40.93	43.56	32.25	23.71	22.82
Cash Conversion Cycle (CCC)	25.62	18.98	24.66	25.59	14.66	17.80	19.80	26.60	37.94	45.09	43.14
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	93	111	115	114	176	299	621	873	1,052	1,172	1,323
Invested Capital Turnover	1.45	1.27	1.35	1.69	1.69	1.34	0.92	0.80	0.80	0.88	0.88
Increase / (Decrease) in Invested Capital	26	18	3.84	-0.80	62	123	322	252	179	120	151
Enterprise Value (EV)	273	347	658	1,135	2,178	5,675	4,035	2,376	4,284	7,305	3,088
Market Capitalization	285	344	661	1,143	2,133	5,770	4,134	2,534	4,185	7,189	2,974
Book Value per Share	$3.10	$3.18	$3.35	$3.42	$3.64	$9.70	$16.59	$21.48	$19.76	$21.74	$24.76
Tangible Book Value per Share	$3.10	$3.18	$3.35	$3.42	$3.64	$9.70	$16.59	$21.48	$19.76	$21.74	$24.76
Total Capital	104	115	117	121	186	394	720	1,032	1,373	1,474	1,634
Total Debt	0.00	7.00	0.00	0.00	54	0.00	0.00	0.00	419	418	425
Total Long-Term Debt	0.00	0.00	0.00	0.00	54	0.00	0.00	0.00	419	418	425
Net Debt	-11	3.09	-2.18	-7.55	45	-95	-99	-158	99	116	114
Capital Expenditures (CapEx)	32	30	13	16	71	135	322	230	239	187	148
Debt-free, Cash-free Net Working Capital (DFCFNWC)	4.97	3.67	8.08	5.19	2.87	8.73	19	40	41	69	79
Debt-free Net Working Capital (DFNWC)	16	7.57	10	13	12	76	91	172	338	338	357
Net Working Capital (NWC)	16	0.57	10	13	12	76	91	172	338	338	357
Net Nonoperating Expense (NNE)	1.16	1.61	2.34	1.94	1.21	1.79	12	23	12	-9.40	9.63
Net Nonoperating Obligations (NNO)	-11	3.09	-2.18	-7.55	45	-95	-99	-158	99	116	114
Total Depreciation and Amortization (D&A)	7.72	10	13	14	16	22	32	35	63	76	92
Debt-free, Cash-free Net Working Capital to Revenue	4.27%	2.83%	5.30%	2.68%	1.17%	2.74%	4.37%	6.65%	5.38%	7.13%	7.18%
Debt-free Net Working Capital to Revenue	13.98%	5.84%	6.74%	6.59%	5.02%	23.83%	21.48%	28.95%	44.09%	34.67%	32.41%
Net Working Capital to Revenue	13.98%	0.44%	6.74%	6.59%	5.02%	23.83%	21.48%	28.95%	44.09%	34.67%	32.41%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.11)	($0.09)	($0.12)	($0.15)	($0.04)	($0.08)	($0.69)	($1.29)	($0.70)	$0.97	$2.85
Adjusted Weighted Average Basic Shares Outstanding	33.50M	33.67M	34.49M	35.33M	35.95M	39.76M	42.93M	46.19M	48.16M	48.49M	48.80M
Adjusted Diluted Earnings per Share	($0.11)	($0.09)	($0.12)	($0.15)	($0.04)	($0.08)	($0.69)	($1.29)	($0.70)	$0.93	$2.64
Adjusted Weighted Average Diluted Shares Outstanding	33.50M	33.67M	34.49M	35.33M	35.95M	39.76M	42.93M	46.19M	48.16M	50.26M	56.04M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	33.54M	33.98M	35.14M	35.64M	36.17M	40.72M	43.45M	48.05M	48.29M	48.72M	49.06M
Normalized Net Operating Profit after Tax (NOPAT)	-2.55	-1.55	-1.93	-3.42	-0.18	-1.40	-17	-36	-21	38	53
Normalized NOPAT Margin	-2.20%	-1.20%	-1.26%	-1.77%	-0.07%	-0.44%	-4.06%	-6.11%	-2.78%	3.85%	4.81%
Pre Tax Income Margin	-3.14%	-2.39%	-2.75%	-2.73%	-0.50%	-0.98%	-6.47%	-9.32%	-4.11%	4.87%	6.42%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-7.04	-3.43	-3.60	-16.85	-0.25	-1.58	-8.55	-9.65	-1.24	4.07	6.01
NOPAT to Interest Expense	-5.62	-2.22	-2.12	-11.55	-0.18	-1.15	-5.99	-6.99	-1.51	3.06	10.54
EBIT Less CapEx to Interest Expense	-77.46	-46.32	-17.88	-71.83	-71.52	-112.61	-120.32	-53.83	-18.20	-11.19	-4.48
