Freshpet, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Freshpet, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	133	156	193	246	319	425	595	767	975	1,102
Cost of revenue	69.3	79.9	103	132	186	263	409	516	579	652
Gross profit	60.4	72.4	90	114	133	162	186	251	396	450
Research and development	0.47	0.28	0.5	1.2	0.8
Selling, general and administrative	62.6	75.2	94.9	114	135	187	238	281	358	374
Operating income	-2.21	-2.75	-4.89	-0.25	-2	-24.7	-52	-30.4	38	75.7
Interest expense	0.7	0.91	0.3	0.99	1.21	2.88	5.21	14.1	12.3	14.1
Other non-operating income	-0.88	-1.44	-0.4	-0.99	-1.13	-2.87	-3.5	-1.07	9.52	-4.9
Pre-tax income	-3.09	-4.19	-5.28	-1.24	-3.12	-27.5	-55.5	-31.5	47.5	70.8
Income tax	0.07	0.08	0.08	0.14	0.07	0.16	0.28	0.21	0.6	-68.4
Net income	-3.16	-4.26	-5.36	-1.38	-3.19	-29.7	-59.5	-33.6	46.9	139
EBITDA	7.67	9.94	8.91	15.3	18.8	4.8	-17.7	27.7	107	162
EPS, basic	-0.09	-0.12	-0.15	-0.04	-0.08	-0.69	-1.29	-0.70	0.97	2.85
EPS, diluted	-0.09	-0.12	-0.15	-0.04	-0.08	-0.69	-1.29	-0.70	0.93	2.64
Shares, basic (weighted)	33.7	34.5	35.3	0.04	39.8	42.9	46.2	48.2	48.5	48.8
Shares, diluted (weighted)	33.7	34.5	35.3	0.04	39.8	42.9	46.2	48.2	50.3	56

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	3.91	2.18	7.55	9.47	67.2	72.8	133	297	269	278
Short-term investments				0		0	20	0	0
Receivables	8.89	12.7	12.3	18.6	18.4	34.8	57.6	56.8	68.4	63.8
Inventory	5.4	10.1	9.32	12.5	19.1	35.6	58.3	63.2	80.8	76.8
Other current assets	0.3	0.73	0.68	10.5	0.91	1.35	3.59	2.84	3.13	7.4
Total current assets	19.2	27	31	54.3	109	150	262	427	437	436
Property, plant and equipment	101	101	102	165	281	584	801	979	1,066	1,139
Lease right-of-use assets				9.15	7.87	6.54	5.17	3.62	3.37	66.4
Other non-current assets	2.09	1.97	2.18	3.76	4.75	13.7	28.4	28.9	34.2	34.6
Total assets	126	134	140	236	434	784	1,125	1,464	1,575	1,778
Accounts payable	6.88	9.17	9.17	18.7	16.5	42.6	55.1	36.1	39.2	42.4
Accrued liabilities	4.53	7.52	9.05	22.1	15.4	15	33	49.8	56.3	31.6
Deferred revenue		0.26	0.65	0.64	0.5	0.83	0.66	1.23	0.74
Short-term debt	7	0	0	54.5		0
Total current liabilities	18.7	16.7	18.2	42	33.1	58.9	89.6	89.2	98.9	78.6
Long-term debt				54.5	0	0
Lease liabilities				8.41	7.1	5.71	4.2	2.59	2.21	65
Other non-current liabilities		0.3	0.27
Total liabilities	18.7	17	18.5	105	40.2	64.7	93.8	511	520	569
Total debt				54.5	0	0
Paid-in capital	299	313	323	334	600	956	1,326	1,283	1,338	1,351
Retained earnings	-192	-196	-201	-203	-206	-236	-295	-329	-282	-143
Treasury stock			-0.26	-0.26	-0.26	-0.26	-0.26	-0.26	-0.26	-0.26
Other comprehensive income		0.08	-0.03	-0.08	-0.08	-0.12	1.37	-0.59	-0.79	0.33
Shareholders' equity	108	117	121	131	394	720	1,032	953	1,055	1,209
Total equity	108	117	121	131	394	720	1,032	953	1,055	1,209
Total liabilities and equity	126	134	140	236	434	784	1,125	1,464	1,575	1,778
Shares outstanding	34	35.1	35.5	36.1	40.7	43.4	48	48.3	48.7	49

