OFRM | Market Cap: $772.7M (07/13/26)
Industry:
Consumer Staples Producers

DESCRIPTION

Once Upon a Farm makes organic, cold-pressed food products for babies and young children, sold primarily through retail at Target, Walmart, Whole Foods, Kroger, Publix, and Wegmans, among others. The core product is a refrigerated, cold-pressed fruit and vegetable pouch — processed using high-pressure processing (HPP) to preserve freshness without heat, giving it a homemade quality that shelf-stable competitors can't easily replicate. Pouches made up roughly 62% of FY25 net sales, while a more recently launched Snacks segment (Oat Bars, Puffs, Melts, and Soft-Baked Bars) grew quickly to roughly 37% of sales. Once Upon a Farm also sells frozen organic meals through its direct-to-consumer platform, though that remains a small part of the business. A key retail initiative is the company's baby aisle cooler program — branded refrigerated coolers placed in traditionally shelf-stable-only baby aisles, with over 3,400 deployed nationally and a potential opportunity to expand to 15,000+ locations. Revenue scales with distribution breadth, velocity at each retail location, SKU count per store, and cooler deployments, with each cooler estimated to drive roughly $12,000 in annual in-store sales. Once Upon a Farm uses a network of contract manufacturers rather than owning its own plants, keeping the model capital-light. Four customers accounted for roughly 61% of FY25 net sales, creating meaningful concentration risk. Growth levers include expanding the cooler footprint, deepening retail SKU presence, scaling e-commerce, and extending the product line toward older children.

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