ETUDES ET STRATEGIES : revenue, balance sheet and financial ratios

ETUDES ET STRATEGIES is a French company founded 36 years ago, specialized in the sector Activités des agents et courtiers d'assurances. Based in SAINT-GAUDENS (31800), this company of category PME shows in 2022 a revenue of 164 k€. 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 - ETUDES ET STRATEGIES (SIREN 352221550)
Indicator 2022 2021 2020 2019 2018 2017 2016
Revenue 163 726 € 211 209 € 235 740 € 272 061 € 321 524 € 327 496 € 328 628 €
Net income 79 099 € 65 861 € 77 547 € 111 682 € 141 248 € 213 258 € 124 410 €
EBITDA 107 374 € 97 981 € 114 024 € 149 902 € 199 136 € 186 196 € 172 335 €
Net margin 48.3% 31.2% 32.9% 41.1% 43.9% 65.1% 37.9%

Revenue and income statement

In 2022, ETUDES ET STRATEGIES achieves revenue of 164 k€. Revenue is declining over the period 2016-2022 (CAGR: -11.0%). Significant drop of -22% vs 2021. After deducting consumption (0 €), gross margin stands at 164 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 107 k€, representing 65.6% of revenue. Positive scissor effect: EBITDA margin improves by +19.2 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 79 k€, i.e. 48.3% of revenue. This profit can be retained or distributed to shareholders.

Revenue (2022) ?
Revenue
Definition
Total amount of sales of goods and services made by the company.
Formula
Sales of goods + Sold production

163 726 €

Gross margin (2022) ?
Gross margin
Definition
Difference between revenue and cost of goods sold.
Formula
Revenue - Cost of goods consumed

163 726 €

EBITDA (2022) ?
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

107 374 €

EBIT (2022) ?
EBIT (Operating Income)
Definition
Operating income, including depreciation and provisions.
Formula
EBITDA - Depreciation and provisions + Reversals

98 272 €

Net income (2022) ?
Net income
Definition
Profit or loss after all expenses, including taxes and exceptional items.
Formula
Current income + Exceptional income - Income tax

79 099 €

EBITDA margin (2022) ?
EBITDA margin
Definition
Measures the company's operating profitability.
Formula
(EBE / CA) x 100
Interpretation
> 10% : Good profitability
5-10% : Average
< 5% : Low

65.6%

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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 0%. 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 62%. This high autonomy means the company finances most of its assets through equity, a sign of strength. Cash flow represents 51.8% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. This high level provides strong self-financing capacity.

Debt ratio (2022) ?
Debt ratio
Definition
Measures the proportion of debt to equity.
Formula
(Financial debt / Equity) x 100
Interpretation
< 50% : Low
50-100% : Moderate
> 100% : High

0.0%

Financial autonomy (2022) ?
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

62.369%

Cash flow / Revenue (2022) ?
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

51.815%

Repayment capacity (2022) ?
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

0.0

Asset age ratio (2022) ?
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

44.7%

Solvency indicators evolution
ETUDES ET STRATEGIES

Sector positioning

Debt ratio
0.0 2022
2020
2021
2022
Q1: 0.03
Med: 12.59
Q3: 62.99
Excellent

In 2022, the debt ratio of ETUDES ET STRATEGIES (0.00) ranks in the bottom 25% of the sector, which is positive. This ratio measures the weight of debt relative to equity. A low ratio indicates a solid financial structure with little dependence on creditors.

Financial autonomy
62.37% 2022
2020
2021
2022
Q1: 17.63%
Med: 47.05%
Q3: 73.71%
Good -6 pts over 3 years

In 2022, the financial autonomy of ETUDES ET STRATEGIES (62.4%) 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
0.0 years 2022
2020
2021
2022
Q1: 0.0 years
Med: 0.15 years
Q3: 2.38 years
Excellent

In 2022, the repayment capacity of ETUDES ET STRATEGIES (0.00) ranks in the bottom 25% of the sector, which is positive. This ratio indicates the number of years needed to repay debt with cash flow. A short capacity reflects controlled debt and good cash generation.

Liquidity ratios

The liquidity ratio (= Current assets / Current liabilities) stands at 231.94. Concretely, the company has €2 of liquid assets for every €1 of short-term debt: no cash risk within 12 months.

Liquidity ratio (2022) ?
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

231.937

Interest coverage (2022) ?
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
ETUDES ET STRATEGIES

Sector positioning

Liquidity ratio
231.94 2022
2020
2021
2022
Q1: 118.8
Med: 232.85
Q3: 512.2
Average

In 2022, the liquidity ratio of ETUDES ET STRATEGIES (231.94) 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
0.0x 2022
2020
2021
2022
Q1: 0.0x
Med: 0.0x
Q3: 2.09x
Average

In 2022, the interest coverage of ETUDES ET STRATEGIES (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: 0 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 328 days. Excellent situation: suppliers finance 328 days of the operating cycle (retail model). Overall, WCR represents 406 days of revenue, i.e. 185 k€ to permanently finance. Over 2016-2022, WCR increased by +1344%, requiring additional financing.

Operating WCR (2022) ?
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

184 595 €

Customer credit (2022) ?
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

0 j

Supplier credit (2022) ?
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

328 j

Inventory turnover (2022) ?
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 (2022) ?
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

406 j

WCR and payment terms evolution
ETUDES ET STRATEGIES

Positioning of ETUDES ET STRATEGIES in its sector

Comparison with sector Activités des agents et courtiers d'assurances

Valuation estimate

Based on 193 transactions of similar company sales (all years), the value of ETUDES ET STRATEGIES is estimated at 145 091 € (range 45 305€ - 566 883€). With an EBITDA of 107 374€, the sector multiple of 1.2x is applied. The price/revenue ratio is 0.98x (in line with sector norms). 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 2022
193 transactions
45k€ 145k€ 566k€
145 091 € Range: 45 305€ - 566 883€
NAF 5 all-time

Valuation detail by method

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EBITDA Multiple 50%
107 374 € × 1.2x
Estimation 129 993 €
33 576€ - 663 520€
Revenue Multiple 30%
163 726 € × 0.98x
Estimation 160 849 €
44 855€ - 299 151€
Net Income Multiple 20%
79 099 € × 2.0x
Estimation 159 200 €
75 305€ - 726 891€

Valuation evolution

How is this estimate calculated?

This estimate is based on the analysis of 193 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 (Activités des agents et courtiers d'assurances)

Compare ETUDES ET STRATEGIES with other companies in the same sector:

Voir toutes les statistiques du secteur Activités des agents et courtiers d'assurances

Frequently asked questions about ETUDES ET STRATEGIES

What is the revenue of ETUDES ET STRATEGIES ?

The revenue of ETUDES ET STRATEGIES in 2022 is 164 k€.

Is ETUDES ET STRATEGIES profitable?

Yes, ETUDES ET STRATEGIES generated a net profit of 79 k€ in 2022.

Where is the headquarters of ETUDES ET STRATEGIES ?

The headquarters of ETUDES ET STRATEGIES is located in SAINT-GAUDENS (31800), in the department Haute-Garonne.

Where to find the tax return of ETUDES ET STRATEGIES ?

The tax return of ETUDES ET STRATEGIES 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 ETUDES ET STRATEGIES operate?

ETUDES ET STRATEGIES operates in the sector Activités des agents et courtiers d'assurances (NAF code 66.22Z). See the 'Sector positioning' section above to compare the company with its competitors.