olivlawolivlaw

olivLaw · US equity research

Falcon's Beyond Global, Inc. FBYD

Services-Miscellaneous Amusement & Recreation · SIC 7990 · Vertical: Services-Miscellaneous Amusement & Recreation (SIC 7990)

7.72USD+9.97% · 1 dayClose 04 Nov 2026

Falcon's Beyond Global is an entertainment and technology company that designs and delivers immersive physical and digital experiences for brands and destination operators. In the second quarter of 2026 it reported consolidated revenue of $5.6 million, and it remains under a going concern warning, which keeps the progress of its attractions division under close watch.

At the close of 04 Nov 2026, Falcon's Beyond Global, Inc. (FBYD) stock was 7.72 USD (+9.97% on the day), with market capitalisation 77 USD, beta 0.65, 52-week range 3.91–20.80 USD. Latest reported quarter (Q2 2026): revenue of 5.6 m USD (+120.4% YoY), net income of -160.0 k USD (−101.4% YoY), diluted EPS -0.01 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
77 USD
shares as of 30 Sept 2023
P/E (TTM)
unavailable
Diluted EPS TTM -0.10 · TTM to 30 Jun 2026
E/P (TTM)
-1.25%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
0.65
Volatility (1y) 135%
52-week range
3.9120.80

Price history

Loading chart…

Technical reading

RSI (14)
47.4
neutral
Bollinger (20, 2)
6.88 – 9.12
in the lower half of the band · %B 0.38 · band width 28.1%
SMA 50 / 200
7.92 / 10.26
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.27 / -0.19
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−5.3%−1.1%−4.2 pp—
3 months−19.6%−0.5%−19.1 pp—
6 months−35.7%+4.4%−40.1 pp—
Year to date−48.6%+12.3%−60.9 pp—
1 year−37.4%+13.5%−50.9 pp−30.4%
3 years−43.2%+76.4%−119.6 pp−25.9%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
−81.2%
02 Dec 2025 → 12 Feb 2026
Max drawdown (5y)
−81.2%
02 Dec 2025 → 12 Feb 2026
Compound annual growth (5y)
unavailable
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
5.6 m USD
+120.4% YoY
Net income
-160.0 k USD
−101.4% YoY
Diluted EPS
-0.01
−103.3% YoY
net / operating
-2.8% / -4.7%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue2.1 m1.4 m1.7 m2.5 m4.1 m6.6 m5.4 m5.6 m
Research & development39.0 k114.0 k118.0 k83.0 k——00
SG&A4.5 m5.8 m6.3 m6.6 m6.2 m6.4 m7.7 m7.7 m
Operating income-2.5 m-4.6 m-6.3 m-1.4 m-3.7 m-2.0 m6.5 m-262.0 k
Depreciation & amortisation1.0 k2.0 k4.0 k40.0 k168.0 k137.0 k134.0 k130.0 k
Interest expense421.0 k770.0 k1.3 m841.0 k930.0 k280.0 k174.0 k218.0 k
Pre-tax income39.3 m-11.9 m-8.1 m25.1 m-10.4 m-297.0 k6.1 m-318.0 k
Income tax03.0 k-1.0 k0-1.0 k-1.0 k00
Net income39.3 m-11.9 m-3.6 m11.2 m-10.4 m-296.0 k3.1 m-160.0 k
Diluted EPS0.39-0.78 ≈-0.130.30-0.13-0.01 ≈0.05-0.01
Operating cash flow-2.4 m ≈-3.8 m945.0 k-7.9 m ≈-13.3 m ≈-4.3 m-2.8 m2.4 m ≈
Capex4.0 k ≈2.0 k92.0 k0 ≈41.0 k ≈20.0 k12.0 k2.0 k ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year2022202320242025
Revenue16.0 m18.2 m6.7 m14.9 m
Revenue YoYunavailable+14.4%−63.0%+120.8%
Net income-17.4 m-430.9 m149.5 m6.3 m
Net income YoYunavailableunavailableunavailable−95.8%
Diluted EPSunavailable-5.591.410.03
Diluted EPS YoYunavailableunavailableunavailable−97.9%
net %-109.3%-2,362.0%2,216.2%42.4%
Free cash flow-19.6 m-23.7 m-12.6 m-24.8 m

