Forensic Analysis · Hospitality & Leisure · as of Sep 25, 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
-67.6
P / E (ttm)
23.8%
ROE
$810M
Market cap
0.00%
Dividend yield
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, going concern, valuation). 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 by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by receivables up +116% against revenue +121% and payables paid down 11% against +121% in revenue. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 114% of net operating assets, against an accruals ratio of 101.6%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average.
-31.7%
FY2025
Return on invested capital.Return on invested capital is -31.7% in the latest fiscal year, against -86.4% in FY2024. After-tax operating profit was ($14M) in FY2024 and ($12M) in FY2025, with operating income at -235.2% of revenue in FY2024 and -90.0% in FY2025. The capital base behind it grew +130% across FY2024–FY2025, from $17M to $38M, and the return did not fall doing it, so the dollars added over that window earned at least the -86.4% the older base was already earning.
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.
Key fundamentals
Latest Revenue$14.9M
Revenue Growth YoY+120.8%
Revenue CAGR (2yr)-9.6%
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 Sep 25, 2026. Forensic signals flag probability, not certainty.
-$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.
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. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 49.5% a year, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
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