Beyond Meat (BYND) valuation at a glance
Beyond Meat (BYND) trades above the fair value estimate shown here. At $0.68 versus a $0.65 estimate, that is a 4% downside.
- Price
- $0.68
- Fair value estimate
- $0.65
- Upside
- -4%
- Market cap
- $351M
- P/S (TTM)
- 1.3×
CompaniesBYND
Overview
BYND
Beyond Meat, Inc.
Consumer DefensivePackaged FoodsPlant-BasedPenny StockDelisting RiskTurnaroundMeme Stock History
$0.680%
Market Cap
$351M
SEC 10-K (FY2025, CIK 0001655210) + 10-Q (Q1 2026)
P/E (TTM)
–
via financials
Rev Growth YoY
-15.3%
-15.3%SEC filing
Gross Margin
10.8%
SEC filing
FCF Yield
-10.8%
calculated
Upside to FV
-4.4%
vs fair value
Conviction
1/5Down 99.7% from $234 ATH. Altman Z-Score -2.56 (deep distress). $412M debt on $351M market cap with negative equity. Revenue declining -15% YoY in a shrinking category. Cash burn improving ($5M/Q in Q1 vs $47M/Q prior) but $29.5M notes due Mar 2027. NASDAQ delisting deadline Aug 31. Reverse split near-certain. AlixPartners restructuring officer on board. 28% short interest. Meme DNA: +1,400% in Oct 2025, +58% in Apr 2026 — both reversed. This is a high-probability zero with option value on protein drink pivot.
Research Depth
ScreeningDeep ResearchFull Model
Data as of 2026-06-25
Quality Snowflake
Overall 22/100
Value1/3
Future0/2
Past1/4
Health1/2
Dividend0/1
Each axis scores the checks for which data is available (filled = pass, hollow = no data). Computed from the sourced metrics on this page, not a third-party rating.
Thesis
Beyond Meat trades at $0.68 — down 99.7% from its $234 IPO-era peak — with negative stockholders' equity (-$21M), $412M in debt (growing via 7-12% PIK interest), and revenue in structural decline (-15.3% YoY). The plant-based meat category is shrinking: US retail sales down 11% YoY, retailer shelf space cut 31% since 2021. The October 2025 debt-for-equity swap eliminated $818M of near-term debt but diluted shareholders 678% (77M to 463M shares). The company has lost Form S-3 eligibility, exhausted its ATM program, and faces a NASDAQ delisting deadline of August 31, 2026. AlixPartners restructuring specialist John Boken was appointed Interim Chief Transformation Officer in August 2025. The CEO's EBITDA-positive target for H2 2026 appears unachievable given Q1 2026 Adj. EBITDA of -$28M. The one bright spot: Q1 2026 operating cash burn dropped to $5M (from $47M/Q in 2025), and gross margin turned positive at 3.4%. The pivot to Beyond Immerse protein drinks is unproven but represents the only growth vector. At $351M market cap with $206M cash, you are paying ~$145M for a declining brand — either a lottery ticket on a turnaround or a slow bleed to zero.
Bull Case
Cash RunwayQ1 2026 cash burn of $5M/quarter vs $47M/quarter in Q4 2025. With $206M cash, runway extends to 2028-2030 at current improved burn rate. Immediate bankruptcy is unlikely.
Debt Restructuring DoneOctober 2025 exchange eliminated $818M of 2027 maturities. Only $29.5M remains due Mar 2027. Main maturity wall pushed to 2030. Company bought 4 years of breathing room.
Gross Margin RecoveryQ1 2026 gross margin turned positive at 3.4% (from -10.1% year-ago). Management targets 30%+ long-term. Inventory declining (from $130M to $69M) reduces write-off risk.
Pivot to BeveragesBeyond Immerse protein drinks launched Jan 2026. Big Geyser distribution deal provides 26,000+ NYC retail outlets. Protein drink market is growing while plant-based meat shrinks.
Meme/Squeeze28% short interest with proven meme DNA: +1,400% in Oct 2025, +58% in Apr 2026. Sub-$1 price accessible to retail. High brand recognition ('Sir, this is a Beyond Meat').
