GCC : revenue, balance sheet and financial ratios

In 2025, GCC achieves revenue of 718.1 M€. Over the period 2016-2025, the company shows strong growth with a CAGR (compound annual growth rate) of +7.4%. Slight decline of -7% vs 2024. After deducting consumption (39.7 M€), gross margin stands at 678.4 M€, i.e. a rate of 94%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 4.4 M€, representing 0.6% of revenue. Warning negative scissor effect: despite revenue change (-7%), EBITDA varies by -87%, reducing margin by 3.8 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 3.2 M€, i.e. 0.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 9%. 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 7%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 2.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 0.3% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 139.53. 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 143.6x. 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: 90 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 138 days. Excellent situation: suppliers finance 48 days of the operating cycle (retail model). Inventory turnover is 4 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 162 days of revenue, i.e. 322.8 M€ to permanently finance. Over 2016-2025, WCR increased by +155%, requiring additional financing.

Based on 113 transactions of similar company sales (all years), the value of GCC is estimated at 33 257 842 € (range 20 037 541€ - 109 060 840€). With an EBITDA of 4 372 090€, the sector multiple of 3.6x is applied. The price/revenue ratio is 0.11x (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.