Rankings Food, drinks & restaurants Beyond Meat
Beyond Meat
45
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Margin−10
- Debt and maturities−9
- Quality of growth−8
Strengths
- Cost cuts+2
- International detail+1
How the score is built
From 100 to 45, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 7.05 USD
- Median analyst target
- 12.50 USD
- Upside to median
- +77.3%
- Analysts
- 3
- Target range
- 10.00 – 15.00 USD
- 52-week change
- −86%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−29 of −30
- −10MarginGross margin 8.5% in Q2 2026 (10.6% a year earlier), operating margin −44.8% and adjusted EBITDA −USD 27.7m (−40% of revenue). Free cash flow −120m TTM.
- −8Quality of growthSixth quarter in a row of decline: Q2 revenue 68.8m (−8.2%, volume −9.5%), H1 −11.6%; US Foodservice −27.6%. Annual revenue has fallen from 464.7m (2021) to 258.9m TTM, and Q3 guidance is only 60–65m.
- −7Capital allocationThe USD 1.15bn convertibles (0%, 2021) were burned through; the exchange in October 2025 issued 318m new shares plus 209.7m of new 2030 notes, and a USD 100m loan from Unprocessed Foods (Ahimsa) costs 12% PIK (effectively 19.4%). The share count has risen about 575% in a year, followed by a 1:30 reverse split.
- −4MoatPlant-based meat is a shrinking category in the USA with private label, Impossible Foods and food giants as competitors; the brand has not been able to hold price or volume, and operations in China are closed.
Price
Today's multiples against the company's own history and its peers. · 2 findings−7 of −35
- −1Multiples vs own historyEV/Sales 1.46 and PS 0.55 are low vs EV/Sales 3.8-5.7 in 2022-2025, but the drop reflects that revenue is shrinking and the gross margin has halved; P/B 2.50 is only positive because of TDR accounting.
- −6PeersEV/Sales 1.46 vs Oatly 0.91 (gross margin 34%, positive EBITDA) and SunOpta 1.40 (EV/EBITDA 13). With an 8.5% gross margin and -40% EBITDA margin, Beyond Meat is more expensive than profitable peers.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−20 of −35
- −9Debt and maturitiesPrincipal about USD 294m against a market cap of 142m: 2027 notes of 29.5m mature 15/3-2027 (at most 60m in cash may be used), loan from Unprocessed Foods about 113m incl. PIK (12%, 2030) and 2030 notes about 151m (9.5% PIK, 2030); minimum liquidity 15m. Debt grows via PIK interest.
- −7Dilution52.1m conversion shares (pre-split) were issued in Q2 2026 for 62.6m in 2030 notes; up to 86.7m more shares (pre-split, about 2.9m post-split) at the base price plus make-whole. Without an ATM, new capital must be raised through private, dilutive deals.
- −2Nasdaq listingNasdaq notice 4/3-2026 for price below USD 1; 1:30 reverse split completed 14/8-2026, but the price has fallen from approx. 12.30 to USD 8.25 since. Delisting will trigger a repurchase obligation (fundamental change) on the notes.
- −2Short interest29.6% of the shares and 32.7% of free float are sold short – the market is betting heavily on further declines.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Cost cutsOperating cash flow H1 2026 −23.2m vs −58.0m a year earlier; shutdown in China, staff reductions and termination of about 101,600 square feet of the head office.
- +1
Caveats
What the score does not capture, or where the data is weak.
Price USD 8.25 (2/10-2026) after a 1:30 reverse split on 14/8-2026 (price USD 0.41 before the split, a record low). 515.8m shares before the split (10-Q, 5/8-2026) = 17.19m after the split, so the market cap is about USD 142m (about DKK 934m). Nordnet's DKK 2,449m is outdated. The net income of +USD 259m TTM is artificial: it stems from gains on the debt restructuring (TDR) and conversions of the 2030 notes (57.7m in Q2 alone); operations lose about 45% of revenue. Analyst price target USD 12.50 (3 analysts, consensus 'Sell'). No going concern wording in the 10-Q. The company cannot use its ATM program (no longer S-3 eligible). Nasdaq notice 4/3-2026 (deadline 31/8-2026); the reverse split was meant to resolve it, but regained compliance has not been confirmed in an announcement. Convertibles: 2027 notes (29.5m, maturity 15/3-2027) and 2030 notes (about 151m including PIK).
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