MANUFACT ORGUES MUHLEISEN G. WALTHER ASS : revenue, balance sheet and financial ratios

MANUFACT ORGUES MUHLEISEN G. WALTHER ASS is a French company founded 66 years ago, specialized in the sector Fabrication d'instruments de musique. Based in ESCHAU (67114), this company of category PME shows in 2021 a revenue of 3.6 M€. Find below the complete financial statements, solvency ratios, working capital requirements and sector comparison.

Data updated on 2026-05-09

Sources : INPI & INSEE SIRENE - Processing : Ministry of Economy

Financial history - MANUFACT ORGUES MUHLEISEN G. WALTHER ASS (SIREN 608500930)
Indicator 2021 2020 2019 2018 2017 2016
Revenue 3 581 111 € 3 581 111 € 276 613 € 634 358 € 758 606 € 712 813 €
Net income 54 346 € 54 346 € 100 414 € 75 659 € 13 160 € 4 614 €
EBITDA 28 263 € 28 263 € 88 373 € 60 975 € -27 704 € 6 505 €
Net margin 1.5% 1.5% 36.3% 11.9% 1.7% 0.6%

Revenue and income statement

In 2021, MANUFACT ORGUES MUHLEISEN G. WALTHER ASS achieves revenue of 3.6 M€. Over the period 2016-2021, the company shows strong growth with a CAGR (compound annual growth rate) of +38.1%. Slight decline of 0% vs 2020. After deducting consumption (142 k€), gross margin stands at 3.4 M€, i.e. a rate of 96%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 28 k€, representing 0.8% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 54 k€, i.e. 1.5% of revenue. This profit can be retained or distributed to shareholders.

Revenue (2021) ?
Revenue
Definition
Total amount of sales of goods and services made by the company.
Formula
Sales of goods + Sold production

3 581 111 €

Gross margin (2021) ?
Gross margin
Definition
Difference between revenue and cost of goods sold.
Formula
Revenue - Cost of goods consumed

3 439 363 €

EBITDA (2021) ?
Gross Operating Surplus (EBITDA)
Definition
Resources generated by current operations, before depreciation and financial expenses.
Formula
Value added - Personnel expenses - Taxes
Interpretation
Positive = profitable activity

28 263 €

EBIT (2021) ?
EBIT (Operating Income)
Definition
Operating income, including depreciation and provisions.
Formula
EBITDA - Depreciation and provisions + Reversals

25 586 €

Net income (2021) ?
Net income
Definition
Profit or loss after all expenses, including taxes and exceptional items.
Formula
Current income + Exceptional income - Income tax

54 346 €

EBITDA margin (2021) ?
EBITDA margin
Definition
Measures the company's operating profitability.
Formula
(EBE / CA) x 100
Interpretation
> 10% : Good profitability
5-10% : Average
< 5% : Low

0.8%

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Assets

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Liabilities

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Solvency and debt ratios

The debt ratio (= Financial debt / Equity x 100) stands at 2%. 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 41%. 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 1.6% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

Debt ratio (2021) ?
Debt ratio
Definition
Measures the proportion of debt to equity.
Formula
(Financial debt / Equity) x 100
Interpretation
< 50% : Low
50-100% : Moderate
> 100% : High

2.263%

Financial autonomy (2021) ?
Financial autonomy
Definition
Share of equity in the company's total financing.
Formula
(Equity / Total assets) x 100
Interpretation
> 30% : Good autonomy
20-30% : Average
< 20% : Low

41.429%

Cash flow / Revenue (2021) ?
Cash flow / Revenue
Definition
Self-financing capacity relative to revenue.
Formula
(CAF / CA) x 100
Interpretation
The higher the ratio, the more cash the company generates

1.586%

Repayment capacity (2021) ?
Repayment capacity
Definition
Number of years needed to repay debts with cash flow.
Formula
Financial debt / Cash flow
Interpretation
< 3 years : Excellent
3-5 years : Fair
> 5 years : Warning

0.223

Asset age ratio (2021) ?
Asset age ratio
Definition
Measures the degree of wear of tangible assets.
Formula
Accumulated depreciation / Gross fixed assets x 100
Interpretation
< 50% : Recent assets
50-70% : Normal wear
> 70% : Aging assets

36.8%

Solvency indicators evolution
MANUFACT ORGUES MUHLEISEN G. WALTHER ASS

Sector positioning

Debt ratio
2.26 2021
2019
2020
2021
Q1: 2.27
Med: 19.08
Q3: 83.72
Excellent -13 pts over 3 years

In 2021, the debt ratio of MANUFACT ORGUES MUHLEISEN... (2.26) ranks in the bottom 25% of the sector, which is positive. This ratio measures the weight of debt relative to equity. A low ratio indicates a solid financial structure with little dependence on creditors.

Financial autonomy
41.43% 2021
2019
2020
2021
Q1: 15.81%
Med: 35.3%
Q3: 62.02%
Good +31 pts over 3 years

In 2021, the financial autonomy of MANUFACT ORGUES MUHLEISEN... (41.4%) ranks above the median of the sector. This ratio represents the share of equity in total financing. This comfortable position offers an appreciable safety margin.

Repayment capacity
0.22 years 2021
2019
2020
2021
Q1: 0.0 years
Med: 0.01 years
Q3: 1.16 years
Average -6 pts over 3 years

In 2021, the repayment capacity of MANUFACT ORGUES MUHLEISEN... (0.22) ranks above the median of the sector. This ratio indicates the number of years needed to repay debt with cash flow. A reduction effort could improve financial strength.

Liquidity ratios

The liquidity ratio (= Current assets / Current liabilities) stands at 660.94. 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 6.0x. Operating income very largely covers interest expenses: high safety margin.

Liquidity ratio (2021) ?
Liquidity ratio
Definition
Ability to meet short-term debts with current assets.
Formula
Current assets / Current liabilities
Interpretation
> 1.5 : Very good
1-1.5 : Fair
< 1 : Liquidity risk

660.943

Interest coverage (2021) ?
Interest coverage
Definition
Ability to cover interest charges with operating income.
Formula
EBIT / Interest expenses
Interpretation
> 3 : Comfortable
1.5-3 : Acceptable
< 1.5 : Risk

6.05

Liquidity indicators evolution
MANUFACT ORGUES MUHLEISEN G. WALTHER ASS

Sector positioning

Liquidity ratio
660.94 2021
2019
2020
2021
Q1: 182.27
Med: 272.85
Q3: 457.81
Excellent -10 pts over 3 years

In 2021, the liquidity ratio of MANUFACT ORGUES MUHLEISEN... (660.94) ranks in the top 25% of the sector. This ratio measures the ability to cover short-term debt with current assets. A ratio above 1 ensures comfortable coverage of short-term maturities.

Interest coverage
6.05x 2021
2019
2020
2021
Q1: 0.0x
Med: 0.0x
Q3: 3.21x
Excellent +8 pts over 3 years

In 2021, the interest coverage of MANUFACT ORGUES MUHLEISEN... (6.0x) ranks in the top 25% of the sector. This ratio indicates how many times operating income covers interest expenses. High coverage means financial charges weigh little on profitability.

Working capital requirement (WCR) and payment terms

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 10 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 23 days. Favorable situation: supplier credit is longer than customer credit by 13 days. Inventory turnover is 70 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 13 days of revenue, i.e. 127 k€ to permanently finance. Notable WCR improvement over the period (-27%), freeing up cash.

Operating WCR (2021) ?
Operating WCR
Definition
Financing requirement generated by the operating cycle (inventory + receivables - trade payables).
Formula
Inventory + Customer receivables - Trade payables
Interpretation
Negative = cash released
Positive = financing needed

126 771 €

Customer credit (2021) ?
Customer credit (days)
Definition
Average payment term granted to customers.
Formula
(Customer receivables / Revenue incl. VAT) x 360
Interpretation
< 45j : Good
45-60j : Average
> 60j : Long

10 j

Supplier credit (2021) ?
Supplier credit (days)
Definition
Average payment term obtained from suppliers.
Formula
(Trade payables / Purchases incl. VAT) x 360
Interpretation
The longer the term, the better for cash flow

23 j

Inventory turnover (2021) ?
Inventory turnover (days)
Definition
Average storage duration for goods or materials.
Formula
(Inventory / Cost of goods) x 360
Interpretation
The lower the ratio, the faster the turnover

70 j

WCR in days of revenue (2021) ?
WCR in days of revenue
Definition
Expresses working capital requirement in days of revenue.
Formula
(Operating WCR / Revenue) x 360
Interpretation
The fewer days, the better the working capital management

13 j

WCR and payment terms evolution
MANUFACT ORGUES MUHLEISEN G. WALTHER ASS

Positioning of MANUFACT ORGUES MUHLEISEN G. WALTHER ASS in its sector

Comparison with sector Fabrication d'instruments de musique

Valuation estimate

Based on 101 transactions of similar company sales (all years), the value of MANUFACT ORGUES MUHLEISEN G. WALTHER ASS is estimated at 319 148 € (range 139 638€ - 585 976€). With an EBITDA of 28 263€, the sector multiple of 2.5x is applied. The price/revenue ratio is 0.24x (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.

Estimated enterprise value 2021
101 transactions
139k€ 319k€ 585k€
319 148 € Range: 139 638€ - 585 976€
Section all-time Aggregated at NAF section level

Valuation detail by method

Ajustez les pondérations selon votre analyse

EBITDA Multiple 50%
28 263 € × 2.5x
Estimation 71 770 €
19 898€ - 132 726€
Revenue Multiple 30%
3 581 111 € × 0.24x
Estimation 843 267 €
404 204€ - 1 525 786€
Net Income Multiple 20%
54 346 € × 2.8x
Estimation 151 418 €
42 142€ - 309 388€
How is this estimate calculated?

This estimate is based on the analysis of 101 actual transactions of similar company sales (same NAF code) registered with BODACC between 2016 and 2025.

  • EBITDA Multiple: Preferred method for profitable SMEs. EBITDA reflects the ability to generate cash.
  • Revenue Multiple: Used for growing companies or those with low profitability. Reflects commercial potential.
  • Net Income Multiple: Relevant for mature companies with stable results.

This estimate is provided for information purposes only. A precise valuation requires in-depth analysis (assets, liabilities, prospects, market...).

Similar companies (Fabrication d'instruments de musique)

Compare MANUFACT ORGUES MUHLEISEN G. WALTHER ASS with other companies in the same sector:

Voir toutes les statistiques du secteur Fabrication d'instruments de musique

Frequently asked questions about MANUFACT ORGUES MUHLEISEN G. WALTHER ASS

What is the revenue of MANUFACT ORGUES MUHLEISEN G. WALTHER ASS ?

The revenue of MANUFACT ORGUES MUHLEISEN G. WALTHER ASS in 2021 is 3.6 M€.

Is MANUFACT ORGUES MUHLEISEN G. WALTHER ASS profitable?

Yes, MANUFACT ORGUES MUHLEISEN G. WALTHER ASS generated a net profit of 54 k€ in 2021.

Where is the headquarters of MANUFACT ORGUES MUHLEISEN G. WALTHER ASS ?

The headquarters of MANUFACT ORGUES MUHLEISEN G. WALTHER ASS is located in ESCHAU (67114), in the department Bas-Rhin.

Where to find the tax return of MANUFACT ORGUES MUHLEISEN G. WALTHER ASS ?

The tax return of MANUFACT ORGUES MUHLEISEN G. WALTHER ASS is available on this page. Click on a year in the 'Data by year' section to view the account details (assets, liabilities, income statement). Data comes from INPI (National Institute of Industrial Property).

In which sector does MANUFACT ORGUES MUHLEISEN G. WALTHER ASS operate?

MANUFACT ORGUES MUHLEISEN G. WALTHER ASS operates in the sector Fabrication d'instruments de musique (NAF code 32.20Z). See the 'Sector positioning' section above to compare the company with its competitors.