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Italian technology company that acquires and operates consumer apps, including Evernote, WeTransfer, Meetup and StreamYard.
Italian technology company that acquires and operates consumer apps, including Evernote, WeTransfer, Meetup and StreamYard.
Buys established apps and web services, cuts costs sharply, moves them to subscriptions and raises prices, so profit comes from running acquired apps at lower cost and with more paying subscribers. It began in Milan in 2013 as an app developer, bought Evernote in 2022 and WeTransfer in 2024, and in 2025 agreed to buy larger names including Vimeo and AOL.
Moat: narrow (brand, scale, distribution). Operational playbook for turning around and monetizing acquired consumer apps, though individual apps face substitution.
Headquarters: Milan, Italy · Founded: 2013
Size Bending Spoons (BSP) is a United States Information Technology company (Packaged Software) with a market value of $27.9B, the 387th largest of 3,117 United States companies the cockpit tracks. Shares closed at $42.41 on 6 Nov 2026.
Growth Revenue grew 94.7% over the last twelve months (peer median +20.8%); the operating margin is 21.3% (peer median 7.4%).
Valuation It trades at 25.6× forward earnings against a peer median of 25.2× (9th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 46% a year for seven years (Req g). Recent delivered growth is +95%, so the hurdle is -49 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.3 points below its cost of capital (8.4% WACC).
Short interest Short interest is 5.8% of the free float (15 Oct 2026).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Revenue | n/a | $1.31B | $671M | $387M |
| Revenue growth | — | +95% | +73% | — |
| Gross profit | n/a | $707M | $343M | $203M |
| EBITDA | n/a | $435M | $217M | $119M |
| Net income | n/a | -$137,000 | $89.5M | $161M |
| Free cash flow | n/a | $290M | $204M | $55.1M |
| Capital expenditure | n/a | $568,000 | $163M | $5.00M |
| Total debt | $4.96B | $2.71B | $877M | $400M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Bending Spoons BSP | $27.9B | n/a | +95% | 21% | 25.6× | 45.5% |
| Adobe ADBE | $93.1B | -5% | +12% | 36% | 8.9× | 0.9% |
| Dropbox DBX | $7.54B | +20% | 0% | 26% | 11.1× | -5.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BSP | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.6% | -4.4% | 7th highest of 21 |
| Distance from 52-week high | -28.7% | -31.1% | 11th highest of 21 |
| Revenue growth (TTM) | +94.7% | +20.8% | 4th highest of 21 |
| Operating margin | 21.3% | 7.4% | 9th highest of 21 |
| Forward P/E | 25.6× | 25.2× | 9th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 45.5% | 20.7% | most demanding of 16 |
| Growth delivered (Del g) | +94.7% | +19.1% | highest of 16 |
| Hurdle (Req g minus delivered) | -49.1 pp | +1.3 pp | least demanding of 16 |
| ROIC minus cost of capital | -4.3 pp | -4.6 pp | 10th highest of 20 |
| EV / EBITDA | 73.6× | 16.6× | 3rd most expensive of 13 |
| Net debt / EBITDA | 9.6× | -0.5× | 3rd most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Bending Spoons BSP | United States | $27.9B | n/a | +95% | 21% | 25.6× | 45.5% | +94.7% |
| Amadeus IT AMS.MC | Spain | $27.4B | +18% | +4% | 27% | 17.8× | 4.3% | +24.6% |
| Z.AI Co., Ltd. -H- Reg S 2513.HK | Hong Kong | $26.5B | -56% | +132% | -272% | n/a | n/a | n/a |
| Okta OKTA | United States | $29.5B | +101% | +11% | 8% | 41.3× | 39.2% | +28.4% |
| Zoom Communications ZM | United States | $26.2B | -18% | +5% | 24% | 14.7× | 5.8% | +12.9% |
| CoreWeave CRWV | United States | $25.6B | -59% | +115% | -3% | n/a | n/a | n/a |
| MongoDB MDB | United States | $25.2B | +4% | +25% | -1% | 44.7× | 27.9% | +33.1% |
| Twilio TWLO | United States | $31.3B | 0% | +19% | 8% | 30.7× | 38.2% | +23.5% |
| Zscaler ZS | United States | $32.2B | +30% | +25% | -4% | 40.5× | 20.7% | +37.9% |
| Samsara IOT | United States | $24.0B | +38% | +30% | 1% | 48.5× | n/a | n/a |
| Hithink RoyalFlush Information Network 300033.SZ | China | $22.9B | -14% | +48% | 56% | 32.7× | 37.1% | +16.3% |
| Unity Software U | United States | $22.7B | +83% | +14% | -14% | 49.4× | 33.5% | +19.1% |
| NBIS NBIS | United States | $35.2B | -8% | +461% | -49% | n/a | n/a | n/a |
| PTC PTC | United States | $21.2B | +33% | +20% | 40% | 21.8× | 10.3% | +8.6% |
| Toast TOST | United States | $20.1B | +38% | +22% | 7% | 20.9× | 28.6% | +49.5% |
| Cerebras Systems CBRS | United States | $20.1B | n/a | +91% | -81% | n/a | n/a | n/a |
| Atlassian TEAM | United States | $38.7B | +5% | +26% | 4% | 28.7× | 44.7% | +25.8% |
| Dassault Systemes DSY.PA | France | $39.0B | +32% | 0% | 26% | 19.2× | 8.3% | +7.0% |
| SS&C Technologies SSNC | United States | $18.2B | +13% | +9% | 24% | 10.2× | 6.9% | +6.1% |
| Gen Digital GEN | United States | $17.7B | +32% | +17% | 43% | 9.6× | 1.8% | +14.4% |
| F5, Inc. FFIV | United States | $17.7B | -12% | +11% | 24% | 17.1× | 9.7% | +5.6% |