Beneficient is a US-listed company in the asset management & custody banks industry. Its financial year ends in March.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Beneficient has little or no product revenue yet; it used $32m of cash in the twelve months to June 2026.
Our model value for Beneficient is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 14, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Beneficient's trailing-twelve-month revenue grew 53.2% year on year, with a free-cash-flow margin of 223.1%.
Current signal Free-cash-flow margin near historical high: TTM FCF margin of 223.1% is in the 93rd percentile of its own history.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
No model value for Beneficient at the moment. Current status: data-quality checks not passed. Available reported financials are shown below.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$2.60 | +81% | $59m | +252% |
| Next | $0.01 | +100% | — | — |
The consensus EPS forecast for the current fiscal year is −565.2% on 90 days ago. In the last 30 days, 0 analysts raised Beneficient's forecast and 1 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year |
|---|---|
| 90 days ago | $0.56 |
| 60 days ago | −$5.24 |
| 30 days ago | −$5.24 |
| 7 days ago | −$5.24 |
| Now | −$2.60 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$2.51 | −$0.47 | +81.3% |
| Mar 2026 | $0.07 | −$3.72 | −5414.3% |
| Dec 2025 | $0.00 | $0.04 | 0.0% |
| Sept 2025 | $3.04 | −$2.96 | −197.4% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|
| Return | |||||
| BENF | +4% | −95% | −98% | +18% | −90% |
| Industry peers (median) | −17% | +19% | +15% | −4% | −6% |
| S&P 500 | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | |||||
| BENF | 75% | 50% | 25% | 42% | 18% |
| S&P 500 | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | |||||
| BENF | −1% | −97% | −99% | −69% | −93% |
| S&P 500 | −25% | −10% | −8% | −19% | −9% |
Worst fall since December 3, 2021: 100% from June 2, 2023 to September 22, 2026. Getting back needed a 1295484% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 14, 2026 | −8.1% | −0.7% | −8.5% | −75.6% |
| June 29, 2026 | −0.5% | +2.4% | −1.1% | −21.4% |
| February 17, 2026 | +0.4% | +0.7% | +5.9% | −14.9% |
| November 14, 2025 | −0.6% | −0.9% | +5.9% | −8.3% |
| October 20, 2025 | −6.3% | +1.0% | +45.2% | +2.9% |
| September 29, 2025 | +164.2% | +0.7% | +119.4% | +83.3% |
| February 13, 2025 | −13.3% | +1.1% | −31.9% | −48.4% |
| August 14, 2024 | +1.0% | +2.0% | −1.1% | −45.7% |
| July 9, 2024 | −9.7% | +1.1% | +13.0% | −39.9% |
| February 13, 2024 | −2.7% | −0.5% | −19.5% | −74.5% |
| November 13, 2023 | −31.5% | +1.8% | −34.7% | −47.1% |
| October 20, 2023 | −15.2% | −1.4% | −15.0% | −28.2% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY24 Q2 | -$75.4M |
| FY24 Q3 | -$74.2M |
| FY24 Q4 | -$98.7M |
| FY25 Q1 | -$85.9M |
| FY25 Q2 | -$34.6M |
| FY25 Q3 | -$19.9M |
| FY25 Q4 | -$7.9M |
| FY26 Q1 | -$30.6M |
| FY26 Q2 | -$41.9M |
| FY26 Q3 | -$27.7M |
| FY26 Q4 | -$39.1M |
| FY27 Q1 | -$14.3M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY24 Q3 | 51.5% |
| FY24 Q4 | 5.9% |
| FY25 Q1 | -21.7% |
| FY25 Q2 | 54.1% |
| FY25 Q3 | 73.1% |
| FY25 Q4 | 92.0% |
| FY26 Q1 | 64.4% |
| FY26 Q2 | -21.3% |
| FY26 Q3 | -38.9% |
| FY26 Q4 | -392.6% |
| FY27 Q1 | 53.2% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY24 Q2 | 2163.9% |
| FY24 Q3 | 3372.6% |
| FY24 Q4 | 2683.5% |
| FY25 Q1 | 1685.8% |
| FY25 Q2 | 3123.3% |
| FY25 Q3 | 871.8% |
| FY25 Q4 | 304.5% |
| FY26 Q1 | 526.5% |
| FY26 Q2 | 394.2% |
| FY26 Q3 | 548.5% |
| FY26 Q4 | 425.6% |
| FY27 Q1 | 517.8% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY24 Q2 | 85.2% |
| FY24 Q3 | 98.0% |
| FY24 Q4 | 60.8% |
| FY25 Q1 | 66.2% |
| FY25 Q2 | 149.9% |
| FY25 Q3 | 197.2% |
| FY25 Q4 | 488.5% |
| FY26 Q1 | 125.5% |
| FY26 Q2 | 105.1% |
| FY26 Q3 | 156.8% |
| FY26 Q4 | 99.2% |
| FY27 Q1 | 223.1% |
| Fiscal year | 2021 Dec 2020 | 2022 Dec 2021 | 2023 Mar 2023 | 2024 Mar 2024 | 2025 Mar 2025 | 2026 Mar 2026 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|
| Income | |||||||
| Revenue | 140 | 55 | −105 | −99 | −8 | −39 | −14 |
| EBITDA | −46 | −69 | −250 | −2,645 | −22 | −166 | −74 |
