E-COURSE INTERNATIONAL : revenue, balance sheet and financial ratios

E-COURSE INTERNATIONAL is a French company founded 25 years ago, specialized in the sector Affrètement et organisation des transports . Based in TREMBLAY-EN-FRANCE (93290), this company of category PME shows in 2020 a revenue of 965 k€. Find below the complete financial statements, solvency ratios, working capital requirements and sector comparison.

Data updated on 2026-05-02

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

Financial history - E-COURSE INTERNATIONAL (SIREN 433987831)
Indicator 2020 2018 2017 2016 2015
Revenue 965 354 € 1 152 911 € 1 482 625 € 1 327 977 € 1 278 517 €
Net income -6 388 € -8 244 € 73 036 € 50 348 € 38 227 €
EBITDA 7 723 € -8 485 € 101 518 € 62 615 € 55 214 €
Net margin -0.7% -0.7% 4.9% 3.8% 3.0%

Revenue and income statement

In 2020, E-COURSE INTERNATIONAL achieves revenue of 965 k€. Revenue is declining over the period 2015-2020 (CAGR: -5.5%). Significant drop of -16% vs 2018. After deducting consumption (3 k€), gross margin stands at 962 k€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 8 k€, representing 0.8% of revenue. The operating margin remains fragile, requiring cost vigilance. Net income is negative at -6 k€ (-0.7% of revenue), which will impact equity.

Revenue (2020) ?
Revenue
Definition
Total amount of sales of goods and services made by the company.
Formula
Sales of goods + Sold production

965 354 €

Gross margin (2020) ?
Gross margin
Definition
Difference between revenue and cost of goods sold.
Formula
Revenue - Cost of goods consumed

961 879 €

EBITDA (2020) ?
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

7 723 €

EBIT (2020) ?
EBIT (Operating Income)
Definition
Operating income, including depreciation and provisions.
Formula
EBITDA - Depreciation and provisions + Reversals

-6 277 €

Net income (2020) ?
Net income
Definition
Profit or loss after all expenses, including taxes and exceptional items.
Formula
Current income + Exceptional income - Income tax

-6 388 €

EBITDA margin (2020) ?
EBITDA margin
Definition
Measures the company's operating profitability.
Formula
(EBE / CA) x 100
Interpretation
> 10% : Good profitability
5-10% : Average
< 5% : Low

0.8%

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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 43%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 36%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 7.9 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 0.8% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

Debt ratio (2020) ?
Debt ratio
Definition
Measures the proportion of debt to equity.
Formula
(Financial debt / Equity) x 100
Interpretation
< 50% : Low
50-100% : Moderate
> 100% : High

43.415%

Financial autonomy (2020) ?
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

36.064%

Cash flow / Revenue (2020) ?
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

0.786%

Repayment capacity (2020) ?
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

7.939

Solvency indicators evolution
E-COURSE INTERNATIONAL

Sector positioning

Debt ratio
43.41 2020
2017
2018
2020
Q1: 0.0
Med: 6.95
Q3: 68.93
Average +34 pts over 3 years

In 2020, the debt ratio of E-COURSE INTERNATIONAL (43.41) ranks above the median of the sector. This ratio measures the weight of debt relative to equity. A reduction effort could improve financial strength.

Financial autonomy
36.06% 2020
2017
2018
2020
Q1: 12.22%
Med: 26.48%
Q3: 44.97%
Good

In 2020, the financial autonomy of E-COURSE INTERNATIONAL (36.1%) ranks above the median of the sector. This ratio represents the share of equity in total financing. This comfortable position offers an appreciable safety margin.

Repayment capacity
7.94 years 2020
2017
2018
2020
Q1: 0.0 years
Med: 0.01 years
Q3: 1.72 years
Watch +25 pts over 3 years

In 2020, the repayment capacity of E-COURSE INTERNATIONAL (7.94) 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 240.01. Concretely, the company has €2 of liquid assets for every €1 of short-term debt: no cash risk within 12 months.

Liquidity ratio (2020) ?
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

240.007

Interest coverage (2020) ?
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

0.0

Liquidity indicators evolution
E-COURSE INTERNATIONAL

Sector positioning

Liquidity ratio
240.01 2020
2017
2018
2020
Q1: 119.14
Med: 152.95
Q3: 216.63
Excellent +17 pts over 3 years

In 2020, the liquidity ratio of E-COURSE INTERNATIONAL (240.01) ranks in the top 25% of the sector. This ratio measures the ability to cover short-term debt with current assets. A ratio above 1 ensures comfortable coverage of short-term maturities.

Interest coverage
0.0x 2020
2017
2018
2020
Q1: 0.0x
Med: 0.03x
Q3: 2.5x
Average

In 2020, the interest coverage of E-COURSE INTERNATIONAL (0.0x) ranks below the median of the sector. This ratio indicates how many times operating income covers interest expenses. An improvement would strengthen the competitive position.

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: 55 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 38 days. The company must finance 17 days of gap between collections and payments. Overall, WCR represents 47 days of revenue, i.e. 125 k€ to permanently finance.

Operating WCR (2020) ?
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

125 013 €

Customer credit (2020) ?
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

55 j

Supplier credit (2020) ?
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

38 j

Inventory turnover (2020) ?
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

0 j

WCR in days of revenue (2020) ?
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

47 j

WCR and payment terms evolution
E-COURSE INTERNATIONAL

Positioning of E-COURSE INTERNATIONAL in its sector

Comparison with sector Affrètement et organisation des transports

Valuation estimate

Based on 167 transactions of similar company sales (all years), the value of E-COURSE INTERNATIONAL is estimated at 42 718 € (range 35 615€ - 73 395€). With an EBITDA of 7 723€, the sector multiple of 0.9x is applied. The price/revenue ratio is 0.11x (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 2020
167 transactions
35k€ 42k€ 73k€
42 718 € Range: 35 615€ - 73 395€
NAF 5 all-time

Valuation detail by method

Ajustez les pondérations selon votre analyse

EBITDA Multiple 50%
7 723 € × 0.9x
Estimation 6 917 €
2 527€ - 9 617€
Revenue Multiple 30%
965 354 € × 0.11x
Estimation 102 388 €
90 762€ - 179 692€

Valuation evolution

How is this estimate calculated?

This estimate is based on the analysis of 167 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 (Affrètement et organisation des transports )

Compare E-COURSE INTERNATIONAL with other companies in the same sector:

Voir toutes les statistiques du secteur Affrètement et organisation des transports

Frequently asked questions about E-COURSE INTERNATIONAL

What is the revenue of E-COURSE INTERNATIONAL ?

The revenue of E-COURSE INTERNATIONAL in 2020 is 965 k€.

Is E-COURSE INTERNATIONAL profitable?

E-COURSE INTERNATIONAL recorded a net loss in 2020.

Where is the headquarters of E-COURSE INTERNATIONAL ?

The headquarters of E-COURSE INTERNATIONAL is located in TREMBLAY-EN-FRANCE (93290), in the department Seine-Saint-Denis.

Where to find the tax return of E-COURSE INTERNATIONAL ?

The tax return of E-COURSE INTERNATIONAL 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 E-COURSE INTERNATIONAL operate?

E-COURSE INTERNATIONAL operates in the sector Affrètement et organisation des transports (NAF code 52.29B). See the 'Sector positioning' section above to compare the company with its competitors.