At a glance
Freshpet Inc is worth $3.13B, about 25 times its fiscal 2025 earnings. Revenue grew 13.0% to $1.10B in fiscal 2025, with 12.6% kept as profit; over 5 years it has grown 28.2% a year. It pays no dividend. The stock returned +20.9% over the past year with dividends reinvested and −16.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 42.7% in the 2020 crash (S&P 500: 33.7%) and 65.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 18 months after the lows.
The business in plain English
Freshpet makes fresh, refrigerated food for dogs and cats, plus dog treats. Its recipes combine real meat and poultry with vegetables and fruits, without preservatives, as an alternative to dry kibble and canned food. Most products carry the Freshpet name; treats also sell under the Dognation and Dog Joy labels. The company prices them to reach the average pet owner.
It makes money by selling to retailers, which stock the food in Freshpet Fridges, branded refrigerators inside their stores. It sells through grocery, mass-market, pet specialty, club, online and international channels, and its 2025 annual report cites fridges in more than 30,000 retail locations. As of December 31, 2025, about 15.2 million U.S. households bought Freshpet. In 2025 it kept 40.8% of sales as gross profit (sales minus the cost of making the food).
Freshpet reports one business segment and sells in the United States, Canada and Europe. The vast majority of sales come from the U.S., though the company gives no percentage split. Revenue was $1.10 billion in 2025, up 13% from 2024 and more than triple 2020's $318.8 million. About 99.1% of 2025 volume was made on Freshpet-owned equipment. Its plants, called Freshpet Kitchens, include sites in Bethlehem, Pennsylvania, and Ennis, Texas.
Price history
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FRPT +20.9% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $305.6M, up 15.5% from a year earlier, and net income was $19.5M (+19.1%).
- For fiscal 2025, revenue was $1.10B (+13.0% year over year; +28.2% a year from FY2020 to FY2025) with a 12.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +28.2% good |
|---|---|
| Operating margin | 6.9% watch |
| Free cash flow margin | 1.1% watch |
| Return on equity (FY2025) | 11.5% watch |
| Return on assets (FY2025) | 7.8% watch |
| Net cash (cash minus debt) | $-47.6M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $318.8M | $-3.2M | $-113.4M |
| FY2021 | $425.5M | $-29.7M | $-321.5M |
| FY2022 | $595.3M | $-59.5M | $-273.3M |
| FY2023 | $766.9M | $-33.6M | $-163.2M |
| FY2024 | $975.2M | $46.9M | $-32.8M |
| FY2025 | $1.10B | $139.1M | $12.4M |
Valuation snapshot
| Market value | $3.13B |
|---|---|
| P/E ratio | 24.6 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Freshpet’s market value went from $343.5M at the end of 2016 to $3.13B on Oct 28, 2026, about 9.1 times as much; since the end of 2025 it is up 5%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $3.13B | +5.1% |
| 2025 | $2.97B | -58.6% |
| 2024 | $7.19B | +71.8% |
| 2023 | $4.19B | +65.2% |
| 2022 | $2.53B | -38.7% |
| 2021 | $4.13B | -28.4% |
| 2020 | $5.77B | +170.6% |
| 2019 | $2.13B | +86.6% |
| 2018 | $1.14B | +73.0% |
| 2017 | $660.6M | +92.3% |
| 2016 | $343.5M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| FRPT price data to Oct 28, 2026 | +6.8% | +20.9% | +4.0% | -16.2% | +22.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +6.8% |
| 2025 | -58.9% |
| 2024 | +70.7% |
| 2023 | +64.4% |
| 2022 | -44.6% |
| 2021 | -32.9% |
| 2020 | +140.3% |
| 2019 | +83.7% |
| 2018 | +69.7% |
| 2017 | +86.7% |
| 2016 | +19.6% |
| 2015 | -50.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 29.5% over that stretch · deepest drop along the way 42.7%, back to its old high 1.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 39.4% over that stretch · deepest drop along the way 65.9%, back to its old high 18.4 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 9 open-market purchases ($523K) and 61 sales ($33.2M), 61 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 24, 2026 | William B. Cyr Chief Executive Officer, Director | sell (plan) | $3.1M |
| Aug 19, 2026 | William B. Cyr Chief Executive Officer, Director | sell (plan) | $3.1M |
| Aug 21, 2026 | William B. Cyr Chief Executive Officer, Director | sell (plan) | $3.0M |
| Aug 14, 2026 | William B. Cyr Chief Executive Officer, Director | sell (plan) | $3.0M |
| Aug 17, 2026 | William B. Cyr Chief Executive Officer, Director | sell (plan) | $3.0M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 11.6% | Mar 31, 2025 |
| WASATCH ADVISORS LP | 7.9% | Jun 30, 2025 |
| Capital World Investors | 6.1% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.78% | Mar 31, 2026 |
| Wasatch Advisors LP | 5.7% | Jun 30, 2026 |
| Vanguard Capital Management | 5.23% | Mar 31, 2026 |
| Wellington Management Group LLP | 5.2% | Mar 31, 2026 |
| Bank of Montreal | 4.55% | Mar 31, 2026 |
| Champlain Investment Partners, LLC | 3.6% | Dec 31, 2025 |
ETFs with the most weight in FRPT
| PSCC Invesco S&P SmallCap Consumer Staples ETF | 10.1% |
| PAWZ ProShares Pet Care ETF | 9% |
| RZG Invesco S&P SmallCap 600® Pure Growth ETF | 1.12% |
| NUSC Nuveen ESG Small-Cap ETF | 0.42% |
| BKWO BNY Mellon Women's Opportunities ETF | 0.42% |
| JHSC John Hancock Multifactor Small Cap ETF | 0.34% |
| IJR iShares Core S&P Small-Cap ETF | 0.33% |
| TMFX Motley Fool Next Index ETF | 0.24% |
What could go wrong
- Sales depend on in-store Freshpet Fridges. Freshpet's food sells from its own branded refrigerators inside retailers' stores. Losing fridge space, fridge breakdowns, or harm to the fridges' reputation could cut sales, as could losing a major retailer or distributor.
