DHA : revenue, balance sheet and financial ratios

DHA is a French company founded 43 years ago, specialized in the sector Autres intermédiaires du commerce en combustibles, métaux, minéraux et produits chimiques. Based in BLOIS (41000), this company of category ETI shows in 2024 a revenue of 638.1 M€. Find below the complete financial statements, solvency ratios, working capital requirements and sector comparison.

Data updated on 2026-05-09

Sources : INPI & INSEE SIRENE - Processing : Ministry of Economy

Financial history - DHA (SIREN 325973626)
Indicator 2024 2023 2022 2021 2020 2019 2018 2017 2016
Revenue 638 084 531 € 635 467 750 € 581 286 966 € 460 260 808 € 464 621 551 € 438 585 744 € 430 408 545 € 425 156 081 € 431 934 262 €
Net income 20 570 € 50 275 € 10 598 € 999 892 € 303 727 € 324 963 € 402 516 € 1 873 148 € 125 578 €
EBITDA 2 214 516 € 6 321 148 € -282 792 € 601 431 € 654 270 € 242 156 € 654 718 € 1 263 871 € -11 549 €
Net margin 0.0% 0.0% 0.0% 0.2% 0.1% 0.1% 0.1% 0.4% 0.0%

Revenue and income statement

In 2024, DHA achieves revenue of 638.1 M€. Revenue is growing positively over 9 years (CAGR: +5.0%). Vs 2023: +0%. After deducting consumption (619.4 M€), gross margin stands at 18.7 M€, i.e. a rate of 3%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 2.2 M€, representing 0.3% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 21 k€, i.e. 0.0% of revenue. This profit can be retained or distributed to shareholders.

Revenue (2024) ?
Revenue
Definition
Total amount of sales of goods and services made by the company.
Formula
Sales of goods + Sold production

638 084 531 €

Gross margin (2024) ?
Gross margin
Definition
Difference between revenue and cost of goods sold.
Formula
Revenue - Cost of goods consumed

18 699 664 €

EBITDA (2024) ?
Gross Operating Surplus (EBITDA)
Definition
Resources generated by current operations, before depreciation and financial expenses.
Formula
Value added - Personnel expenses - Taxes
Interpretation
Positive = profitable activity

2 214 516 €

EBIT (2024) ?
EBIT (Operating Income)
Definition
Operating income, including depreciation and provisions.
Formula
EBITDA - Depreciation and provisions + Reversals

2 217 805 €

Net income (2024) ?
Net income
Definition
Profit or loss after all expenses, including taxes and exceptional items.
Formula
Current income + Exceptional income - Income tax

20 570 €

EBITDA margin (2024) ?
EBITDA margin
Definition
Measures the company's operating profitability.
Formula
(EBE / CA) x 100
Interpretation
> 10% : Good profitability
5-10% : Average
< 5% : Low

0.3%

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Chart evolution

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Assets

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Liabilities

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Solvency and debt ratios

The debt ratio (= Financial debt / Equity x 100) stands at 151%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 21%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 22916.6 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high.

Debt ratio (2024) ?
Debt ratio
Definition
Measures the proportion of debt to equity.
Formula
(Financial debt / Equity) x 100
Interpretation
< 50% : Low
50-100% : Moderate
> 100% : High

151.33%

Financial autonomy (2024) ?
Financial autonomy
Definition
Share of equity in the company's total financing.
Formula
(Equity / Total assets) x 100
Interpretation
> 30% : Good autonomy
20-30% : Average
< 20% : Low

20.567%

Cash flow / Revenue (2024) ?
Cash flow / Revenue
Definition
Self-financing capacity relative to revenue.
Formula
(CAF / CA) x 100
Interpretation
The higher the ratio, the more cash the company generates

0.0%

Repayment capacity (2024) ?
Repayment capacity
Definition
Number of years needed to repay debts with cash flow.
Formula
Financial debt / Cash flow
Interpretation
< 3 years : Excellent
3-5 years : Fair
> 5 years : Warning

22916.601

Asset age ratio (2024) ?
Asset age ratio
Definition
Measures the degree of wear of tangible assets.
Formula
Accumulated depreciation / Gross fixed assets x 100
Interpretation
< 50% : Recent assets
50-70% : Normal wear
> 70% : Aging assets

9.9%

Solvency indicators evolution
DHA

Sector positioning

Debt ratio
151.33 2024
2022
2023
2024
Q1: 0.0
Med: 0.32
Q3: 24.28
Watch

In 2024, the debt ratio of DHA (151.33) ranks in the top 25% of the sector. This ratio measures the weight of debt relative to equity. A high ratio may indicate excessive dependence on external financing.

Financial autonomy
20.57% 2024
2022
2023
2024
Q1: 12.8%
Med: 44.41%
Q3: 74.53%
Average

In 2024, the financial autonomy of DHA (20.6%) ranks below the median of the sector. This ratio represents the share of equity in total financing. An improvement would strengthen the competitive position.

Repayment capacity
22916.6 years 2024
2022
2023
2024
Q1: 0.0 years
Med: 0.0 years
Q3: 0.65 years
Watch +96 pts over 3 years

In 2024, the repayment capacity of DHA (22916.60) ranks in the top 25% of the sector. This ratio indicates the number of years needed to repay debt with cash flow. A long duration may signal heavy debt relative to repayment capacity.

Liquidity ratios

The liquidity ratio (= Current assets / Current liabilities) stands at 190.07. 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 148.3x. Operating income very largely covers interest expenses: high safety margin.

