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1Scan for outdated or missing drivers - takes under a minute2Repair Windows errors before they cause bigger problems3Fix the driver behind crashes, sound loss and screen glitchesThere is no defensible single “Bending Spoons stock value” until you have the latest share price, basic shares, fully diluted shares and post-transaction cap table. For this serial acquirer, start with enterprise value (EV), not market capitalization alone: add debt and other financing obligations, subtract cash, and compare EV with revenue and adjusted operating income or EBITDA. Then reconcile that result to equity value and divide by a properly diluted share count.
The latest reported quarter shows why the framework matters. Q2 2026 revenue rose 126% year over year to $704 million, but only 3% was organic; the rest was primarily acquisition-led. Net debt, acquisition financing and near-term maturities can change the value left for shareholders even when accounting earnings grow quickly.
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What the latest reported numbers say
Bending Spoons S.p.A.’s Q2 2026 figures provide the operating and balance-sheet inputs for a valuation model. They are company-reported figures, and adjusted measures are management-defined rather than GAAP metrics.
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| Q2 2026 measure | Reported figure | How to use it |
|---|---|---|
| Revenue | $704 million; up 126% year over year | Use for EV/revenue, but separate acquired growth from organic growth. |
| Operating income | $240 million | GAAP-style operating profitability before financing and taxes. |
| Adjusted operating income | $381 million; 54% margin | Useful for comparison only after identifying adjustments and recurring costs. |
| Net income | $176.967 million | Base for a GAAP earnings analysis. |
| Diluted EPS | $0.28 | Use with the diluted share count, not the basic count. |
| Adjusted EPS | $0.46 | Reconcile every adjustment to GAAP EPS before relying on it. |
| Adjusted net-income margin | 42% | Check whether the margin converts into cash. |
| Net debt | $4.09 billion | Subtract cash from debt consistently when moving from EV to equity value. |
| Long-term debt | $4.88 billion | Review maturity dates, covenants and refinancing terms. |
| Cash and cash equivalents | $793 million | Deduct only unrestricted cash that is actually available to shareholders. |
| Leverage | 2.4× | Defined by the company as net debt divided by trailing-twelve-month adjusted EBITDA. |
| Debt due within 12 months | $794 million | Test whether operating cash flow and refinancing capacity cover the maturity wall. |
| Interest expense change | Up $73 million | Evidence that acquisition borrowings are already affecting earnings. |
Revenue growth was primarily acquisition-driven, while organic revenue growth was 3%. That distinction should appear beside every growth assumption in an investor model.
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Step 1: Establish equity value and enterprise value
Market capitalization requires two share counts
Market capitalization is the share price multiplied by shares outstanding. Calculate it twice: once with the latest basic period-end shares and again with a fully diluted count that includes in-the-money options, restricted stock, warrants, convertibles and other awards. A headline price can look inexpensive or expensive simply because the denominator is incomplete.
The canonical sources available for this analysis do not provide a complete post-transaction fully diluted cap table. Before publishing a precise market-cap figure, retrieve the latest Form F-1, 10-Q, 6-K and the filing’s share-count table. Keep period-end shares separate from diluted weighted-average shares used in the income statement.
EV reconciles the capital structure
Use this bridge:
Enterprise value = equity value + total debt + other financing obligations − cash and cash equivalents.
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Why EV is the starting point for a serial acquirer
Acquired businesses bring revenue and earnings, but the purchase prices are often financed with debt. EV captures the value of the operating assets and the claims ahead of common equity. Only after subtracting debt and other senior claims can you assess what belongs to shareholders.
Step 2: Select valuation multiples that match the business
EV/revenue, split by acquisition vintage
EV/revenue is a useful first screen when a portfolio company has many newly acquired assets. Do not treat the 126% reported growth rate as a recurring organic rate. Build separate rows for legacy revenue, each material acquisition, and organic growth. A high multiple may be reasonable for durable, cash-generative subscriptions; it is harder to justify when revenue depends on repeated purchases financed with rising leverage.
EV/adjusted operating income or EBITDA
Calculate both reported and adjusted operating-profit multiples. Adjusted operating income was $381 million in Q2, compared with $240 million of operating income. The gap requires a bridge showing amortization of acquired intangibles, restructuring, stock-based compensation and any costs that recur every year. If an item is recurring, treating it as a one-time add-back overstates sustainable earnings.
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Price/earnings and adjusted EPS
Price/earnings is meaningful only when the denominator is diluted and the accounting basis is clear. Q2 diluted EPS was $0.28 and adjusted EPS was $0.46. Reconcile the two line by line, and avoid applying a peer P/E multiple to adjusted EPS without checking whether peers make comparable adjustments.
Free-cash-flow yield
Free-cash-flow yield is essential because acquisitions, interest and debt repayment must ultimately be funded with cash. Start with cash from operations, subtract maintenance capital expenditure and clearly identify acquisition spending. Do not substitute adjusted operating income for free cash flow: non-cash add-backs, working-capital needs and purchase payments can create a large difference.
Step 3: Test leverage, interest and maturities
Leverage can dominate the equity outcome. The balance sheet reported $4.09 billion of net debt, and $794 million of debt was due within the next twelve months. Model that maturity separately from long-dated borrowings: refinancing at a higher rate or issuing shares at a weak price can transfer value away from existing holders.
Build a refinancing stress test
- List every facility, principal amount, interest rate, maturity date, covenant and secured or unsecured status from the latest filing.
- Apply higher-rate cases to floating-rate debt and to each tranche that must be refinanced within the forecast period.
