B2MI : revenue, balance sheet and financial ratios

In 2024, B2MI achieves revenue of 767 k€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +10.2%. Slight decline of -5% vs 2023. After deducting consumption (0 €), gross margin stands at 767 k€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 240 k€, representing 31.3% of revenue. Warning negative scissor effect: despite revenue change (-5%), EBITDA varies by -39%, reducing margin by 17.5 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 1.1 M€, i.e. 149.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 17%. 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 80%. 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 0.4 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 152.0% 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 752.46. 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 12.8x. 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: 144 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 91 days. The gap of 53 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Overall, WCR represents 300 days of revenue, i.e. 639 k€ to permanently finance. Over 2016-2024, WCR increased by +1604%, requiring additional financing.

Based on 103 transactions of similar company sales in 2024, the value of B2MI is estimated at 2 866 898 € (range 892 522€ - 7 033 873€). With an EBITDA of 240 152€, the sector multiple of 5.0x is applied. The price/revenue ratio is 0.38x (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.