ATHEO INGENIERIE : revenue, balance sheet and financial ratios

In 2024, ATHEO INGENIERIE achieves revenue of 42.6 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +17.6%. Significant drop of -48% vs 2023. After deducting consumption (24.3 M€), gross margin stands at 18.3 M€, i.e. a rate of 43%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 3.1 M€, representing 7.2% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 2.0 M€, i.e. 4.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 22%. 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 21%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.3 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 5.4% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 159.84. 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 4.7x. Financial charges are adequately covered by operations.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 62 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 73 days. Favorable situation: supplier credit is longer than customer credit by 11 days. Inventory turnover is 3 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 73 days of revenue, i.e. 8.7 M€ to permanently finance. Over 2016-2024, WCR increased by +218%, requiring additional financing.

Based on 215 transactions of similar company sales (all years), the value of ATHEO INGENIERIE is estimated at 4 136 064 € (range 1 920 190€ - 12 077 553€). With an EBITDA of 3 052 933€, 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.