The "100 per cent fish" initiative is turning what used to be waste into a source of new products and potential revenue, from pet treats and collagen to higher grade materials. For investors, this type of shift can change how certain stocks exposed to the news are viewed, as companies rethink how they use raw materials and respond to sustainability pressure. This article walks through three stocks from the Fish Byproduct Commercialization Stocks With Sustainability Tailwinds screener that are positively exposed to the story, outlining which opportunities might deserve closer attention and which might not fit your approach.

Freshpet (FRPT)

Overview: Freshpet is a pet food company that makes and sells refrigerated, natural meals and treats for dogs and cats under brands like Freshpet, Dognation, and Dog Joy, using branded fridges in grocery, mass, club, pet specialty, international, and digital channels across North America and Europe.

Operations: Freshpet generates about US$1.1b in revenue from pet food and pet treats for dogs and cats.

Market Cap: US$2.8b

Freshpet offers exposure to premium pet nutrition and sustainability in one place, as the company focuses on fresh ingredients, upcycled inputs such as fish byproducts, and wider distribution through both brick-and-mortar and ecommerce partners. Profitability has recently improved, with a high net margin and a move from losses to positive earnings, while new production technology and capacity investments are described as supporting more efficient growth. At the same time, the stock involves questions around valuation, competition from larger brands, and execution risk as leadership transitions and growth targets are reset. For a deeper look at how these strengths and pressure points balance out for Freshpet, the fuller analysis provides more detail than this snapshot.

Freshpet’s shift to profitability and use of upcycled fish byproducts could be reshaping the story, but the real tension between valuation, growth goals, and execution risk shows up in the 2 key rewards and 2 important warning signs (1 is major!)

High Liner Foods (TSX:HLF)

Overview: High Liner Foods is a North American frozen seafood company that turns fish into prepared meals and value added products for retailers, club stores, and foodservice customers under brands such as High Liner, Fisher Boy, Sea Cuisine, Mrs. Paul's, and Van de Kamp’s.

Operations: High Liner Foods generates about $1.1b in revenue from manufacturing and marketing prepared and packaged frozen seafood, with roughly $252.9m from Canada and $840.4m from the United States.

Market Cap: CA$415.3m

High Liner Foods gives you direct exposure to seafood demand and the push toward using the whole fish, with the "100 per cent fish" initiative opening doors to higher value byproducts that fit neatly with its processing expertise and Great Lakes footprint. The company combines that angle with an established brand portfolio, health focused product trends, and an acquisition of Mrs. Paul’s and Van de Kamp’s that expands its U.S. reach. At the same time, thinner margins, higher debt, and pressure on price sensitive consumers mean execution on cost cuts and product mix will matter more than ever.

High Liner Foods is quietly turning whole-fish processing into a bigger story, but thinner margins and higher debt make the real question how resilient that setup is under pressure, which the 3 key rewards and 3 important warning signs (1 is major!) explores in detail.

Petco Health and Wellness Company (WOOF)

Overview: Petco Health and Wellness Company is a pet specialty retailer that offers veterinary care, grooming, training, and a wide range of pet food, supplies, and companion animals across its stores, website, and mobile app in the United States, Mexico, Puerto Rico, and Chile, with own brands such as WholeHearted, Reddy, So Phresh, and Well & Good.

Operations: Petco generates about US$6.0b in revenue from specialty retail activities across its pet focused stores and digital channels.

Market Cap: US$773.9m

Petco Health and Wellness Company sits at the crossroads of pet humanisation, wellness services, and sustainability, making it an interesting angle on the "100 per cent fish" story as fish based treats and upcycled byproducts line up with its goal of lifting sustainable products to 50% of its range by 2025. The company is working to turn a flat industry backdrop and recent net loss of US$15.15m in Q1 2026 into a recovery built on higher margin services, owned brands, and a stronger omnichannel offer. This is set against high debt, a very elevated P/E and e commerce underperformance, which together mean the turnaround and sustainability push need to work in tandem or the upside case becomes much harder to support.

Petco’s efforts to expand sustainable products, grow higher-margin services, and address its high debt create a story that feels unfinished, and the real hinge point sits inside the analyst forecasts for Petco Health and Wellness Company

Take Control of Your Investment Journey

If Petco Health and Wellness Company or any of these companies sound like a great opportunity, register for FREE with Simply Wall St and add your companies to a Watchlist to monitor the share price against the fair value the ideal entry point. Once you've made your move, manage your holdings with our Portfolio Command Center that filters out the noise to deliver only the most critical, actionable updates. Throughout your journey, our Community allows you to filter the best ideas from thousands of investor perspectives. By uncovering hidden catalysts and risks early, you'll accelerate your decision-making and stay one step ahead of the market.

Seeking Fresh Alternatives Beyond Fish?

Fresh ideas do not stay under the radar for long. Spot companies building breakout momentum while the data is still fresh and before the crowd catches up, act now.

• Accelerate your hunt for durable cash flows and strong balance sheets by scanning a curated list of solid balance sheet and fundamentals (48 results) that keeps financial strength front and center.
• Ride structural themes in infrastructure and electrification by assessing companies powering the grid inside the focused 35 power grid technology and infrastructure stocks before attention really starts flying toward them.
• Target growth at the intersection of automation and efficiency by reviewing carefully filtered 29 robotics and automation stocks that could benefit if robotics adoption gains fresh momentum.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.