Falcon's Beyond Global FBYDW

NASDAQ FBYDW

$1.12 0.00 (-0.36%)

At close: Oct 15, 2026 · 4:00 PM EDT

Falcon's Beyond Global (FBYDW) stock price is $1.12, down 0.36% on the day, as of Oct 15, 2026. It has a market cap of $336.41Mn, and is classified in the Engineering and Construction industry (Industrials sector).

Key Stats

Market Cap336.41 Mn

P/E-180.87

FCF (Yr)-24.76 Mn

ROA (Yr)9.87

EV to EBIT642.95

Net Income (Yr)6.31 Mn

Enterprise Value325.98 Mn

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About

Falcon’s Beyond Global, Inc. is a visionary entertainment and technology enterprise at the forefront of the global experience economy. It designs, develops, engineers, delivers, and commercializes immersive physical and digital experiences for leading brands, developers, and destination operators worldwide, as well as for its own portfolio of entertainment and technology concepts. The company’s track record spans over 26 years supporting more than $144 billion worth of story‑driven development projects across 27 countries and it has received more than 56 prestigious industry awards for its creative and technical achievements. Falcon’s operates through an integrated experience platform that combines creative development, proprietary technologies, advanced engineering, intellectual property, and operational execution to enable the repeatable creation, deployment, and scaling of entertainment experiences across multiple formats and locations globally.

Revenue is generated primarily through three streams. Falcon’s Creative Group earns fees from professional services agreements tied to defined scopes of work and project milestones for destination strategy, master planning, attraction design, digital media, and creative guardianship. Falcon’s Attractions derives income from the design, engineering, manufacture, sale, installation, and after‑market support of proprietary ride systems and attraction hardware, leveraging decades of experience in attraction design and engineering. Falcon’s Beyond Destinations earns management fees, licensing fees, revenue‑sharing arrangements, and equity interests from the development and operation of location‑based entertainment venues and hospitality experiences. Additionally, the company generates revenue from shared services such as accounting, legal, human resources, and information technology provided to its affiliated entities.

The company operates through the following operating segments: Falcon’s Creative Group, Falcon’s Attractions, Falcon’s Beyond Destinations, Producciones de Parques S. L., and Destinations Operations.

Falcon’s Creative Group: provides creative and advisory services including destination strategy, master planning, experiential and attraction design, digital media, interactive software, intellectual property development, and creative guardianship for entertainment and hospitality destinations, serving both third‑party clients and affiliated entities.
Falcon’s Attractions: designs, engineers, manufactures, and sells proprietary and customized ride systems, attraction hardware, and related technologies for theme parks, location‑based entertainment venues, and destination developments worldwide; also offers engineering services, fabrication, integration, installation, and after‑market support.
Falcon’s Beyond Destinations: develops, owns, operates, and expands entertainment venues, hospitality experiences, and branded destination concepts across various location‑based formats using proprietary and third‑party intellectual property; generates revenue via management fees, licensing fees, revenue‑sharing arrangements, and equity interests, focusing on asset‑efficient partnerships and joint ventures.
Producciones de Parques S. L.: a joint venture that develops and operates hotel and theme park assets, having previously held interests in properties such as the Sol Tenerife Hotel before its disposition in 2025, primarily operating in Spain and other European markets.
Destinations Operations: manages day‑to‑day operations of destination projects, providing operational oversight, guest services, and facility management for partnered venues to support speed‑to‑market and reduce capital intensity.

Within the experience economy, Falcon’s competes with independent themed‑entertainment design firms, ride‑system manufacturers, and destination operators. Its competitive advantages stem from an integrated platform that links creative intellectual property with proprietary technology and execution capabilities, a portfolio of over 140 issued patents and pending applications covering ride systems, immersive theaters, augmented reality, and gamification platforms, long‑term relationships with sovereign investors such as the Public Investment Fund and Qiddiya Investment Company, and the ability to offer end‑to‑end solutions from concept through operation while scaling concepts globally.

The company serves theme‑park operators, destination developers, hotel chains, leisure operators, museums, zoos, aquariums, cruise lines, media producers, and intellectual‑property holders, as well as its own portfolio. Notable customers include Qiddiya Investment Company and New Murabba Development Company, which together accounted for approximately 60% and 39% of Falcon’s Creative Group revenue in 2025, respectively. Additional clients consist of government‑backed developers, institutional investors, and private operators seeking immersive entertainment solutions.

