Detailed financial statements for Beyond Meat, Inc. (BYND): 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.
Beyond Meat, Inc. specializes in the creation, marketing, and distribution of plant-derived meat alternatives, operating both domestically within the United States and across international markets. The company provides a diverse selection of plant-based protein items, spanning categories such as beef, pork, and poultry substitutes.
Analysis Summary
Beyond Meat, Inc. reported revenue of $275.5M in the most recent fiscal year, growing at a 5-year CAGR of -7.5%.
Trailing-twelve-month margins: gross margin 1.8%, operating margin -82.7%, net margin 112.0%.
At the current price of $10.95, BYND has negative trailing earnings (P/E not meaningful) and an ROE of -154.97%. Market capitalisation stands at $188M.
Balance sheet quality for BYND: current ratio of 4.6, net debt of $299.7M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$172.8M represents -79% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.2M | $32.6M | $87.9M | $297.9M | $406.8M | $464.7M | $418.9M | $343.4M | $326.5M | $275.5M |
| Cost of Revenue | $22.5M | $34.8M | $70.4M | $198.1M | $284.5M | $347.4M | $442.7M | $354.7M | $284.8M | $267.9M |
| Gross Profit | -$6.3M | -$2.2M | $17.6M | $99.8M | $122.3M | $117.3M | -$23.7M | -$11.3M | $41.7M | $7.6M |
| Research & Development | $5.8M | $5.7M | $9.6M | $20.6M | $31.5M | $66.9M | $62.3M | $39.5M | $28.1M | $23.2M |
| Selling, General & Admin | $12.7M | $17.1M | $34.5M | $74.7M | $133.7M | $209.5M | $239.5M | $212.4M | $171.8M | $217.8M |
| Operating Expenses | $18.5M | $22.9M | $44.0M | $100.2M | $171.6M | $292.2M | $319.0M | $330.5M | $197.8M | $241.0M |
| Operating Income | -$24.8M | -$28.6M | -$28.0M | -$489000 | -$49.3M | -$174.9M | -$342.8M | -$341.9M | -$156.1M | -$233.3M |
| EBITDA | -$22.7M | -$26.2M | -$23.8M | $12.5M | -$29.6M | -$137.5M | -$292.9M | -$205.5M | -$125.5M | $265.9M |
| Interest Expense | $380000 | $1.0M | $1.1M | $3.1M | $2.6M | $3.6M | $4.0M | $4.0M | $4.1M | $14.0M |
| Pre-tax Income | -$25.1M | -$30.4M | -$29.9M | -$12.4M | -$52.7M | -$182.0M | -$366.1M | -$338.1M | -$160.3M | $220.0M |
| Income Tax | $3000 | $5000 | $1000 | $9000 | $72000 | $60000 | $32000 | $5000 | $25999 | $78000 |
| Net Income | -$25.1M | -$30.4M | -$29.9M | -$12.4M | -$52.8M | -$182.1M | -$366.1M | -$338.1M | -$160.3M | $219.9M |
| EPS | $-16.20 | $-19.80 | $-19.20 | $-8.70 | $-25.50 | $-85.20 | $-163.80 | $-157.80 | $-72.90 | $34.50 |
| EPS (Diluted) | $-16.20 | $-19.80 | $-19.20 | $-8.70 | $-25.50 | $-85.20 | $-163.80 | $-157.80 | $-72.90 | $-54.90 |
| Shares Outstanding (Diluted) | $1.5M | $1.5M | $1.5M | $1.4M | $2.1M | $2.1M | $2.1M | $2.1M | $2.2M | $6.0M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $17.0M | $39.0M | $54.3M | $276.0M | $159.1M | $733.3M | $309.9M | $190.5M | $131.9M | $208.2M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $879000 | $3.6M | $12.6M | $40.1M | $36.0M | $43.8M | $34.2M | $31.7M | $26.9M | $26.1M |