Reported results vs expectations

Loading…

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
1.9 m USD
Financial debt
15.6 m USD
Net debt
13.8 m USD
Equity
23.8 m USD
Total assets
66.7 m USD
Debt / equity
0.66x
Current ratio
0.36x
ROE
unavailable
ROA
9.9%
FCF margin
-166.2%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
18.2 m
2024
6.7 m
2025
14.9 m

SEC (XBRL)· 30 Mar 2026verified

Research & development
2023
1.2 m
2024
179.0 k
2025
—

SEC (XBRL)· 03 Apr 2025verified

SG&A
2023
28.1 m
2024
22.4 m
2025
25.5 m

SEC (XBRL)· 30 Mar 2026verified

Operating income
2023
-57.2 m
2024
-15.9 m
2025
-13.4 m

SEC (XBRL)· 30 Mar 2026verified

Depreciation & amortisation
2023
1.6 m
2024
6.0 k
2025
349.0 k

SEC (XBRL)· 30 Mar 2026verified

EBITDA
2023
-55.6 m ≈
2024
-15.9 m ≈
2025
-13.1 m ≈

SEC (XBRL)· 30 Mar 2026derived

Interest expense
2023
1.1 m
2024
1.9 m
2025
3.4 m

SEC (XBRL)· 30 Mar 2026verified

Pre-tax income
2023
-431.3 m
2024
149.5 m
2025
6.3 m

SEC (XBRL)· 30 Mar 2026verified

Income tax
2023
-325.0 k
2024
2.0 k
2025
-2.0 k

SEC (XBRL)· 30 Mar 2026verified

Net income
2023
-430.9 m
2024
149.5 m
2025
6.3 m

SEC (XBRL)· 30 Mar 2026verified

Diluted EPS
2023
-5.59
2024
1.41
2025
0.03

SEC (XBRL)· 30 Mar 2026verified

Weighted average diluted shares
2023
8.5 m
2024
12.7 m
2025
39.3 m

SEC (XBRL)· 30 Mar 2026verified

Balance sheet · USD

Cash
2023
672.0 k
2024
825.0 k
2025
1.9 m

SEC (XBRL)· 30 Mar 2026verified

Receivables
2023
696.0 k
2024
1.7 m
2025
3.7 m

SEC (XBRL)· 30 Mar 2026verified

Inventories
2023
—
2024
—
2025
—

SEC (XBRL)· 29 Apr 2024verified

Current assets
2023
2.4 m
2024
4.1 m
2025
10.4 m

SEC (XBRL)· 30 Mar 2026verified

Property, plant & equipment, net
2023
23.0 k
2024
24.0 k
2025
1.0 m

SEC (XBRL)· 30 Mar 2026verified

Goodwill
2023
—
2024
—
2025
—

SEC (XBRL)· 29 Apr 2024verified

Intangibles (excl. goodwill)
2023
—
2024
0
2025
1.1 m

SEC (XBRL)· 30 Mar 2026verified

Total assets
2023
63.4 m
2024
61.2 m
2025
66.7 m

SEC (XBRL)· 30 Mar 2026verified

Accounts payable
2023
3.9 m
2024
9.5 m
2025
8.5 m

SEC (XBRL)· 30 Mar 2026verified

Short-term debt
2023
6.7 m
2024
10.2 m
2025
3.2 m

SEC (XBRL)· 30 Mar 2026verified

Long-term debt
2023
23.0 m
2024
31.0 m
2025
12.5 m

SEC (XBRL)· 30 Mar 2026verified

Current liabilities
2023
214.4 m
2024
45.6 m
2025
28.5 m

SEC (XBRL)· 30 Mar 2026verified

Total liabilities
2023
552.4 m
2024
81.3 m
2025
42.9 m

SEC (XBRL)· 30 Mar 2026verified

Equity
2023
-489.0 m
2024
-20.1 m
2025
23.8 m

SEC (XBRL)· 30 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-23.4 m
2024
-12.6 m
2025
-24.6 m