NOPAT Less CapEx to Interest Expense	-76.04	-45.11	-16.40	-66.53	-71.45	-112.18	-117.75	-51.16	-18.47	-12.20	0.04
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Freshpet's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	49,057,177.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	49,057,177.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.99
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	32.57%	29.90%	33.62%	28.32%	26.29%	21.95%	17.60%	12.51%	14.00%	8.57%	13.07%
EBITDA Growth	317.87%	240.96%	1,160.70%	1,307.24%	127.77%	5.35%	-53.01%	115.97%	51.81%	59.78%	147.08%
EBIT Growth	81.16%	2,307.30%	205.60%	108.79%	604.48%	-35.07%	-177.17%	1,700.45%	82.79%	112.00%	179.24%
NOPAT Growth	55.50%	1,129.94%	156.04%	89.55%	339.28%	27.03%	-195.37%	1,562.51%	800.81%	83.19%	139.77%
Net Income Growth	61.16%	624.17%	175.05%	90.01%	265.99%	18.52%	-168.26%	1,065.53%	754.67%	86.60%	482.04%
EPS Growth	61.54%	740.00%	171.15%	91.43%	260.00%	9.38%	-170.27%	1,200.00%	675.00%	102.86%	450.00%
Operating Cash Flow Growth	349.43%	253.70%	139.35%	213.96%	43.12%	36.24%	-11.08%	-20.10%	19.01%	9.40%	738.96%
Free Cash Flow Firm Growth	41.21%	35.41%	32.08%	9.07%	31.16%	38.63%	57.42%	60.18%	53.99%	-15.59%	-51.02%
Invested Capital Growth	21.32%	20.47%	18.87%	19.13%	13.63%	11.36%	5.70%	8.02%	14.47%	12.88%	9.47%
Revenue Q/Q Growth	9.43%	7.38%	3.91%	5.09%	7.70%	3.69%	0.21%	0.55%	9.13%	-1.25%	4.35%
EBITDA Q/Q Growth	1,012.85%	114.58%	17.94%	-50.03%	80.12%	-0.75%	-61.08%	210.39%	26.76%	34.60%	-53.34%
EBIT Q/Q Growth	76.68%	735.69%	15.88%	-94.88%	1,238.61%	-18.18%	-174.82%	319.72%	36.26%	71.47%	-84.56%
NOPAT Q/Q Growth	57.75%	400.63%	-43.35%	-114.52%	1,067.77%	59.61%	-142.53%	322.61%	496.08%	-67.54%	-90.77%
Net Income Q/Q Growth	57.73%	313.37%	21.66%	-109.11%	802.18%	52.35%	-170.06%	228.82%	521.56%	-66.74%	43.45%
EPS Q/Q Growth	57.14%	313.33%	15.63%	-108.11%	900.00%	45.83%	-174.29%	226.92%	463.64%	-61.83%	28.17%
Operating Cash Flow Q/Q Growth	190.17%	-5.68%	-85.38%	684.55%	32.27%	-10.22%	-90.46%	604.93%	97.02%	-17.46%	-26.82%
Free Cash Flow Firm Q/Q Growth	10.32%	8.95%	-1.87%	-9.32%	32.11%	18.83%	29.33%	-2.26%	21.55%	-103.89%	7.66%
Invested Capital Q/Q Growth	5.09%	5.64%	5.01%	2.19%	0.24%	3.52%	-0.32%	4.43%	6.23%	2.08%	-3.33%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	33.04%	34.62%	39.38%	39.94%	40.36%	42.48%	39.43%	40.87%	39.53%	43.28%	40.54%
EBITDA Margin	7.51%	15.01%	17.03%	8.10%	13.55%	12.97%	5.04%	15.55%	18.06%	24.62%	11.01%
Operating Margin	-3.53%	6.91%	3.78%	-0.74%	4.70%	7.38%	-4.37%	6.73%	8.62%	15.59%	1.46%
EBIT Margin	-1.47%	8.70%	9.70%	0.47%	5.87%	4.63%	-3.46%	7.56%	9.44%	16.39%	2.42%
Profit (Net Income) Margin	-3.57%	7.10%	8.31%	-0.72%	4.69%	6.90%	-4.82%	6.18%	35.20%	11.86%	16.30%
Tax Burden Percent	100.99%	100.00%	99.71%	103.29%	99.55%	97.65%	101.07%	100.63%	428.87%	77.96%	73.90%
Interest Burden Percent	240.71%	81.59%	85.91%	-147.61%	80.35%	152.51%	137.99%	81.26%	86.97%	92.81%	909.91%
Effective Tax Rate	0.00%	0.00%	0.29%	0.00%	0.45%	2.35%	0.00%	-0.63%	-328.87%	22.04%	26.10%
