Falcon's Beyond Global, Inc.

Worth knowing

• Profit looks boosted by one-off gains. Reported profit is 1.3× operating cash profit (EBITDA), lifted by income outside the core business.Reported profit is 1.3× operating cash profit, lifted by income outside the core business.

  Falcon's Beyond Global's reported profit is 1.3× its operating cash profit (EBITDA), which is unusual: normally it's the other way round. Income outside the core business, such as interest on a large cash pile, gains on investments or asset sales, or tax items, has lifted net income, so its earnings-based valuation may look cheaper than the business alone justifies.Falcon's Beyond Global's reported profit is 1.3× its operating cash profit, which is unusual: normally it's the other way round. Income outside the core business, such as interest on a large cash pile, gains on investments or asset sales, or tax items, has lifted net income, so its earnings-based valuation may look cheaper than the business alone justifies.

• Profitable, but burning cash. Reports a profit, but free cash flow is negative.

  Falcon's Beyond Global reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.

• Stock-based pay is a large cost. Stock pay was 11% of revenue in 2025.

  Falcon's Beyond Global paid employees $2M in stock in 2025, 11% of its $15M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

• Operating loss narrowing. Operating margin -90% in 2025, the smallest loss relative to revenue of the last 4 years.

  Falcon's Beyond Global still lost money on operations in 2025 (margin -90%), but that was its smallest operating loss relative to revenue in the 4 years of filings we have.