SEC (XBRL)· 30 Mar 2026verified

Capex
2023
308.0 k
2024
11.0 k
2025
153.0 k

SEC (XBRL)· 30 Mar 2026verified

Free cash flow
2023
-23.7 m ≈
2024
-12.6 m ≈
2025
-24.8 m ≈

SEC (XBRL)· 30 Mar 2026derived

Investing cash flow
2023
282.0 k
2024
-9.0 k
2025
24.2 m

SEC (XBRL)· 30 Mar 2026verified

Financing cash flow
2023
15.1 m
2024
12.9 m
2025
3.7 m

SEC (XBRL)· 30 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
120.8%
computed by olivLawFY 2025
Revenue CAGR 3Y
-2.3%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
-95.8%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
-97.9%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
5.0%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
2.3%
computed by olivLawTTM to 30 Jun 2026
Net margin
-36.0%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-83.5%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-100.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-10.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
1.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROCE
1.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
13.4 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
12.4x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Debt / equity
1.1x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
0.3x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
0.7x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
unavailable
input data missing
Cash ratio
0.1x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-18.0 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
75.0 k USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-18.1 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
-1,672.0%
computed by olivLawTTM to 30 Jun 2026

Efficiency

Days sales outstanding
59 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
77 USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
13.4 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-1.3%
computed by olivLawTTM to 30 Jun 2026
P/B
0.0x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
0.0x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
12.4x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBIT
26.4x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/Sales
0.6x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-23,401,554.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

7.72 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 77 USD

Key indicators

Market capitalisation
77 USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
0.0x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
12.4x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROE
-100.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-36.0%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
120.8%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

31/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Source: SEC (XBRL)published 13 Aug 2026
verified 475derived 38

Score by group

65% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the base of the ratio is not positive
  • Peers: EV/EBITDAunavailable · insufficient data
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Services-Miscellaneous Amusement & Recreation (SIC 7990)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Quality1.4%50 (vs peers)16%
Net margin · Quality-36.0%21 (vs peers)10%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-2.3%0 (on a fixed band)13%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheet12.4x14 (vs peers)16%
Interest coverage · Balance sheet0.3x0 (on a fixed band)10%
Current ratio · Balance sheet0.7x0 (on a fixed band)6%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuation12.4x23 (on a fixed band)16%
FCF yield · Valuation-23,401,554.4%0 (on a fixed band)13%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet7/100 · 3/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality39/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation13/100 · 2/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Falcon’s Beyond Global, Inc. (FBYD). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 14.9 m USD in 2025; YoY growth 120.8%; net margin -36.0%; ROE -100.8%; net debt/EBITDA 12.4x.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • Net margin: -36.0%
  • Revenue CAGR 3Y: -2.3%
  • Net debt / EBITDA: 12.4x
  • Interest coverage: 0.3x
  • Current ratio: 0.7x
  • EV/EBITDA: 12.4x
  • FCF yield: -23,401,554.4%

Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, P/E (TTM), Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Services-Miscellaneous Amusement & Recreation (SIC 7990) · same industry (4-digit SIC) · compared with 20 companies