Return on Invested Capital (ROIC)	-1.95%	5.51%	3.05%	-0.44%	4.08%	6.32%	-2.73%	6.02%	32.88%	10.74%	1.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.97%	4.18%	21.91%	-1.09%	4.13%	5.57%	-6.51%	4.91%	28.38%	10.00%	68.11%
Return on Net Nonoperating Assets (RNNOA)	-0.07%	-0.13%	1.23%	-0.08%	0.35%	0.60%	-0.79%	0.67%	2.94%	1.02%	3.98%
Return on Equity (ROE)	-2.02%	5.38%	4.28%	-0.52%	4.43%	6.91%	-3.52%	6.69%	35.82%	11.76%	4.98%
Cash Return on Invested Capital (CROIC)	-22.92%	-20.78%	-17.29%	-16.07%	-9.62%	-7.37%	-4.03%	-4.56%	-2.30%	-0.17%	1.02%
Operating Return on Assets (OROA)	-0.81%	5.15%	5.54%	0.28%	3.66%	2.97%	-2.31%	5.00%	6.22%	10.77%	1.62%
Return on Assets (ROA)	-1.96%	4.20%	4.75%	-0.43%	2.93%	4.43%	-3.22%	4.09%	23.19%	7.79%	10.90%
Return on Common Equity (ROCE)	-2.02%	5.38%	4.28%	-0.52%	4.43%	6.91%	-3.52%	6.69%	35.82%	11.76%	4.98%
Return on Equity Simple (ROE_SIMPLE)	-5.52%	0.00%	1.00%	2.51%	4.32%	0.00%	1.49%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-4.95	15	8.44	-1.23	12	19	-8.05	18	107	35	3.20
NOPAT Margin	-2.47%	6.91%	3.77%	-0.52%	4.68%	7.20%	-3.06%	6.77%	36.97%	12.15%	1.08%
Net Nonoperating Expense Percent (NNEP)	-2.92%	1.33%	-18.86%	0.65%	-0.05%	0.74%	3.79%	1.11%	4.51%	0.74%	-67.11%
Return On Investment Capital (ROIC_SIMPLE)	-	1.09%	-	-	-	1.28%	-0.56%	1.20%	6.66%	2.12%	0.19%
Cost of Revenue to Revenue	66.96%	65.38%	60.62%	60.06%	59.64%	57.52%	60.57%	59.13%	60.47%	56.72%	59.46%
SG&A Expenses to Revenue	36.57%	27.70%	35.60%	40.68%	35.66%	35.10%	43.79%	34.15%	30.91%	27.69%	39.09%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	36.57%	27.70%	35.60%	40.68%	35.66%	35.10%	43.79%	34.15%	30.91%	27.69%	39.09%
Earnings before Interest and Taxes (EBIT)	-2.95	19	22	1.11	15	12	-9.10	20	27	47	7.21
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	15	32	38	19	34	34	13	41	52	70	33
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.38	4.39	5.72	6.29	6.49	6.81	3.86	3.09	2.28	2.46	2.29
Price to Tangible Book Value (P/TBV)	3.38	4.39	5.72	6.29	6.49	6.81	3.86	3.09	2.28	2.46	2.29
Price to Revenue (P/Rev)	4.43	5.46	6.79	7.16	7.15	7.37	3.99	3.18	2.49	2.70	2.55
Price to Earnings (P/E)	0.00	0.00	715.94	271.69	154.12	153.20	259.31	98.43	21.88	21.20	14.37
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.14%	0.37%	0.65%	0.65%	0.39%	1.02%	4.57%	4.72%	6.96%
Enterprise Value to Invested Capital (EV/IC)	3.25	4.07	5.17	5.67	5.96	6.23	3.57	2.84	2.17	2.33	2.28
Enterprise Value to Revenue (EV/Rev)	4.51	5.59	6.94	7.31	7.27	7.49	4.11	3.32	2.60	2.80	2.56
Enterprise Value to EBITDA (EV/EBITDA)	144.90	94.87	65.79	61.19	54.44	58.18	37.70	26.09	18.64	17.47	14.82
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	229.91	165.72	119.45	146.49	143.98	72.36	46.60	36.37	28.74
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	443.59	201.87	194.70	241.22	93.55	20.65	20.76	23.64
Enterprise Value to Operating Cash Flow (EV/OCF)	65.41	56.42	60.12	51.62	47.85	47.35	27.14	23.86	18.00	19.23	14.84
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	232.88
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.45	0.44	0.43	0.42	0.41	0.40	0.38	0.40	0.36	0.35	0.32
