FRPT
Freshpet, Inc.
Consumer Staples • CIK: 0001611647
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Market Cap
$2.69B
P/E (TTM)
21.7x
Rev Growth (TTM)
+16.3%
Net Margin (TTM)
11.4%
FCF Yield (TTM)
0.1%
FCF Margin (TTM)
0.2%
Cash Flow Health
Free Cash Flow3/8 positive
TTM$2M
Q3 '25
$32M+6992%
Q2 '25
$445000+102%
FCF Margin
TTM0.2%
Q3 '2510.9%+6399%
Sector: 6.9%Below Avg
OCF Margin14.4%
OCF/NI1.26x
CapEx Coverage1.0x
FCF Yield0.1%
FCF Growth (2Y)–
Cash Conversion Cycle
45 days
DSO: 22+DIO: 46−DPO: 22
Capital Allocation & Returns
Total Shareholder Yield
TTM0.0%
Div Yield0.0%
Insufficient data
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$2.4M
Capital Return / FCF0.0%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
16.7%
Moderate
+2.8% YoY+23.8%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
12.6%
8Q: 5.7%
Asset Turnover
0.67x
8Q: 0.66x
Leverage (1+D/E)
1.00x
D/E: 0.00x
DuPont: 8.5% ≈ 16.7% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
1.00x
8Q:0.97x
+13.8%
Invested Cap Turn
1.33x
8Q:1.35x
-34.4%
CapEx Intensity
18.9%
8Q:22.3%
CapEx/Depreciation
1.87x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $1.1B | $288.8M↑9.1% | $264.7M↑0.5% | $263.2M↑0.2% | $262.7M↑3.7% | $253.4M↑7.7% | $235.3M↑5.1% | $223.8M↑3.9% | $215.4M |
Operating Income | $50.6M | $24.9M↑39.9% | $17.8M↑254.9% | $-11.5M↓159.3% | $19.4M↑62.7% | $11.9M↑780.5% | $-1.8M↓120.7% | $8.5M↓43.2% | $14.9M |
Net Income | $123.4M | $101.7M↑521.6% | $16.4M↑228.8% | $-12.7M↓170.1% | $18.1M↑52.3% | $11.9M↑802.2% | $-1.7M↓109.1% | $18.6M↑21.7% | $15.3M |
Operating Cash Flow | $155.8M | $66.8M↑97.0% | $33.9M↑604.9% | $4.8M↓90.5% | $50.4M↓10.2% | $56.1M↑32.3% | $42.4M↑684.6% | $5.4M↓85.4% | $37.0M |
Free Cash Flow | $2.4M | $31.6M↑6992.1% | $445.0K↑102.1% | $-21.7M↓174.7% | $-7.9M↓135.8% | $22.1M↑473.4% | $-5.9M↑85.6% | $-41.1M↓1.5% | $-40.5M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
21.7x
Valuation Lenses
Earnings
21.7x
vs – sector
Cash Flow
1877.3x
EV/FCF vs –
Growth-Adj
0.1xPEG
Undervalued for growth
Quality-Adj
1.3P/E per %ROIC
ROIC: 16.7%
Shareholder Returns
Dividend
–
Buyback
–
Total Yield
–
Market Cap$2.69B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
74/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
11.5%
8Q:–
Return on Invested Capital (ROIC)Top 25%
16.7%
8Q:–
+23.8%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 12.6%
Asset Turnover: 0.67x
Earnings Quality
Cash Conversion
1.26x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin40.6%
Capital Efficiency
Invested Capital Turnover1.33x
Working Capital
Cash Conversion Cycle45 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
66/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
16.3%
OpInc Growth YoY
109.1%
EPS Growth YoY
154.4%
FCF 3Y CAGR
N/A
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
40.6%
Operating
4.7%
Below Avg in sector
Net
11.4%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-11.2 pts
FCF: 0.2% | Net: 11.4%
FCF margin lags net margin by 11.2 pts
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $274.59M
Interest Coverage
–
+Net cash position: $274.59M
Leverage Metrics
Debt-to-Equity
0.00x
Balance sheet risk & solvency analysis