Bending Spoons S.p.A. (BSP)

Price$39.50Cached quoteAs of 2026-09-04 16:23 UTC

AI: Overvalued

Price checkThe shares look expensive unless acquisitions keep delivering high margins without adding much more debt.

At roughly a $26 billion equity value, the stock is about 9.4 times management’s 2026 revenue midpoint and 17.6 times adjusted operating income, meaning operating profit before selected acquisition, restructuring, and amortization costs. Trailing earnings imply a much richer multiple near 96 times, while first-half operating cash flow less capital spending annualizes to roughly a 52-times cash multiple. Because acquisitions are central to the model, excluding their recurring costs deserves caution. That leaves too little value-investor margin of safety.

Big pictureReported growth is spectacular, but most of it comes from buying companies rather than faster existing sales.

The supplied SEC-derived history shows 2023-2024 revenue essentially flat near $417 million, while gross profit stayed near $326 million. By 2025, assets had risen to $4.76 billion and liabilities to $3.76 billion, showing how quickly acquisitions expanded the balance sheet. Q2 2026 revenue then jumped 126% to $704 million, but management said organic growth—sales growth from businesses already owned—was only 3%. AOL advertising and Eventbrite ticket-related revenue also add more economic-cycle sensitivity than the earlier subscription-heavy portfolio.

Business strengthHigh recurring revenue, strong margins, and light capital spending make the core model unusually cash efficient.

First-half 2026 operating cash flow was $254 million and capital spending only $4 million, leaving about $250 million of free cash flow, meaning cash left after running and investing in the business. Q2 operating margin reached 34%, or 54% on management’s adjusted basis. Liquidity is meaningful: quarter-end cash was $793 million, with $1.28 billion of unused revolving credit, and the IPO later added $1.10 billion of net proceeds. Still, $4.09 billion of net debt and $794 million due within twelve months limit downside protection.

What could change the storyFaster organic growth and falling debt could justify the price; weaker deal returns would break the case.

Capital allocation is the swing factor. Bending Spoons spent $2.29 billion on acquisitions in the first half, far above roughly $250 million of free cash flow, so debt and new equity fund the difference. The IPO added about 39.6 million primary shares, roughly mid-single-digit dilution, while first-half equity compensation was $43 million. The bull case strengthens if organic growth moves from 3% toward high single digits and leverage falls below 2 times. It weakens if leverage rises above 3 times or interest keeps absorbing over 40% of operating income.

AI: News

Nasdaq debutThe Nasdaq debut raised fresh acquisition capital and immediately set a demanding public-market valuation.

On July 1, Bending Spoons began Nasdaq trading after an offering of about 58 million shares. The company and selling shareholders raised $1.68 billion in total; after the underwriters exercised their option, Bending Spoons said its own net proceeds were $1.10 billion. The shares finished their first session nearly 40% above the offering level, implying a market value around $25.7 billion. The event matters because it supplied cash for further acquisitions while also increasing the public share count.

Airtable acquisitionThe Airtable purchase extends the acquisition engine, but it also commits more cash to continued deal execution.

On August 4, Bending Spoons agreed to buy Airtable in cash at a $1.285 billion enterprise value; Airtable’s net cash makes the implied equity payment about $2.25 billion. Airtable said annual recurring revenue was approximately $480 million and growing more than 20% year over year, with over 500,000 organizations using the product. The stock gained about 3% that session, but the timing alone does not prove the deal caused the move. The acquisition raises both growth potential and financing demands.

Q2 growth reality checkStrong quarterly profits could not offset concern that underlying growth and full-year sales guidance were softer.

On August 13, Q2 revenue reached $704 million, up 126%, and operating income reached $240 million, up 139%. Adjusted earnings per share, which excludes selected acquisition and restructuring effects, also beat expectations. Yet organic revenue growth was only 3%, and the $2.78 billion to $2.82 billion full-year revenue outlook was below roughly $2.9 billion expected by analysts. Shares fell about 16% that day; financial reports linked the selloff mainly to the softer outlook and underlying growth concern.

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Revenue

2023

2024

2025

Net income

2023

2024

2025

Free cash flow

2023

2024

2025

Total cash / debt

CashTotal debt

2023

2024

2025

Financial statements

	2025	2024	2023
Revenue	$2.61B	$417,006	$417,214
Gross profit	$1.74B	$326,275	$325,638
Gross margin	66.77%	78.24%	78.05%
Research & development	$287.4M	$109,373	$107,074
Operating expenses	$1.23B	$301.5M	$152.3M
Operating income	$508.8M	$127.4M	$84.3M
Operating margin	19.50%	30,539.37%	20,197.55%
EBITDA	$520.3M	$149.4M	$77.9M
EBITDA margin	19.95%	35,829.22%	18,672.43%
Net income	$22.4M	$89.5M	$160.8M
Net profit margin	0.86%	21,465.64%	38,534.90%
Basic EPSper basic share	$0.04	$0.15	$0.27
Diluted EPSper diluted share	$0.04	$0.14	$0.25

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Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

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@tickerstat2 days ago
Bending Spoons agrees to buy Miro in a $1.36 billion enterprise-value deal
Bending Spoons ($BSP) signed an agreement to acquire collaboration-software company Miro in an all-cash transaction with an enterprise value of $1.355 billion. The stated equity value is higher, at $1.79 billion, because it includes Miro’s ...
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Bending Spoons agrees to buy Miro in a $1.36 billion enterprise-value deal