LE RAPHAEL : revenue, balance sheet and financial ratios

In 2025, LE RAPHAEL achieves revenue of 858 k€. Revenue is growing positively over 10 years (CAGR: +0.7%). Significant drop of -16% vs 2024. After deducting consumption (0 €), gross margin stands at 858 k€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 607 k€, representing 70.8% of revenue. Warning negative scissor effect: despite revenue change (-16%), EBITDA varies by -21%, reducing margin by 4.2 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 403 k€, i.e. 47.0% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 493%. 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 15%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 5.0 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 49.1% 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 1555.01. 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 10.2x. 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: 78 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 44 days. The gap of 34 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 56 days of revenue, i.e. 134 k€ to permanently finance. Over 2016-2025, WCR increased by +855%, requiring additional financing.

Based on 117 transactions of similar company sales in 2025, the value of LE RAPHAEL is estimated at 1 423 941 € (range 744 797€ - 3 805 186€). With an EBITDA of 607 334€, the sector multiple of 2.7x is applied. The price/revenue ratio is 0.92x (in line with sector norms). 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.