EPNAT SERVICE : revenue, balance sheet and financial ratios

In 2025, EPNAT SERVICE achieves revenue of 196 k€. Over the period 2016-2025, the company shows strong growth with a CAGR (compound annual growth rate) of +8.3%. Slight decline of -2% vs 2024. After deducting consumption (94 k€), gross margin stands at 102 k€, i.e. a rate of 52%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 7 k€, representing 3.7% of revenue. Positive scissor effect: EBITDA margin improves by +2.5 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 12 k€, i.e. 6.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 75%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 54%. This high autonomy means the company finances most of its assets through equity, a sign of strength. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 9.3 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 11.5% 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 656.48. 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 12.9x. 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: 63 days. Excellent situation: suppliers finance 63 days of the operating cycle (retail model). Inventory turnover is 41 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 429 days of revenue, i.e. 234 k€ to permanently finance. Over 2016-2025, WCR increased by +756%, requiring additional financing.

Based on 64 transactions of similar company sales (all years), the value of EPNAT SERVICE is estimated at 35 402 € (range 21 415€ - 105 060€). With an EBITDA of 7 267€, the sector multiple of 2.4x is applied. The price/revenue ratio is 0.38x (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.