- Reduce acquired-business revenue or margins in a downside case, then recalculate cash interest, mandatory amortization and covenant headroom.
- Compare available cash and internally generated free cash flow with the next twelve months of maturities. Treat restricted cash as unavailable unless the filing says otherwise.
- Model the equity issuance that would be required if refinancing is unavailable; that issuance belongs in the diluted share count.
Interest expense increased by $73 million, primarily because of higher acquisition-financing borrowings. That change is a warning to examine interest coverage, not merely the leverage headline. Exact coverage cannot be calculated from the figures above without the period’s interest expense and a consistent earnings denominator.
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Step 4: Measure dilution before trusting per-share value
Use three share-count views
| Share-count view | Purpose | Items to check |
|---|---|---|
| Basic period-end shares | Current legal shares outstanding | Latest balance-sheet or cover-page count. |
| Diluted weighted-average shares | Per-share income statement denominator | Options, restricted stock, warrants and convertibles included under accounting rules. |
| Pro forma fully diluted shares | Forward-looking ownership and valuation | Unissued awards, primary placements, acquisition consideration and potential financing. |
Review the share-based-compensation footnote and option pool in every filing. Reconcile the reported 3% year-over-year increase in diluted weighted-average shares in Q2 2026. A small increase can still materially reduce per-share value when combined with a high valuation or a large future acquisition program.
Separate primary issuance from secondary sales
Primary shares are newly issued by the company and bring in capital; they dilute existing holders but can finance growth or reduce borrowing. Secondary shares are sold by existing holders and transfer ownership without raising company cash. The October 2025 $710 million financing illustrates the difference: $270 million was primary capital and $440 million was secondary capital.
Account for the October 14, 2026 private placement
The announced Berkshire Hathaway transaction is a private placement of 10 million ordinary shares at $33 per share. It is expected to take Berkshire’s ownership to 4% once the transaction closes. Until closing and the final filing, treat those shares as a pro forma issuance rather than assuming they are already included in the current period-end count.
Add potential employee equity, stock-based compensation, acquisition shares and any financing needed for the acquisition pipeline. Check voting rights and share-class conversion terms in the latest registration statement; economic ownership alone does not establish control.
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Step 5: Decide whether growth is creating value
Bending Spoons describes a model of acquiring digital businesses, transforming them, expanding earnings and reinvesting in additional acquisitions. It also says it has never sold a material business. For investors, that means reported growth should be paired with an acquisition-return analysis rather than accepted as evidence of organic momentum.
Calculate acquisition-adjusted returns
- Record the purchase price, assumed debt, earn-outs and transaction costs for each material acquisition.
- Identify the acquired business’s revenue, operating profit and free cash flow immediately before purchase.
- Measure incremental revenue, cost savings, capital expenditure and cash flow after integration.
- Subtract incremental interest and central costs, then calculate the post-acquisition return on invested capital and cash payback period.
- Compare the result with the company’s funding cost and with the valuation multiple assigned to the acquired earnings.
Cost savings that appear only as adjusted add-backs are not the same as cash savings. Likewise, growth funded by debt can raise revenue while lowering the value attributable to each share.
How to compare Bending Spoons with other companies
Use a consistent peer grid rather than a single headline multiple.
| Axis | Question to answer |
|---|---|
| EV/revenue | What valuation is assigned to the total operating portfolio? |
| EV/adjusted EBITDA | Are adjustments comparable and recurring costs included? |
| Organic revenue growth | How much expansion remains after removing acquisitions? |
| Free-cash-flow conversion | Does accounting profit become cash after capital expenditure? |
| Net leverage and interest coverage | Can the company fund maturities through a downturn? |
| Acquisition spend and returns | Are purchases earning more than their financing and integration cost? |
| Goodwill and acquired-intangible intensity | How much of the balance sheet depends on acquisition accounting? |
| Diluted-share growth | Is per-share progress keeping pace with total-company growth? |
| Insider or strategic-holder ownership | Who controls votes and who bears economic dilution? |
A comparison is only useful when the accounting definitions, lease treatment, currency, reporting period and acquisition timing are aligned.
A practical worksheet for investors
- Download the latest Form F-1, 10-Q and 6-K and copy the basic, diluted weighted-average and period-end share counts.
- Update the share price and calculate basic and fully diluted market capitalization.
- Reconcile debt, leases, restricted cash and unrestricted cash to derive EV.
- Calculate EV/revenue, EV/operating income, EV/adjusted operating income, P/E and free-cash-flow yield.
- Build organic and acquisition-led revenue columns instead of one blended growth rate.
- Map maturities and run higher-rate, lower-margin and share-issuance scenarios.
- Record every option, award, warrant, convertible and announced primary placement in the pro forma denominator.
- Compare acquisition returns with the cost of debt and the valuation paid.
The October 2025 financing provides historical context: $710 million was raised at an $11 billion pre-money valuation, alongside a disclosed $2.8 billion debt package intended to support proprietary technology, artificial-intelligence capabilities and acquisitions. That mark is a reference point from a private financing, not a current fair-value answer; public-market conditions, debt, operating results and the share count may all have changed.
The Bottom Line
For Bending Spoons, the key question is not whether revenue or adjusted earnings are growing; it is whether acquisition-led growth produces enough recurring free cash flow to service debt and increase value per diluted share. Use EV and cash flow to value the operating portfolio, stress-test maturities and interest, and include every current and potential share issuance before reaching a per-share conclusion.
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