GYMNOVA : revenue, balance sheet and financial ratios

In 2025, GYMNOVA achieves revenue of 28.6 M€. Revenue is growing positively over 9 years (CAGR: +4.7%). Vs 2024: +8%. After deducting consumption (12.6 M€), gross margin stands at 16.0 M€, i.e. a rate of 56%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 2.5 M€, representing 8.7% of revenue. Warning negative scissor effect: despite revenue change (+8%), EBITDA varies by -42%, reducing margin by 7.5 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 4.1 M€, i.e. 14.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 5%. 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 69%. 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 0.2 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 11.6% 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 227.96. 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 4.2x. Financial charges are adequately covered by operations.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 22 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 53 days. Excellent situation: suppliers finance 31 days of the operating cycle (retail model). Inventory turnover is 13 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 145 days of revenue, i.e. 11.6 M€ to permanently finance. Over 2017-2025, WCR increased by +123%, requiring additional financing.

Based on 145 transactions of similar company sales (all years), the value of GYMNOVA is estimated at 7 594 432 € (range 2 648 157€ - 18 143 961€). With an EBITDA of 2 486 853€, the sector multiple of 2.6x is applied. The price/revenue ratio is 0.19x (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.