Frank Castle mutates into Beast's (Hank McCoy) body (classic) he gets his sharpest knife and is going after the superior Spiderman. Peter having gotten his body back has to fight this version of the punisher.
Punisher wins. He was wrecking supernatural beings left and right in his Frankencastle form and that was before the Bloodgem upgrade.
Beast's powerset is pretty great for battling Spidey - strength, speed, accelerated healing, senses, wall-crawling. Adding Punisher's experience and skill to that mix is too much.
Sabretooth made a mention that a non-jobbing Beast (basically the heartless version Frank would be) would be really formidable.