CHRISTAL : revenue, balance sheet and financial ratios

In 2025, CHRISTAL achieves revenue of 1.1 M€. Revenue is growing positively over 8 years (CAGR: +3.5%). Vs 2023: +7%. After deducting consumption (463 k€), gross margin stands at 591 k€, i.e. a rate of 56%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 105 k€, representing 9.9% of revenue. Warning negative scissor effect: despite revenue change (+7%), EBITDA varies by -25%, reducing margin by 4.2 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 87 k€, i.e. 8.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 11%. 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 74%. 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 0.9 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 8.8% 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 350.20. 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 5.7x. 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: 0 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 21 days. Favorable situation: supplier credit is longer than customer credit by 21 days. Inventory turnover is 124 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 77 days of revenue, i.e. 226 k€ to permanently finance.

Based on 51 transactions of similar company sales in 2025, the value of CHRISTAL is estimated at 166 242 € (range 88 512€ - 697 816€). With an EBITDA of 104 588€, the sector multiple of 1.5x 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.