FLIR SYSTEMS FRANCE : revenue, balance sheet and financial ratios

In 2024, FLIR SYSTEMS FRANCE achieves revenue of 4.0 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +38.0%. Slight decline of -5% vs 2023. After deducting consumption (0 €), gross margin stands at 4.0 M€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 365 k€, representing 9.1% of revenue. Warning negative scissor effect: despite revenue change (-5%), EBITDA varies by -48%, reducing margin by 7.4 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 540 k€, i.e. 13.5% of revenue. This profit can be retained or distributed to shareholders.

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 75%. This high autonomy means the company finances most of its assets through equity, a sign of strength. Cash flow represents 11.7% 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 604.48. 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 10.1x. 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: 111 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 52 days. The gap of 59 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 327 days of revenue, i.e. 3.6 M€ to permanently finance. Over 2016-2024, WCR increased by +1388%, requiring additional financing.

Based on 131 transactions of similar company sales (all years), the value of FLIR SYSTEMS FRANCE is estimated at 1 670 380 € (range 586 497€ - 3 384 179€). With an EBITDA of 364 657€, the sector multiple of 4.8x is applied. The price/revenue ratio is 0.36x (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.