FH ORTHO : revenue, balance sheet and financial ratios

FH ORTHO is a French company founded 11 years ago, specialized in the sector Commerce de gros (commerce interentreprises) de produits pharmaceutiques. Based in HEIMSBRUNN (68990), this company of category ETI shows in 2025 a revenue of 40.7 M€. 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 - FH ORTHO (SIREN 804383297)
Indicator 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Revenue 40 720 053 € 37 424 600 € 37 259 784 € 31 417 263 € 18 043 869 € 35 109 343 € 875 695 € 950 088 € 1 010 324 € 931 736 €
Net income -691 820 € 2 370 859 € -224 698 € -2 814 613 € 216 990 € -12 881 150 € -2 813 370 € -3 272 037 € -2 660 011 € -2 734 978 €
EBITDA 815 169 € 2 687 008 € 1 612 205 € 1 935 859 € 1 977 956 € 3 183 482 € -113 126 € -765 292 € 58 161 € 116 820 €
Net margin -1.7% 6.3% -0.6% -9.0% 1.2% -36.7% -321.3% -344.4% -263.3% -293.5%

Revenue and income statement

In 2025, FH ORTHO achieves revenue of 40.7 M€. Over the period 2016-2025, the company shows strong growth with a CAGR (compound annual growth rate) of +52.2%. Vs 2024: +9%. After deducting consumption (18.0 M€), gross margin stands at 22.7 M€, i.e. a rate of 56%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 815 k€, representing 2.0% of revenue. Warning negative scissor effect: despite revenue change (+9%), EBITDA varies by -70%, reducing margin by 5.2 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Net income is negative at -692 k€ (-1.7% of revenue), which will impact equity.

Revenue (2025) ?
Revenue
Definition
Total amount of sales of goods and services made by the company.
Formula
Sales of goods + Sold production

40 720 053 €

Gross margin (2025) ?
Gross margin
Definition
Difference between revenue and cost of goods sold.
Formula
Revenue - Cost of goods consumed

22 730 757 €

EBITDA (2025) ?
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

815 169 €

EBIT (2025) ?
EBIT (Operating Income)
Definition
Operating income, including depreciation and provisions.
Formula
EBITDA - Depreciation and provisions + Reversals

347 546 €

Net income (2025) ?
Net income
Definition
Profit or loss after all expenses, including taxes and exceptional items.
Formula
Current income + Exceptional income - Income tax

-691 820 €

EBITDA margin (2025) ?
EBITDA margin
Definition
Measures the company's operating profitability.
Formula
(EBE / CA) x 100
Interpretation
> 10% : Good profitability
5-10% : Average
< 5% : Low

2.0%

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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 3%. 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 86%. This high autonomy means the company finances most of its assets through equity, a sign of strength.

Debt ratio (2025) ?
Debt ratio
Definition
Measures the proportion of debt to equity.
Formula
(Financial debt / Equity) x 100
Interpretation
< 50% : Low
50-100% : Moderate
> 100% : High

2.632%

Financial autonomy (2025) ?
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

85.913%

Cash flow / Revenue (2025) ?
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

-2.844%

Repayment capacity (2025) ?
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

-1.692

Asset age ratio (2025) ?
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

24.2%

Solvency indicators evolution
FH ORTHO

Sector positioning

Debt ratio
2.63 2025
2023
2024
2025
Q1: 0.0
Med: 3.67
Q3: 28.55
Good -32 pts over 3 years

In 2025, the debt ratio of FH ORTHO (2.63) ranks below the median of the sector. This ratio measures the weight of debt relative to equity. This controlled position reflects prudent management.

Financial autonomy
85.91% 2025
2023
2024
2025
Q1: 26.28%
Med: 43.48%
Q3: 62.04%
Excellent +29 pts over 3 years

In 2025, the financial autonomy of FH ORTHO (85.9%) ranks in the top 25% of the sector. This ratio represents the share of equity in total financing. High autonomy reflects financial independence and ability to absorb shocks.

Repayment capacity
-1.69 years 2025
2023
2024
2025
Q1: 0.0 years
Med: 0.0 years
Q3: 0.67 years
Excellent

In 2025, the repayment capacity of FH ORTHO (-1.69) 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 616.45. 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 117.9x. Operating income very largely covers interest expenses: high safety margin.

Liquidity ratio (2025) ?
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

616.447

Interest coverage (2025) ?
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

117.887

Liquidity indicators evolution
FH ORTHO

Sector positioning

Liquidity ratio
616.45 2025
2023
2024
2025
Q1: 147.44
Med: 215.05
Q3: 310.05
Excellent

In 2025, the liquidity ratio of FH ORTHO (616.45) 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
117.89x 2025
2023
2024
2025
Q1: 0.0x
Med: 0.36x
Q3: 5.44x
Excellent

In 2025, the interest coverage of FH ORTHO (117.9x) 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: 188 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 54 days. The gap of 134 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 159 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 422 days of revenue, i.e. 47.8 M€ to permanently finance. Over 2016-2025, WCR increased by +12872%, requiring additional financing.

Operating WCR (2025) ?
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

47 754 849 €

Customer credit (2025) ?
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

188 j

Supplier credit (2025) ?
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

54 j

Inventory turnover (2025) ?
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

159 j

WCR in days of revenue (2025) ?
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

422 j

WCR and payment terms evolution
FH ORTHO

Positioning of FH ORTHO in its sector

Comparison with sector Commerce de gros (commerce interentreprises) de produits pharmaceutiques

Valuation estimate

Based on 124 transactions of similar company sales (all years), the value of FH ORTHO is estimated at 3 610 739 € (range 1 933 079€ - 11 155 965€). With an EBITDA of 815 169€, the sector multiple of 0.7x is applied. The price/revenue ratio is 0.21x (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 2025
124 transactions
1933k€ 3610k€ 11155k€
3 610 739 € Range: 1 933 079€ - 11 155 965€
NAF 5 all-time

Valuation detail by method

Ajustez les pondérations selon votre analyse

EBITDA Multiple 50%
815 169 € × 0.7x
Estimation 573 785 €
271 249€ - 2 088 369€
Revenue Multiple 30%
40 720 053 € × 0.21x
Estimation 8 672 329 €
4 702 798€ - 26 268 627€

Valuation evolution

How is this estimate calculated?

This estimate is based on the analysis of 124 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 (Commerce de gros (commerce interentreprises) de produits pharmaceutiques)

Compare FH ORTHO with other companies in the same sector:

Voir toutes les statistiques du secteur Commerce de gros (commerce interentreprises) de produits pharmaceutiques

Frequently asked questions about FH ORTHO

What is the revenue of FH ORTHO ?

The revenue of FH ORTHO in 2025 is 40.7 M€.

Is FH ORTHO profitable?

FH ORTHO recorded a net loss in 2025.

Where is the headquarters of FH ORTHO ?

The headquarters of FH ORTHO is located in HEIMSBRUNN (68990), in the department Haut-Rhin.

Where to find the tax return of FH ORTHO ?

The tax return of FH ORTHO 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 FH ORTHO operate?

FH ORTHO operates in the sector Commerce de gros (commerce interentreprises) de produits pharmaceutiques (NAF code 46.46Z). See the 'Sector positioning' section above to compare the company with its competitors.