Investment Thesis

▲ Bull case

Falcon's Beyond demonstrates tangible progress in converting its technology and creative expertise into revenue-generating contracts, highlighted by the recently secured $18 million VAI Agreements for dark ride vehicle systems. These milestone-based contracts represent a significant near-term revenue pipeline that leverages the company's core Falcon's Attractions division, directly translating its engineering capabilities into contracted work with clear payment schedules. This development reduces reliance on volatile product sales or sporadic project wins and provides a more predictable cash flow stream, addressing a key investor concern about revenue consistency. The scale of these agreements relative to the company's Q1 FY26 revenue of $5.4 million underscores their potential to substantially elevate top-line performance in upcoming quarters, signaling successful commercialization of its technological IP beyond internal projects or joint ventures.
The strategic promotion of Saham Ali to Chief Technology Officer validates and institutionalizes the company's long-standing investment in proprietary technology as a sustainable competitive advantage, rather than viewing it as a cost center. Ali's quarter-century tenure and deep expertise in real-time rendering, robotics, extended reality, and AI-driven personalization position Falcon's Beyond to capitalize on converging trends in themed entertainment where technological differentiation is becoming paramount. This leadership continuity ensures that advanced platforms like ÄEONXP (their loyalty and engagement ecosystem) and generative AI integrations will receive sustained focus, potentially creating higher-margin, scalable revenue streams through licensing or SaaS models that are less capital-intensive than physical build-outs, thereby improving long-term profitability prospects.
The successful listing of the 11% Series B Cumulative Convertible Preferred Stock (FBYDP) on Nasdaq provides Falcon's Beyond with a new, accessible capital-raising mechanism that mitigates liquidity concerns highlighted in their forward-looking statements. This development offers a structured path to fund growth initiatives, debt reduction, or strategic acquisitions without immediate dilution to common shareholders, while the cumulative feature and conversion option provide downside protection and upside participation for investors. Access to this preferred equity market signals growing institutional confidence in the company's creditworthiness and long-term viability, directly addressing the substantial doubt about its ability to continue as a going concern noted in their risk factors and potentially lowering the cost of future capital.

Falcon's Beyond demonstrates tangible progress in converting its technology and creative expertise into revenue-generating contracts, highlighted by the recently secured $18 million VAI Agreements for dark ride vehicle systems. These milestone-based contracts represent a significant near-term revenue pipeline that leverages the company's core Falcon's Attractions division, directly translating its engineering capabilities into contracted work with clear payment schedules. This development reduces reliance on volatile product sales or sporadic project wins and provides a more predictable cash flow stream, addressing a key investor concern about revenue consistency. The scale of these agreements relative to the company's Q1 FY26 revenue of $5.4 million underscores their potential to substantially elevate top-line performance in upcoming quarters, signaling successful commercialization of its technological IP beyond internal projects or joint ventures.
The strategic promotion of Saham Ali to Chief Technology Officer validates and institutionalizes the company's long-standing investment in proprietary technology as a sustainable competitive advantage, rather than viewing it as a cost center. Ali's quarter-century tenure and deep expertise in real-time rendering, robotics, extended reality, and AI-driven personalization position Falcon's Beyond to capitalize on converging trends in themed entertainment where technological differentiation is becoming paramount. This leadership continuity ensures that advanced platforms like ÄEONXP (their loyalty and engagement ecosystem) and generative AI integrations will receive sustained focus, potentially creating higher-margin, scalable revenue streams through licensing or SaaS models that are less capital-intensive than physical build-outs, thereby improving long-term profitability prospects.
The successful listing of the 11% Series B Cumulative Convertible Preferred Stock (FBYDP) on Nasdaq provides Falcon's Beyond with a new, accessible capital-raising mechanism that mitigates liquidity concerns highlighted in their forward-looking statements. This development offers a structured path to fund growth initiatives, debt reduction, or strategic acquisitions without immediate dilution to common shareholders, while the cumulative feature and conversion option provide downside protection and upside participation for investors. Access to this preferred equity market signals growing institutional confidence in the company's creditworthiness and long-term viability, directly addressing the substantial doubt about its ability to continue as a going concern noted in their risk factors and potentially lowering the cost of future capital.

