Beyond Meat, Inc.

Founder‑CEO Ethan Brown remains in place, which historically can be a positive for alignment and long‑term vision. However, operating execution has lagged for several years, and the board has brought in an interim Chief Transformation Officer from AlixPartners to accelerate restructuring, signaling the need for external turnaround expertise.

A special meeting is planned to seek shareholder approvals tied to the exchange and share authorization. Execution on margin improvement and cash discipline will be the key tests ahead.

Quality Value Investing Checklist (scores 0‑100 with brief justification): Wide or Narrow Moat (Morningstar): 20. We do not see a durable moat; competitive set and substitutes are strong; our view aligns with a no‑moat profile. High and Consistent Return on Capital: 5. Persistent losses and negative returns; no sustained ROC above 10%.

Revenue and FCF Growth: 10. Revenue down 2024 and H1 2025; TTM FCF materially negative. High Margins: 10. Low and volatile gross margins; negative operating margins. Owner‑CEO: 45. Founder‑led and meaningful historical stake, but dilution and execution gaps reduce alignment quality.

Simplicity: 55. Branded CPG model is understandable, but category dynamics and reformulations add complexity. Very Low Debt: 25. Exchange reduced principal but leverage and secured debt remain. Dilution: 5. Substantial equity issuance including ~316 million new shares in the exchange.

Favorable Jurisdiction: 85. U.S. listed, Delaware incorporated; exit from China reduces jurisdictional risk. Trend Alignment & Boringness: 35. Plant‑based protein is a secular theme, but U.S. demand currently weak and trend momentum unclear.

Superinvestor Inspiration: 15. Lacks the durable economics admired by quality investors; returns and cash profile do not fit Buffett/Munger‑style filters. Valuation: 20. With negative TTM FCF, FCF‑based valuation is not supportable; sales‑based heuristics imply only a very low equity value until cash turns positive.