AXONE : revenue, balance sheet and financial ratios

In 2025, AXONE achieves revenue of 98.6 M€. Over the period 2015-2025, the company shows strong growth with a CAGR (compound annual growth rate) of +11.1%. Vs 2024: +2%. After deducting consumption (80.9 M€), gross margin stands at 17.7 M€, i.e. a rate of 18%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 3.4 M€, representing 3.4% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 2.7 M€, i.e. 2.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 109%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 38%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 6.2 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 3.0% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 313.29. 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 22.4x. 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: 73 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 16 days. The gap of 57 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 23 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 80 days of revenue, i.e. 21.8 M€ to permanently finance. Over 2015-2025, WCR increased by +62%, requiring additional financing.

Based on 94 transactions of similar company sales (all years), the value of AXONE is estimated at 6 047 043 € (range 3 824 579€ - 10 630 254€). With an EBITDA of 3 398 410€, the sector multiple of 0.5x is applied. The price/revenue ratio is 0.15x (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.
Medium reliability: estimate to be confirmed with in-depth analysis.