F.I. SAS : revenue, balance sheet and financial ratios

In 2024, F.I. SAS achieves revenue of 19 k€. Over the period 2018-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +7.8%. Significant drop of -31% vs 2023. After deducting consumption (0 €), gross margin stands at 19 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 12 k€, representing 65.0% of revenue. Warning negative scissor effect: despite revenue change (-31%), EBITDA varies by -41%, reducing margin by 10.8 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 11 k€, i.e. 55.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 1393%. 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 7%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 141.1 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 55.2% 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 3776.26. 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 954.7x. 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: 2943 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 570 days. The gap of 2373 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Overall, WCR represents 3195 days of revenue, i.e. 170 k€ to permanently finance. Over 2018-2024, WCR increased by +1304%, requiring additional financing.

Based on 103 transactions of similar company sales (all years), the value of F.I. SAS is estimated at 24 758 € (range 10 617€ - 54 376€). With an EBITDA of 12 487€, the sector multiple of 2.5x is applied. The price/revenue ratio is 0.30x (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.