ATI MATERIALS : revenue, balance sheet and financial ratios

In 2024, ATI MATERIALS achieves revenue of 66.0 M€. Over the period 2015-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +11.9%. Vs 2023, growth of +54% (42.9 M€ -> 66.0 M€). After deducting consumption (55.4 M€), gross margin stands at 10.6 M€, i.e. a rate of 16%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 4.2 M€, representing 6.3% of revenue. Positive scissor effect: EBITDA margin improves by +6.6 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Net income is negative at -727 k€ (-1.1% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at 3%. 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 7%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.1 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 4.1% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 109.48. 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 71.2x. 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: 135 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 4 days. The gap of 131 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 137 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 32 days of revenue, i.e. 5.8 M€ to permanently finance. Notable WCR improvement over the period (-43%), freeing up cash.

Indicative estimate only : the number of comparable transactions in this sector is limited (23 transactions). This range of 4 590 782€ to 14 913 572€ is provided for information purposes only and requires in-depth analysis to be confirmed.