Long-Term Debt to Equity	0.45	0.44	0.43	0.42	0.41	0.40	0.38	0.40	0.36	0.35	0.32
Financial Leverage	-0.08	-0.03	0.06	0.07	0.09	0.11	0.12	0.14	0.10	0.10	0.06
Leverage Ratio	1.33	1.30	1.50	1.51	1.52	1.51	1.50	1.53	1.49	1.48	1.47
Compound Leverage Factor	3.19	1.06	1.28	-2.23	1.22	2.31	2.07	1.24	1.30	1.37	13.38
Debt to Total Capital	30.87%	30.54%	29.97%	29.59%	29.06%	28.39%	27.38%	28.41%	26.52%	26.03%	23.97%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	30.87%	30.54%	29.97%	29.59%	29.06%	28.39%	27.38%	28.41%	26.52%	26.03%	23.97%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	69.13%	69.46%	70.03%	70.41%	70.94%	71.61%	72.62%	71.59%	73.48%	73.97%	76.03%
Debt to EBITDA	18.79	9.28	4.82	4.00	3.38	3.33	3.58	3.20	2.83	2.41	2.03
Net Debt to EBITDA	2.58	2.19	1.46	1.27	0.89	0.93	1.07	1.12	0.78	0.64	0.08
Long-Term Debt to EBITDA	18.79	9.28	4.82	4.00	3.38	3.33	3.58	3.20	2.83	2.41	2.03
Debt to NOPAT	-12.63	-19.67	-902.68	29.00	12.53	11.15	22.89	11.49	3.13	2.86	3.23
Net Debt to NOPAT	-1.73	-4.63	-274.23	9.24	3.31	3.10	6.86	4.00	0.86	0.77	0.13
Long-Term Debt to NOPAT	-12.63	-19.67	-902.68	29.00	12.53	11.15	22.89	11.49	3.13	2.86	3.23
Altman Z-Score	4.24	5.44	7.25	7.91	8.42	8.95	5.39	4.13	3.61	3.97	3.86
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.52	4.79	4.97	4.50	4.72	4.42	4.91	4.81	5.52	5.54	6.18
Quick Ratio	4.69	3.96	3.98	3.55	3.81	3.41	3.71	3.58	4.42	4.35	5.10
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-180	-164	-167	-183	-124	-101	-71	-73	-57	-116	-107
Operating Cash Flow to CapEx	66.29%	47.74%	11.63%	87.77%	164.84%	86.45%	18.15%	101.33%	189.65%	103.88%	146.12%
Free Cash Flow to Firm to Interest Expense	-43.40	-47.52	-54.56	-66.35	-42.40	-28.51	-20.55	-19.39	-16.05	-34.60	-29.94
Operating Cash Flow to Interest Expense	9.45	10.72	1.77	15.42	19.19	14.28	1.39	9.04	18.80	16.40	11.25
Operating Cash Flow Less CapEx to Interest Expense	-4.81	-11.74	-13.42	-2.15	7.55	-2.24	-6.27	0.12	8.89	0.61	3.55
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.55	0.59	0.57	0.60	0.62	0.64	0.67	0.66	0.66	0.66	0.67
Accounts Receivable Turnover	13.98	13.42	13.95	14.58	15.54	15.58	15.47	16.25	16.69	16.67	17.75
Inventory Turnover	8.03	8.49	7.74	7.97	8.63	8.04	7.84	7.55	9.00	8.28	8.24
Fixed Asset Turnover	0.87	0.00	0.90	0.00	0.00	0.00	0.97	0.00	0.00	0.00	1.02
Accounts Payable Turnover	12.71	11.32	14.66	16.62	14.90	15.39	13.50	16.08	19.35	15.99	17.13
Days Sales Outstanding (DSO)	26.12	27.21	26.16	25.03	23.49	23.43	23.59	22.47	21.87	21.89	20.56
Days Inventory Outstanding (DIO)	45.46	42.98	47.14	45.78	42.29	45.38	46.57	48.37	40.56	44.08	44.30
Days Payable Outstanding (DPO)	28.72	32.25	24.90	21.96	24.50	23.71	27.04	22.69	18.86	22.82	21.31
Cash Conversion Cycle (CCC)	42.86	37.94	48.41	48.86	41.28	45.09	43.12	48.14	43.57	43.14	43.55
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	996	1,052	1,105	1,129	1,132	1,172	1,168	1,220	1,296	1,323	1,279
Invested Capital Turnover	0.79	0.80	0.81	0.84	0.87	0.88	0.89	0.89	0.89	0.88	0.93
Increase / (Decrease) in Invested Capital	175	179	175	181	136	120	63	91	164	151	111
Enterprise Value (EV)	3,233	4,284	5,716	6,400	6,741	7,305	4,170	3,463	2,806	3,088	2,909
