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Beyond Meat is a leading plant-based meat company offering a portfolio of revolutionary plant-based meats and other innovative plant-based food and beverage products. We seek to deliver the power of plants to consumers through our plant-based meat products, an innovation that enables consumers to experience the taste, texture and other sensory attributes of popular animal-based meat products wh…
The business is unprofitable at the operating level (-121.10% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 15.6% YoY. Margins deteriorated 73.3pp alongside, both lines moving the wrong way.
ROIC dropped from -10.11% to -30.54%, capital efficiency is deteriorating. Negative free cash flow of -$157M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$265M
▼ -15.6% YoY
Net Income (TTM)
$243M
▲ +236.7% YoY
Op. Margin
-117.13%
▼ -73.3pp YoY
ROIC
-27.31%
▼ -20.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$134M
▼ -43.2% YoY
Op. Cash Flow (TTM)
-$124M
▼ -46.7% YoY
Net Debt
$306M
Cash & Equiv.
$191M
5Y CAGR: -7.5%
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