Multiples and returns vs the median

P/E
—
vertical median 33.6x
EV/EBITDA
12.4x
vertical median 9.0x
above median (+38.0%)
P/S
0.0x
vertical median 1.9x
below median (−100.0%)
P/B
0.0x
vertical median 2.1x
below median (−100.0%)
ROE
-100.8%
vertical median -11.2%
below median
Net margin
-36.0%
vertical median 0.7%
below median (−5,459.1%)
EBIT margin
2.3%
vertical median 2.2%
above median (+8.6%)
Revenue YoY
120.8%
vertical median 4.7%
above median (+2,454.3%)
Net debt/EBITDA
12.4x
vertical median 3.0x
above median (+312.9%)
Dividend yield
—
vertical median 2.2%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
DISWalt Disney Co205.4 bn24.57.8%8.7%+3.4%+14% / +28%
MTNVail Resorts, Inc.5.7 bn39.144.4%5.2%−4.3%+15% / −26%
RSIRush Street Interactive, Inc.2.5 bn40.923.0%2.6%+22.8%−33% / +193%
BRSLBrightstar Lottery PLC1.9 bn13.711.6%5.9%−0.0%−35% / −62%
PRKSUnited Parks & Resorts Inc.1.6 bn13.5—8.1%−3.6%−5% / −30%
PRSUPursuit Attractions and Hospitality, Inc.1.5 bn33.67.7%9.6%+23.4%+65% / +70%
NIPGNIP Group Inc.471.7 m—-15.9%-14.9%+1.9%−91% / unavailable
SEGSeaport Entertainment Group Inc.301.9 m—-22.6%-91.4%+18.3%+10% / unavailable
GENIGenius Sports Limited70.1 m—-17.2%-16.7%+31.0%−30% / +26%
SEATVivid Seats Inc.32.0 m0.02,000.9%278.1%−30.5%−63% / −98%
GRSDGrandstand Limited29.8 m—-28.5%-19.9%+30.1%−85% / −91%
FCHLFitness Champs Holdings Limited12.0 m—-349.1%-32.9%+4.7%−100% / unavailable
FBYDFalcon’s Beyond Global, Inc.77—-100.8%-36.0%+120.8%−37% / −43%
MSGEMadison Square Garden Entertainment Corp.—38.7—8.6%+12.5%+59% / +160%
XPOFXponential Fitness, Inc.———-401.5%−20.7%−32% / −67%
GDHGGolden Heaven Group Holdings Ltd.——-6.5%-56.2%−31.5%−75% / −100%
MSGSMsg Knickerbockers Corp.—983.9—0.7%+11.0%+38% / +86%
STUBStubhub Holdings, Inc.——-145.8%-91.3%−1.4%−44% / unavailable
DKNGDraftkings Inc.——-21.1%-2.7%+27.0%−30% / −40%
CDROCodere Online Luxembourg, S.A.——17.3%1.9%+24.2%+25% / +173%
ENHAEnhanced Group Inc.——-1,903.4%—unavailableunavailable / unavailable

1- and 3-year price returns: for FBYD from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Falcon's Beyond Global is an entertainment and technology company that designs and delivers immersive physical and digital experiences for brands and destination operators. In the second quarter of 2026 it reported consolidated revenue of $5.6 million, and it remains under a going concern warning, which keeps the progress of its attractions division under close watch.

    SWOT

    Strengths

    • An integrated platform spanning creative work, technology and operations lets the company deliver experiences across several formats.
    • The attractions division added a contracted pipeline and a major new contract in the second quarter of 2026.
    • The company has been able to monetise non-core assets and receive distributions from joint ventures.

    Weaknesses

    • There is substantial doubt about the company's ability to continue as a going concern, and liquidity remains limited.
    • The company has recorded repeated impairments of investments and operating losses in recent years.
    • Short-term debt is high and working capital is negative.

    Opportunities

    • Growth in the attractions portfolio could bring more predictable revenue if new contracts convert into deliveries.
    • Wider collaboration with institutional partners and investors could support project financing.
    • A more asset-efficient model could reduce capital requirements in the destinations division.

    Threats

    • Delays in developing locations could affect projects and expected revenue.
    • Difficulty obtaining financing on acceptable terms could limit expansion capacity.
    • Rapid changes in consumer preferences could reduce demand for certain entertainment formats.

    Risks

    • Going concernhigh

      Management and auditors have flagged substantial doubt about the company's ability to continue as a going concern, which could affect investor confidence and financing.

    • Impairments of assets and investmentshigh

      Joint venture investments and intangible assets have been impaired in the past, and further adjustments could arise if assumptions change.

    • Near-term debt maturitieshigh

      A significant share of debt is classified as current, which could force costly refinancing or dilution.

    • Customer concentration in FCGmedium

      Dependence on a limited number of clients and on the strategic partner QIC could affect revenue if that relationship changes.

    • International operationsmedium

      Activity abroad, including in Saudi Arabia, brings legal, currency and partnership risks that could slow projects.

    Investment thesis

    What would need to be true (bull case)

    • If the attractions division converts its contracted pipeline into deliveries, consolidated revenue could become more predictable.
    • Lower operating cash burn could give the company more time to refinance and invest.
    • The integrated creative and technology platform could allow the company to expand its international project portfolio.