Market Capitalization	3,175	4,185	5,589	6,266	6,631	7,189	4,052	3,315	2,688	2,974	2,892
Book Value per Share	$19.47	$19.76	$20.24	$20.56	$21.07	$21.74	$21.54	$21.97	$24.16	$24.76	$25.73
Tangible Book Value per Share	$19.47	$19.76	$20.24	$20.56	$21.07	$21.74	$21.54	$21.97	$24.16	$24.76	$25.73
Total Capital	1,358	1,373	1,396	1,414	1,440	1,474	1,445	1,497	1,604	1,634	1,660
Total Debt	419	419	418	418	418	418	396	425	425	425	398
Total Long-Term Debt	419	419	418	418	418	418	396	425	425	425	398
Net Debt	58	99	127	133	110	116	119	148	117	114	17
Capital Expenditures (CapEx)	59	77	46	48	34	58	26	33	35	53	28
Debt-free, Cash-free Net Working Capital (DFCFNWC)	41	41	67	64	57	69	79	81	72	79	73
Debt-free Net Working Capital (DFNWC)	379	338	325	315	332	338	323	324	347	357	454
Net Working Capital (NWC)	379	338	325	315	332	338	323	324	347	357	454
Net Nonoperating Expense (NNE)	2.21	-0.40	-10	0.47	-0.04	0.80	4.65	1.56	5.13	0.85	-45
Net Nonoperating Obligations (NNO)	58	99	127	133	110	116	119	148	117	114	17
Total Depreciation and Amortization (D&A)	18	14	16	18	19	22	22	21	25	23	26
Debt-free, Cash-free Net Working Capital to Revenue	5.65%	5.38%	8.15%	7.26%	6.19%	7.13%	7.80%	7.71%	6.69%	7.18%	6.40%
Debt-free Net Working Capital to Revenue	52.78%	44.09%	39.48%	36.02%	35.79%	34.67%	31.82%	31.05%	32.13%	32.41%	39.96%
Net Working Capital to Revenue	52.78%	44.09%	39.48%	36.02%	35.79%	34.67%	31.82%	31.05%	32.13%	32.41%	39.96%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.15)	$0.32	$0.38	($0.03)	$0.25	$0.37	($0.26)	$0.34	$2.08	$0.69	$0.99
Adjusted Weighted Average Basic Shares Outstanding	48.19M	48.16M	48.32M	48.46M	48.51M	48.49M	48.73M	48.78M	48.79M	48.80M	49.06M
Adjusted Diluted Earnings per Share	($0.15)	$0.32	$0.37	($0.03)	$0.24	$0.35	($0.26)	$0.33	$1.86	$0.71	$0.91
Adjusted Weighted Average Diluted Shares Outstanding	48.19M	48.16M	50.05M	48.46M	50.28M	50.26M	48.73M	50.20M	55.88M	56.04M	56.06M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	48.24M	48.29M	48.43M	48.48M	48.54M	48.72M	48.78M	48.78M	48.81M	49.06M	49.14M
Normalized Net Operating Profit after Tax (NOPAT)	-4.95	10	8.44	-1.23	12	19	-8.05	12	17	35	3.20
Normalized NOPAT Margin	-2.47%	4.84%	3.77%	-0.52%	4.68%	7.20%	-3.06%	4.71%	6.03%	12.15%	1.08%
Pre Tax Income Margin	-3.54%	7.10%	8.33%	-0.70%	4.72%	7.06%	-4.77%	6.14%	8.21%	15.21%	22.05%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.71	5.43	7.10	0.40	5.09	3.45	-2.63	5.34	7.67	13.91	2.01
NOPAT to Interest Expense	-1.19	4.32	2.76	-0.45	4.06	5.36	-2.33	4.78	30.07	10.32	0.89
EBIT Less CapEx to Interest Expense	-14.97	-17.02	-8.09	-17.16	-6.56	-13.07	-10.29	-3.58	-2.24	-1.88	-5.68
NOPAT Less CapEx to Interest Expense	-15.45	-18.14	-12.43	-18.01	-7.59	-11.15	-9.99	-4.14	20.15	-5.47	-6.80
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Freshpet (FRPT) has shown a multi-year improvement in profitability and cash generation from 2022 through 2025, with revenue growth, stronger gross margins, and positive cash flow despite ongoing operating costs. Here are the most notable four-year trends based on quarterly filings from 2022 to 2025.