Bear Case
Structural DeclineRevenue: $465M (2021) to $276M (2025) to ~$233M (Q1 annualized). US plant-based meat sales down 11% YoY. Category is shrinking, not cyclical. CEO admits: 'It's just not the moment for plant-based meat.'
Debt Spiral$412M total debt growing via PIK: 1st lien at 12% PIK, 2nd lien at 9.5% PIK. Even with zero new borrowing, debt compounds to ~$550M+ by 2030 maturity. Negative equity of -$21M.
DelistingNASDAQ $1 minimum bid deadline Aug 31, 2026. Stock at $0.68, needs +47% to comply. Reverse split near-certain. Post-reverse-split penny stocks decline 70%+ within 12 months historically.
DilutionShares outstanding up 678% from IPO (77M to 515M). 2030 notes convertible at $1.75 could add 120M+ more shares. Authorized up to 3B shares. ATM exhausted, S-3 eligibility lost.
Zero RecoveryLiquidation value: ~$288M assets vs $601M liabilities = equity gets $0. Altman Z-Score -2.56 (deep distress). Base rate for 99% decliners recovering: ~5-10%.
Key Metrics
Market Cap
$351M
SEC 10-K (FY2025, CIK 0001655210) + 10-Q (Q1 2026)
Enterprise Value
$658M
calculated
Revenue (TTM)
$265M
SEC filing
P/E (TTM)
–
via financials
Forward P/E
–
consensus
P/S (TTM)
1.3×
via financials
P/B
–
via financials
EV/EBITDA
–
calculated
PEG
–
calculated
Revenue Growth
-15.3%
SEC filing
Gross Margin
10.8%
SEC filing
Operating Margin
-69.3%
SEC filing
Net Margin
-52.6%
SEC filing
Free Cash Flow
$-38M
SEC filing
FCF Yield
-10.8%
calculated
Debt / Equity
–
SEC filing
Current Ratio
2.9×
SEC filing
Short Interest
27.8%
exchange
Institutional Own.
38.1%
13F
Insider Own.
3.4%
proxy
Shares Out.
515.0M
SEC filing
Float
499.0M
exchange
Valuation
Price vs Fair Value
Bear$0.00
Base$0.50
Bull$2.00
Now $0.68
Bear Case
$0.00
Chapter 11 or equity wipeout by 2030. PIK debt compounds, revenue keeps declining, cash exhausted. Probability: ~50-60%.
Base Case
$0.50
Survival but permanent impairment. Reverse split, continued dilution, zombie status. Revenue stabilizes at $200-250M but never profitable. Probability: ~25-30%.
Bull Case
$2.00
Protein drink pivot works. Revenue inflects. EBITDA turns positive. Meme/squeeze pop on short covering. Probability: ~10-15%.
DCF Summary
Discount Rate
25%
Terminal Growth
0%
Projection
5y
Rev CAGR
-8%
Intrinsic / Share
$0.30
Margin of Safety
-5%
DCF produces near-zero value due to negative FCF, high discount rate, and debt overhang. Terminal value assumes liquidation, not going concern.
