Freshpet, Inc. (FRPT) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-120.2%

-$14.07

vs $69.62 price

Levered DCF

-$13.01

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.73

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	21.38×	152.69×	-123.94×	-40.91×	-138.07×	-1,774.88×	-1,477.25×	-214.4×
P/B	2.46×	6.8×	4.38×	2.36×	5.68×	14.32×	16.18×	9.35×
P/S	2.7×	7.36×	5.45×	4.09×	9.61×	17.71×	8.64×	5.88×
EV / EBITDA	18.64×	55×	104.79×	-147×	691.71×	290.74×	139.01×	124.3×
Gross margin	38.6%	40.6%	32.7%	31.2%	38.1%	41.7%	46.4%	46.6%
Operating margin	8.6%	3.9%	-4.0%	-8.7%	-5.8%	-0.6%	-0.1%	-2.5%
Net margin	12.6%	4.8%	-4.4%	-10.0%	-7.0%	-1.0%	-0.6%	-2.8%
Current ratio	5.54×	4.42×	4.79×	2.92×	2.55×	3.29×	1.29×	1.7×
Debt / equity	0.46×	0.4×	0.45×	0.01×	0.01×	0.02×	0.49×	0×
Interest coverage	6.73×	3.1×	-2.16×	-9.98×	-8.56×	-1.65×	-0.26×	-16.49×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.5%	4.4%	-3.5%	-5.8%	-4.1%	-0.8%	-1.1%	-4.4%
Return on invested capital	5.6%	2.5%	-2.2%	-5.0%	-3.4%	-0.5%	-0.1%	-4.0%
Return on assets	7.8%	3.0%	-2.3%	-5.3%	-3.8%	-0.7%	-0.6%	-3.8%
Free cash flow yield	0.4%	-0.5%	-3.9%	-11.2%	-7.9%	-2.0%	-2.6%	0.2%
Earnings yield	4.7%	0.7%	-0.8%	-2.4%	-0.7%	-0.1%	-0.1%	-0.5%
Enterprise value	$3.3B	$7.3B	$4.3B	$2.3B	$4B	$5.6B	$2.2B	$1.1B
Net debt / EBITDA	1.62×	1.17×	3.12×	8.08×	-11.29×	-3.06×	3.48×	-0.83×
Cash conversion cycle (days)	40	52	46	38	20	26	11	24