# Freshpet, Inc. (FRPT) — Stock CV

Freshpet, Inc. is a $3.08B consumer staples company. Revenue grew 12.8% over the last year, it keeps 17¢ of every dollar of sales as profit, and its net debt equals ~3.6 years of free cash flow. It trades at 15.1× earnings — in the cheapest third of its own history.

> Freshpet produces and sells premium fresh pet food through its company-owned refrigerators placed in grocery, mass and club, pet specialty, and natural stores. Freshpet primarily targets dogs (likely representing well north of 90% of sales), with cats and treats nascent contributors.

## Identity

- **Ticker**: FRPT
- **Sector**: Consumer Defensive
- **Industry**: Grain Mill Products
- **Headquarters**: BEDMINSTER, NJ
- **Employees**: 1 288
- **Website**: https://www.freshpet.com
- **Market cap**: $3.08B
- **Last price**: $64.07
- **Financial profile**: Strong

## Vitals (TTM)

- **Revenue**: $1.18B
- **Net income**: $203M
- **Free cash flow**: $61.0M
- **Net debt**: $217M
- **P/E**: 15.1
- **Revenue growth (YoY)**: 12.8%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 55 |
| Growth | 25 |
| Profitability | 64 |
| Health | 80 |
| Quality | 62 |
| Moat | 13 |

## Qualifications (beginner checklist) — 8 of 10 passed

- [x] Revenue growing — +12.8% YoY
- [x] Profitable — $203M TTM
- [x] Profit growing — +196.5% YoY
- [x] Generates cash — $61.0M TTM
- [x] Debt under control — ~3.6y of cash flow to repay
- [x] Established company — $3.08B market cap
- [ ] Not printing shares — +40.9% shares over ~5y
- [ ] Proven track record — 2/10 profitable years
- [x] Financially stable — Altman Z 4.3 — safe
- [x] Valuation not extreme — P/E 15.1

## Experience (career milestones)

- **FY2025** — Revenue crossed $1B: $1.10B for the year
- **FY2025** — Best year on record: $139M net income
- **FY2024** — Turned profitable: $46.9M net income after a loss year
- **FY2017** — Became debt-free: cash now exceeds total debt
- **2014** — Freshpet went public on the NASDAQ in November 2014, raising $164 million in its IPO with a market capitalization of…
- **2006** — Freshpet was founded in Secaucus, New Jersey, in 2006 by Scott Morris, Cathal Walsh

## Strengths

- High gross margin (41.4%)
- Revenue growing 12.8% year over year
- Interest covered 6.0× by operating earnings
- Piotroski F-Score 7/9 — fundamentally strong checklist
- Altman Z-Score 4.35 — low bankruptcy-risk zone

## Watch-outs

- Loss-making in 8 of the recent years

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $425M | -$29.7M | -$321M |
| FY2022 | $595M | -$59.5M | -$273M |
| FY2023 | $767M | -$33.6M | -$163M |
| FY2024 | $975M | $46.9M | -$32.8M |
| FY2025 | $1.10B | $139M | $12.4M |

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Source: https://stockcv.com/FRPT — derived from company filings; may be delayed or incomplete. Information, not investment advice.