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1. Company Snapshot

1.a. Company Description

Beyond, Inc.operates as an online retailer of furniture and home furnishings products in the United States and Canada.The company offers furniture, bedding and bath, patio and outdoor, area rugs, tabletop and cookware, décor, storage and organization, small appliances, home improvement, and other products under the Bed Bath & Beyond and Bed Bath & Beyond Canada brand names.


The company provides its products and services through its internet websites comprising bedbathandbeyond.com, bedbathandbeyond.ca, and overstockgovernment.com.It also offers businesses advertising products or services on its website; Marketplace, a service that allows its partners to sell their products through third party sites; products to international customers using third party logistics providers; and Supplier Oasis, a single integration point through its partners can manage their products, inventory, and sales channels, as well as obtain multi-channel fulfillment services through its distribution network.The company was formerly known as Overstock.com, Inc.


and changed its name to Beyond, Inc.in November 2023.Beyond, Inc.


was founded in 1997 and is headquartered in Midvale, Utah.

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1.b. Last Insights on BYON

Beyond Inc.'s recent performance was driven by sequential material improvements in key operating metrics, including a 50% improvement in net loss and 43% improvement in Adjusted EBITDA year-over-year. The company's core business exceeded its gross margin expansion and fixed cost reduction goals, and the acquisition of Buy Buy Baby brand is expected to contribute to growth and profitability. Additionally, the company's completion of material stake in Kirkland's Home provides a clear path to its goal of growth and profitability.

1.c. Company Highlights

2. Beyond Inc.'s Q2 2025 Earnings: A Tale of Two Businesses

Beyond Inc.'s Q2 2025 earnings report painted a picture of a company in transformation. Revenue came in at $282 million, a beat against expectations, driven by a laser-like focus on the patio business and improvements in Overstock. The average order value increased, led by patio, which carries a slightly lower margin but higher gross dollars. This was a welcome development, especially considering the 29% year-over-year decline in revenue in Q2. Gross margin expanded to 23.7%, a 360 basis point improvement from the same period last year. Adjusted EBITDA was a loss of $8 million, an 78% improvement from Q2 last year. The company's cash flow for the quarter improved materially, with a focus on managing inventory and SG&A expenses.

Publication Date: Jul -30

📋 Highlights
  • Revenue Growth: Beyond Inc. reported Q2 2025 revenue of $282 million, exceeding expectations, driven by patio business and Overstock improvements.
  • Gross Margin Improvement: Gross margin increased to 23.7%, reflecting a 360 basis point improvement year-over-year.
  • EBITDA Progress: Adjusted EBITDA loss narrowed to $8 million, a 78% improvement compared to Q2 last year.
  • Cash Position: The company holds $156 million in cash, cash equivalents, and restricted cash, with $68 million remaining in its repurchase program.
  • GrainChain Growth: GrainChain revenue reached approximately $60 million, marking significant year-over-year growth.

Operational Highlights

The company's operational highlights were equally impressive. Overstock's performance improved, particularly in new categories like luxury handbags and shoes. The company plans to expand Overstock's product offerings, including a semiannual rugathon and an expanded fine jewelry and fine watch category. Beyond Inc. also owns 40% of Kirkland's and has plans to convert Bed Bath & Beyond stores to a smaller format neighborhood concept. The company believes its asset-light business model has significant value to unlock, particularly in its tZERO and GrainChain assets.

Blockchain and Crypto Ambitions

Beyond Inc.'s blockchain-related assets, including tZERO, GrainChain, and its Medici portfolio, have been disclosed. The company is exploring the issuance of a contingent value right, essentially a dividend, to shareholders, which would give them a contract right to net proceeds from Medici portfolio companies, excluding tZERO and GrainChain. The company plans to issue a Bitcoin reserve and continue to invest in its core e-commerce business. According to management, "the goal is not to bet the farm or raise $4 billion for this purpose but to lean into it as part of its business model."

Valuation and Financials

The company's valuation metrics are mixed. The P/S ratio of 0.47 suggests that the stock is undervalued, while the EV/EBITDA ratio of -2.43 implies that the company's earnings are not being accurately reflected in its valuation. The company's EPS came in at -$0.22, beating estimates of -$0.37. Analysts estimate next year's revenue growth at 13.4%. With $156 million in cash, cash equivalents, and restricted cash, and a $68 million repurchase program remaining, the company has the financial flexibility to pursue its strategic objectives.

