FRPT
Freshpet, Inc.
FRPT's fundamentals are strong: its operating margin rose 4 points to 8.8% and free cash flow grew more than tenfold. Its PE of 25x looks cheaper than it really is, because one-off gains boosted its recent earnings. Analysts expect strong earnings growth.
FRPT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Healthy | |
| Strong |
FRPT's revenue, profitability, cash flow and balance sheet are all currently healthy.
FRPT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 22x | $55.74 | -14% |
| Current | 25x | $64.63 | — |
| Forward | 35x | $64.63 | — |
| Fair | 155x | $402 | +523% |
| Expensive | 1,025x | $2,655 | +4008% |
Historical ranges are pointers, not guarantees.
FRPT's PE is in its cheap range at 25x, but its recent earnings include one-off gains. On analysts' estimates for next year's earnings, today's price would be 35x, in its fair range.
FRPT Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for FRPT, with profitability improving.
FRPT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.83 | -29% |
| Q3 2026 | $2.59 | +14% |
| Q2 2026 | $3.87 | +486% |
| Q1 2026 | $3.81 | +1170% |
| Q4 2025 | $2.64 | +184% |
| Q3 2025 | $2.28 | +153% |
| Q2 2025 | $0.66 | +29% |
| Q1 2025 | $0.30 | +58% |
| Q4 2024 | $0.93 | +$1.63 |
FRPT's earnings per share have climbed steadily: $2.59 over the past year, up 14% from the year before, and higher year over year for 13 quarters in a row. Its recent earnings include one-off gains.
FRPT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $317.8M | +10% |
| Q2 2026 | $305.6M | +15% |
| Q1 2026 | $297.6M | +13% |
| Q4 2025 | $285.2M | +8.6% |
| Q3 2025 | $288.8M | +14% |
| Q2 2025 | $264.7M | +13% |
| Q1 2025 | $263.2M | +18% |
| Q4 2024 | $262.7M | +22% |
FRPT's revenue has grown year over year every quarter since late 2020: $318M last quarter, up 10% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 11% | +2.4 points |
| Q2 2026 | 7.1% | +0.4 points |
| Q1 2026 | 1.5% | +5.8 points |
| Q4 2025 | 16% | +8.2 points |
| Q3 2025 | 8.6% | +3.9 points |
| Q2 2025 | 6.7% | +7.5 points |
| Q1 2025 | -4.4% | -8.2 points |
| Q4 2024 | 7.4% | +0.5 points |
FRPT's operating margin was 11% last quarter, up 2.4 points from the same quarter a year ago, near the top of its range since 2019.
FRPT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $37.8M | +20% |
| Q2 2026 | $14.7M | +3203% |
| Q1 2026 | $12.7M | +$34.4M |
| Q4 2025 | $2.1M | +$10M |
| Q3 2025 | $31.6M | +43% |
| Q2 2025 | $445K | +$6.4M |
| Q1 2025 | -$21.7M | +$19.4M |
| Q4 2024 | -$7.9M | +$32.6M |
FRPT has burned cash in most quarters: $67M over the past year, more than ten times what it generated the year before.
FRPT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.9% | -1.1M shares |
| 1 year | -2% | -1.1M shares |
| 3 years | +14% | +6.5M shares |
| 5 years | +32% | +13.1M shares |
| Available history | +52% | +18.8M shares |
FRPT has 55M diluted shares, down 2% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $47.9M |
FRPT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.8x | Net Cash |
| Q2 2026 | -1.9x | Net Cash |
| Q1 2026 | -2.1x | Net Cash |
| Q4 2025 | -1.7x | Net Cash |
| Q3 2025 | -2.1x | Net Cash |
| Q2 2025 | -2.1x | Net Cash |
| Q1 2025 | -2.6x | Net Cash |
| Q4 2024 | -2.5x | Net Cash |
FRPT has more cash than debt.
FRPT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 51.5 | Neutral |
| Stochastic | 45.0 | Neutral |
FRPT's weekly RSI is 52 (neutral) and its Stochastic is 45 (neutral).
FRPT PE vs Consumer Defensive Sector
| Metric | FRPT | Sector median | Relative |
|---|---|---|---|
| PE | 25x | 19x | 28% above |
| PE % | 22 | 18 | 4 pts above |
FRPT is trading at 25x earnings, a 28% premium to the Consumer Defensive sector's median of 19x, though its recent earnings include one-off gains.
FRPT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $63.7 | 1.5% above |
| 20 week MA | $63.7 | 1.5% above |
| 50 week MA | $63.5 | 1.7% above |
| 100 week MA | $73.7 | 12% below |
| 200 week MA | $84.4 | 23% below |
FRPT has bounced recently, but its long-term trend is still down: it's above its 8-, 20- and 50-week averages, but 23% below its 200-week average.
FRPT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $59.0 | $143.3 | +143% |
| 2021 | $143.3 | $93.1 | -35% |
| 2022 | $93.1 | $51.5 | -45% |
| 2023 | $51.5 | $86.8 | +68% |
| 2024 | $86.8 | $146.4 | +69% |
| 2025 | $146.4 | $64.2 | -56% |
| 2026 YTD | $64.2 | $64.6 | +0.7% |
FRPT's yearly returns have swung widely, from +143% in 2020 to −56% in 2025. It's up 0.7% so far in 2026.