In Q3 2024, Beyond Meat reported revenue of $81.0 million, up 7.15% year over year, and a gross profit of $14.3 million yielding a gross margin of 17.7%. Despite top-line growth, operating income remained negative at -$30.9 million and net income was -$26.6 million, corresponding to an earnings per share of -$0.41. Free cash flow delivered a negative -$24.1 million, with net cash from operating activities at -$22.0 million, underscoring ongoing cash burn despite revenue gains. The balance sheet shows a sizeable debt load and negative shareholders’ equity, raising financial leverage and balance sheet risk even as liquidity metrics (current ratio 3.43, quick ratio 1.99, cash ratio 1.41) remain supportive in the near term.
Key Performance Indicators
Revenue
Increasing
81.01M
QoQ: 0.00% | YoY: 7.15%
Gross Profit
Increasing
14.31M
17.66% margin
QoQ: 0.00% | YoY: 290.08%
Operating Income
Increasing
-30.91M
QoQ: 0.00% | YoY: 42.20%
Net Income
Increasing
-26.58M
QoQ: 0.00% | YoY: 51.11%
EPS
Increasing
-0.41
QoQ: 0.00% | YoY: 51.19%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue: $81.01m, YoY +7.15%, QoQ +0.00%; Gross Profit: $14.31m, YoY +290.08%, QoQ +0.00%, Gross Margin: 17.66%; Operating Income: -$30.91m, YoY +42.20%, QoQ +0.00%; Net Income: -$26.58m, YoY +51.11%, QoQ +0.00%; EPS: -$0.41, YoY +51.19%, QoQ +0.00%; EBITDA: -$20.22m; Cash Flow: Operating cash flow -$22.05m, Free cash Flow -$24.07m; Net cash at end of period: $134.89m; Total debt: $1.222b; Net debt: $1.100b; Current ratio: 3.43; Quick ratio: 1.99; Cash and equivalents: $121.73m; Inventory: $125.16m; DSO: 38.52 days; DIO: 168.88 days; DPO: 80.47 days; CCC: 126.94 days; Total assets: $692.94m; Total liabilities: $1,304.86m; Total stockholders’ equity: -$611.92m; P/S: 149.86x; P/B: negative; P/FCF: negative; Enterprise value multiple: negative.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
81.01M
7.15%
0.00%
Gross Profit
14.31M
290.08%
0.00%
Operating Income
-30.91M
42.20%
0.00%
Net Income
-26.58M
51.11%
0.00%
EPS
-0.41
51.19%
0.00%
Key Financial Ratios
Gross Profit Margin
Weak
17.70%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Weak
-0.38%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-0.33%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.04%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
4.34%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
3.43
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
Conservative
-2.00
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
Negative
-114.20x
Negative earnings make P/E ratio not meaningful
Price to Book
Undervalued
-19.84x
Trading below book value, potential value opportunity or distressed
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