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Bending Spoons S.p.A.

BSP
45
Software - Application · Technology
Price
$47.07
-8.70 (-15.60%)
Market Cap
$29.90B
Exchange
NASDAQ
Winston Score
45
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
19/30
Growth
Data not available
0/20
Cash Flow
Exceptional
9/10
Stability
Weak
0/10
Valuation
Good
5/10
Ownership
Good
10/15
Dividends
Not counted
n/a

43 of 95 counted points = Winston Score 45. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count rising — dilution

+15.5% over 2y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 518.6M (2023) → 598.9M (2025)

§Winston Score History

The full picture

Bending Spoons is an Italian technology company that buys popular apps and software tools, then improves and grows them. Its portfolio includes well-known apps like Evernote, Meetup, Splice, and Remini, which are used by tens of millions of people around the world for note-taking, video editing, photo enhancement, and community organizing.

The company makes money mainly through subscription fees charged to individual users and small businesses inside its apps. Based in Milan, Italy, Bending Spoons operates globally and has grown rapidly by acquiring underperforming apps, cutting costs aggressively, and converting free users into paying subscribers — a model sometimes compared to private equity applied to consumer software. Its main growth driver is continuing to find and acquire apps at reasonable prices, but its biggest risk is that this acquisition-heavy strategy depends on a steady pipeline of deals and could struggle if app valuations rise or if subscriber growth slows across its existing portfolio.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
65.6%
Premium pricing power — 65.6% gross margin
Profit after running costs
Operating Margin
34.1%
Excellent — 34.1% operating margin
Return on the money invested
ROCE
3.9%
Weak — 3.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
N/A
—
Data not available
Profit growth
EPS YoY
N/A
—
Data not available
How steady the profit is
EPS Consistency
N/A
—
Data not available

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Cash Flow

Profit that turns into cash
Cash Conversion
187%
Turns 187% of profit into real cash
Spare cash per sale
FCF Margin
15.4%
Converts sales into free cash efficiently (15.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
3.94
Heavy debt load (3.94)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
138.4x
Expensive — P/E 138.4

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+115.3
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (138.4 → 23.2)

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Dividends

Not applicable for this business.
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