Historical Multiples
| Year | P/E | P/S | EV/EBITDA |
|---|---|---|---|
| FY22 | – | 2.0× | – |
| FY23 | – | 1.1× | – |
| FY24 | – | 0.7× | – |
| FY25 | – | 0.5× | – |
| TTM · | – | 1.3× | – |
Current multiple highlighted vs trailing history.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| BYND | $351M | – | 1.3× | – | -15.3% | 10.8% | -52.6% |
| OTLY | $267M | – | 0.3× | – | +15.6% | 32.6% | -17.1% |
| HAIN | $54M | – | 0.0× | 7.2× | -13.3% | 20.2% | -35.5% |
| SMPL | $1.2B | – | 0.8× | 6.3× | -9.4% | 33.9% | -7.5% |
| CPB | $6.6B | 10.9× | 0.7× | – | – | 29.2% | – |
| GIS | $18.6B | 8.5× | 1.0× | – | – | 33.1% | – |
Financials
| Line Item | FY2024 | FY2025 | YoY | Q1 2026 |
|---|---|---|---|---|
| Total Revenue | $327M | $276M | -15.6% | $58M |
| Cost of Revenue | $285M | $268M | -6% | $56M |
| Gross Profit | $42M | $8M | -81.8% | $2M |
| R&D | $28M | $23M | -17.9% | $5M |
| SG&A | $170M | $218M | +28.2% | $38M |
| Operating Income | ($156M) | ($233M) | -49.4% | ($41M) |
| Interest Expense | $4M | $14M | +241.5% | $7M |
| Net Income (GAAP) FY2025 includes $523M gain on debt extinguishment | ($160M) | $178M | N/M | ($29M) |
| Diluted EPS | ($2.43) | ($1.86) | N/M | ($0.10) |
| Item | Q1 2026 | Notes |
|---|---|---|
| Cash & Equivalents | $191M | Plus $15M restricted cash |
| Inventory | $69M | Down from $130M FY2023 (working down) |
| Total Current Assets | $311M | Receivables $26M |
| Net PP&E | $254M | Manufacturing facilities (El Segundo, Columbia MO) |
| Total Assets | $580M | Down from $775M FY2023 |
| Current Liabilities | $109M | Includes $29.5M 2027 notes (current) |
| 1st Lien Term Loan (Ahimsa) | $82M | 12% PIK, due 2030, drawn from $100M facility |
| 2nd Lien Conv. Notes (2030) | $210M | 7% cash / 9.5% PIK, conversion at $1.75/sh |
| Total Debt | $412M | Growing via PIK interest |
| Stockholders' Equity | ($21M) | Negative. Cumulative losses -$1.05B |
| Component | FY2024 | FY2025 | Q1 2026 |
|---|---|---|---|
| Operating Cash Flow | ($99M) | ($145M) | ($5M) |
| Capital Expenditure | ($11M) | ($12M) | ($3M) |
| Free Cash Flow | ($110M) | ($157M) | ($8M) |
| Debt Issuance Ahimsa term loan drawn in FY2025 | $0 | $100M | $0 |
| Equity Issuance (ATM) ATM now exhausted, S-3 eligibility lost | $47M | $149M | $0 |
| SBC | $24M | $31M | $8M |
| Net Change in Cash | ($57M) | $72M | ($13M) |
Source: SEC 10-K (FY2025, filed Apr 9, 2026) + 10-Q (Q1 2026, filed May 2026). All figures in USD. FY2025 net income of $178M is distorted by $523M gain on debt extinguishment — not operating income.
Catalysts
Aug 31
Regulatoryhigh relevance
NASDAQ delisting compliance deadline
Must close above $1.00 for 10 consecutive sessions by Aug 31, or transfer to Capital Market for 180-day extension. Reverse stock split authorized by shareholders Nov 2025 (257.6M votes for). At $0.68, stock needs +47% organically or reverse split is near-certain.
Aug '26
Earningshigh relevance
Q2 2026 earnings
Revenue guidance $60-65M. Management targeting EBITDA-positive by H2 2026. Q1 Adj. EBITDA was -$28M (-47.7% of revenue). Any move toward breakeven would be meaningful. New CFO Kutua's execution under scrutiny.
Mar '27
Debt
$29.5M convertible notes maturity
Remaining 2.56% of original $1.15B 0% notes that were not tendered in the Oct 2025 exchange. Manageable at current cash level ($191M) but consumes 14% of liquidity.
H2 '26
Product
Beyond Immerse protein drinks expansion
Big Geyser distribution deal for 26,000+ NYC retail outlets. Only growth vector in a declining category. Protein drink market is growing while plant-based meat shrinks.
2030
Debthigh relevance
$210M 2nd lien + $82M 1st lien maturity wall
PIK interest compounding both tranches. By 2030: 1st lien grows from $82M to ~$115M (12% PIK), 2nd lien from $210M to ~$300M (9.5% PIK). Total ~$415M+ due. Company must be cash-flow positive or faces Chapter 11.
