FORUM SPORTS : revenue, balance sheet and financial ratios

In 2025, FORUM SPORTS achieves revenue of 10.3 M€. Over the period 2017-2025, the company shows strong growth with a CAGR (compound annual growth rate) of +9.4%. Vs 2024: +5%. After deducting consumption (6.0 M€), gross margin stands at 4.3 M€, i.e. a rate of 42%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.5 M€, representing 14.8% of revenue. Positive scissor effect: EBITDA margin improves by +3.8 pts, sign of improved operational efficiency. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 765 k€, i.e. 7.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 16%. 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 65%. 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 0.8 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 9.7% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 345.43. 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 0.6x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 3 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 41 days. Excellent situation: suppliers finance 38 days of the operating cycle (retail model). Inventory turnover is 74 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 177 days of revenue, i.e. 5.1 M€ to permanently finance. Over 2017-2025, WCR increased by +110%, requiring additional financing.

Based on 239 transactions of similar company sales (all years), the value of FORUM SPORTS is estimated at 4 154 141 € (range 1 805 027€ - 7 265 920€). With an EBITDA of 1 521 265€, the sector multiple of 3.4x is applied. The price/revenue ratio is 0.28x (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.