AQUA COVE ET SPA : revenue, balance sheet and financial ratios

In 2025, AQUA COVE ET SPA achieves revenue of 867 k€. Over the period 2016-2025, the company shows strong growth with a CAGR (compound annual growth rate) of +12.0%. Vs 2024, growth of +15% (757 k€ -> 867 k€). After deducting consumption (5 k€), gross margin stands at 862 k€, i.e. a rate of 99%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 260 k€, representing 30.0% of revenue. Positive scissor effect: EBITDA margin improves by +4.0 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 30 k€, i.e. 3.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 8482%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 1%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 13.0 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 21.0% 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 99.31. 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 29.2x. 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: 4 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 78 days. Excellent situation: suppliers finance 74 days of the operating cycle (retail model). Inventory turnover is 1 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. WCR is negative (-1 days): operations structurally generate cash. Over 2016-2025, WCR increased by +87%, requiring additional financing.

Based on 114 transactions of similar company sales (all years), the value of AQUA COVE ET SPA is estimated at 896 877 € (range 497 228€ - 1 481 149€). With an EBITDA of 260 116€, the sector multiple of 5.1x is applied. The price/revenue ratio is 0.72x (in line with sector norms). 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.