ANKAMA STUDIO : revenue, balance sheet and financial ratios

ANKAMA STUDIO is a French company founded 19 years ago, specialized in the sector Édition de jeux électroniques. Based in ROUBAIX (59100), this company of category ETI shows in 2023 a revenue of 11.8 M€. Find below the complete financial statements, solvency ratios, working capital requirements and sector comparison.

Data updated on 2026-05-02

Sources : INPI & INSEE SIRENE - Processing : Ministry of Economy

Financial history - ANKAMA STUDIO (SIREN 492361258)
Indicator 2023 2021 2020 2019
Revenue 11 823 699 € 13 194 136 € 10 282 164 € 9 228 870 €
Net income 1 659 341 € 1 578 104 € 1 510 038 € 1 042 164 €
EBITDA 3 669 901 € 5 790 249 € 3 089 118 € 2 528 981 €
Net margin 14.0% 12.0% 14.7% 11.3%

Revenue and income statement

In 2023, ANKAMA STUDIO achieves revenue of 11.8 M€. Over the period 2019-2023, the company shows strong growth with a CAGR (compound annual growth rate) of +6.4%. Significant drop of -10% vs 2021. After deducting consumption (0 €), gross margin stands at 11.8 M€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 3.7 M€, representing 31.0% of revenue. Warning negative scissor effect: despite revenue change (-10%), EBITDA varies by -37%, reducing margin by 12.8 pts. This reflects costs rising faster than 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 1.7 M€, i.e. 14.0% of revenue. This profit can be retained or distributed to shareholders.

Revenue (2023) ?
Revenue
Definition
Total amount of sales of goods and services made by the company.
Formula
Sales of goods + Sold production

11 823 699 €

Gross margin (2023) ?
Gross margin
Definition
Difference between revenue and cost of goods sold.
Formula
Revenue - Cost of goods consumed

11 823 699 €

EBITDA (2023) ?
Gross Operating Surplus (EBITDA)
Definition
Resources generated by current operations, before depreciation and financial expenses.
Formula
Value added - Personnel expenses - Taxes
Interpretation
Positive = profitable activity

3 669 901 €

EBIT (2023) ?
EBIT (Operating Income)
Definition
Operating income, including depreciation and provisions.
Formula
EBITDA - Depreciation and provisions + Reversals

2 344 937 €

Net income (2023) ?
Net income
Definition
Profit or loss after all expenses, including taxes and exceptional items.
Formula
Current income + Exceptional income - Income tax

1 659 341 €

EBITDA margin (2023) ?
EBITDA margin
Definition
Measures the company's operating profitability.
Formula
(EBE / CA) x 100
Interpretation
> 10% : Good profitability
5-10% : Average
< 5% : Low

31.0%

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Assets

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Liabilities

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Solvency and debt ratios

The debt ratio (= Financial debt / Equity x 100) stands at 0%. 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 93%. 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 0.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 41.9% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. This high level provides strong self-financing capacity.

Debt ratio (2023) ?
Debt ratio
Definition
Measures the proportion of debt to equity.
Formula
(Financial debt / Equity) x 100
Interpretation
< 50% : Low
50-100% : Moderate
> 100% : High

0.052%

Financial autonomy (2023) ?
Financial autonomy
Definition
Share of equity in the company's total financing.
Formula
(Equity / Total assets) x 100
Interpretation
> 30% : Good autonomy
20-30% : Average
< 20% : Low

93.173%

Cash flow / Revenue (2023) ?
Cash flow / Revenue
Definition
Self-financing capacity relative to revenue.
Formula
(CAF / CA) x 100
Interpretation
The higher the ratio, the more cash the company generates

41.885%

Repayment capacity (2023) ?
Repayment capacity
Definition
Number of years needed to repay debts with cash flow.
Formula
Financial debt / Cash flow
Interpretation
< 3 years : Excellent
3-5 years : Fair
> 5 years : Warning

0.003

Asset age ratio (2023) ?
Asset age ratio
Definition
Measures the degree of wear of tangible assets.
Formula
Accumulated depreciation / Gross fixed assets x 100
Interpretation
< 50% : Recent assets
50-70% : Normal wear
> 70% : Aging assets

15.1%

Solvency indicators evolution
ANKAMA STUDIO

Sector positioning

Debt ratio
0.05 2023
2020
2021
2023
Q1: 0.0
Med: 0.12
Q3: 53.42
Good +11 pts over 3 years

In 2023, the debt ratio of ANKAMA STUDIO (0.05) ranks below the median of the sector. This ratio measures the weight of debt relative to equity. This controlled position reflects prudent management.

Financial autonomy
93.17% 2023
2020
2021
2023
Q1: 0.04%
Med: 33.1%
Q3: 72.11%
Excellent +6 pts over 3 years

In 2023, the financial autonomy of ANKAMA STUDIO (93.2%) ranks in the top 25% of the sector. This ratio represents the share of equity in total financing. High autonomy reflects financial independence and ability to absorb shocks.

Repayment capacity
0.0 years 2023
2020
2021
2023
Q1: 0.0 years
Med: 0.0 years
Q3: 1.32 years
Average +25 pts over 3 years

In 2023, the repayment capacity of ANKAMA STUDIO (0.00) ranks above the median of the sector. This ratio indicates the number of years needed to repay debt with cash flow. A reduction effort could improve financial strength.

Liquidity ratios

The liquidity ratio (= Current assets / Current liabilities) stands at 571.98. 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 6.8x. Operating income very largely covers interest expenses: high safety margin.

