Beyond Meat, Inc. — Earnings Quality Grade F
BYND · Consumer Defensive
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 35 days, change +4 days YoY
AR growth -3.0% vs revenue growth -15.6%
Revenue -15.6%, CFFO -46.7%. Cash follows revenue
Expense Quality
Inventory -25.9% vs COGS -5.9%. Normal
CapEx growth 11.7% vs revenue -15.6%. Normal
SG&A/Gross Profit = 2848.0%, exceeds 70%
Gross margin swung -10.0pp (12.8% → 2.8%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.2B)
Accruals ratio = 52.5%. Exceeds 10%
Cash $0.2B covers only 40% of debt $0.5B
Balance Sheet Health
No goodwill. Clean balance sheet
Interest coverage = -16.6x (<2x). Financial stress
Other assets -10.1% vs revenue -15.6%. Normal
Write-offs normal
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
No goodwill
Manipulation Score
M-Score = 1.91 (> -1.78). LIKELY MANIPULATOR
Small-cap context: Beneish M-Score was calibrated on large-caps; small-cap DSO/inventory volatility mechanically inflates it.
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25