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The Moat Index

FRESHPET, INC.

FRPT · Consumer Staples · $2.8B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

30/ 100
No moat

The four filters

Pricing power58

Median gross margin 41.2% over 10y, stable.

Returns on capital0

Median ROIC -1.7%, above the 9% hurdle in 0% of years.

Balance-sheet safety36

Net debt/EBITDA n/ax, interest coverage 5x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$56.64
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

15 years of fundamentals

The business, in plain English

FRESHPET, INC. booked $1.1B of revenue in FY2025 in the Consumer Staples sector and kept 40.8% of it as gross profit — a solid-margin business by that measure. After every other cost, 12.6% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $43.5M (FY2012) to $1.1B (FY2025) — about 28.2% a year compounded over 13 years.

It earned 8.1% on invested capital in FY2025, with a median of −2.4% across 12 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $0 of total debt in FY2020. Balance-Sheet Safety scores it 36/100.

The share count rose 369.9% between FY2013 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Pricing Power is the strongest of the four filters (58/100) and Returns on Capital the weakest (0/100), which is how FRPT lands at 30/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2011–FY2025 · 15 fiscal years, normalized from FRPT’s SEC filings

RevenueSales, as filed$1.1B FY2025
$0$500M$1B2011201620212025
Gross marginRevenue kept after cost of goods40.8% FY2025
0%20%40%2011201620212025
Return on invested capitalOperating profit on the capital employed8.1% FY2025
0%2011201620212025
Owner earningsCash an owner could take out$139.1M FY2025
$0$100M2011201620212025

Gaps in a line mean that item isn’t in FRPT’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale29.5 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — FRPT has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Consumer Staples context

#46 of 66 scored Consumer Staples companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #44CAG CONAGRA BRANDS, INC.30.2No moat
  2. #45DAR DARLING INGREDIENTS INC.29.8No moat
  3. #47POST Post Holdings, Inc.27.8No moat
  4. #48SBEV SPLASH BEVERAGE GROUP, INC.27.3No moat

Compare FRPT with its nearest peers →All Consumer Staples companies on the Index →

Common questions about FRPT

Does FRESHPET, INC. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores FRESHPET, INC. (FRPT) 29.5 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 58, returns on capital 0, balance-sheet safety 36, capital discipline 24.
How has FRPT's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 29.5 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell FRPT. See the disclaimer.

FRESHPET, INC. (FRPT) Moat Score — The Moat Index · Buy Like Buffett