# Bending Spoons S.p.A. (BSP) — Stock CV

Bending Spoons S.p.A. 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.

> 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.

## Identity

- **Ticker**: BSP
- **Sector**: Technology
- **Industry**: Software - Application
- **Website**: https://www.bendingspoons.com
- **Market cap**: $30.1B
- **Last price**: $47.44
- **Financial profile**: Strained

## Vitals (FY2025)

- **Revenue**: $1.31B
- **Net income**: -$137K
- **Free cash flow**: $453M
- **Net debt**: $4.13B
- **Revenue growth (YoY)**: 94.7%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 25 |
| Growth | 25 |
| Profitability | 20 |
| Health | 27 |
| Quality | 39 |
| Moat | 55 |

## Qualifications (beginner checklist) — 5 of 9 passed

- [x] Revenue growing — +94.7% YoY
- [ ] Profitable — -$137K FY2025
- [ ] Profit growing — -100.2% YoY
- [x] Generates cash — $453M FY2025
- [ ] Debt under control — ~9.1y of cash flow to repay
- [x] Established company — $30.1B market cap
- [x] Not printing shares — -3.7% shares over ~5y
- [ ] Proven track record — 2/5 profitable years
- [x] Financially stable — Altman Z 2.8 — grey

## Experience (career milestones)

- **FY2025** — Revenue crossed $1B: $1.31B for the year
- **FY2023** — First recorded profitable year: $161M net income
- **FY2023** — Best year on record: $161M net income

## 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

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2018 | $40.2M | — | — |
| FY2019 | $65.3M | — | $55.1M |
| FY2023 | $387M | $161M | $204M |
| FY2024 | $671M | $89.5M | $290M |
| FY2025 | $1.31B | -$137K | $453M |

---

Source: https://stockcv.com/BSP — derived from company filings; may be delayed or incomplete. Information, not investment advice.