INTEGRAL SYSTEM : revenue, balance sheet and financial ratios

In 2025, INTEGRAL SYSTEM achieves revenue of 3.6 M€. Revenue is growing positively over 10 years (CAGR: +4.9%). Slight decline of -2% vs 2024. After deducting consumption (2.2 M€), gross margin stands at 1.4 M€, i.e. a rate of 38%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 98 k€, representing 2.7% of revenue. Warning negative scissor effect: despite revenue change (-2%), EBITDA varies by -67%, reducing margin by 5.3 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 144 k€, i.e. 4.0% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 7%. 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 71%. 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 1.2 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 1.9% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 402.56. 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 5.1x. 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: 53 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 33 days. The company must finance 20 days of gap between collections and payments. Inventory turnover is 37 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 85 days of revenue, i.e. 853 k€ to permanently finance. Over 2016-2025, WCR increased by +1382%, requiring additional financing.

Based on 50 transactions of similar company sales (all years), the value of INTEGRAL SYSTEM is estimated at 480 068 € (range 250 450€ - 1 119 273€). With an EBITDA of 98 302€, the sector multiple of 1.8x is applied. The price/revenue ratio is 0.32x (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.