Detailed financial statements for Beneficient (BENF): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Beneficient operates as a technology-driven financial services provider, specializing in delivering liquidity solutions to entities within the alternative asset market. The company manages the AltAccess platform, a comprehensive digital ecosystem designed to facilitate the entire spectrum of alternative asset management, from transactions to secure custody and detailed analytics.
Analysis Summary
Trailing-twelve-month margins: gross margin 185.4%, operating margin -6.4%, net margin -301.9%.
At the current price of $0.82, BENF has negative trailing earnings (P/E not meaningful) and an ROE of 40.85%. Market capitalisation stands at $1M.
Balance sheet quality for BENF: current ratio of 0.0, net debt of $94.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $40.4M | $79.5M | $60.3M | $102.0M | -$105.0M | -$98.9M | -$7.9M | -$39.1M |
| Cost of Revenue | $7.5M | $3.7M | 0 | $20.8M | $45.5M | $65.1M | $16.9M | $1.5M |
| Gross Profit | $32.9M | $75.8M | $60.3M | $81.2M | -$150.5M | -$164.0M | -$24.8M | -$859000 |
| Research & Development | 0 | 0 | $1.2M | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $7.4M | $30.1M | $186.9M | $128.9M | $47.5M | $36.3M | $40.1M | $32.9M |
| Operating Expenses | $186.6M | $220.0M | $197.2M | $98.1M | $102.7M | $2.48B | $16.2M | $78.9M |
| Operating Income | $24.7M | $41.4M | -$135.4M | -$47.4M | -$253.2M | -$2.65B | -$24.2M | -$79.8M |
| EBITDA | $27.8M | $41.7M | -$135.0M | -$13.8M | -$234.1M | -$2.64B | -$35.4M | -$145.0M |
| Interest Expense | 0 | 0 | 0 | $32.6M | $15.5M | $17.6M | $14.9M | $18.8M |
| Pre-tax Income | -$157.9M | -$165.6M | -$167.1M | -$47.4M | -$253.2M | -$2.66B | -$723000 | -$164.5M |
| Income Tax | -$148.9M | $3.6M | $179000 | $3.5M | -$1.1M | $788000 | $80000 | $214000 |
| Net Income | -$9.0M | -$5.0M | -$334.0M | -$58.0M | -$131.0M | -$2.10B | $51.2M | -$87.4M |
| EPS | $-0.18 | $-0.11 | $-583.38 | $-101.36 | $-402.55 | $-666.53 | $69.77 | $-14.18 |
| EPS (Diluted) | $-0.18 | $-0.11 | $-583.38 | $-101.36 | $-402.55 | $-666.53 | $0.06 | $-14.18 |
| Shares Outstanding (Diluted) | $50.2M | $45.0M | $572596 | $572596 | $325378 | $3.1M | $528.9M | $1.3M |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.5M | $17.6M | $12.5M | $70.6M | $7.9M | $7.9M | $1.3M | $2.5M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $23.8M | $29.2M | 0 | 0 | 0 | 0 | $42.9M | $4.3M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $41.1M | $279.1M | $28.0M | $85.0M | $17.8M | $17.8M | $46.6M | $2.5M |
| Property, Plant & Equipment | $370000 | $3.1M | $4.6M | $7.3M | $2.3M | $2.3M | $1.7M | 0 |
| Goodwill | $1.53B | $2.36B | $2.37B | $2.37B | $13.6M | $13.6M | $9.9M | $9.9M |
| Intangible Assets | 0 | $4.8M | $3.4M | $3.3M | $3.1M | $3.1M | $3.1M | $9.9M |
| Total Assets | $2.08B | $2.68B | $2.82B | $3.14B | $368.5M | $368.5M | $354.9M | $238.8M |
| Accounts Payable | $24.2M | $13.7M | $17.8M | $33.5M | $119.5M | $119.5M | $55.1M | $52.3M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $28.5M | $19.3M | $25.1M | $47.2M | $175.4M | $175.4M | $177.7M | $239.1M |
| Long-term Debt | $378.1M | $321.5M | $256.3M | $171.6M | $130.2M | $130.2M | $117.9M | $96.8M |
| Total Liabilities | $690.9M | $441.1M | $282.8M | $241.4M | $309.6M | $309.6M | $299.3M | $337.5M |
| Retained Earnings | -$99.7M | 0 | 0 | -$1497 | -$2.06B | -$2.06B | -$2.01B | -$2.10B |
| Total Equity | $320.5M | $564.0M | $621.5M | $1.44B | -$234.3M | -$234.3M | -$167.0M | -$214.0M |
