Credit and interest ratesnegative · 5 filings
“The decrease was primarily driven by higher capitalized interest in the period, partially offset by an increase in interest expense related to a finance lease liability.”10-Q · Aug 5, 2026 ↗
Freshpet, Inc.
FRPT
Market read
Freshpet, Inc.'s current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 2 directly disclosed connections are confirming.
What changed
- Revenue increased 15.5% versus the comparable filing period.
Company-2.3% todayVolume comparison unavailable
Market group0 of 1 activePet Food · unavailable
Disclosed network0 of 2 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- Freshpet says 2026 capital spending reflects moderation in demand and operational efficiencies, alongside current volume gains.
- Reported capital expenditures tied to manufacturing expansion and related projects (includes Freshpet Kitchens, fridges, plant recurring capex).
Invalidation: The isolated read changes if FRPT's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 2 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 15.5% versus the comparable filing period.
- Net income increased 19.1% versus the comparable filing period.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- Freshpet says 2026 capital spending reflects moderation in demand and operational efficiencies, alongside current volume gains.
- Reported capital expenditures tied to manufacturing expansion and related projects (includes Freshpet Kitchens, fridges, plant recurring capex).
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations328
Usable filing statements129
Verified relationships2
Evidence supporting the case
- Latest annual revenue changed +13.0% year over year.
- Operating margin changed +3.0 percentage points in the latest annual period.
- Net margin changed +7.8 percentage points in the latest annual period.
- Material customer WMT most recently reported revenue +6.9% year over year.
Evidence challenging the case
- Diluted shares increased 11.5% in the latest annual period.
- Credit and interest rates has repeated adverse evidence across 5 filings.
- Demand and volume has repeated adverse evidence across 5 filings.
Questions before a position
- EV/sales is 121% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 11, 2026
63.766m-18.3%12m+19.4%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$425.5M+33.5%$-0.69+8.0%
2022-12-31$595.3M+39.9%$-1.29+7.6%
2023-12-31$766.9M+28.8%$-0.70+4.3%
2024-12-31$975.2M+27.2%$0.93+4.3%
2025-12-31$1.1B+13.0%$2.64+11.5%
What management says matters
Persistent and emerging business drivers
Demand and volumenegative · 5 filings
“The Company reduced its capital expenditures for manufacturing expansion during 2025, with the 2026 capital expenditures forecast similarly reflecting both a moderation in demand and significant operational efficiencies.”10-Q · Aug 5, 2026 ↗
Capital investment and capacitynegative · 3 filings
“This was partially offset by: • $57.3 million of capital expenditures related to Freshpet Kitchens, plant recurring capital expenditures, expenditures relating to investment in fridges, and other capital spend.”10-Q · Aug 5, 2026 ↗
Tariffs and trade policymixed · 1 filings
“Any new or increased tariffs or resultant trade wars could have an adverse effect on us or on our suppliers, distributors or customers, which could lead to significant increases in the costs of materials and services, resulting in product cost increases and r…”10-K · Feb 23, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 3.2× · EV/sales 3.0×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
63.76-2.3% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for FRPT. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment
Fundamentals strengthened in the latest filing
10-Q filed 2026-08-05 against the comparable filing from 2025-08-04.
OperationsconstructiveEvidence score +3
liquidityneutralEvidence score 0
valuationmixed
Capital and cash conversion
Cash conversion improved
Capital-spending intensity declined while free-cash-flow margin improved.
- Capital spending YoY
- -4.4%
- Capital spending / revenue
- +9.5%
- Free-cash-flow margin
- +4.5%
- FCF margin change
- +8.6 pts
Capex, revenue, and operating cash flow are matched to the same reported duration. Reported accounting context, not a forecast or trading recommendation.
What improved
- Revenue increased 15.5% versus the comparable filing period.
- Net income increased 19.1% versus the comparable filing period.
What weakened
No thresholded deterioration was identified.
Filing receipts
“Net Income Net income increased $64.3 million to net income of $68.0 million for the six months ended June 30, 2026 as compared to $3.7 million in the prior year period, primarily due to the gain on equity investment, contributions from higher sales, and decreased non-recurring SG&A charges, partially offset by increases in logistics costs, variable compensation accrual and income tax expense.”
“The net sales increase was primarily driven by volume gains of 15.7%, partially offset by unfavorable price/mix of 0.2%.”
“The net sales increase was primarily driven by volume gains of 15.1%, partially offset by unfavorable price/mix of 0.8%.”
Historical filing backfill generated after the original filing window. It is not part of Jodie's live track record.
Business ecosystem
The relationships behind FRPT
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
WMT25.0% of FRPTcustomerFeb 23, 2026 ▾
“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.”
COST10.0% of FRPTcustomerFeb 23, 2026 ▾
“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.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 3 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
FRPT is currently a Leader in the organic co-movement group Pet Food. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 2 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for FRPT; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.