The company sells its products through a network of company-owned branded refrigerators, the Freshpet Fridges, as well as through various classes of retail, including grocery, mass, club, pet specialty, and natural, as well as online. Freshpet primarily targets dogs (96% of 2024 sales), with cats and treats comprising the rest of its sales. As of November 2025, the company is focused on strong profitability, having updated its full-year guidance to expect Adjusted EBITDA in the range of $190 million to $195 million, with expectations to be free cash flow positive for the entire fiscal year 2025.
Cyborg Score Rationale
Freshpet's 25.6% annualized revenue growth over the last three years was exceptional as consumers bought more of its products. Freshpet's average quarterly volume growth of 20.6% over the last two years has beaten the competition by a long shot. However, sell-side analysts expect revenue to grow 10.5% over the next 12 months, a deceleration versus the last three years.
Top Insights
Freshpet stands on a core belief that pets deserve fresh, real food, not just processed kibble, which drives its mission to fundamentally change the pet food industry.
The US market accounts for about 98% of sales, with exports to Canada, the United Kingdom, and other European countries accounting for the remaining balance.
Companies with significant volume growth are needles in a haystack in the stable consumer staples sector.
As a small consumer staples company it faces disadvantages versus larger competitors but can grow faster with a longer list of untapped store chains to sell into.
Named Competitors
Premium Pet Food — Pet food competitor based in Canada
Natural Pet Treats — Wellness-focused pet food brand
Premium Dog Food — Traditional pet food manufacturer
Recent Developments
(November 2025) Updated full-year guidance to expect Adjusted EBITDA in the range of $190 million to $195 million
(November 2025) Achieved free cash flow positive for entire fiscal year 2025, a milestone achieved a year ahead of schedule
(Q3 2025) Reported year-on-year revenue growth of 14%, with $288.8 million of revenue exceeding Wall Street estimates by 1.7%
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