ASMODEE GROUP : revenue, balance sheet and financial ratios

In 2025, ASMODEE GROUP achieves revenue of 110.5 M€. Activity remains stable over the period (CAGR: -2.7%). Vs 2024, growth of +54% (71.8 M€ -> 110.5 M€). After deducting consumption (49.5 M€), gross margin stands at 61.0 M€, i.e. a rate of 55%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 26.1 M€, representing 23.6% of revenue. Positive scissor effect: EBITDA margin improves by +9.1 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 64.2 M€, i.e. 58.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 46%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 64%. 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 3.8 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 61.2% 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 123.89. 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 252.3x. 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: 60 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 131 days. Excellent situation: suppliers finance 71 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 81 days of revenue, i.e. 24.8 M€ to permanently finance. Over 2016-2025, WCR increased by +384%, requiring additional financing.

Based on 104 transactions of similar company sales (all years), the value of ASMODEE GROUP is estimated at 79 881 583 € (range 25 446 039€ - 184 164 569€). With an EBITDA of 26 125 862€, the sector multiple of 1.1x is applied. The price/revenue ratio is 0.24x (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.