CLOS'MAX : revenue, balance sheet and financial ratios

In 2025, CLOS'MAX achieves revenue of 3.2 M€. Revenue is growing positively over 10 years (CAGR: +2.5%). Slight decline of -2% vs 2024. After deducting consumption (1.3 M€), gross margin stands at 1.9 M€, i.e. a rate of 59%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 376 k€, representing 11.9% of revenue. Warning negative scissor effect: despite revenue change (-2%), EBITDA varies by -22%, reducing margin by 3.1 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 283 k€, i.e. 9.0% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 20%. 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 58%. 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 0.7 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 9.6% 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 277.52. 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 2.2x. Financial charges are adequately covered by operations.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 59 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 51 days. The company must finance 8 days of gap between collections and payments. Inventory turnover is 47 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 103 days of revenue, i.e. 903 k€ to permanently finance. Over 2016-2025, WCR increased by +33%, requiring additional financing.

Based on 58 transactions of similar company sales (all years), the value of CLOS'MAX is estimated at 633 140 € (range 417 063€ - 1 425 183€). With an EBITDA of 376 464€, the sector multiple of 1.2x is applied. The price/revenue ratio is 0.20x (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.