Beyond Meat (BYND) Stock: Mizuho Cuts Price Target to $1 as Sales Drop

TLDR

• Mizuho cut Beyond Meat’s price target from $1.50 to $1.00 while keeping an Underperform rating
• The company reported Q3 revenues of $70.2 million, down 13.3% year-over-year, with wider losses than expected
• Beyond Meat took a $77 million impairment charge and burned through $42 million in cash during the quarter
• Fourth-quarter revenue guidance of $60-65 million signals another double-digit decline from the prior year
• The stock has dropped 78.8% over the past year and fell 12% after the latest earnings release

Beyond Meat posted another disappointing quarter as the plant-based meat company continues to struggle with weak consumer demand and mounting financial pressure.

Beyond Meat, Inc., BYND

Mizuho analysts cut their price target on the stock from $1.50 to just $1.00 following the third-quarter results. The firm maintained its Underperform rating on the company.

The stock currently trades at $1.11. It has fallen 78.8% over the past year.

Beyond Meat reported third-quarter revenues of $70.2 million. This beat analyst estimates of $69 million but still represented a 13.3% drop from the same period last year.

The revenue decline came from lower sales volumes and weaker pricing. Product volume fell 10.3% while net revenues per pound dropped 3.5%.

Losses Widen Despite Revenue Beat

The company posted an adjusted loss of 47 cents per share. Analysts had expected a loss of 41 cents per share.

This marked a worse performance than the 41-cent loss reported in the third quarter of 2024. The widening losses reflect the company’s ongoing financial struggles.

Beyond Meat took a $77 million impairment charge during the quarter. This reflects lower expectations for the company’s long-term performance.

The company burned through $42 million in cash during Q3. For the first nine months of 2025, cash used in operations totaled $98.1 million.

Gross margin fell to 10.3% from 18% in the prior year. The 740 basis point decline stemmed from higher costs and lower revenues per pound.

Material costs increased while inventory provisions rose. These factors pressured profitability despite lower manufacturing and logistics expenses.

Weak Performance Across Channels

U.S. retail sales fell 18.4% to $28.5 million. Sales volume dropped 12.6% while revenue per pound declined 6.6%.

The decline reflected soft category demand and fewer distribution points. Trade discounts and price cuts also hurt revenues.

U.S. foodservice revenues plunged 27.3% to $10.5 million. Volume fell 27.1% due to sluggish demand and the loss of chicken product sales to a quick-service restaurant customer.

International retail revenues dropped 4.6% to $15.8 million. Product volume fell 12.5%, though revenue per pound rose 9.1% thanks to foreign exchange gains and selective price increases.

International foodservice provided the only bright spot. Revenues rose 2.4% to $15.3 million on higher chicken product sales to a quick-service restaurant partner.

Beyond Meat ended the quarter with $131.1 million in cash. Total outstanding debt stood at $1.2 billion.

The company recently exchanged its 2027 convertible notes to reduce leverage. This move extended debt maturities and strengthened the balance sheet.

Mizuho maintained its fiscal 2025 adjusted EBITDA forecast at negative $113 million. The firm lowered its fiscal 2026 projection to negative $61 million from negative $56 million.

The analysts noted that U.S. demand for animal meat remains at multi-decade highs. Plant-based competitors are also becoming more price competitive.

Beyond Meat expects fourth-quarter revenues between $60 million and $65 million. This would represent another drop from the $76.7 million reported in Q4 2024.

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