Forensic Analysis · Hospitality & Leisure · as of Aug 11, 2026
Falcon'S Beyond Global, Inc. (FBYD)
A forensic read on Falcon'S Beyond Global, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Safe
Financial health
7.3
Distress distance
Watch
Earnings quality
6
Forensic signals
128.2
P / E (ttm)
23.8%
ROE
$1.2B
Market cap
120.8%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Falcon'S Beyond Global, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 7.3, placing it in the Safe zone. 6 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+101.6%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +101.6% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by receivables up +116% against revenue +121% and payables paid down 11% against +121% in revenue. The cash-flow cross-check agrees: reported earnings ran ahead of operating cash by 114% of net operating assets.
-31.7%
FY2025
Return on invested capital.Return on invested capital is -31.7% in the latest fiscal year and rising from -86% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
FCF ($25M)
FY2025
Shareholder returns.Returned $545,000 to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($25M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
-$60.6M
FY2023–FY2025
Cash burn vs. reported loss.Over FY2023–FY2025, the company reported a cumulative net loss of $22.7M against operating cash flow of -$60.6M. Cash burn ran heavier than the reported loss — something outside net income (working capital, a cash item not in the P&L) is consuming cash faster than the loss alone implies.
Key fundamentals
Latest Revenue$14.9M
Revenue Growth YoY+120.8%
Net Margin19.1%
Free Cash Flow-$24.8M
Return on Equity23.8%
Debt / Equity1.19x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Falcon'S Beyond Global, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.
n/m (stock split)
FY2023–FY2025
Share count (stock split).Diluted share count changed +361% over the last 2 years to FY2025, but that includes a large one-time change around FY2025 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +114.7%/yr figure isn't a real buyback/dilution read here.
11% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 11% of revenue in FY2025 — about $0.04 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 49.5% a year, small enough that totals and per-share results tell the same story.
Falcon'S Beyond Global, Inc. (FBYD) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy