MAINCARE SOLUTIONS : revenue, balance sheet and financial ratios

In 2024, MAINCARE SOLUTIONS achieves revenue of 67.2 M€. Revenue is growing positively over 9 years (CAGR: +4.9%). Slight decline of -4% vs 2023. After deducting consumption (-32 k€), gross margin stands at 67.3 M€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 4.0 M€, representing 6.0% of revenue. Warning negative scissor effect: despite revenue change (-4%), EBITDA varies by -39%, reducing margin by 3.4 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Net income is negative at -598 k€ (-0.9% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at 59%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 38%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 5.3 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 4.7% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 166.16. 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 17.8x. 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: 140 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 63 days. The gap of 77 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 87 days of revenue, i.e. 16.3 M€ to permanently finance. Over 2017-2024, WCR increased by +327%, requiring additional financing.

Based on 215 transactions of similar company sales (all years), the value of MAINCARE SOLUTIONS is estimated at 6 509 038 € (range 3 100 593€ - 18 275 118€). With an EBITDA of 4 034 886€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.16x (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.