IN2BONES : revenue, balance sheet and financial ratios

In 2024, IN2BONES achieves revenue of 15.6 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +23.2%. Vs 2023: +4%. After deducting consumption (7.3 M€), gross margin stands at 8.3 M€, i.e. a rate of 53%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.4 M€, representing 9.2% of revenue. Warning negative scissor effect: despite revenue change (+4%), EBITDA varies by -23%, reducing margin by 3.2 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 1.0 M€, i.e. 6.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 42%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 45%. 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 1.4 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 9.1% 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 276.98. 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 7.7x. 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: 54 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 68 days. Favorable situation: supplier credit is longer than customer credit by 14 days. Inventory turnover is 134 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 203 days of revenue, i.e. 8.8 M€ to permanently finance. Over 2016-2024, WCR increased by +437%, requiring additional financing.

Based on 57 transactions of similar company sales (all years), the value of IN2BONES is estimated at 3 508 624 € (range 996 597€ - 6 823 108€). With an EBITDA of 1 435 245€, the sector multiple of 2.5x is applied. The price/revenue ratio is 0.23x (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.