Filet mignon in North America, especially the United States refers solely to a cut of meat taken from the smaller end of a beef tenderloin, or psoas major of a cow. In France, filet mignon usually refers to cuts of pork tenderloin or veal tenderloin.
The tenderloin runs along both sides of the spine, and is usually butchered as two long snake-shaped cuts of meat. The tenderloin is sometimes sold whole. Filet mignon is usually presented as a round cut taken from the thinner end of a piece of tenderloin. It is often the most tender and lean cut. Filet mignon often has a milder flavour than other cuts of meat and as such is often garnished with a sauce or wrapped with bacon.
Due to the small amount of filet mignon able to be butchered from each animal, it is generally considered one of the most expensive cuts of beef.