CURALEAF FRANCE : revenue, balance sheet and financial ratios

In 2024, CURALEAF FRANCE achieves revenue of 89 k€. Over the period 2021-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +53.1%. Significant drop of -80% vs 2023. After deducting consumption (61 k€), gross margin stands at 28 k€, i.e. a rate of 31%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 20 k€, representing 22.4% of revenue. Warning negative scissor effect: despite revenue change (-80%), EBITDA varies by -84%, reducing margin by 6.3 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 17 k€, i.e. 19.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at -101%. 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 -4476%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 12.6 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 19.3% 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 152.16. 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 11.4x. 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: 15 days. Favorable situation: supplier credit is longer than customer credit by 15 days. Inventory turnover is 12 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 19 days of revenue, i.e. 5 k€ to permanently finance. Over 2021-2024, WCR increased by +130%, requiring additional financing.

Based on 124 transactions of similar company sales (all years), the value of CURALEAF FRANCE is estimated at 15 568 € (range 7 495€ - 53 216€). With an EBITDA of 19 991€, the sector multiple of 0.7x is applied. The price/revenue ratio is 0.21x (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.