| Inventory | $6.2M | $8.1M | $30.3M | $81.6M | $121.7M | $241.9M | $235.7M | $130.3M | $113.4M | $84.0M |
| Total Current Assets | $24.5M | $52.0M | $102.8M | $403.6M | $332.2M | $1.05B | $606.5M | $372.8M | $286.5M | $342.4M |
| Property, Plant & Equipment | $10.3M | $14.1M | $30.5M | $47.5M | $129.9M | $253.3M | $430.1M | $324.5M | $308.9M | $218.9M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $34.9M | $66.5M | $133.7M | $451.9M | $468.0M | $1.38B | $1.06B | $774.5M | $678.1M | $615.6M |
| Accounts Payable | $2.5M | $6.3M | $17.2M | $26.9M | $53.1M | $69.0M | $55.3M | $56.0M | $37.6M | $20.5M |
| Short-term Debt | $463000 | $3.0M | 0 | $11.1M | $25.0M | $4.6M | 0 | 0 | 0 | $6.5M |
| Total Current Liabilities | $5.1M | $12.2M | $24.0M | $47.7M | $89.0M | $94.2M | $75.8M | $74.4M | $61.5M | $74.9M |
| Long-term Debt | $2.4M | $1.9M | $30.4M | $19.6M | 0 | $1.13B | $1.13B | $1.14B | $1.14B | $420.8M |
| Total Liabilities | $101.5M | $162.4M | $54.8M | $67.8M | $100.9M | $1.25B | $1.27B | $1.29B | $1.28B | $615.7M |
| Retained Earnings | -$69.4M | -$99.8M | -$129.7M | -$142.1M | -$194.9M | -$377.0M | -$743.1M | -$1.08B | -$1.24B | -$1.02B |
| Total Equity | -$66.6M | -$95.9M | $78.9M | $384.1M | $367.1M | $132.5M | -$203.5M | -$513.4M | -$601.2M | -$111000 |
| Total Debt | $3.3M | $5.2M | $30.8M | $31.2M | $40.1M | $1.16B | $1.19B | $1.22B | $1.22B | $508.0M |
| Net Debt | -$13.7M | -$33.9M | -$23.4M | -$244.8M | -$119.0M | $424.1M | $883.8M | $1.03B | $1.09B | $299.7M |
| Working Capital | $19.4M | $39.8M | $78.8M | $355.9M | $243.3M | $957.9M | $530.6M | $298.5M | $225.0M | $267.5M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$25.1M | -$30.4M | -$29.9M | -$12.4M | -$52.8M | -$182.1M | -$366.1M | -$338.1M | -$160.3M | $219.9M |
| Depreciation & Amortization | $2.1M | $3.2M | $4.9M | $8.1M | $13.3M | $21.7M | $32.6M | $48.1M | $23.1M | $32.8M |
| Stock-based Compensation | $735000 | $665000 | $2.2M | $12.8M | $27.3M | $27.7M | $33.9M | $29.1M | $23.9M | $31.0M |
| Change in Working Capital | -$1.5M | -$2.6M | -$16.3M | -$68.2M | -$32.2M | -$179.6M | -$54.2M | $114.7M | -$4.0M | $30.7M |
| Operating Cash Flow | -$23.5M | -$25.3M | -$37.7M | -$47.0M | -$40.0M | -$301.4M | -$320.2M | -$107.8M | -$98.8M | -$160.5M |
| Capital Expenditure | -$5.0M | -$7.9M | -$23.2M | -$25.9M | -$60.0M | -$136.0M | -$73.3M | -$10.6M | -$11.0M | -$12.3M |
| Acquisitions | 0 | 0 | $67000 | $299000 | 0 | -$11.0M | -$13.2M | $4.3M | 0 | $1.9M |
| Stock Repurchased | 0 | 0 | -$514000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$28.4M | -$33.2M | -$61.0M | -$72.9M | -$100.0M | -$437.3M | -$393.5M | -$118.4M | -$109.8M | -$172.8M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +101.3% | +169.9% | +238.8% | +36.6% | +14.2% | -9.8% | -18.0% | -4.9% | -15.6% | |
