ARPEGE : revenue, balance sheet and financial ratios

In 2025, ARPEGE achieves revenue of 43.0 M€. Over the period 2017-2025, the company shows strong growth with a CAGR (compound annual growth rate) of +8.2%. Vs 2024, growth of +88% (22.9 M€ -> 43.0 M€). After deducting consumption (13.5 M€), gross margin stands at 29.5 M€, i.e. a rate of 69%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 6.3 M€, representing 14.6% of revenue. Positive scissor effect: EBITDA margin improves by +5.5 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 3.7 M€, i.e. 8.5% of revenue. This profit can be retained or distributed to shareholders.

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 26%. The balance between equity and debt is satisfactory. Cash flow represents 11.7% 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 139.87. 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 5.1x. 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: 364 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 78 days. The gap of 286 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 38 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 171 days of revenue, i.e. 20.5 M€ to permanently finance. Over 2017-2025, WCR increased by +104%, requiring additional financing.

Based on 215 transactions of similar company sales (all years), the value of ARPEGE is estimated at 6 227 110 € (range 2 739 579€ - 20 543 518€). With an EBITDA of 6 293 641€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.16x (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.