Revenue growth: from about $165.8 million in 2022 Q4 to about $285.2 million in 2025 Q4, roughly +72% over the period.
Gross margin expansion: from about 27.5% in 2022 Q4 to about 43.3% in 2025 Q4.
Net income improvement: net income attributable to common shareholders moved from a small loss (~$2.6 million) in 2022 Q4 to about $34.9 million in 2025 Q4.
Earnings per share recovery: diluted EPS improved from about -$0.52 in 2022 Q4 to about $0.71 in 2025 Q4.
Operating cash flow growth: net cash from continuing operating activities rose from about $10.5 million in 2022 Q4 to about $55.1 million in 2025 Q4.
Free cash flow generation: in 2025 Q4, free cash flow (OCF minus capex) was positive by roughly $2.1 million, signaling cash generation after investments in capacity and assets.
Liquidity stability: cash balances stayed robust across mid-2025 quarters (roughly $240–$275 million), supporting ongoing operations and selective investments.
Equity base expansion: total equity broadly grew to about $1.18 billion by 2025, providing a stronger capital base to support growth initiatives and absorb potential downturns.
Expense structure: gross and operating expenses remained relatively elevated as a percentage of revenue in several quarters, reflecting ongoing investments in growth and brand-building.
Leverage footprint: long-term debt stayed at a moderate level around $0.39–$0.40 billion by 2025, indicating manageable debt given the revenue scale and cash flow generation.

05/26/26 07:36 PM ETAI Generated. May Contain Errors.

Freshpet Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Freshpet's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Freshpet's net income appears to be on an upward trend, with a most recent value of $139.14 million in 2025, falling from -$3.71 million in 2015. The previous period was $46.93 million in 2024. Find out what analysts predict for Freshpet in the coming months.

Freshpet's total operating income in 2025 was $75.67 million, based on the following breakdown:

Total Gross Profit: $449.63 million
Total Operating Expenses: $373.95 million

Over the last 10 years, Freshpet's total revenue changed from $116.19 million in 2015 to $1.10 billion in 2025, a change of 848.5%.

Freshpet's total liabilities were at $569.12 million at the end of 2025, a 9.5% increase from 2024, and a 6,121.5% increase since 2015.

In the past 10 years, Freshpet's cash and equivalents has ranged from $2.18 million in 2017 to $296.87 million in 2023, and is currently $277.98 million as of their latest financial filing in 2025.

Over the last 10 years, Freshpet's book value per share changed from 3.10 in 2015 to 24.76 in 2025, a change of 698.4%.

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Financial statements for NASDAQ:FRPT last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Freshpet (FRPT) Financials

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