Beneficient (BENF) Stock Analysis
Beneficient
▾ What's in the 42/100 risk score? (higher = riskier)
Contributions (weight × component score) sum to the total. This near-term score now includes fundamental health (leverage, FCF trend). See the Financial Health section for the full balance-sheet read.
How to read BENF (pre-profit growth)
This company is reinvesting instead of generating profit, so a standard DCF cannot price it. The useful question is whether the growth the market is paying for is achievable — and whether the company can fund itself until then.
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Reverse-DCF — the growth the price demands ↓
It shows exactly how fast the business must grow to justify today's price. Compare that to what comparable companies have actually achieved.
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Cash runway ↓
Can it reach profitability before it has to raise money and dilute shareholders?
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Interactive calculator ↓
Set your own growth + margin assumptions and see what the business would be worth if you are right.
The share count we read for BENF looks wrong — common for multi-class / founder-controlled filers that report shares per share-class. That makes per-share figures (including intrinsic value) misleading, so we suppressed them. The company's total financials below are sound.
What to use instead: Lean on the totals — revenue, net income, cash flow — and the balance sheet. Multi-class share counts are being corrected; once fixed, the per-share valuation returns automatically.
This note is only about the single DCF fair-value number — BENF's full financial statements, health scores, and written analysis are all below.
Quality & solvency checks
Cheap stocks can be cheap for a reason. These screens warn when a low valuation comes paired with structural fragility.
Why it matters: Cheap-looking stocks (low P/E or P/B) often have low Z-scores because the market knows the company is dying. Z-score warns you before you fall into a value trap.
Reference: > 3.0 = safe zone · 1.81–3.0 = grey zone · < 1.81 = distress zone
Full explanation →
The Z-score needs working capital, retained earnings, EBIT, sales and total assets from the latest balance sheet, and at least one of those isn't reported in machine-readable form here — common for foreign private issuers. We leave it blank rather than compute a distress verdict from an estimated input. It doesn't affect the reported figures in the financial tables below.
▾ The checks — what passed, what didn't (and what we couldn't measure)
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✗ Positive net incomeNet income -$0.8M in FY2025.Why this matters: Does the company actually earn a profit? Sustained losses eventually force it to raise money — diluting you — or take on debt.
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✗ Positive operating cash flowOperating cash flow -$37.7M (was -$58.2M the prior year).Why this matters: Profit can be an accounting figure; cash from running the business is harder to fake. Negative operating cash flow means the core business consumes cash and must be funded externally.
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✗ Cash flow backs up reported profitOperating cash flow -$37.7M vs net income -$0.8M.Why this matters: When cash generated exceeds reported earnings, profits are high-quality (not propped up by accruals or one-time items).
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✓ Return on assets improvingReturn on assets -0.2% vs -721.3% a year ago.
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✓ Debt load (vs assets)The filing reports no interest-bearing debt in either year (total assets $354.9M).
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· Short-term liquidity (current ratio) (n/a — data not reported; not scored)
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· Share count (dilution) (n/a — data not reported; not scored)
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· Pricing power (gross margin) (n/a — data not reported; not scored)
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· Sales per asset (asset turnover) (n/a — data not reported; not scored)
Missing data is never counted as a pass or a fail — it's shown as n/a and excluded from the denominator. Each check compares the company against its own prior year.
Plain English: the company holds about $1M in cash and is burning roughly $38M/year in operations. At that pace, the cash lasts 0 mo before it must raise capital (diluting shareholders), take on debt, or cut spending.
Assumes constant burn and ignores financing/asset sales. For pre-profit biotech and growth companies, this matters more than a DCF — a great drug pipeline is worthless if they run out of money before approval.
A standard discounted cash flowDCF — Discounted Cash Flow — sums up all future cash a business will produce, adjusted for the fact that future dollars are worth less than dollars today.
Why it matters: It is the most fundamentally honest valuation method when applicable — but only works for companies with predictable, positive cash flow.
Reference: Best for: mature, profitable businesses. Fails for: pre-profit growth, banks, REITs.
Full explanation → (DCF) valuation is not meaningful for Beneficient because it has consistently negative operating cash flow and net income, indicating a cash-burning growth stage. Investors are likely betting on the company's future ability to generate positive cash flows from its unique financial services offerings. The market may be assigning value to the potential for regulatory changes that could expand its addressable market, which is not in the model. The number one quantifiable risk is the continued negative operating cash flow, which implies ongoing reliance on external funding.
As of 3 months ago
Anatomy of a share
What you're buying per share. Bars are at the same scale so you can see the relative size of revenue, costs, cash flow, and debt — not just read them in a table.
What you actually need to decide
Every stock price is a disagreement. Here's the single thing that must go right for the bulls, the single thing that breaks the thesis, and the concrete signposts to watch so you can update your view as real results arrive.
- Growth in assets under administration (AUA)
- Improvement in net income towards profitability
- Positive operating cash flow generation
The trend, in plain numbers (FY2024 → FY2025, latest reported)
Straight from the financial statements — no model, no opinion. For a small or unprofitable company, the direction of these numbers usually tells you more than any single valuation.
- Free cash flow is negative at -$44.5M — the cash burn narrowed vs last year.
- Still unprofitable at -$803K — loss narrowing.
Nothing was clearly worsening year-over-year.
