BECTON DICKINSON FRANCE : revenue, balance sheet and financial ratios

In 2024, BECTON DICKINSON FRANCE achieves revenue of 1.6 Bn€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +5.6%. Vs 2023: +1%. After deducting consumption (861.3 M€), gross margin stands at 746.3 M€, i.e. a rate of 46%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 347.5 M€, representing 21.6% of revenue. Positive scissor effect: EBITDA margin improves by +2.4 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 249.4 M€, i.e. 15.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 0%. 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 768%. 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 0.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 20.1% 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 250.71. 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 4.1x. 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: 58 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 109 days. Excellent situation: suppliers finance 51 days of the operating cycle (retail model). Inventory turnover is 67 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 219 days of revenue, i.e. 977.6 M€ to permanently finance. Over 2016-2024, WCR increased by +142%, requiring additional financing.

Based on 57 transactions of similar company sales (all years), the value of BECTON DICKINSON FRANCE is estimated at 702 571 388 € (range 172 865 213€ - 1 344 492 596€). With an EBITDA of 347 536 623€, the sector multiple of 2.5x is applied. The price/revenue ratio is 0.23x (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.