BIOGARAN : revenue, balance sheet and financial ratios

In 2025, BIOGARAN achieves revenue of 1.3 Bn€. Over the period 2016-2025, the company shows strong growth with a CAGR (compound annual growth rate) of +6.6%. Vs 2024, growth of +12% (1.1 Bn€ -> 1.3 Bn€). After deducting consumption (462.4 M€), gross margin stands at 792.7 M€, i.e. a rate of 63%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 128.8 M€, representing 10.3% of revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 86.1 M€, i.e. 6.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 1%. 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 33%. The balance between equity and debt is satisfactory. 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 7.3% 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 143.20. 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 0.2x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 48 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 84 days. Excellent situation: suppliers finance 36 days of the operating cycle (retail model). Inventory turnover is 56 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 129 days of revenue, i.e. 451.1 M€ to permanently finance. Over 2016-2025, WCR increased by +53%, requiring additional financing.

Based on 124 transactions of similar company sales (all years), the value of BIOGARAN is estimated at 139 653 278 € (range 70 292 882€ - 459 493 925€). With an EBITDA of 128 776 425€, the sector multiple of 0.7x is applied. The price/revenue ratio is 0.21x (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.