• Freshpet average return on tangible equity for 2023 was -5.5, a 12.56% decline from 2022.
• Freshpet average return on tangible equity for 2022 was -6.29, a 96.56% decline from 2021.
• Freshpet average return on tangible equity for 2021 was -3.2, a 1100% increase from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.