Down 79% so far in 2022, Beyond Meat's (NASDAQ: BYND) stock price decline has far outpaced the S&P 500, which is down a relatively milder 20% over the same time frame. But while the lower stock price might whet the appetite of deal-hungry investors, shares in this food company are pricier than they look on the surface. Let's dig deeper.

Beyond Meat's third-quarter earnings highlight some alarming trends. Instead of growing, the business is deteriorating. Revenue tanked 22.5% to $82.5 million -- a trend CEO Ethan Brown blames on macroeconomic challenges like inflation. But it goes deeper than that. Beyond Meat simply lacks a robust economic moat, which is the competitive advantage that separates a company's products from competitors. 

According to the Good Food Institute, there are over 60 plant-based meat brands with over $500,000 in sales. This means that Beyond Meat's core business isn't unique or difficult to replicate.

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Source Fool.com