Management & Leadership
Beneficient is led by its founder and Executive Chairman, Brad K. Heppner, who has been instrumental in shaping the company's vision and strategy since its inception. The current CEO is Thomas O. Hicks, Jr., who joined the company in 2021, bringing extensive experience in financial services and asset management.
What They Make
Beneficient provides liquidity solutions and trust services to owners of alternative assets, primarily serving high-net-worth individuals and small to mid-sized institutions. It offers a way for these clients to access capital from illiquid investments.
End Markets
Revenue Drivers
Why Is It Priced Like This?
Why Customers Pay
What we use instead: earnings (P/E, EV/EBIT), book value (P/B) — computed from the figures this company does report, shown in the sections below. Those numbers are unaffected by the missing cash-flow data.
The market is likely pricing Beneficient based on expectations of future revenue growth and the potential for its unique financial services model to achieve scale, rather than current cash flow, given its negative operating cash flow and net income. The market may be assigning value to the potential for network effects as more alternative asset holders utilize its platform, which is not in the model. Investors are focusing on the company's ability to expand its client base and product offerings to eventually turn profitable.
Business Model & Valuation
How They Make Money
The company funds itself primarily through equity raises and other external financing, as evidenced by its negative operating cash flow.
Growth / Revenue DCF
Negative free cash flow: revenue/margin growth model used - standard FCF DCF is unreliable for companies still scaling.
Show advanced inputs
| Revenue Growth | 15.0% |
What this model does NOT do: this is a consolidated owner-earnings FCF model. Standalone segment assumptions: none. It does not project net interest income and fee-income lines independently; their combined effect is embedded in the historical revenue and cash-flow trend the model extrapolates. The calculator above can only approximate a segment's impact through the single consolidated growth rate — it cannot model any one line separately. For a true segment-level view, build a separate model from the company's segment disclosures.
Maturity & Competitive Position
Moat Signals
Net income and operating cash flow have been negative in the latest period and for 0/5 years, indicating a challenging financial trend.
Geography & Markets
Beneficient is primarily focused on the US market, serving clients across various states. Specific geographic revenue splits are not available from current data sources.
Geographic Risks
Market Signals
These are timing signals, not value signals — they describe the stock's recent price behavior, not what the business is worth. Use them for the "the thesis looks good, but is now the moment?" question. Each tile below explains what it's saying.
Why it matters: Short-term contrarian indicator. Extreme readings often precede mean reversion, though not always.
Reference: 30–70 normal · >70 overbought · <30 oversold
Full explanation → (14)57.3NeutralMomentum is balanced — neither overbought nor oversold.
Why it matters: When the fast line crosses above the slow line, short-term momentum is turning up; below, turning down. A timing cue, not a value signal.
Reference: Line above signal = bullish momentum · below = bearish
Full explanation →BullishLine above signalThe fast trend is above the slow trend — short-term momentum is currently upward.
Technicals describe price, not the business. A great company can have a "bearish" tape (a buying chance) and a weak one a "bullish" tape (a trap). Pair these with the valuation and health sections above.
QUALITY
Data Quality & Risk Flags (9 notes — click to expand/collapse)
Guardrail Notes (9)
- FCF negative: revenue/margin growth model projects future cash flows from revenue trajectory.
- INVARIANT: scenario ordering inverted (conservative > optimistic). Results may be unreliable.
- INVARIANT: weighted IV is non-positive. Model may not be appropriate.
- Model implies no positive equity value under these assumptions. Valuation is speculative/low-confidence.
- Shares from unknown — per-share values may be less accurate.
- Illiquidity discount 25% applied (small/micro-cap — harder to exit, demand a margin).
- Shares/market cap missing or defaulted; per-share valuation unreliable.
- Shares defaulted to 1; IV is NOT meaningful — treat as data-unavailable.
- DATA UNAVAILABLE: per-share values suppressed due to missing/unreliable shares data.
FINANCIALS
Financial Statements (5-year tables — click to expand)
From Beneficient's SEC filings (EDGAR).
Income (5yr)
| Year | Revenue | Net Income | EPS |
|---|---|---|---|
| 2025 | -7.9M | -803,000 | $0.00 |
| 2024 | -98.7M | -2.7B | — |
| 2023 | -104.9M | -131.0M | $-1.94 |
| 2021 | 55.3M | -63.0M | $-1.84 |
| 2020 | 140.3M | -58.0M | $-1.27 |
Cash Flow (5yr)
| Year | Operating CF | CapEx | − SBC & adj. | Free Cash Flow |
|---|---|---|---|---|
| 2025 | -37.7M | 1.1M | 5.6M | -44.5M |
| 2024 | -58.2M | 1.8M | 39.1M | -99.1M |
| 2023 | -95.1M | 2.1M | 10.1M | -107.3M |
| 2021 | -57.0M | 4.2M | 23.2M | -84.4M |
| 2020 | -54.0M | 3.2M | 107.8M | -165.0M |
How we define FCF: operating cash flow − capital expenditure − stock-based compensation (owner-earnings basis — SBC is a real cost to shareholders even though it's non-cash). Latest year: -37.7M − 1.1M − 5.6M (SBC & adj.) = -44.5M. This is the same owner-earnings FCF definition the valuation model uses, though the DCF's starting value is a projected from revenue × terminal margin, not this single year.
Balance Sheet
| Total Assets | 354.9M |
| Total Liabilities | 299.3M |
| Equity | -34.9M |
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