| Operating income | −47 | −71 | −253 | −2,649 | −24 | −167 | −74 |
| Net income | −58 | −63 | −131 | −2,096 | 51 | −87 | −29 |
| Diluted EPS | −$1.27 | −$1.84 | −$1.94 | — | — | — | — |
| Growth (year on year) | |||||||
| Revenue | — | −60.6% | −289.7% | — | — | — | — |
| Net income | — | — | — | — | — | −270.9% | — |
| Margins | |||||||
| EBITDA margin | −33.0% | −125.0% | 237.9% | >999% | 283.1% | 423.7% | 513.4% |
| Operating margin | −33.8% | −128.6% | 241.3% | >999% | 304.5% | 425.6% | 517.8% |
| Net margin | −41.4% | −113.9% | 124.9% | >999% | −644.1% | 223.5% | 203.2% |
| Free-cash-flow margin | −40.8% | −110.7% | 92.7% | 60.8% | 488.5% | 99.2% | 223.1% |
| Cash flow | |||||||
| Cash from operations | −54 | −57 | −95 | −58 | −38 | −39 | −32 |
| Capital spending | 3 | 4 | 2 | 2 | 1 | 0 | 0 |
| Free cash flow | −57 | −61 | −97 | −60 | −39 | −39 | −32 |
| Stock-based pay | 108 | 23 | 10 | 39 | 6 | 2 | 1 |
| Free cash flow after stock pay | −165 | −84 | −107 | −99 | −44 | −40 | −33 |
| Balance sheet | |||||||
| Cash | — | — | 9 | 8 | 1 | 3 | 6 |
| Total debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net debt (negative = net cash) | — | — | −9 | −8 | −1 | −3 | −6 |
| Diluted shares | 46m | 52m | 67m | — | — | — | — |
| Quarter | 2025 Q2 Sept 2024 | 2025 Q3 Dec 2024 | 2025 Q4 Mar 2025 | 2026 Q1 Jun 2025 | 2026 Q2 Sept 2025 | 2026 Q3 Dec 2025 | 2026 Q4 Mar 2026 | 2027 Q1 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 9 | 4 | −31 | −13 | −3 | 19 | −42 | 12 |
| EBITDA | −13 | −9 | −45 | −92 | −18 | 4 | −60 | −0 |
| Operating income | −14 | −10 | −45 | −93 | −18 | 4 | −60 | −0 |
| Net income | 13 | −9 | −1 | −65 | −4 | 20 | −39 | −7 |
| Growth (year on year) | ||||||||
| Revenue | — | — | — | −225.7% | −132.3% | +322.5% | — | — |
| EBITDA | — | — | — | −306.5% | — | — | — | — |
| Operating income | — | — | — | −309.0% | — | — | — | — |
| Net income | — | — | — | −236.5% | −128.1% | — | — | — |
| Margins | ||||||||
| EBITDA margin | −155.6% | −205.2% | 144.8% | 732.0% | 641.4% | 21.9% | 140.8% | −2.1% |
| Operating margin | −160.2% | −215.3% | 146.3% | 734.0% | 646.5% | 21.1% | 141.3% | −3.1% |
| Net margin | 150.8% | −195.5% | 2.5% | 515.5% | 131.3% | 106.7% | 91.1% | −55.8% |
| Free-cash-flow margin | −103.7% | −227.2% | 27.7% | 86.6% | 525.8% | −50.2% | 9.4% | −33.7% |
| Cash flow | ||||||||
| Cash from operations | −9 | −10 | −8 | −11 | −15 | −9 | −4 | −4 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | −9 | −10 | −9 | −11 | −15 | −9 | −4 | −4 |
| Stock-based pay | 3 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow after stock pay | −12 | −11 | −9 | −11 | −15 | −10 | −4 | −4 |
| Line of business | Revenue | YoY |
|---|---|---|
| Ben Liquidity | $33.4M | ▼ 21.6% |
| Ben Custody | $12.7M | ▼ 41.2% |
| Customer Ex Alt Trusts | -$49.2M | — |
These categories overlap or exclude eliminations, so shares aren't shown.
From Beneficient's 10-K filed June 30, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Yorkville Advisors Global, LP | $1M | 281K | 31.9% | New |
| Geode Capital Management, LLC | $569,446 | 155K | 17.6% | ▼ 2.1% |
| Vanguard Capital Management LLC | $564,847 | 153K | 17.4% | ▲ 2.3% |
| Vanguard Fiduciary Trust Co | $265,218 | 72K | 8.2% | ▲ 0.8% |
| State Street Corp | $244,150 | 66K | 7.5% | ▲ 28.0% |
| Blackrock, Inc. | $182,263 | 50K | 5.6% | ▲ 9.3% |
| Morgan Stanley | $166,049 | 45K | 5.1% | ▲ 87.7% |
| Northern Trust Corp | $115,592 | 31K | 3.6% | 0.0% |
| Ausdal Financial Partners, Inc. | $50,847 | 14K | 1.6% | ▲ 16.9% |
| Vanguard Global Advisers, LLC | $32,200 | 9K | 1.0% | 0.0% |
| UBS Group AG | $15,717 | 4K | 0.5% | ▼ 28.7% |
| Barclays PLC | $221 | 0K | 0.0% | New |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Beneficient's complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Silk James G. Chief Executive Officer | September 15, 2026 | Buy | 9,434 | $1.06 | $10,000 |
| Fletcher Derek L. See Remarks | September 15, 2026 | Buy | 4,717 | $1.06 | $5,000 |
| Cangany Peter T Jr Director | September 15, 2026 | Buy | 18,868 | $1.06 | $20,000 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 13, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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