Risks
| Risk | Category | Severity | Probability | Impact on Thesis |
|---|---|---|---|---|
| Revenue in structural decline — $465M (2021) to $276M (2025), -15% YoY. Plant-based meat category shrinking 11% annually. | Execution | Critical | High | No path to profitability without revenue stabilization. Every dollar of decline accelerates cash runway countdown. |
| NASDAQ delisting deadline Aug 31, 2026 — stock at $0.68, needs $1.00+ for 10 days | Regulatory | Critical | High | Reverse split near-certain. Post-reverse-split penny stocks decline 70%+ within 12 months historically. Delisting would remove institutional holders. |
| PIK debt compounding — $292M growing at 7-12% annually without cash payments | Capital Structure | Critical | High | Total debt grows to ~$415M+ by 2030 even with zero new borrowing. Interest expense rising ($1M/Q in Q1 2025 to $7M/Q in Q1 2026). |
| AlixPartners restructuring officer appointed — classic pre-Chapter 11 pattern | Going Concern | High | Medium | John Boken (35+ years restructuring) signals management preparing for potential filing. Two material weaknesses in internal controls. |
| Massive dilution overhang — 678% since IPO, authorized up to 3B shares, 2030 notes convertible at $1.75 | Dilution | High | High | Any recovery toward $1.75 triggers conversion of 120M+ shares. Further equity raises blocked (S-3 lost, ATM exhausted). |
Technical Snapshot
52-Week Range
$0.50$0.68$7.69
RSI (14)
43
neutral
50-Day MA
$0.81
-16.0%below
200-Day MA
$1.14
-40.4%below
Avg Vol (30d)
57.5M
-53%vs average
Support Levels
$0.66$0.50$0.40
Resistance Levels
$0.81$1.00$1.14
Price path reconstructed from the 52-week range, current price, and 50/200-day moving averages. Connect a live market-data feed for production.
Ownership & Insider Activity
Top Institutional Holders via 13F filings
| Institution | Shares | % Held | Chg QoQ | Filing |
|---|---|---|---|---|
| BlackRock | 28.6M | 5.6% | – | |
| Vanguard | 18.7M | 3.6% | – | |
| UBS Group | 14.0M | 2.7% | – | |
| Geode Capital | 10.7M | 2.1% | – | |
| State Street | 8.4M | 1.6% | – | |
| AQR Capital | 8.3M | 1.6% | – | |
| Coatue Management | 0.3M | 0.1% | – |
Insider Activity
No insider buying. CFO sold at $0.60, CLO sold at $1.00 (both via 10b5-1 plans). CEO Brown holds 5.3% (~24M shares) but has not purchased on open market. Nov 2025: massive RSU grants to officers (2.5-3.7M shares each). 60% of float held by retail — institutionally abandoned.
| Name | Title | Action | Shares | Price | Date | Value |
|---|---|---|---|---|---|---|
| Ethan Brown | CEO/Founder | Hold | 24.0M | N/A | Current | ~$16.3M |
| Lubi Kutua | CFO | Sell | 419K | $0.60 | Apr 2026 | $253K |
| Teri Witteman | CLO | Sell | 30K | $1.00 | Apr 2026 | $30K |
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| BYND | $351M | – | 1.3× | – | -15.3% | 10.8% | -52.6% |
| OTLY | $267M | – | 0.3× | – | +15.6% | 32.6% | -17.1% |
| HAIN | $54M | – | 0.0× | 7.2× | -13.3% | 20.2% | -35.5% |
| SMPL | $1.2B | – | 0.8× | 6.3× | -9.4% | 33.9% | -7.5% |
| CPB | $6.6B | 10.9× | 0.7× | – | – | 29.2% | – |
| GIS | $18.6B | 8.5× | 1.0× | – | – | 33.1% | – |
Recognizable sector comparables. Multiples are trailing-twelve-month figures from market and exchange data; lowest multiple in each column highlighted. Loss-making peers show no P/E.
Research Notes
2026-06-25Internal (10 agents)
DEEP INTEL: 62+ metrics verified, Altman Z = -2.56, risk 9.0/10
10-agent deep validation sprint across yfinance, SEC filings, StockAnalysis, 15+ web sources. Altman Z-Score: -2.56 (deep distress zone). Piotroski: not calculable (negative margins). Cash runway: 17 months at average burn, 76 months at Q1 2026 improved rate. Liquidation shortfall: -$313M (equity = $0). Risk score: 9.0/10. NASDAQ delisting deadline Aug 31 — reverse split near-certain.