Liquidity ratio (2023) ?
Liquidity ratio
Definition
Ability to meet short-term debts with current assets.
Formula
Current assets / Current liabilities
Interpretation
> 1.5 : Very good
1-1.5 : Fair
< 1 : Liquidity risk

571.975

Interest coverage (2023) ?
Interest coverage
Definition
Ability to cover interest charges with operating income.
Formula
EBIT / Interest expenses
Interpretation
> 3 : Comfortable
1.5-3 : Acceptable
< 1.5 : Risk

6.802

Liquidity indicators evolution
ANKAMA STUDIO

Sector positioning

Liquidity ratio
571.98 2023
2020
2021
2023
Q1: 140.32
Med: 273.86
Q3: 531.15
Excellent +17 pts over 3 years

In 2023, the liquidity ratio of ANKAMA STUDIO (571.98) ranks in the top 25% of the sector. This ratio measures the ability to cover short-term debt with current assets. A ratio above 1 ensures comfortable coverage of short-term maturities.

Interest coverage
6.8x 2023
2020
2021
2023
Q1: 0.0x
Med: 0.0x
Q3: 2.73x
Excellent +50 pts over 3 years

In 2023, the interest coverage of ANKAMA STUDIO (6.8x) ranks in the top 25% of the sector. This ratio indicates how many times operating income covers interest expenses. High coverage means financial charges weigh little on profitability.

Working capital requirement (WCR) and payment terms

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 30 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 31 days. Favorable situation: supplier credit is longer than customer credit by 1 days. WCR is negative (-311 days): operations structurally generate cash. Notable WCR improvement over the period (-429%), freeing up cash.

Operating WCR (2023) ?
Operating WCR
Definition
Financing requirement generated by the operating cycle (inventory + receivables - trade payables).
Formula
Inventory + Customer receivables - Trade payables
Interpretation
Negative = cash released
Positive = financing needed

-10 201 960 €

Customer credit (2023) ?
Customer credit (days)
Definition
Average payment term granted to customers.
Formula
(Customer receivables / Revenue incl. VAT) x 360
Interpretation
< 45j : Good
45-60j : Average
> 60j : Long

30 j

Supplier credit (2023) ?
Supplier credit (days)
Definition
Average payment term obtained from suppliers.
Formula
(Trade payables / Purchases incl. VAT) x 360
Interpretation
The longer the term, the better for cash flow

31 j

Inventory turnover (2023) ?
Inventory turnover (days)
Definition
Average storage duration for goods or materials.
Formula
(Inventory / Cost of goods) x 360
Interpretation
The lower the ratio, the faster the turnover

0 j

WCR in days of revenue (2023) ?
WCR in days of revenue
Definition
Expresses working capital requirement in days of revenue.
Formula
(Operating WCR / Revenue) x 360
Interpretation
The fewer days, the better the working capital management

-311 j

WCR and payment terms evolution
ANKAMA STUDIO

Positioning of ANKAMA STUDIO in its sector

Comparison with sector Édition de jeux électroniques

Valuation estimate

Based on 103 transactions of similar company sales (all years), the value of ANKAMA STUDIO is estimated at 3 067 003 € (range 1 124 504€ - 9 035 246€). With an EBITDA of 3 669 901€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.25x (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.

Estimated enterprise value 2023
103 transactions
1124k€ 3067k€ 9035k€
3 067 003 € Range: 1 124 504€ - 9 035 246€
NAF 4 all-time Aggregated at NAF sub-class level

Valuation detail by method

Ajustez les pondérations selon votre analyse

EBITDA Multiple 50%
3 669 901 € × 1.0x
Estimation 3 561 985 €
1 168 120€ - 11 510 406€
Revenue Multiple 30%
11 823 699 € × 0.25x
Estimation 2 942 115 €
1 299 697€ - 6 475 086€
Net Income Multiple 20%
1 659 341 € × 1.2x
Estimation 2 016 880 €
752 679€ - 6 687 592€
How is this estimate calculated?

This estimate is based on the analysis of 103 actual transactions of similar company sales (same NAF code) registered with BODACC between 2016 and 2025.

  • EBITDA Multiple: Preferred method for profitable SMEs. EBITDA reflects the ability to generate cash.
  • Revenue Multiple: Used for growing companies or those with low profitability. Reflects commercial potential.
  • Net Income Multiple: Relevant for mature companies with stable results.

This estimate is provided for information purposes only. A precise valuation requires in-depth analysis (assets, liabilities, prospects, market...).

Similar companies (Édition de jeux électroniques)

Compare ANKAMA STUDIO with other companies in the same sector:

Frequently asked questions about ANKAMA STUDIO

What is the revenue of ANKAMA STUDIO ?

The revenue of ANKAMA STUDIO in 2023 is 11.8 M€.

Is ANKAMA STUDIO profitable?

Yes, ANKAMA STUDIO generated a net profit of 1.7 M€ in 2023.

Where is the headquarters of ANKAMA STUDIO ?

The headquarters of ANKAMA STUDIO is located in ROUBAIX (59100), in the department Nord.

Where to find the tax return of ANKAMA STUDIO ?

The tax return of ANKAMA STUDIO is available on this page. Click on a year in the 'Data by year' section to view the account details (assets, liabilities, income statement). Data comes from INPI (National Institute of Industrial Property).

In which sector does ANKAMA STUDIO operate?

ANKAMA STUDIO operates in the sector Édition de jeux électroniques (NAF code 58.21Z). See the 'Sector positioning' section above to compare the company with its competitors.