APNEA MEDICAL : revenue, balance sheet and financial ratios

In 2025, APNEA MEDICAL achieves revenue of 2.3 M€. Revenue is growing positively over 9 years (CAGR: +2.8%). Significant drop of -18% vs 2024. After deducting consumption (350 k€), gross margin stands at 2.0 M€, i.e. a rate of 85%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 436 k€, representing 18.7% of revenue. Warning negative scissor effect: despite revenue change (-18%), EBITDA varies by -56%, reducing margin by 16.3 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 166 k€, i.e. 7.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 6%. 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 66%. 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 0.2 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 16.6% 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 212.62. 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 0.6x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 22 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 106 days. Excellent situation: suppliers finance 84 days of the operating cycle (retail model). Inventory turnover is 23 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 133 days of revenue, i.e. 860 k€ to permanently finance.

Based on 69 transactions of similar company sales (all years), the value of APNEA MEDICAL is estimated at 1 486 450 € (range 652 585€ - 3 158 508€). With an EBITDA of 435 918€, the sector multiple of 4.9x is applied. The price/revenue ratio is 0.40x (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.
Medium reliability: estimate to be confirmed with in-depth analysis.