| Total Debt | $378.1M | $322.4M | $256.3M | $171.6M | $130.2M | $130.2M | $117.9M | $96.8M |
| Net Debt | $374.6M | $304.8M | $243.8M | $101.0M | $122.3M | $122.3M | $116.5M | $94.2M |
| Working Capital | $12.6M | $259.8M | $2.9M | $37.8M | -$157.6M | -$157.6M | -$131.1M | -$236.6M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Income | -$5.0M | -$195000 | -$334.0M | -$50.9M | -$131.0M | -$2.10B | -$803000 | -$164.7M |
| Depreciation & Amortization | $3.0M | $237000 | $332000 | $1.1M | $3.6M | $3.8M | $1.7M | $746000 |
| Stock-based Compensation | 0 | 0 | $148.7M | $71.5M | $10.1M | $39.1M | $5.6M | $1.6M |
| Change in Working Capital | -$5.1M | $35.4M | -$10.3M | -$488000 | -$2.1M | $17.2M | $8.7M | $1.1M |
| Operating Cash Flow | -$2.1M | $17.8M | -$51.2M | -$54.0M | -$95.1M | -$58.2M | -$37.7M | -$38.7M |
| Capital Expenditure | -$196137 | -$374000 | -$3.0M | -$3.2M | -$2.1M | -$1.8M | -$1.1M | -$96000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | -$124.9M | -$26.5M | 0 | -$8.4M | -$1.4M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$2.3M | $17.4M | -$54.2M | -$57.2M | -$97.2M | -$60.0M | -$38.8M | -$38.8M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +96.6% | -24.1% | +69.1% | -203.0% | +5.8% | +92.0% | -392.4% | |
| Net Income Growth (YoY) | +44.3% | -6560.8% | +82.6% | -125.7% | -1500.0% | +102.4% | -270.9% | |
| EPS Growth (YoY) | +38.9% | -530245.5% | +82.6% | -297.1% | -65.6% | +110.5% | -120.3% | |
| Shares Change (YoY) | -10.4% | -98.7% | +0.0% | -43.2% | +866.3% | +16720.8% | -99.8% | |
| FCF Growth (YoY) | +866.3% | -410.6% | -5.7% | -69.8% | +38.3% | +35.3% | -0.0% | |
| Gross Margin | 81.4% | 95.4% | 100.0% | 79.6% | 143.4% | 165.8% | 312.1% | 2.2% |
| Operating Margin | 61.2% | 52.1% | -224.5% | -46.5% | 241.1% | 2677.8% | 304.4% | 203.9% |
| EBITDA Margin | 68.7% | 52.4% | -224.0% | -13.5% | 223.0% | 2665.2% | 445.6% | 370.5% |
| Net Margin | -22.3% | -6.3% | -554.0% | -56.9% | 124.8% | 2118.8% | -644.0% | 223.5% |
| FCF Margin | -5.6% | 21.9% | -89.8% | -56.1% | 92.6% | 60.6% | 488.4% | 99.2% |
| Effective Tax Rate | 94.3% | -2.2% | -0.1% | -7.3% | 0.4% | -0.0% | -11.1% | -0.1% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.05 | $0.39 | $-94.60 | $-99.95 | $-298.71 | $-19.08 | $-0.07 | $-30.10 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $50.2M | $45.0M | $572596 | $572596 | $325378 | $3.1M | $733297 | $1.3M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | 40.85% |
| Return on Invested Capital | 35.20% |
| Return on Assets | -36.61% |
| Gross Margin | 185.40% |
| Operating Margin | -637.21% |
| Net Margin | -301.93% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 0.00 |
| Piotroski F-Score | 2 |
| Altman Z-Score | -15.94 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| P/E | -35093.33 | -57425.45 | -10.83 | -62.32 | -16.58 | -0.06 | 0.04 | -0.25 |
| P/B | 990.32 | 504.39 | 5.82 | 2.52 | -9.27 | -0.54 | -0.01 | -0.02 |
| P/S | 7849.77 | 3579.61 | 59.99 | 35.47 | -20.69 | -1.28 | -0.23 | -0.12 |
| Gross Margin | 81.4% | 95.4% | 100.0% | 79.6% | 143.4% | 165.8% | 312.1% | 2.2% |
| Operating Margin | 61.2% | 52.1% | -224.5% | -46.5% | 241.1% | 2677.8% | 304.4% | 203.9% |
| Net Margin | -22.3% | -6.3% | -554.0% | -56.9% | 124.8% | 2118.8% | -644.0% | 223.5% |
Related companies: AMTD · ETHZ · GCMG · HVMCW · IMSRW · IPOD · SHFS
Explore sector: Financial Services · Asset Management
More sections of BENF: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Radar — undervalued stock signals · Investment Academy — learn to analyze stocks