BOUTI'BIKE : revenue, balance sheet and financial ratios

In 2025, BOUTI'BIKE achieves revenue of 840 k€. Over the period 2017-2025, the company shows strong growth with a CAGR (compound annual growth rate) of +6.8%. Slight decline of -0% vs 2024. After deducting consumption (578 k€), gross margin stands at 262 k€, i.e. a rate of 31%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 30 k€, representing 3.5% of revenue. Warning negative scissor effect: despite revenue change (-0%), EBITDA varies by -61%, reducing margin by 5.5 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Net income is negative at -27 k€ (-3.3% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at 2786%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 3%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 353.0 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 0.2% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 483.05. 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 52.4x. 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: 11 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 35 days. Favorable situation: supplier credit is longer than customer credit by 24 days. Inventory turnover is 139 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 146 days of revenue, i.e. 341 k€ to permanently finance. Over 2017-2025, WCR increased by +27%, requiring additional financing.

Based on 239 transactions of similar company sales (all years), the value of BOUTI'BIKE is estimated at 152 248 € (range 75 980€ - 264 207€). With an EBITDA of 29 780€, the sector multiple of 3.4x is applied. The price/revenue ratio is 0.28x (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.