Bending Spoons S.p.A.

Software - Application

$47.44

-14.93%

Market cap $30.1B

Bending Spoons SpA acquires and operates digital businesses, focusing on business transformation and operational optimization. Its activities include acquiring companies, implementing operational improvements, and reinvesting in additional acquisitions.

It is a $30.1B technology company. Revenue grew 94.7% over the last year, it currently loses money, and its net debt equals ~9.1 years of free cash flow.

$47.44

-14.93%

Market cap $30.1B

Website: bendingspoons.com
Sector: Technology

Share price · 4 months

$40.50 → $47.44+17.1%

price only — dividends excluded

Key facts · FY2025

Revenue: total sales; $1.31B
Loss: spends more than it earns; -$137K
Free cash flow: cash left after running the business; $453M
Net debt: debt minus cash on hand; $4.13B
Shares: down 4% since 2019 — buybacks; 600.8M
Volatility: beta vs the market — under 1 swings less; 3.58

Revenue, last 5 years

52-week range

Low $31.78$47.44High $55.77

Today's price is 65% of the way from the year's low to its high.

Valuation vs own history

P/S

22.9×

EV/EBITDA

77.2×

P/B

23.8×

FCF yield

1.5%

Share of the last ~5 years that was pricier than today (unusually expensive vs its own history). Based on the daily valuation record.

Standing in Technology

Size$30.1Btop 45%
Net margin-0%top 84%

Ranked against 221 Technology companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Valuation, Growth, Profitability, Health and Quality lag behind.

Valuation25

P/E vs own historyn/a · 10/25
FCF yield1.5% · 5/25
P/S27.1x · 0/25
EV/EBITDAn/a · 10/25

Growth25

Revenue CAGR64.4% · 25/25
Net income CAGRn/a · 0/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growthn/a · 0/25

Profitability20

ROIC-0.0% · 0/25
ROEn/a · 0/25
Net margin-0.0% · 0/25
Operating margin21.3% · 20/25

Health27

Altman Z2.84 · 18/25
Current ratio0.78 · 6/25
Interest coverage1.8x · 3/25
Net cash / debtD/A 51% · 0/25

Quality39

Piotroski F5/9 · 15/25
Beneish M-2.15 · 12/25
FCF conversionn/a · 0/25
Margin stabilityσ 9.5% · 12/25

Moat55

ROIC >12% years1/5 yrs · 0/25
Median gross margin65.9% · 25/25
FCF-positive years4/4 yrs · 25/25
Worst-year net marginworst -0.0% · 5/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2025Financial
Revenue crossed $1B
$1.31B for the year
FY2023Financial
First recorded profitable year
$161M net income
FY2023Financial
Best year on record
$161M net income

Achievements

Verifiable track record, straight from the reported numbers.

$1.3B revenue in FY2025

Revenue up 94.7% year over year

Positive free cash flow 4 years in a row

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (65.6%)
Revenue growing 94.7% year over year
Strong cash conversion — FCF is 34.7% of revenue

Watch-outs

Not profitable — 0.0% net margin
Net debt would take ~9.1 years of free cash flow to repay
Thin interest coverage (1.8×)
Loss-making in 1 of the recent years
Net debt equals ~9.1 years of free cash flow

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

5 of 9 checks passed

Revenue growing — the company sells more than a year ago+94.7% YoY
Profitable — makes more than it spends-$137K FY2025
Profit growing — earnings are higher than last year-100.2% YoY
Generates cash — cash left after running and investing$453M FY2025
Debt under control — could handle its obligations~9.1y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$30.1B market cap
Not printing shares — share count not ballooning — you keep your slice-3.7% shares over ~5y
Proven track record — years of profitability behind it2/5 profitable years
Financially stable — balance sheet not near distressAltman Z 2.8 — grey
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsno data

Peer comparisonBending Spoons S.p.A. vs 6 largest technology peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
BSP this company	$30.1B	—	+94.7%	-0.0%	Strained
NVDA Nvidia Corp	$5.2T	26.9	+83.4%	63.7%	Strong
AAPL Apple Inc.	$5.0T	38.8	+14.2%	27.6%	Strong
GOOGL Alphabet Inc.	$4.1T	17.6	+20.1%	54.8%	Strong
MSFT Microsoft Corp	$3.9T	29.8	+17.8%	40.3%	Strong
SPCX Space Exploration Technologies Corp.	$1.9T	—	+33.2%	-34.0%	Strong
META Meta Platforms, Inc.	$1.8T	27.6	+27.7%	29.8%	Strong

Head-to-head: BSP vs NVDA · BSP vs AAPL · BSP vs GOOGL

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 3Buy 8Hold 4Sell 1

Appendix · Financial records

The full statements behind this CV, FY2018–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $1.31B · net income -$137K (FY2025)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (FY2025)

$1.31B

YoY 94.7%

Net income (FY2025)

-$137K

Margin -0.0%

Gross margin

65.6%

Operating margin

21.3%

Income statement — full detail

Figures in USD billions · EPS in USD

	2018	2019	2023	2024	2025
Revenue	0.0	0.1	0.4	0.7	1.3
Gross profit	0.0	0.1	0.2	0.4	0.9
Operating income (EBIT)	0.0	0.0	0.1	0.2	0.4
Net income	—	—	0.2	0.1	-0.0
EPS (diluted)	—	—	0.28	0.15	-0.00

Cash flowFree cash flow $453M · operating cash flow $457M (FY2025)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (FY2025)

$453M

Margin 34.7%

Operating cash flow (FY2025)

$457M

FY basis

FCF margin

34.7%

Cash flow statement — full detail

Figures in USD billions

	2018	2019	2023	2024	2025
Operating cash flow	—	0.1	0.2	0.3	0.5
Capital expenditure	—	-0.0	-0.0	-0.0	-0.0
Free cash flow	—	0.1	0.2	0.3	0.5
FCF margin	—	84.3%	52.8%	43.2%	34.7%

Balance sheetAssets $8.06B · net debt $4.13B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $8.06B of assets is financed

84%

16%

Liabilities $6.80B — borrowed moneyEquity $1.26B — owners' stake

Cash vs debt

Total debt $4.96B − cash $830M = net debt $4.13B

Cash on hand covers 17% of debt.

Altman Z-Score

2.84

Grey zone

Debt repayment

9.1 yrs

Years of free cash flow to clear net debt

Interest coverage

1.8x

EBIT ÷ interest expense

Balance sheet — full detail

Figures in USD billions

	2018	2019	2023	2024	2025
Cash & equivalents	0.0	0.3	0.2	0.6	0.8
Total assets	0.1	0.9	1.9	4.8	8.1
Total liabilities	0.0	0.6	1.2	3.8	6.8
Total debt	0.0	0.4	0.9	2.7	5.0
Equity	0.0	0.3	0.6	1.0	1.3
Net debt	-0.0	0.1	0.6	2.1	4.1

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of BSP on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $47.44 · market cap $30.1B.