DEVEA : revenue, balance sheet and financial ratios

In 2025, DEVEA achieves revenue of 38.5 M€. Revenue is growing positively over 8 years (CAGR: +0.9%). Significant drop of -10% vs 2024. After deducting consumption (33.4 M€), gross margin stands at 5.2 M€, i.e. a rate of 13%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 2.4 M€, representing 6.1% of revenue. Positive scissor effect: EBITDA margin improves by +4.3 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 782 k€, i.e. 2.0% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 49%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 43%. This high autonomy means the company finances most of its assets through equity, a sign of strength.

The liquidity ratio (= Current assets / Current liabilities) stands at 269.55. 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 11.1x. 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: 145 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 53 days. The gap of 92 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Inventory turnover is 63 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 182 days of revenue, i.e. 19.4 M€ to permanently finance. Over 2018-2025, WCR increased by +51%, requiring additional financing.

Based on 61 transactions of similar company sales (all years), the value of DEVEA is estimated at 7 302 267 € (range 1 887 371€ - 12 290 003€). With an EBITDA of 2 365 405€, the sector multiple of 2.5x is applied. The price/revenue ratio is 0.33x (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.