Outlook and Risks

Beyond Inc. expects continued growth in Q3, with similar order counts and slightly higher AOV. The company received an upfront payment of $5 million from a long-term licensing agreement in Canada and is exploring strategic investments, including a partnership with Kirkland's, now known as The Brand House Collective. As the company navigates the challenges of its transformation, investors will be closely watching its progress in unlocking value in its assets while delivering positive cash flow in its core e-commerce business.

3. NewsRoom

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Bed Bath & Beyond Quarterly Loss Narrows, Expects Revenue Growth Next Year

Oct -27

Source: wsj.com

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Bed Bath & Beyond poised for revenue and profit growth going into Q3 earnings: analysts

Oct -21

Source: proactiveinvestors.com

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BBBY is back: Bed Bath & Beyond stock ticker returns today as new owner aims to revive the brand

Aug -29

Source: fastcompany.com

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Wall Street Analysts Think Beyond (BYON) Could Surge 59.75%: Read This Before Placing a Bet

Aug -29

Source: zacks.com

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Bed Bath & Beyond Is Back With Plans For 300 New Stores, But None In California

Aug -21

Source: forbes.com

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Bed Bath & Beyond says it won't open stores in California: ‘Overregulated, expensive and risky'

Aug -20

Source: nypost.com

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Bed Bath & Beyond shuts out California, Lemonis drops bombshell

Aug -20

Source: youtube.com

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Statement from Marcus Lemonis, Executive Chairman of Bed Bath & Beyond

Aug -20

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.00%)

6. Segments

Retail

Expected Growth: 10.0%

Retail from Beyond, Inc.'s 10.0% growth is driven by increasing online shopping adoption, strategic partnerships with social media influencers, and effective omnichannel marketing strategies. Additionally, the company's focus on fast and free shipping, competitive pricing, and personalized customer experiences have contributed to its rapid expansion.

7. Detailed Products

BeyondHR

A comprehensive human resource management system designed to streamline HR processes, including recruitment, payroll, and performance management.

BeyondPay

A payroll processing system that automates salary disbursements, tax compliance, and benefits administration.

BeyondTime

A time and attendance tracking system that helps organizations manage employee work hours, leaves, and absences.

BeyondBenefits

A benefits administration platform that helps organizations manage employee benefits, including health insurance, retirement plans, and other perks.

BeyondPerformance

A performance management system that helps organizations set goals, track progress, and evaluate employee performance.

BeyondRecruit

A recruitment management system that helps organizations manage job postings, candidate applications, and interview processes.

8. Beyond, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Beyond, Inc. is medium because while there are some alternatives available, they are not very attractive to customers.

Bargaining Power Of Customers

The bargaining power of customers for Beyond, Inc. is high because customers have many options and can easily switch to competitors.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Beyond, Inc. is low because the company has many suppliers to choose from and can negotiate good prices.

Threat Of New Entrants

The threat of new entrants for Beyond, Inc. is medium because while it is possible for new companies to enter the market, there are some barriers to entry that make it difficult.

Intensity Of Rivalry

The intensity of rivalry for Beyond, Inc. is high because the market is very competitive and companies are constantly trying to outdo each other.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 1.03%
Debt Cost 23.59%
Equity Weight 98.97%
Equity Cost 23.59%
WACC 23.59%
Leverage 1.05%

11. Quality Control: Beyond, Inc. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Kirkland's

A-Score: 3.9/10

Value: 10.0

Growth: 2.1

Quality: 5.9

Yield: 0.0

Momentum: 3.0

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
CarParts

A-Score: 3.7/10

Value: 9.8

Growth: 4.0

Quality: 4.0

Yield: 0.0

Momentum: 3.0

Volatility: 1.7

1-Year Total Return ->

View Full Report
Stock-Card
Olaplex

A-Score: 3.6/10

Value: 8.0

Growth: 4.6

Quality: 5.8

Yield: 0.0

Momentum: 1.5

Volatility: 2.0

1-Year Total Return ->

View Full Report
Stock-Card
GrowGen

A-Score: 3.4/10

Value: 9.4

Growth: 2.1

Quality: 4.2

Yield: 0.0

Momentum: 3.5

Volatility: 1.3

1-Year Total Return ->

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Stock-Card
Solo Brands

A-Score: 3.4/10

Value: 10.0

Growth: 5.7

Quality: 3.7

Yield: 0.0

Momentum: 1.0

Volatility: 0.0

1-Year Total Return ->

View Full Report
Stock-Card
Beyond

A-Score: 3.2/10

Value: 8.4

Growth: 0.7

Quality: 3.4

Yield: 0.0

Momentum: 5.5

Volatility: 1.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

9.88$

Current Price

9.88$

Potential

-0.00%

Expected Cash-Flows