Liquidity ratio (2024) ?
Liquidity ratio
Definition
Ability to meet short-term debts with current assets.
Formula
Current assets / Current liabilities
Interpretation
> 1.5 : Very good
1-1.5 : Fair
< 1 : Liquidity risk

190.066

Interest coverage (2024) ?
Interest coverage
Definition
Ability to cover interest charges with operating income.
Formula
EBIT / Interest expenses
Interpretation
> 3 : Comfortable
1.5-3 : Acceptable
< 1.5 : Risk

148.26

Liquidity indicators evolution
DHA

Sector positioning

Liquidity ratio
190.07 2024
2022
2023
2024
Q1: 132.32
Med: 209.15
Q3: 511.28
Average +9 pts over 3 years

In 2024, the liquidity ratio of DHA (190.07) ranks below the median of the sector. This ratio measures the ability to cover short-term debt with current assets. An improvement would strengthen the competitive position.

Interest coverage
148.26x 2024
2022
2023
2024
Q1: 0.0x
Med: 0.02x
Q3: 2.34x
Excellent +52 pts over 3 years

In 2024, the interest coverage of DHA (148.3x) ranks in the top 25% of the sector. This ratio indicates how many times operating income covers interest expenses. High coverage means financial charges weigh little on profitability.

Working capital requirement (WCR) and payment terms

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 54 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 39 days. The company must finance 15 days of gap between collections and payments. Inventory turnover is 29 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 86 days of revenue, i.e. 152.2 M€ to permanently finance. Over 2016-2024, WCR increased by +76%, requiring additional financing.

Operating WCR (2024) ?
Operating WCR
Definition
Financing requirement generated by the operating cycle (inventory + receivables - trade payables).
Formula
Inventory + Customer receivables - Trade payables
Interpretation
Negative = cash released
Positive = financing needed

152 208 684 €

Customer credit (2024) ?
Customer credit (days)
Definition
Average payment term granted to customers.
Formula
(Customer receivables / Revenue incl. VAT) x 360
Interpretation
< 45j : Good
45-60j : Average
> 60j : Long

54 j

Supplier credit (2024) ?
Supplier credit (days)
Definition
Average payment term obtained from suppliers.
Formula
(Trade payables / Purchases incl. VAT) x 360
Interpretation
The longer the term, the better for cash flow

39 j

Inventory turnover (2024) ?
Inventory turnover (days)
Definition
Average storage duration for goods or materials.
Formula
(Inventory / Cost of goods) x 360
Interpretation
The lower the ratio, the faster the turnover

29 j

WCR in days of revenue (2024) ?
WCR in days of revenue
Definition
Expresses working capital requirement in days of revenue.
Formula
(Operating WCR / Revenue) x 360
Interpretation
The fewer days, the better the working capital management

86 j

WCR and payment terms evolution
DHA

Positioning of DHA in its sector

Comparison with sector Autres intermédiaires du commerce en combustibles, métaux, minéraux et produits chimiques

Valuation estimate

Based on 229 transactions of similar company sales (all years), the value of DHA is estimated at 63 882 323 € (range 29 696 973€ - 157 875 562€). With an EBITDA of 2 214 516€, the sector multiple of 1.6x is applied. The price/revenue ratio is 0.32x (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.

Estimated enterprise value 2024
229 transactions
29696k€ 63882k€ 157875k€
63 882 323 € Range: 29 696 973€ - 157 875 562€
NAF 4 all-time Aggregated at NAF sub-class level

Valuation detail by method

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EBITDA Multiple 50%
2 214 516 € × 1.6x
Estimation 3 597 405 €
1 174 037€ - 11 942 974€
Revenue Multiple 30%
638 084 531 € × 0.32x
Estimation 206 922 254 €
97 023 593€ - 506 252 959€
Net Income Multiple 20%
20 570 € × 1.7x
Estimation 34 721 €
14 383€ - 140 939€

Valuation evolution

How is this estimate calculated?

This estimate is based on the analysis of 229 actual transactions of similar company sales (same NAF code) registered with BODACC between 2016 and 2025.

  • EBITDA Multiple: Preferred method for profitable SMEs. EBITDA reflects the ability to generate cash.
  • Revenue Multiple: Used for growing companies or those with low profitability. Reflects commercial potential.
  • Net Income Multiple: Relevant for mature companies with stable results.

This estimate is provided for information purposes only. A precise valuation requires in-depth analysis (assets, liabilities, prospects, market...).

Similar companies (Autres intermédiaires du commerce en combustibles, métaux, minéraux et produits chimiques)

Compare DHA with other companies in the same sector:

Voir toutes les statistiques du secteur Autres intermédiaires du commerce en combustibles, métaux, minéraux et produits chimiques

Frequently asked questions about DHA

What is the revenue of DHA ?

The revenue of DHA in 2024 is 638.1 M€.

Is DHA profitable?

Yes, DHA generated a net profit of 21 k€ in 2024.

Where is the headquarters of DHA ?

The headquarters of DHA is located in BLOIS (41000), in the department Loir-et-Cher.

Where to find the tax return of DHA ?

The tax return of DHA is available on this page. Click on a year in the 'Data by year' section to view the account details (assets, liabilities, income statement). Data comes from INPI (National Institute of Industrial Property).

In which sector does DHA operate?

DHA operates in the sector Autres intermédiaires du commerce en combustibles, métaux, minéraux et produits chimiques (NAF code 46.12B). See the 'Sector positioning' section above to compare the company with its competitors.