Operational liquidity remains under pressure, as demonstrated by a negative free cash flow of $7.6 million in 2026Q1 and a history of erratic working capital management.
Beyond Meat, Inc. (BYND) cash flow statement — 10-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Cash from Operations | -113.76M | -160.53M | -98.81M | -107.83M | -320.24M | -301.37M | -39.99M | -46.99M | -37.72M | -25.27M | -23.5M |
| Operating CF Margin % | - | -58.27% | -30.27% | -31.4% | -76.44% | -64.85% | -9.83% | -15.78% | -42.9% | -77.57% | -145.19% |
| Operating CF Growth % | -26.49% | -62.46% | 8.36% | 66.33% | -6.26% | -653.52% | 14.9% | -24.59% | -49.25% | -7.57% | - |
| Net Income | 289.99M | 219.91M | -160.28M | -338.14M | -366.14M | -182.1M | -52.75M | -12.44M | -29.89M | -30.38M | -25.15M |
| Depreciation & Amortization | 37.46M | 32.77M | 23.12M | 48.09M | 32.58M | 21.66M | 13.3M | 8.11M | 4.92M | 3.18M | 2.07M |
| Stock-Based Compensation | 41.27M | 30.99M | 23.92M | 29.1M | 33.86M | 27.7M | 27.28M | 12.81M | 2.24M | 665K | 735K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.6M | 1.2M | 2.69M | 0 |
| Other Non-Cash Items | -524.28M | -474.9M | 18.43M | 38.46M | 33.64M | 10.95M | 4.36M | 181K | 109K | 1.16M | 304K |
| Working Capital Changes | 70.28M | 30.69M | -4.01M | 114.66M | -54.19M | -179.58M | -32.18M | -68.24M | -16.3M | -2.58M | -1.46M |
| Change in Receivables | 11.09M | 1.65M | 4.19M | 2.72M | 9.06M | -8.46M | 4.52M | -27.45M | -9.04M | -2.7M | 1.07M |
| Change in Inventory | 62.43M | 31.65M | 15.58M | 106.09M | 2.57M | -122.67M | -38.86M | -51.34M | -22.11M | -1.96M | -3.71M |
| Change in Payables | -33.52M | -15.2M | -20.56M | 3M | -10.83M | 21.66M | 16.03M | 10.15M | 10.46M | 2.36M | 548K |
| Cash from Investing | -8.25M | -10.25M | -6.23M | -9.49M | -87.53M | -147.48M | -74.9M | -26.16M | -23.24M | -8.12M | -5.04M |
| Capital Expenditures | -119K | -12.31M | -11.02M | -10.56M | -73.3M | -135.96M | -59.98M | -25.92M | -23.25M | -7.91M | -4.96M |
| CapEx % of Revenue | 0.05% | 4.47% | 3.37% | 3.08% | 17.5% | 29.26% | 14.75% | 8.7% | 26.44% | 24.27% | 30.62% |
| Acquisitions | 0 | 1.94M | 0 | 4.32M | -13.25M | -11M | 0 | 299K | 67K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -8.13M | 116K | 4.78M | 0 | -981K | -518K | -14.92M | -545K | 8K | -207K | -83K |
| Cash from Financing | 178.66M | 239.01M | 45.78M | -550K | 276K | 1.02B | -1.76M | 294.88M | 76.2M | 55.42M | 31.91M |
| Debt Issued (Net) | 52.84M | 97.27M | -1.18M | -223K | -210K | 1.12B | -6.07M | -55K | 25.9M | 11.78M | 5.38M |
| Equity Issued (Net) | -73K | 142.17M | 46.73M | 170K | 0 | 0 | 0 | 292.26M | -514K | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -73K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -514K | 0 | 0 |
| Other Financing | 125.89M | -424K | 229K | -497K | 486K | -102.5M | 4.31M | 2.67M | 50.82M | 43.65M | 26.53M |
| Net Change in Cash | 59.29M | 75.29M | -60.38M | -116.59M | -410.75M | 574.17M | -116.86M | 221.72M | 15.24M | 22.04M | 3.38M |
| Free Cash Flow | -126.19M | -172.84M | -109.83M | -118.39M | -393.54M | -437.33M | -99.98M | -72.91M | -60.97M | -33.18M | -28.45M |
| FCF Margin % | -48.75% | -62.74% | -33.64% | -34.48% | -93.94% | -94.11% | -24.58% | -24.48% | -69.34% | -101.84% | -175.81% |
| FCF Growth % | -0.73% | -57.38% | 7.23% | 69.92% | 10.01% | -337.42% | -37.12% | -19.59% | -83.75% | -16.63% | - |
| FCF per Share | -6.40 | -28.60 | -49.92 | -55.24 | -185.57 | -207.68 | -48.15 | -51.74 | -39.45 | -21.47 | -18.41 |
| FCF Conversion (FCF/Net Income) | -0.44x | -0.73x | 0.62x | 0.32x | 0.87x | 1.65x | 0.76x | 3.78x | 1.26x | 0.83x | 0.93x |
| Interest Paid | 6.32M | 0 | 0 | 0 | 10K | 348K | 2.56M | 3.02M | 924K | 269K | 140K |
| Taxes Paid | -2K | 0 | 6K | 0 | 38K | 0 | 18K | 9K | 4K | 3K | 24K |
Quick answers to the most common questions about buying BYND stock.
Beyond Meat, Inc. (BYND) generated $-160.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Beyond Meat, Inc. (BYND) reported negative free cash flow of $172.8M in 2025, indicating capital requirements exceeded cash from operations.
Beyond Meat, Inc. (BYND) spent $12.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Persistent cash burn trajectory
Metrics are mathematically derived from official filings.
Earnings Quality Remains Severely Disconnected
According to recent quarterly filings, Beyond Meat's operating cash flow consistently trails net income, with an OCF/NI ratio that frequently fluctuates or turns negative, suggesting that reported earnings are heavily influenced by non-cash adjustments rather than the actual generation of liquid capital from core business operations.
The persistent gap between net income and operating cash flow indicates that the company's accounting profitability is not translating into tangible liquidity. Investors should monitor this divergence as it suggests that the firm's operational model is currently unable to self-fund its ongoing requirements.
Free Cash Flow Remains Deeply Negative
As reported in financial statements, Beyond Meat has maintained a consistent pattern of negative free cash flow, with quarterly outflows reaching as high as $49.8 million, highlighting a structural inability to cover capital expenditures through internal cash generation despite various attempts to optimize the cost base.
The negative FCF trajectory underscores the company's reliance on external financing to sustain operations. This trend appears to be worsening as the firm struggles to achieve the scale necessary to reach cash flow neutrality.
Working Capital Volatility Masks Instability
Based on the provided cash flow data, working capital changes have been highly erratic, swinging from a $75.6 million inflow in 2023Q4 to significant outflows in subsequent periods, which suggests that the company is struggling to manage inventory levels and trade payables effectively in a contracting market.
These fluctuations in working capital often indicate aggressive inventory management or delayed payments to suppliers to preserve cash. Such tactics may provide temporary relief but do not address the underlying issue of declining demand for the company's products.
Capital Intensity Outpacing Revenue Growth
Data from recent filings indicates that Beyond Meat's capital expenditure relative to revenue has reached as high as 15.1%, a concerning level for a company experiencing revenue contraction, suggesting that past investments in production capacity are failing to yield the expected returns on invested capital.
The high capital intensity relative to the company's current revenue profile suggests that the firm is burdened by underutilized assets. This capital-heavy structure appears to be a significant drag on the company's ability to achieve a sustainable path toward positive free cash flow.