2026-06-25S3 Partners + MarketBeat + yfinance
Short interest 27.8% — meme DNA but no squeeze setup
141.5M shares short (27.8% of float, +12.3% MoM). DTC 2.6-5.2 days. BUT: float is massive (499M shares after 678% dilution), options chain has zero call OI (no gamma mechanics), volume collapsing (0.4x avg). Oct 2025: +1,400% in 5 days on debt conversion news, reversed 79%. Apr 2026: +58% on products, reversed. Every spike gets sold. Squeeze probability: 1/10.
2026-06-25SEC 10-K + 10-Q + IR
Debt structure: $412M, PIK compounding, 2030 wall
1st lien (Ahimsa): $82M at 12% PIK, due 2030. 2nd lien (Conv): $210M at 7%/9.5% PIK, conversion at $1.75, due 2030. Remaining 2027 notes: $29.5M at 0%, due Mar 2027. Total compounds to ~$415-550M by 2030 without cash payments. Company lost S-3 eligibility, ATM exhausted ($2K remaining). Capital markets access effectively shut.
2026-05-07Earnings + SEC
Q1 2026: Revenue $58M (-15.3%), OCF burn $5M (improved)
Revenue $58.2M vs $68.7M year-ago (-15.3%). Volume down 19.5%, partially offset by 5.4% price/mix. Gross profit $2.0M (3.4% margin, from -10.1%). Operating loss -$41M. EPS -$0.10 (missed -$0.07 estimate). Adj. EBITDA -$28M. Cash: $206M. Key positive: operating cash burn dropped to $5M from $47M/Q — best quarter in 2+ years.
2026-03-04NASDAQ + SEC 8-K
NASDAQ non-compliance notice — below $1.00 for 30 days
Received deficiency notification. Compliance deadline: Aug 31, 2026. Must close above $1.00 for 10 consecutive sessions. Extension option: transfer to Capital Market for 180 additional days. Reverse split authorized Nov 19, 2025 (30 alternate ratios, 257.6M shares voted for). CEO targets compliance via operational improvement, not reverse split — highly unlikely at $0.68.
2025-10SEC + IR
Debt-for-equity exchange: $818M eliminated, 316M shares issued
97.44% of $1.15B in 0% convertible notes due 2027 exchanged for: $210M in new 7% 2nd lien notes due 2030 + 316M common shares. Dilution: 77M to 454M shares (678%). Gain on extinguishment: $523M (made FY2025 net income artificially positive). Bought 4 years of runway but added $27M/yr interest expense that previously did not exist.
2026-01IR + Press
Rebrand: 'Beyond The Plant Protein Company' + Immerse launch
Dropped 'Meat' from brand identity. Beyond Immerse protein drinks launched Jan 2026. Big Geyser distribution for 26,000+ NYC retail outlets. Clean Label Project certification for 20+ products. Mycelium steak filet and fava bean mince new products. CEO: 'It's just not the moment for plant-based meat.' Pivot to adjacent functional food/beverage.
2026-06-25Industry research (8 sources)
Plant-based meat industry in structural decline
US refrigerated plant-based meat: -11.1% YoY. Retail shelf space cut 31% since 2021. McDonald's McPlant pulled from US. PepsiCo Jerky discontinued. Impossible Foods IPO shelved indefinitely (valuation collapsed from $7B to ~$427M). Nestle pulled Garden Gourmet from UK retail. Competitor TTCF went bankrupt. HAIN at $54M market cap. Industry shifting to hybrid products. Price premium vs real meat: 67% — no path to parity.
Beyond Meat valuation questions
Is Beyond Meat (BYND) stock undervalued?
Against the fair value estimate shown on this page, Beyond Meat trades above: $0.68 today versus a $0.65 estimate, about -4%. The methodology and per-scenario sources are set out in the Valuation section. Treat it as research, not advice, and do your own homework.
What is Beyond Meat's fair value?
The fair value estimate shown for BYND is $0.65. Its valuation scenarios span bear $0.00, base $0.50, bull $2.00. See the Valuation section for the basis of each.
What is Beyond Meat's market cap?
Beyond Meat (BYND) has a market capitalization (its market value, often searched as "net worth") of $351M, and an enterprise value of $658M.
What is the bull and bear case for BYND?
Valuation scenarios: bull $2.00, base $0.50, bear $0.00. Each reflects a distinct set of assumptions; the drivers and sources are detailed in the Valuation section above.