▼ Bear case

Despite the positive net income in Q1 FY26, Falcon's Beyond's profitability remains heavily dependent on non-recurring and accounting-driven items rather than sustainable operating performance, with the $11.1 million credit from reversing accrued transaction expenses constituting the majority of the reported earnings. Excluding this one-time benefit and the $3.8 million improvement in equity method investment results (which itself may be volatile), the core operating business showed minimal improvement, as evidenced by the persistent Adjusted EBITDA loss of $4.6 million. This indicates that underlying revenue growth from services ($3.7 million) and product sales ($1.7 million) is insufficient to cover selling, general and administrative expenses ($7.7 million), raising serious doubts about the company's ability to achieve organic profitability without continued reliance on infrequent accounting adjustments or windfalls from joint venture distributions.
The company's balance sheet reveals significant structural liquidity risks that are not adequately offset by recent financing actions, with current liabilities of $23.4 million vastly exceeding current assets of $10.5 million, resulting in a working capital deficit of nearly $13 million. Although cash and cash equivalents decreased to $1.2 million from $1.9 million quarter-over-quarter, the more pressing issue is the $8.5 million in long-term debt classified as current due to covenant violations or impending maturities, which creates imminent refinancing pressure. This precarious short-term funding situation is exacerbated by minimal proceeds from related party credit facilities and ongoing reliance on insider funding, suggesting limited access to traditional capital markets and elevating the risk of a liquidity crisis if expected project payments from agreements like the VAI deals are delayed or milestones are not met on schedule.
Falcon's Beyond continues to face material weaknesses in internal controls over financial reporting and remains exposed to significant customer concentration risks within its Falcon's Creative Group division, which were explicitly cited in their forward-looking statements as ongoing concerns. The lack of detailed discussion about remediation progress on material weaknesses during the earnings release, combined with the absence of specific updates on diversifying their customer base beyond a few key theme park operators, suggests these risks are being inadequately managed. Furthermore, the company's dependence on strategic relationships with local partners for international market access—particularly in high-potential but politically complex regions like the Kingdom of Saudi Arabia—introduces execution and regulatory risks that could derail international expansion plans, leaving the business overly reliant on domestic U.S. projects that may not offer sufficient scale for sustainable growth.

Despite the positive net income in Q1 FY26, Falcon's Beyond's profitability remains heavily dependent on non-recurring and accounting-driven items rather than sustainable operating performance, with the $11.1 million credit from reversing accrued transaction expenses constituting the majority of the reported earnings. Excluding this one-time benefit and the $3.8 million improvement in equity method investment results (which itself may be volatile), the core operating business showed minimal improvement, as evidenced by the persistent Adjusted EBITDA loss of $4.6 million. This indicates that underlying revenue growth from services ($3.7 million) and product sales ($1.7 million) is insufficient to cover selling, general and administrative expenses ($7.7 million), raising serious doubts about the company's ability to achieve organic profitability without continued reliance on infrequent accounting adjustments or windfalls from joint venture distributions.
The company's balance sheet reveals significant structural liquidity risks that are not adequately offset by recent financing actions, with current liabilities of $23.4 million vastly exceeding current assets of $10.5 million, resulting in a working capital deficit of nearly $13 million. Although cash and cash equivalents decreased to $1.2 million from $1.9 million quarter-over-quarter, the more pressing issue is the $8.5 million in long-term debt classified as current due to covenant violations or impending maturities, which creates imminent refinancing pressure. This precarious short-term funding situation is exacerbated by minimal proceeds from related party credit facilities and ongoing reliance on insider funding, suggesting limited access to traditional capital markets and elevating the risk of a liquidity crisis if expected project payments from agreements like the VAI deals are delayed or milestones are not met on schedule.
Falcon's Beyond continues to face material weaknesses in internal controls over financial reporting and remains exposed to significant customer concentration risks within its Falcon's Creative Group division, which were explicitly cited in their forward-looking statements as ongoing concerns. The lack of detailed discussion about remediation progress on material weaknesses during the earnings release, combined with the absence of specific updates on diversifying their customer base beyond a few key theme park operators, suggests these risks are being inadequately managed. Furthermore, the company's dependence on strategic relationships with local partners for international market access—particularly in high-potential but politically complex regions like the Kingdom of Saudi Arabia—introduces execution and regulatory risks that could derail international expansion plans, leaving the business overly reliant on domestic U.S. projects that may not offer sufficient scale for sustainable growth.

