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Freshpet

FRPT on Nasdaq. Freshpet sells fresh dog and cat food to pet owners. Market value $2.9bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Everyday goods stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
2.0%low

For every $100 of what the whole company costs, it produced $2.02 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: 44 of 100. Price score: 61 of 100. Our list needs 70 on quality and 60 on price.

$62.77 a share, 35% above its 1-year low

Over the past year the price has ranged from $46.45 to $86.00.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.3
-0.3
-0.2
-0.0
0.0
0.1
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: $61 million in the past 12 months, $12 million in the year to December 2025.

Revenue
$425m$595m$767m$975m$1.1bn
Operating margin
-5.8%-8.7%-4.0%3.9%6.9%
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.05bn0.05bn0.05bn0.05bn0.05bn

Health checks

  • Free cash flow positive1 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)7 of 8 checks we could run
  • Profit backed by cash (accruals)Yes
  • DebtUnknown
  • Revenue growth, five yearsStrong, 28.2% a year
  • Buying back its own sharesRoughly flat

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $306 million last quarter, up 15% on a year ago.
  • Profit: $19 million, up 19% on a year ago.
  • It keeps 8 cents of each $1 of sales as operating profit, up from 4 cents a year earlier.
  • Spare cash over the past 12 months: $61 million. A year earlier it spent $7 million more than it brought in.
  • 11% more shares than a year ago. Each share owns a bit less of the company.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$253m
December 2024$263m
March 2025$263m
June 2025$265m
September 2025$289m
December 2025$285m
March 2026$298m
June 2026$306m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$12m
December 2024$18m
March 2025-$13m
June 2025$16m
September 2025$102m
December 2025$34m
March 2026$49m
June 2026$19m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
23 February 2026
Next quarterly (estimated, 10-Q)
4 November 2026

Who owns it

3 long-term investors we follow own it, up from 2 last quarter. 316 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

7 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 6 insiders bought $572,944 of shares on the open market. 2 sold $37m, $33m of it under preset trading plans.

  • GEORGE WALTER N.
    Director
    Bought
    Date
    14 September 2026
    Shares
    1,000
    Price
    $64.92
    Value
    $64,920
  • Cyr William B.
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    26 August 2026
    Shares
    39,664
    Price
    $74.72
    Value
    $3m
  • Cyr William B.
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    24 August 2026
    Shares
    43,960
    Price
    $75.85
    Value
    $3m
  • Cyr William B.
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    21 August 2026
    Shares
    43,945
    Price
    $73.90
    Value
    $3m
  • Cyr William B.
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    19 August 2026
    Shares
    44,078
    Price
    $74.72
    Value
    $3m
  • Cyr William B.
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    17 August 2026
    Shares
    44,067
    Price
    $72.83
    Value
    $3m
  • Cyr William B.
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    14 August 2026
    Shares
    44,069
    Price
    $72.90
    Value
    $3m
  • Cyr William B.
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    22 May 2026
    Shares
    46,814
    Price
    $51.04
    Value
    $2m
  • Cyr William B.
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    20 May 2026
    Shares
    47,582
    Price
    $47.88
    Value
    $2m
  • BREWSTER DARYL G
    Director
    Bought
    Date
    20 May 2026
    Shares
    211
    Price
    $47.52
    Value
    $10,027

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the serious warning signs we check for were found. 1 thing worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 23 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 4 later 8-Ks.

  • One big customer

    Worth knowing

    One customer brings in a big share of sales: 25% last year. Losing that customer would hurt.

    “In 2025, our largest distributor by net sales accounted for less than 10% of our net sales and our largest customers, Walmart and Costco, accounted for 25% and 10% of our net sales, respectively.”

    From the 10-K filed 23 February 2026, Item 1. Business. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.