AIR LIQUIDE SANTE FRANCE : revenue, balance sheet and financial ratios

In 2024, AIR LIQUIDE SANTE FRANCE achieves revenue of 194.5 M€. Revenue is growing positively over 8 years (CAGR: +0.8%). Vs 2023: +3%. After deducting consumption (47.3 M€), gross margin stands at 147.3 M€, i.e. a rate of 76%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 44.1 M€, representing 22.7% of revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 16.5 M€, i.e. 8.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 15%. This very low level reflects a solid financial structure, offering significant room for future investments or acquisitions. Financial autonomy (= Equity / Total assets x 100) reaches 37%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.4 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 11.0% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. This high level provides strong self-financing capacity.

The liquidity ratio (= Current assets / Current liabilities) stands at 99.81. Concretely, the company has €2 of liquid assets for every €1 of short-term debt: no cash risk within 12 months. The interest coverage ratio (= EBIT / Interest expenses) is 18.7x. Operating income very largely covers interest expenses: high safety margin.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 75 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 83 days. Favorable situation: supplier credit is longer than customer credit by 8 days. Inventory turnover is 27 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 15 days of revenue, i.e. 8.1 M€ to permanently finance. Notable WCR improvement over the period (-47%), freeing up cash.

Based on 124 transactions of similar company sales (all years), the value of AIR LIQUIDE SANTE FRANCE is estimated at 30 674 936 € (range 15 115 273€ - 104 088 811€). With an EBITDA of 44 122 373€, the sector multiple of 0.7x is applied. The price/revenue ratio is 0.21x (conservative valuation). This multiples method compares the actual sale price of similar companies to their financial indicators (Revenue, EBITDA, Net Income). It provides a market-based indicative estimate.