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Case

Beyond Meat: the 2019 IPO and the 2025 debt exchange

Beyond Meat priced its Nasdaq IPO at $25 a share on 1 May 2019; the stock rose 163% on its first day, giving a market value of $3.77 billion (CNBC). Net revenues were $87.9 million in 2018 (CNBC), $464.7 million in 2021 and $418.9 million in 2022 (Form 10-K for 2022), then fell to $275.5 million in 2025. After an exchange offer completed in October 2025, its 2027 convertible notes outstanding dropped from $1.15 billion to $29.5 million (Form 10-K for 2025).

Industry
Plant-based food (USA)
Frameworks applied
Sources of finance for new venturesCapital structure theories
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Frameworks applied

This case is read through the frameworks below.

  • Sources of finance for new venturesA founder has run through personal savings: should the next approach be family, the bank, angel investors or venture capital?
  • Capital structure theoriesWhen a CFO needs funding to expand, should the firm borrow more or issue shares, and is there an optimal debt–equity mix for it?

Sources

References

Listed A–Z by author surname, Harvard style. A source with a DOI links to https://doi.org/…; one without links to its page or says plainly that it has no DOI.

  1. Beyond Meat, Inc. (2023) Form 10-K for the fiscal year ended December 31, 2022. Washington, DC: U.S. Securities and Exchange Commission.No DOIsec.govSource page
  2. Beyond Meat, Inc. (2026) Form 10-K for the fiscal year ended December 31, 2025. Washington, DC: U.S. Securities and Exchange Commission.No DOIsec.govSource page
  3. Lucas, A. (2019) Beyond Meat surges 163% in the best IPO so far in 2019. CNBC.No DOIcnbc.comSource page