AM CONSTRUCTION : revenue, balance sheet and financial ratios

In 2025, AM CONSTRUCTION achieves revenue of 304 k€. Activity remains stable over the period (CAGR: -1.3%). Significant drop of -18% vs 2024. After deducting consumption (153 k€), gross margin stands at 151 k€, i.e. a rate of 50%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 27 k€, representing 8.9% of revenue. Warning negative scissor effect: despite revenue change (-18%), EBITDA varies by -55%, reducing margin by 7.4 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 23 k€, i.e. 7.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 3%. 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 86%. This high autonomy means the company finances most of its assets through equity, a sign of strength. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.5 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 7.9% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 822.70. 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 2.1x. Financial charges are adequately covered by operations.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 116 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 31 days. The gap of 85 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Inventory turnover is 4 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 118 days of revenue, i.e. 99 k€ to permanently finance. Over 2017-2025, WCR increased by +99%, requiring additional financing.

Based on 113 transactions of similar company sales (all years), the value of AM CONSTRUCTION is estimated at 70 666 € (range 29 404€ - 143 830€). With an EBITDA of 27 095€, the sector multiple of 3.6x is applied. The price/revenue ratio is 0.11x (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.