| Net Income Growth (YoY) | -20.8% | +1.6% | +58.4% | -323.9% | -245.2% | -101.1% | +7.6% | +52.6% | +237.2% | |
| EPS Growth (YoY) | -22.2% | +3.0% | +54.7% | -193.1% | -234.1% | -92.3% | +3.7% | +53.8% | +147.3% | |
| Shares Change (YoY) | +0.0% | +0.0% | -8.8% | +47.3% | +1.4% | +0.7% | +1.1% | +2.7% | +174.7% | |
| FCF Growth (YoY) | -16.6% | -83.8% | -19.6% | -37.1% | -337.4% | +10.0% | +69.9% | +7.2% | -57.4% | |
| Gross Margin | -39.0% | -6.7% | 20.0% | 33.5% | 30.1% | 25.2% | -5.7% | -3.3% | 12.8% | 2.8% |
| Operating Margin | -153.0% | -87.7% | -31.8% | -0.2% | -12.1% | -37.6% | -81.8% | -99.6% | -47.8% | -84.7% |
| EBITDA Margin | -140.2% | -80.4% | -27.1% | 4.2% | -7.3% | -29.6% | -69.9% | -59.9% | -38.4% | 96.5% |
| Net Margin | -155.4% | -93.3% | -34.0% | -4.2% | -13.0% | -39.2% | -87.4% | -98.5% | -49.1% | 79.8% |
| FCF Margin | -175.8% | -101.8% | -69.3% | -24.5% | -24.6% | -94.1% | -93.9% | -34.5% | -33.6% | -62.7% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.1% | -0.1% | -0.0% | -0.0% | -0.0% | -0.0% | 0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-18.41 | $-21.47 | $-39.45 | $-51.74 | $-48.15 | $-207.68 | $-185.57 | $-55.24 | $-49.92 | $-28.60 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $1.5M | $1.5M | $1.5M | $1.4M | $2.1M | $2.1M | $2.1M | $2.1M | $2.2M | $5.2M |
What to look at in Consumer Defensive companies
- Gross margin (stable 5y) (Stable >=35%) — Brand pricing power — Coca-Cola does not drop margins.
- ROE / ROIC stable (ROE >=15% stable) — Defensive businesses have high consistent ROEs — Lynch's stalwarts.
- FCF / Net Income (>=90%) — Earnings to cash conversion — best names exceed 95%.
- Dividend growth 10y (>=6%/year) — Dividend Aristocrats raise 25+ years — moat signal.
- Payout Ratio (<75%) — >80% = dividend at risk. <60% comfortable.
- Net Debt / EBITDA (<2.5x) — Defensive with high debt loses its essence.
Profitability
| Return on Equity | -154.97% |
| Return on Invested Capital | -44.30% |
| Return on Assets | 51.80% |
| Gross Margin | 1.84% |
| Operating Margin | -82.73% |
| Net Margin | 112.03% |
Financial Health
| Debt / Equity | 7.19 |
| Current Ratio | 2.63 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -121.76 | -99.62 | -102.73 | -260.69 | -147.06 | -22.94 | -2.25 | -1.69 | -1.55 | 0.71 |
| P/B | -45.79 | -31.78 | 38.62 | 8.32 | 21.21 | 31.07 | -3.85 | -1.11 | -0.41 | -1147.02 |
| P/S | 188.38 | 93.56 | 34.67 | 10.73 | 19.14 | 8.86 | 1.87 | 1.67 | 0.76 | 0.46 |
| Gross Margin | -39.0% | -6.7% | 20.0% | 33.5% | 30.1% | 25.2% | -5.7% | -3.3% | 12.8% | 2.8% |
| Operating Margin | -153.0% | -87.7% | -31.8% | -0.2% | -12.1% | -37.6% | -81.8% | -99.6% | -47.8% | -84.7% |
| Net Margin | -155.4% | -93.3% | -34.0% | -4.2% | -13.0% | -39.2% | -87.4% | -98.5% | -49.1% | 79.8% |
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