FRPTFreshpet, Inc.
Grain Mill Products
- Revenue
- $1.1B
- 13% YoY
- Operating margin
- 6.9%
- 76% YoY
- EBITDA
- $162M
- 51% YoY
- Market cap
- $3.3B
- Employees
- 1,288
- $856K revenue each
- Net debt / EBITDA
- -2.2×
- −$350M net debt
- AI in 10-K
- 3.1
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 1 of 7
- TSR below peersYes4 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$2M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo115% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo96% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo$856K · 73rd pctBottom quartile of its SIC industry
- Quiet on AINo3.1 per 10K words · 70th pctBottom quartile of AI mentions in 10-Ks
- Net cashYesNet cash · 2.2× EBITDAMore cash than debt, positive EBITDA
- Buyout-sizedYes$3.3B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$36M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $425M | $595M | $767M | $975M | $1.1B | 13% |
| Operating income | −$25M | −$52M | −$30M | $38M | $76M | 99% |
| Net income | −$30M | −$59M | −$34M | $47M | $139M | 196% |
| Operating cash flow | $647K | −$43M | $76M | $154M | $161M | 4.1% |
| Capex | $322M | $230M | $239M | $187M | $148M | 21% |
| Stock-based comp | $25M | $26M | $25M | $52M | $14M | 73% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jan 11, 2024 | JANA Partners Management, LP | SC 13D/A | 4.9% | Passive |
| Aug 23, 2023 | JANA PARTNERS LLC | SC 13D/A | 6.4% | Passive |
| Aug 9, 2023 | JANA PARTNERS LLC | SC 13D/A | 7.8% | Active |
| Jun 1, 2023 | JANA PARTNERS LLC | SC 13D/A | 9.5% | Active |
| May 30, 2023 | JANA PARTNERS LLC | SC 13D/A | 9.0% | Active |
| May 25, 2023 | JANA PARTNERS LLC | SC 13D/A | 9.0% | Active |
| May 24, 2023 | JANA PARTNERS LLC | SC 13D/A | 9.0% | Active |
| Dec 15, 2022 | JANA PARTNERS LLC | SC 13D/A | 8.6% | Active |
| Dec 9, 2022 | JANA PARTNERS LLC | SC 13D/A | 8.6% | Active |
| Sep 22, 2022 | JANA PARTNERS LLC | SC 13D | 9.6% | Active |
Insider trading
- Open-market buys, 12 mo
- $573K · 10
- Open-market sells, 12 mo
- $37M · 65
- Net
- −$36M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $13M | $5M | 43 | 80 |
| FY2024 | $2M | $10M | 104 | 93 |
| FY2023 | $2M | $7M | 61 | 104 |
| FY2022 | $915K | −$3M | 37 | 81 |
| FY2021 | $765K | −$7M | 67 | 99 |