CHEVAL GRANULATS : revenue, balance sheet and financial ratios

In 2025, CHEVAL GRANULATS achieves revenue of 10.4 M€. Over the period 2019-2025, the company shows strong growth with a CAGR (compound annual growth rate) of +11.7%. Slight decline of -2% vs 2024. After deducting consumption (229 k€), gross margin stands at 10.2 M€, i.e. a rate of 98%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.9 M€, representing 18.6% of revenue. Warning negative scissor effect: despite revenue change (-2%), EBITDA varies by -21%, reducing margin by 4.4 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 145 k€, i.e. 1.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 260%. 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 20%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 5.4 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 13.5% 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 203.66. 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 10.1x. 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: 54 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 116 days. Excellent situation: suppliers finance 62 days of the operating cycle (retail model). Inventory turnover is 100 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 160 days of revenue, i.e. 4.6 M€ to permanently finance. Over 2019-2025, WCR increased by +232%, requiring additional financing.

Based on 95 transactions of similar company sales (all years), the value of CHEVAL GRANULATS is estimated at 1 944 774 € (range 631 607€ - 10 771 778€). With an EBITDA of 1 933 896€, the sector multiple of 1.4x is applied. The price/revenue ratio is 0.17x (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.