    What would break the thesis

    • If refinancing fails, liquidity pressure could force asset sales on unfavourable terms.
    • Operating losses and repeated impairments could continue if new projects are delayed.
    • Reliance on joint ventures and shareholder capital could limit the company's strategic flexibility.

    What to watch

    • Conversion of the Falcon's Attractions contracted pipeline into revenueQ3 2026
    • Refinancing of near-term debt and changes in working capitalQ3 2026
    • Going concern language in the next quarterly reportQ4 2026
    • Full-year 2026 results and valuation adjustments to joint venture investmentsnext 10-K

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    Falcon's Beyond Global, Inc. (FBYD, Nasdaq) operates through three complementary divisions: Falcon's Creative Group (FCG), Falcon's Beyond Brands (FBB) and Falcon's Beyond Destinations (FBD). The company describes its model as an integrated platform combining creative development, proprietary technology, engineering and operational execution. The business was combined with FAST Acquisition Corp. II in October 2023 12.

    According to the 2025 annual report, the company recorded a loss from operations of $13.4 million and concluded there is substantial doubt about its ability to continue as a going concern. It has funded its development through loans, equity investments and the sale of non-core assets 1.

    In the second quarter of 2026, consolidated revenue was supported by attraction services and product sales, management fees from PDP and corporate and shared service fees from FCG. The company reported a consolidated net loss of $0.3 million for the same period 23.

    Segments

    Falcon's Creative Group (FCG)

    FCG provides creative and advisory services for entertainment and hospitality destinations, including master planning, attraction design and IP development. It is accounted for under the equity method and reported revenue of $12.5 million in the second quarter of 2026, with a contracted pipeline of $17.1 million 3.

    Falcon's Beyond Brands (Falcon's Attractions)

    Falcon's Attractions was formed in 2025 through the acquisition of OES assets from Oceaneering and designs, manufactures and delivers attraction systems. In the second quarter of 2026 it added its first major design and build contract, and its contracted pipeline reached $28.4 million 13.

    Falcon's Beyond Destinations (FBD)

    FBD includes the PDP joint venture with Meliá and destination operations. In 2025 the Tenerife hotel was sold and the company received a $27.0 million cash dividend, while its PDP investment was impaired by $5.3 million at year end 1.

    Market context

    The company operates in the experience economy, where demand for immersive entertainment, theme parks and hospitality destinations depends on consumer tastes that the company says it must anticipate accurately 1. Revenue depends on client contracts and projects in progress, which can be uneven from quarter to quarter 1.

    The market is project-driven and cyclical, and cash collection timing can depend on signing and executing contracts with clients and QIC. For this reason one period's results may not indicate the next 12.

    Trends

    • Investment in immersive experiencestailwind

      Consumer preferences for immersive entertainment could support demand for attractions and content, if companies respond quickly to these shifts 1.

    • Delays in Asian projectsheadwind

      Development delays led to the winding up of the Karnival joint venture, showing how sensitive international projects are to schedule slippage 1.

    • Monetisation of non-core assetsmixed

      Selling non-core assets can bring liquidity, but it may also shrink the long-term asset base 12.

    • Refinancing of short-term debtheadwind

      Near-term maturities could increase liquidity pressure if refinancing is not achieved on acceptable terms 2.

    Competitive position

    The company competes with consultancies, attraction system manufacturers and park and hotel operators offering similar experiences. The analysed sources do not give a detailed competitor list, so relative positions remain hard to measure 1.

    In attractions, the company's edge could come from the technology and IP acquired from OES, if these translate into new contracts. Regional competition and partnerships remain an important variable 13.

    • Theme park and resort operators

      Companies that develop or operate similar destinations and compete for audiences and partnerships; no detailed data in the analysed sources.

    • Attraction system manufacturers

      Firms that design and supply ride and attraction equipment, competing directly with the Falcon's Attractions division for new contracts.

    • Creative and design consultancies

      Providers of master planning and design services for destinations, competing with FCG for clients.

    • Hotel partners and joint venture counterparts

      Hospitality groups and local partners that can be both competitors and collaborators in destination development.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Falcon's Beyond Global, Inc. · 30 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Falcon's Beyond Global, Inc. · 13 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Falcon's Beyond Global, Inc. · 13 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.