CIRRUSWARE : revenue, balance sheet and financial ratios

In 2024, CIRRUSWARE achieves revenue of 2.4 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +33.7%. Vs 2023, growth of +33% (1.8 M€ -> 2.4 M€). After deducting consumption (0 €), gross margin stands at 2.4 M€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 137 k€, representing 5.6% of revenue. Positive scissor effect: EBITDA margin improves by +6.5 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 183 k€, i.e. 7.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 0%. 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 71%. 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 0.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 8.7% 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 311.54. 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 0.1x. 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: 80 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 37 days. The gap of 43 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Overall, WCR represents 60 days of revenue, i.e. 403 k€ to permanently finance. Over 2016-2024, WCR increased by +976%, requiring additional financing.

Based on 120 transactions of similar company sales (all years), the value of CIRRUSWARE is estimated at 429 960 € (range 212 645€ - 1 123 047€). With an EBITDA of 137 238€, the sector multiple of 2.2x is applied. The price/revenue ratio is 0.27x (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.