- Contamination or recall could hurt the brand. Recipes use real meat and no preservatives. Contaminated ingredients, or claims its food caused illness or was mislabeled, could force recalls, bring lawsuits and damage trust. Animal disease outbreaks could also disrupt ingredient supplies.
- Costly factory expansion strains cash. Growth depends on adding production lines, including remaining phases at its Ennis, Texas plant. Free cash flow (cash left after capital spending) was negative from 2020 to 2024 and only $12.4 million in 2025.
- Fierce competition and pressure on prices. Freshpet competes in a crowded U.S. pet food industry worth more than $56 billion. If rivals win shoppers or Freshpet cannot hold or raise its prices, sales and profits could suffer.
- Debt and new shares could dilute owners. Debt of $398.4 million exceeded cash and investments of $350.8 million as of June 30, 2026, and the company expects to need more capital. Shares outstanding rose 10.8% from November 2021 to July 2026.
- Sharp swings when results miss expectations. Quarterly results can disappoint analysts and send the price sharply lower. The shares fell about 59% in calendar 2025, and the deepest drop from a peak has been 79%, as of October 28, 2026.
Recent events
- Executive or board change
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Executive or board change
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Freshpet pays no dividend and did not buy back shares in fiscal years 2021 through 2025. Income investors would get no cash payouts; any return depends on the share price rising. The share count grew about 10.8% between November 5, 2021, and July 31, 2026, shrinking each owner's slice of the company. Free cash flow (cash left after running the business and buying equipment) was just $12.4 million in 2025 after five straight negative years, leaving little to return to owners.
The price has fallen hard in downturns. In the 2020 COVID crash it dropped 42.7% between February 19 and March 16, 2020, then regained its peak by April 27. In the 2022 market decline it fell 65.9% from April 19 to September 8, 2022, and did not regain that high until March 21, 2024. It lost about 59% in calendar 2025. Any single stock carries more risk than a diversified fund that spreads money across many companies.
Questions investors ask
How does Freshpet make money?
Freshpet makes money by selling fresh, refrigerated dog food, cat food and dog treats to retailers, which stock them in Freshpet-branded fridges inside their stores. It sells through grocery, mass-market, pet specialty, club, online and international channels, with the vast majority of sales in the U.S. Revenue was $1.10 billion in 2025, up 13% from 2024. As of December 31, 2025, about 15.2 million U.S. households bought its products.
Does Freshpet pay a dividend?
No. Freshpet pays no dividend and spent nothing on share buybacks (repurchases of its own stock) in fiscal years 2021 through 2025. Its annual report says developing the business requires significant capital, and its growth plan includes expanding its Freshpet Kitchens plants. The share count did not shrink. It rose about 10.8% between November 5, 2021, and July 31, 2026. Any return to shareholders comes only from changes in the share price.
Is Freshpet profitable?
Yes. After net losses every year from 2020 through 2023, Freshpet earned $46.9 million in 2024 and $139.1 million in 2025, or $2.64 per diluted share. The 2025 profit was larger than operating income (profit from the core business) of $75.7 million, so items outside day-to-day operations added to earnings. In the quarter ended June 30, 2026, net income was $19.5 million, up 19.1% from a year earlier. Free cash flow (cash left after capital spending) turned positive in 2025, at $12.4 million.
How volatile is Freshpet stock?
Very volatile. Calendar-year returns have ranged from a gain of about 140% in 2020 to a loss of about 59% in 2025. As of October 28, 2026, the shares had fallen as much as 79% from a peak over about 12 years of price history. They lost 16.2% a year over five years but gained 22.7% a year over 10 years. The stock may suit only investors who can live with steep, lasting drops.
How much debt does Freshpet have?
Freshpet had $398.4 million of total debt and $350.8 million of cash and investments as of June 30, 2026, leaving net debt of about $47.6 million. That is small next to shareholders' equity (the book value of what owners hold) of $1.24 billion. The company has raised money through convertible notes, which are bonds that can turn into shares. It says it expects to need more capital. Future share sales, or notes converting into stock, could dilute existing owners.