This article presents Beyond Meat (BYND)’s per-pound metrics such as total pounds sold, revenue per pound, and cost per pound.
The per-pound metrics measure primarily the health of the company’s businesses.
For example, the total pounds sold metric measures the total product delivered in pounds to customers.
The rise and fall of this metric can point out how Beyond Meat’s plant-based products are doing, whether they are very much sought after or fading away.
Other metrics such as the revenue and cost per pound measure mainly the profitability of the company and both of them go hand in hand.
That said, these metrics do not represent the revenue or sales data of Beyond Meat.
Investors who are interested in Beyond Meat’s sales can find out the information in this article – Beyond Meat Revenue By Region, Profitability And Margin.
All told, let’s start with the following topics!
Pounds Sold By Year
As pointed out by the chart above, Beyond Meat’s total pounds sold grew the most in the early years, ie. from 2017 to 2020.
For example, the total number of pounds sold grew more than 1000% between 2017 and 2020.
As of 2022, Beyond Meat’s total pounds sold reached 85 million pounds, roughly in line with that of the prior year.
In 2021, Beyond Meat’s total pounds sold grew roughly 10 million pounds or 17% year over year to reach 84.6 million pounds.
This number has remained slightly higher in 2022.
While total pounds sold have been on a rise since 2017, the growth has started to slow significantly starting in 2021.
Therefore, Beyond Meat’s sales of plant-based products may have reached a plateau as of 2022 and will probably begin to fall going forward due to slowing demand.
It is no wonder that Beyond Meat’s stock price has started to tumble badly since 2021.
Growth Rates Of Pounds Sold
The chart above shows the year-on-year growth rates of the total pounds sold.
As shown, Beyond Meat’s growth in total pounds sold was the highest in the initial years, ie. between 2018 and 2020.
In subsequent years such as 2021 and 2022, Beyond Meat’s pounds sold growth rates tumbled to only 17% and 0.4%, respectively, the lowest levels seen in the past 5 years.
Again, Beyond Meat’s plant-based products sales have slowed down significantly beginning in 2021.
Pounds Sold By Quarter
The TTM chart shows a more refined plot compared to the annual plot.
On a TTM basis, Beyond Meat’s pounds sold by quarter have been on a rise since 2019 and reached 85 million pounds as of Q4 2022, one of the highest figures ever seen.
In line with the annual results, Beyond Meat’s quarterly total pounds sold also have started to slow down in recent years.
For example, Beyond Meat’s total pounds sold have started to fall since topping 91 million pounds in 2Q 2022 as shown in the chart.
Similarly, the growth of Beyond Meat’s total pounds sold was at its highest in the early years.
Again, the TTM chart above reinforces the idea that Beyond Meat’s sales of plant-based products may have already reached a plateau in 2022, driven primarily by slowing demand.
Revenue And Cost Per Pound Sold By Year
The revenue and cost per pound sold measure the profitability of Beyond Meat’s plant-based products.
When cost per pound is higher than revenue per pound, Beyond Meat will incur a loss.
That said, Beyond Meat’s financial health has not been doing so well.
As seen, Beyond Meat’s revenue per pound sold has been on a decline since topping $5.77 USD in 2018.
As of 2022, revenue per pound reached a record low of only $4.93 USD, a level that has never been seen in the past 6 years.
To make matter worse, Beyond Meat’s cost per pound has been on a rise since 2019 and reached a record high of $5.21 USD as of 2022, probably driven by higher inflation which includes raw material and labor costs.
Prior to 2019, Beyond Meat was seen as capable of controlling the cost per pound sold and the company had managed to bring the cost per pound sold down significantly.
However, that was no longer the case after 2019 as the cost per pound sold has steadily risen and was seen growing the most in 2022.
As of 2022, Beyond Meat’s cost per pound sold has even surpassed the revenue per pound sold, meaning that the company has incurred a loss in 2022 as the cost has exceeded revenue.
In short, Beyond Meat is probably in a deep hole now.
Revenue And Cost Per Pound Sold By Quarter
The TTM chart above shows a more refined plot compared to the annual plot.
As shown, the revenue per pound plot seems to be going in the opposite direction from the cost per pound plot.
For example, Beyond Meat’s revenue per pound has fallen from $5.80 USD reported in Q4 2019 to only $4.93 USD as of Q4 2022, down 15% during the 3-year period.
On the other hand, Beyond Meat’s cost per pound has risen by a massive 35% since Q4 2019 and totaled $5.21 USD on a TTM basis as of 2022 Q4.
The worst thing about the rising cost per pound is that it has surpassed the revenue per pound sold since Q3 2022 as shown in the chart above.
In other words, Beyond Meat has been having losses for every pound of product sold since Q3 2022.
If the trends, the falling revenue per pound and rising cost per pound, continue in the foreseeable future, Beyond Meat will be in deep trouble.
To recap, Beyond Meat’s total pounds sold have been on a rise since 2017 and reached a record high of 85 million pounds as of 2022.
While this figure has been rising, the growth has slowed considerably in recent years and total pounds sold grew only 0.4% as of 2022, the lowest rate that has ever been seen in the last 6 years.
Beyond Meat used to be a profitable company when it managed to reduce its cost per pound sold.
However, the cost per pound has been on a significant rise since 2019 and hit a record high of $5.21 USD as of 2022, driven possibly by rising costs of raw materials and labor.
To make matter worse, Beyond Meat’s revenue per pound sold has been on a decline during the same period, making the company’s profitability on the decline.
In short, Beyond Meat needs to increase its revenue per pound sold and at the same time, reduce the cost per pound sold in order to be making a profit again.
References and Credits
1. All financial figures in this article were obtained and referenced from Beyond Meat’s statements which are available in Beyond Meat SEC filings.
2. Featured images in this article are obtained free and are used without any attribution from the following links: Pixabay
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