Freshpet - Public Comps and Valuation Multiples

Freshpet Overview

About Freshpet

Freshpet produces and sells premium fresh pet food through its company-owned refrigerators placed in grocery, mass and club, pet specialty, and natural stores. Freshpet primarily targets dogs (96% of 2024 sales), with cats and treats comprising the rest of its sales. Geographically, the company’s home US market, where all its food is produced, accounts for about 98% of sales, with exports to Canada, the United Kingdom, and other European countries accounting for the remaining balance.

Founded

2004

HQ

Employees

1.3K+

Website

freshpet.com

Sectors

Pet Care
PetTech

Financials

LTM Revenue $1.1B

LTM EBITDA $188M

EV

$2.6B

Valuation Multiples

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Freshpet Financials

As of September 2025, Freshpet reported last 12-month revenue of $1.1B and EBITDA of $188M.

In the same period, Freshpet generated $473M in LTM gross profit and $53.7M in net income.

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Freshpet P&L

In the most recent fiscal year, Freshpet reported revenue of $975M and EBITDA of $133M.

Freshpet expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$1.1B	XXX	$975M	XXX	XXX	XXX
Gross Profit	$473M	XXX	$396M	XXX	XXX	XXX
Gross Margin	44%	XXX	41%	XXX	XXX	XXX
EBITDA	$188M	XXX	$133M	XXX	XXX	XXX
EBITDA Margin	17%	XXX	14%	XXX	XXX	XXX
EBIT	$61.2M	XXX	$38.0M	XXX	XXX	XXX
EBIT Margin	6%	XXX	4%	XXX	XXX	XXX
Net Profit	$53.7M	XXX	$46.9M	XXX	XXX	XXX
Net Margin	5%	XXX	5%	XXX	XXX	XXX
Net Debt	XXX	XXX	$127M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Freshpet including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $1.1B. EBITDA for the last twelve months was $188M. In the most recent fiscal year, Freshpet achieved $975M in revenue and $133M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$1.1B	Analyst estimates available to subscribers	$975M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$473M	Analyst estimates available to subscribers	$396M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	43.8% gross margin	Analyst estimates available to subscribers	40.6% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$188M	Analyst estimates available to subscribers	$133M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	17.4% EBITDA margin	Analyst estimates available to subscribers	13.7% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$61.2M	Analyst estimates available to subscribers	$38.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	5.7% EBIT margin	Analyst estimates available to subscribers	3.9% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$53.7M	Analyst estimates available to subscribers	$46.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	5.0% net profit margin	Analyst estimates available to subscribers	4.8% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$127M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Freshpet

This financial data table provides comprehensive performance metrics for Freshpet, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Freshpet generated $1.1B in revenue over the last twelve months.
The company achieved $188M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $473M.
Net income over the last twelve months reached $53.7M.

Fiscal Year Performance

In the most recent fiscal year, Freshpet reported $975M in total revenue.
Fiscal year EBITDA was $133M.
The company maintained a gross profit margin of 40.6% in the most recent fiscal year.
EBITDA margin for the fiscal year was 13.7%.
Net profit margin reached 4.8% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Freshpet. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Freshpet Stock Performance

Freshpet has current market cap of $2.4B, and EV of $2.6B.

Market Cap Evolution

Freshpet Stock Data

As of October 14, 2025, Freshpet's stock price is $48.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$2.6B	$2.4B	XXX	XXX	XXX	XXX	$1.09

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Freshpet Valuation Multiples

Freshpet's trades at 2.7x EV/Revenue multiple, and 19.6x EV/EBITDA.

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Freshpet Financial Valuation Multiples

As of October 14, 2025, Freshpet has market cap of $2.4B and EV of $2.6B.

Equity research analysts estimate Freshpet's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Freshpet has a P/E ratio of 44.0x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$2.4B	XXX	$2.4B	XXX	XXX	XXX
EV (current)	$2.6B	XXX	$2.6B	XXX	XXX	XXX
EV/Revenue	2.4x	XXX	2.7x	XXX	XXX	XXX
EV/EBITDA	13.9x	XXX	19.6x	XXX	XXX	XXX
EV/EBIT	42.7x	XXX	68.7x	XXX	XXX	XXX
EV/Gross Profit	5.5x	XXX	n/a	XXX	XXX	XXX
P/E	44.0x	XXX	50.3x	XXX	XXX	XXX
EV/FCF	-86.5x	XXX	-79.6x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Freshpet Margins & Growth Rates

Freshpet's last 12 month revenue growth is 12%

Freshpet's revenue per employee in the last FY averaged $0.8M, while opex per employee averaged $0.3M for the same period.

Freshpet's rule of 40 is 18% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Freshpet's rule of X is 48% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Freshpet Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	12%	XXX	13%	XXX	XXX	XXX
EBITDA Margin	17%	XXX	14%	XXX	XXX	XXX
EBITDA Growth	21%	XXX	118%	XXX	XXX	XXX
Rule of 40	18%	XXX	26%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	48%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.8M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	37%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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