Beyond Meat, Inc.
BYND Consumer Defensive Packaged Foods
Beyond Meat, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $275.5 million, down 15.6% from fiscal 2024. In the quarter to June 2026, revenue fell 8.17%, EPS grew 107.0%, free cash flow grew 44.6% and total debt fell 70.7%, each against the same quarter a year earlier.
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Beyond Meat, Inc. (BYND) Beneish M-score
Beyond Meat, Inc.'s Beneish M-score for fiscal 2025 is 1.96; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | 1.96 | 6.43 |
| FY2024 | −4.46 | (1.69) |
| FY2021 | −2.77 | (9.08) |
| FY2020 | 6.31 | 6.45 |
| FY2019 | −0.14 | 1.40 |
| FY2018 | −1.54 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.15 | — | 1.06 | |
| Gross margin index | 4.60 | — | 2.43 | |
| Asset quality index | 0.32 | — | 0.13 | |
| Sales growth index | 0.84 | — | 0.75 | |
| Depreciation index | 0.85 | — | 0.10 | |
| SG&A index | 1.52 | — | −0.26 | |
| Total accruals to total assets | 0.59 | — | 2.77 | |
| Leverage index | 0.52 | — | −0.17 | |
| Beneish M-score | Flagged by the model | 1.96 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| HOST Healthy Choice Wellness Corp. compare | −3.4× |
| BRCC BRC Inc. compare | −2.8× |
| NATR Nature's Sunshine Products, Inc. compare | −2.8× |
| BGS B&G Foods, Inc. compare | −2.8× |
| LFVN Lifevantage Corporation compare | −2.5× |
| WYHG Wing Yip Food Holdings Group Limited - Sponsored ADR compare | −1.2× |
| FTLF FitLife Brands Inc. compare | 0.5× |
| BYND Beyond Meat, Inc. | 2.0× |
| USNA USANA Health Sciences, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI