SIREN : 814154134
FRAM is a French company founded 10 years ago, specialized in the sector Activités des agences de voyage. Based in TOULOUSE (31000), this company of category ETI shows in 2023 a revenue of 420.3 M€. 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
| Indicator | 2023 | 2022 | 2021 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|
| Revenue | 420 332 040 € | 266 034 012 € | 86 627 802 € | 150 586 311 € | 132 118 246 € | 124 135 295 € | 107 355 130 € |
| Net income | 693 193 € | 802 464 € | -2 208 751 € | -4 908 004 € | -7 103 378 € | -7 818 024 € | -23 096 781 € |
| EBITDA | 6 352 825 € | 3 251 253 € | -2 250 627 € | -675 256 € | -5 381 465 € | -12 606 748 € | -23 971 162 € |
| Net margin | 0.2% | 0.3% | -2.5% | -3.3% | -5.4% | -6.3% | -21.5% |
In 2023, FRAM achieves revenue of 420.3 M€. Over the period 2016-2023, the company shows strong growth with a CAGR (compound annual growth rate) of +21.5%. Vs 2022, growth of +58% (266.0 M€ -> 420.3 M€). After deducting consumption (317.3 M€), gross margin stands at 103.1 M€, i.e. a rate of 25%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 6.4 M€, representing 1.5% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 693 k€, i.e. 0.2% of revenue. This profit can be retained or distributed to shareholders.
420 332 040 €
103 065 840 €
6 352 825 €
4 647 251 €
693 193 €
1.5%
The debt ratio (= Financial debt / Equity x 100) stands at 707%. 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 2%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 12.7 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 0.7% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.
707.127%
1.565%
0.664%
12.679
51.2%
In 2023, the debt ratio of FRAM (707.13) ranks in the top 25% of the sector. This ratio measures the weight of debt relative to equity. A high ratio may indicate excessive dependence on external financing.
In 2023, the financial autonomy of FRAM (1.6%) ranks below the median of the sector. This ratio represents the share of equity in total financing. An improvement would strengthen the competitive position.
In 2023, the repayment capacity of FRAM (12.68) ranks in the top 25% of the sector. This ratio indicates the number of years needed to repay debt with cash flow. A long duration may signal heavy debt relative to repayment capacity.
The liquidity ratio (= Current assets / Current liabilities) stands at 156.00. 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 50.2x. Operating income very largely covers interest expenses: high safety margin.
155.995
50.2
In 2023, the liquidity ratio of FRAM (156.00) 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.
In 2023, the interest coverage of FRAM (50.2x) 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) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 139 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 103 days. The gap of 36 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 116 days of revenue, i.e. 135.4 M€ to permanently finance. Over 2016-2023, WCR increased by +1636%, requiring additional financing.
135 393 153 €
139 j
103 j
0 j
116 j
Based on 80 transactions of similar company sales
(all years),
the value of FRAM is estimated at
53 394 496 €
(range 32 666 781€ - 86 593 080€).
With an EBITDA of 6 352 825€, the sector multiple of 1.6x is applied.
The price/revenue ratio is 0.38x
(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.
Medium reliability: estimate to be confirmed with in-depth analysis.
Ajustez les pondérations selon votre analyse
This estimate is based on the analysis of 80 actual transactions of similar company sales (same NAF code) registered with BODACC between 2016 and 2025.
This estimate is provided for information purposes only. A precise valuation requires in-depth analysis (assets, liabilities, prospects, market...).
Compare FRAM with other companies in the same sector:
Voir toutes les statistiques du secteur Activités des agences de voyage
The revenue of FRAM in 2023 is 420.3 M€.
Yes, FRAM generated a net profit of 693 k€ in 2023.
The headquarters of FRAM is located in TOULOUSE (31000), in the department Haute-Garonne.
The tax return of FRAM 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).
FRAM operates in the sector Activités des agences de voyage (NAF code 79.11Z). See the 'Sector positioning' section above to compare the company with its competitors.