CHAUFFAGE SANITAIRE ARMOR : revenue, balance sheet and financial ratios

In 2024, CHAUFFAGE SANITAIRE ARMOR achieves revenue of 11.0 M€. Revenue is growing positively over 8 years (CAGR: +2.9%). Vs 2023: +4%. After deducting consumption (5.3 M€), gross margin stands at 5.6 M€, i.e. a rate of 51%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 559 k€, representing 5.1% of revenue. Warning negative scissor effect: despite revenue change (+4%), EBITDA varies by -36%, reducing margin by 3.2 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 660 k€, i.e. 6.0% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 26%. 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 32%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 2.1 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 5.5% 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 475.13. 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 8.1x. 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: 76 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 60 days. The company must finance 16 days of gap between collections and payments. Inventory turnover is 163 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 8 days of revenue, i.e. 249 k€ to permanently finance. Notable WCR improvement over the period (-84%), freeing up cash.

Indicative estimate only : the number of comparable transactions in this sector is limited (28 transactions). This range of 524 416€ to 2 002 504€ is provided for information purposes only and requires in-depth analysis to be confirmed.