Geographical Breakdown of Revenue (2025)

History

Product and Service Breakdown of Revenue (2025)

History

Peer percentiles

How Falcon's Beyond Global ranks

Ranked against the 57 companies in Construction Services58 metrics · as of Nov 6, 2026

Valuation

12 metrics · Lower multiples rank higher; a negative multiple ranks last

P/ENegative earnings −180xMedian 26.0x 50^th
P/FCFNegative free cash flow −45.3xMedian 21.4x 51^st
P/Operating cash flowNegative operating cash flow −45.5xMedian 15.6x 34^th
P/S 37.8xMedian 0.74x 8^th
P/B 27.3xMedian 2.62x 6^th
P/Tangible book 28.2xMedian 3.84x 7^th
EV/EBITDA 437xMedian 10.3x 25^th
EV/EBIT >1,000xMedian 16.3x 32^nd
EV/Revenue 38.4xMedian 0.85x 5^th
EV/FCFNegative free cash flow −46.0xMedian 25.2x 43^rd
EV/Operating cash flowNegative operating cash flow −46.2xMedian 16.2x 36^th
PEG (3Y EPS CAGR) —Median 0.56 No data —

Growth

14 metrics · Year-on-year growth and three-year compound annual growth

Revenue growth (1Y) 181%Median 20.1% 94^th
Revenue CAGR (3Y) —Median 9.5% No data —
Gross profit growth (1Y) —Median 28.1% No data —
Gross profit CAGR (3Y) —Median 15.8% No data —
Operating income growth (1Y) 103%Median 42.3% 87^th
Operating income CAGR (3Y) —Median 25.6% No data —
Net income growth (1Y) −111%Median 52.3% 11^th
Net income CAGR (3Y) —Median 24.7% No data —
EPS growth (1Y) −113%Median 53.1% 11^th
EPS CAGR (3Y) —Median 31.0% No data —
Operating cash flow growth (1Y) −37.1%Median −9.5% 34^th
Operating cash flow CAGR (3Y) —Median 11.5% No data —
Free cash flow growth (1Y) −36.6%Median −10.2% 33^rd
Free cash flow CAGR (3Y) —Median 10.4% No data —

Profitability

14 metrics · Margins, returns on capital and the quality of earnings

Gross margin −60.4%Median 15.8% 1^st
EBITDA margin 8.8%Median 7.9% 61^st
Operating margin 2.3%Median 4.2% 35^th
Pretax margin −22.7%Median 2.5% 11^th
Net margin −8.6%Median 1.4% 16^th
FCF margin −83.5%Median 1.2% 6^th
Operating cash flow margin −83.2%Median 3.4% 6^th
Return on equity −16.5%Median 9.1% 13^th
Return on assets −7.8%Median 1.4% 21^st
Return on invested capital 1.1%Median 6.9% 26^th
Return on capital employed 1.3%Median 7.1% 36^th
Asset turnover 0.34xMedian 1.28x 11^th
Cash conversion (OCF / net income)Net income is not positive 3.67xMedian 1.26x Not meaningful —
Stock comp / revenue 10.2%Median 0.6% 6^th

Financial Health

11 metrics · Leverage, liquidity and solvency; less debt ranks higher

Debt / assets 25.9%Median 24.4% 49^th
Debt / equity 0.55xMedian 0.54x 48^th
Net debt / EBITDA 7.04xMedian 2.52x 9^th
Debt / FCFFree cash flow is not positive −0.91xMedian 5.25x Not meaningful —
Liabilities / assets 53.0%Median 67.9% 76^th
Equity / assets 47.0%Median 32.1% 76^th
Interest coverage 0.32xMedian 1.69x 32^nd
Current ratio 0.66xMedian 1.39x 9^th
Quick ratio 0.35xMedian 1.06x 13^th
Cash ratio 0.13xMedian 0.18x 34^th
Altman Z-score 13.8Median 2.35 97^th

Peer group

Peer Comparison

Companies in the Engineering and Construction

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S.No.	Ticker	Company	Market Cap	P/E	P/S	Total Debt (Qtr)
1	PWR	Quanta Services, Inc.	81.24 Bn	48.29	2.18	6.99 Bn
2	FER	Ferrovial N.V.	42.25 Bn	42.43	3.92	12.25 Bn
3	EME	EMCOR Group, Inc.	26.97 Bn	17.47	1.36	-
4	J	Jacobs Solutions Inc.	17.52 Bn	51.78	1.23	3.58 Bn
5	MTZ	Mastec Inc	13.80 Bn	28.49	0.80	4.17 Bn
6	ACM	Aecom	8.57 Bn	29.75	0.56	2.75 Bn
7	STN	Stantec Inc	8.47 Bn	13.00	0.81	0.23 Bn
8	FBYD	Falcon's Beyond Global, Inc.	0.34 Bn	-180.87	15.55	0.02 Bn