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-3.16	-4.26	-5.36	-1.38	-3.19	-29.7	-59.5	-33.6	46.9	139
Depreciation and amortization	9.89	12.7	13.8	15.6	20.8	29.5	34.3	58.2	69.5	86.4
Stock-based compensation	4.19	4.44	6.81	7.83	10.9	25	26.1	24.9	51.8	13.9
Deferred income tax								0	0	-68.8
Change in receivables	-1.85	-3.85	0.41	-8.02	0.17	-16.4	-33	0.82	-12.2	-6.88
Change in inventory	1.57	-5.01	0.7	-3.34	-6.81	-16.8	-26.2	-1.21	-15.5	3.82
Change in payables	0.85	2.68	0.2	2.78	-5.92	15	-3.06	3.54	12.5	1.31
Cash from operations	12.8	10.3	18.6	16.3	21.2	0.65	-43.2	75.9	154	161
Capital expenditures	-30	-13	-16.3	-70.6	-135	-322	-230	-239	-187	-148
Purchases of investments			0	0	-20	0	-19.8	-113	0	0
Cash from investing	-26.7	-13	-16.3	-70.6	-162	-322	-233	-239	-187	-148
Stock issued	2.77	8.28	3.33	4.46	5.44	2.27	0.47	4.52	9.14	2.11
Share buybacks			-0.26
Cash from financing	9.77	1.01	3.07	56.2	199	327	337	327	4.57	-3.04
Net change in cash	-4.12	-1.72	5.37	1.92	57.8	5.54	59.9	164	-28.2	9.34
Free cash flow	-17.2	-2.73	2.3	-54.3	-113	-321	-273	-163	-32.8	12.4
Interest paid	0.45	0.52	0.18	0.52	1.06	1.73	3.15	9.3	10.2	11.5
Income taxes paid	0.08	0.06	0.07	0.01	0.09	0.18	0.3	0.31	0.19	0.91

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $57.91 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	41.4%	Gross profit / revenue.
Operating margin	8.1%	Operating income / revenue.
EBITDA margin	16.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	13.4%	Pre-tax income / revenue.
Net margin	17.3%	Net income / revenue.
FCF margin	5.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	17.6%	Cash from operations / revenue.
Effective tax rate	-28.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	16.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	11.2%	Net income / average total assets.
Return on invested capital (ROIC)	8.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	33.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	12.4%	Capital expenditures / revenue.
D&A / revenue	7.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	13.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	22.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	28.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	13.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	34.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	27.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	99.1%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	50.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	53.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	196.5%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	183.9%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	4.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	49.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	14.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	25.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	12.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	16.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	32.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	11.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	6.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	7.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	6.05x	Current assets / current liabilities.
Quick ratio	4.87x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	4.10x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	31.7%	Total liabilities / total assets.
Interest coverage	6.82x	Operating income / interest expense.
Working capital	$431.5M	Current assets - current liabilities.
Tangible book value	$1.24B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.65x	Revenue / average total assets.
Fixed asset turnover	1.03x	Revenue / average property, plant and equipment.
Inventory turnover	7.96x	Cost of revenue / average inventory.
Days inventory	46 days	365 x average inventory / cost of revenue.
Receivables turnover	18.0x	Revenue / average receivables.
Days sales outstanding	20 days	365 x average receivables / revenue.
Days payables	19 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	47 days	Days inventory + days sales outstanding - days payables.
FCF conversion	30.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	70.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.65	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$21.09	Revenue / diluted weighted shares.
FCF per share	$1.09	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.70	Cash from operations / diluted weighted shares.
Book value per share	$25.45	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$25.45	Tangible book value / shares outstanding.
Cash per share	$7.21	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.78B	Share price x shares outstanding.
Enterprise value	$2.43B	Market cap + total debt - cash - short-term investments.
P/E	13.7x	Market cap / net income. Only when net income is positive.
P/S	2.36x	Market cap / revenue.
P/B	2.25x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.25x	Market cap / tangible book value, when positive.
P/FCF	45.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.5x	Market cap / cash from operations, when positive.
EV/Sales	2.07x	Enterprise value / revenue.
EV/EBIT	25.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	39.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.2%	Free cash flow / market cap.
Earnings yield	7.3%	Net income / market cap (the inverse of P/E).

What was Freshpet, Inc.'s revenue in fiscal 2025?

Freshpet, Inc. reported revenue of $1.10B for fiscal 2025, 13% higher than the year before.

Was Freshpet, Inc. profitable in fiscal 2025?

Yes. Net income was $139.1M, a net margin of 12.6%.

How much free cash flow did Freshpet, Inc. generate in fiscal 2025?

Cash from operations of $160.6M minus capital expenditures of $148.2M left free cash flow of $12.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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