Freshpet, Inc. (FRPT) intrinsic value & 10-year financials
Freshpet, Inc. (FRPT) has a Graham intrinsic value of $87.69 per share. At $66.63 on Oct 17, 2026, the stock trades 24% below that value. Over the last 10 fiscal years revenue grew 26.8% a year to $1.1B, with an average return on invested capital of -1.2%.
- Graham intrinsic value
- $87.69
- Share price (Oct 17, 2026)
- $66.63
- Price vs Graham value
- 24% below
- Market cap
- $3.7B
- Revenue (FY2025)
- $1.1B
- Revenue growth (10-yr CAGR)
- 26.8%
- ROIC (10-yr avg)
- -1.2%
- Free cash flow (FY2025)
- $12.4M
FRPT 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.1B | $139.1M | $2.64 | $12.4M | 6.9% | 8.2% |
| FY2024 | $975.2M | $46.9M | $0.93 | -$32.8M | 3.9% | 5.0% |
| FY2023 | $766.9M | -$33.6M | -$0.70 | -$163.2M | -4.0% | -3.8% |
| FY2022 | $595.3M | -$59.5M | -$1.29 | -$273.3M | -8.7% | -6.7% |
| FY2021 | $425.5M | -$29.7M | -$0.00 | -$321.5M | -5.8% | -5.0% |
| FY2020 | $318.8M | -$3.2M | -$0.00 | -$113.4M | -0.6% | -0.7% |
| FY2019 | $245.9M | -$1.4M | -$0.00 | -$54.3M | -0.1% | -0.1% |
| FY2018 | $193.2M | -$5.4M | -$0.00 | $2.3M | -2.5% | -4.3% |
| FY2017 | $152.4M | -$4.3M | -$0.00 | -$2.7M | -1.8% | -2.4% |
| FY2016 | $129.7M | -$3.2M | -$0.00 | -$17.2M | -1.7% | -2.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Freshpet, Inc. is a consistent compounder, expanding top-line revenue at 26.8% annually over the past decade.
Freshpet, Inc. has historically struggled to out-earn its cost of capital, averaging just -1.2% ROIC.
Over the decade, Freshpet, Inc. shows that management has aggressively returned capital to shareholders by retiring 99.8% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Freshpet, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $87.69 per share.