CONCESSIONS GARES FRANCE : revenue, balance sheet and financial ratios

In 2025, CONCESSIONS GARES FRANCE achieves revenue of 202.7 M€. Over the period 2016-2025, the company shows strong growth with a CAGR (compound annual growth rate) of +6.1%. Vs 2024: +0%. After deducting consumption (55.5 M€), gross margin stands at 147.2 M€, i.e. a rate of 73%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 65.4 M€, representing 32.2% of 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 1.6 M€, i.e. 0.8% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 9%. 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 8%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.1 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 4.5% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 39.15. 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: 1 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 155 days. Excellent situation: suppliers finance 154 days of the operating cycle (retail model). Inventory turnover is 3 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 19 days of revenue, i.e. 10.7 M€ to permanently finance. Over 2016-2025, WCR increased by +213%, requiring additional financing.

Based on 557 transactions of similar company sales in 2025, the value of CONCESSIONS GARES FRANCE is estimated at 207 078 265 € (range 114 239 632€ - 386 614 276€). With an EBITDA of 65 382 138€, the sector multiple of 5.3x is applied. The price/revenue ratio is 0.55x (in line with sector norms). 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.