ARMADEUS SYSTEMS : revenue, balance sheet and financial ratios

ARMADEUS SYSTEMS is a French company founded 18 years ago, specialized in the sector Commerce de gros (commerce interentreprises) de fournitures et équipements industriels divers. Based in MULHOUSE (68100), this company of category PME shows in 2022 a revenue of 2.2 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 - ARMADEUS SYSTEMS (SIREN 500243142)
Indicator 2022 2021 2020 2019 2018 2017 2016
Revenue 2 168 934 € 1 738 292 € 1 756 897 € 1 429 950 € 1 287 650 € 917 125 € 779 289 €
Net income 73 979 € 80 078 € 342 618 € 329 378 € 60 114 € 1 221 € -102 660 €
EBITDA 266 284 € 157 595 € 398 722 € 355 353 € 89 766 € 67 840 € -11 783 €
Net margin 3.4% 4.6% 19.5% 23.0% 4.7% 0.1% -13.2%

Revenue and income statement

In 2022, ARMADEUS SYSTEMS achieves revenue of 2.2 M€. Over the period 2016-2022, the company shows strong growth with a CAGR (compound annual growth rate) of +18.6%. Vs 2021, growth of +25% (1.7 M€ -> 2.2 M€). After deducting consumption (955 k€), gross margin stands at 1.2 M€, i.e. a rate of 56%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 266 k€, representing 12.3% of revenue. Positive scissor effect: EBITDA margin improves by +3.2 pts, sign of improved operational efficiency. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 74 k€, i.e. 3.4% of revenue. This profit can be retained or distributed to shareholders.

Revenue (2022) ?
Revenue
Definition
Total amount of sales of goods and services made by the company.
Formula
Sales of goods + Sold production

2 168 934 €

Gross margin (2022) ?
Gross margin
Definition
Difference between revenue and cost of goods sold.
Formula
Revenue - Cost of goods consumed

1 213 930 €

EBITDA (2022) ?
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

266 284 €

EBIT (2022) ?
EBIT (Operating Income)
Definition
Operating income, including depreciation and provisions.
Formula
EBITDA - Depreciation and provisions + Reversals

73 103 €

Net income (2022) ?
Net income
Definition
Profit or loss after all expenses, including taxes and exceptional items.
Formula
Current income + Exceptional income - Income tax

73 979 €

EBITDA margin (2022) ?
EBITDA margin
Definition
Measures the company's operating profitability.
Formula
(EBE / CA) x 100
Interpretation
> 10% : Good profitability
5-10% : Average
< 5% : Low

12.3%

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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 75%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 47%. 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 3.3 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 10.9% 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 (2022) ?
Debt ratio
Definition
Measures the proportion of debt to equity.
Formula
(Financial debt / Equity) x 100
Interpretation
< 50% : Low
50-100% : Moderate
> 100% : High

75.149%

Financial autonomy (2022) ?
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

46.685%

Cash flow / Revenue (2022) ?
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

10.867%

Repayment capacity (2022) ?
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

3.306

Asset age ratio (2022) ?
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

79.0%

Solvency indicators evolution
ARMADEUS SYSTEMS

Sector positioning

Debt ratio
75.15 2022
2020
2021
2022
Q1: 0.08
Med: 14.47
Q3: 58.31
Average +7 pts over 3 years

In 2022, the debt ratio of ARMADEUS SYSTEMS (75.15) ranks above the median of the sector. This ratio measures the weight of debt relative to equity. A reduction effort could improve financial strength.

Financial autonomy
46.69% 2022
2020
2021
2022
Q1: 24.34%
Med: 43.53%
Q3: 62.15%
Good -5 pts over 3 years

In 2022, the financial autonomy of ARMADEUS SYSTEMS (46.7%) ranks above the median of the sector. This ratio represents the share of equity in total financing. This comfortable position offers an appreciable safety margin.

Repayment capacity
3.31 years 2022
2020
2021
2022
Q1: 0.0 years
Med: 0.2 years
Q3: 1.92 years
Average +13 pts over 3 years

In 2022, the repayment capacity of ARMADEUS SYSTEMS (3.31) 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 352.22. 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 4.2x. Financial charges are adequately covered by operations.

Liquidity ratio (2022) ?
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

352.216

Interest coverage (2022) ?
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

4.203

Liquidity indicators evolution
ARMADEUS SYSTEMS

Sector positioning

Liquidity ratio
352.22 2022
2020
2021
2022
Q1: 164.49
Med: 233.99
Q3: 350.69
Excellent

In 2022, the liquidity ratio of ARMADEUS SYSTEMS (352.22) 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
4.2x 2022
2020
2021
2022
Q1: 0.0x
Med: 0.61x
Q3: 3.81x
Excellent +16 pts over 3 years

In 2022, the interest coverage of ARMADEUS SYSTEMS (4.2x) 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: 23 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 71 days. Excellent situation: suppliers finance 48 days of the operating cycle (retail model). Inventory turnover is 96 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 132 days of revenue, i.e. 795 k€ to permanently finance. Over 2016-2022, WCR increased by +238%, requiring additional financing.

Operating WCR (2022) ?
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

794 828 €

Customer credit (2022) ?
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

23 j

Supplier credit (2022) ?
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

71 j

Inventory turnover (2022) ?
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

96 j

WCR in days of revenue (2022) ?
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

132 j

WCR and payment terms evolution
ARMADEUS SYSTEMS

Positioning of ARMADEUS SYSTEMS in its sector

Comparison with sector Commerce de gros (commerce interentreprises) de fournitures et équipements industriels divers

Valuation estimate

Indicative estimate only : the number of comparable transactions in this sector is limited (24 transactions). This range of 183 824€ to 945 206€ is provided for information purposes only and requires in-depth analysis to be confirmed.

Estimated enterprise value 2022
Indicative
183k€ 480k€ 945k€
480 708 € Range: 183 824€ - 945 206€
NAF 5 année 2022

Valuation evolution

How is this estimate calculated?

This estimate is based on the analysis of 24 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 (Commerce de gros (commerce interentreprises) de fournitures et équipements industriels divers)

Compare ARMADEUS SYSTEMS with other companies in the same sector:

Voir toutes les statistiques du secteur Commerce de gros (commerce interentreprises) de fournitures et équipements industriels divers

Frequently asked questions about ARMADEUS SYSTEMS

What is the revenue of ARMADEUS SYSTEMS ?

The revenue of ARMADEUS SYSTEMS in 2022 is 2.2 M€.

Is ARMADEUS SYSTEMS profitable?

Yes, ARMADEUS SYSTEMS generated a net profit of 74 k€ in 2022.

Where is the headquarters of ARMADEUS SYSTEMS ?

The headquarters of ARMADEUS SYSTEMS is located in MULHOUSE (68100), in the department Haut-Rhin.

Where to find the tax return of ARMADEUS SYSTEMS ?

The tax return of ARMADEUS SYSTEMS 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 ARMADEUS SYSTEMS operate?

ARMADEUS SYSTEMS operates in the sector Commerce de gros (commerce interentreprises) de fournitures et équipements industriels divers (NAF code 46.69B). See the 'Sector positioning' section above to compare the company with its competitors.