MANUFACTURE FRANCAISE DES PNEUMATIQUES MICHELIN : revenue, balance sheet and financial ratios

MANUFACTURE FRANCAISE DES PNEUMATIQUES MICHELIN is a French company founded 71 years ago, specialized in the sector Activités des sièges sociaux. Based in CLERMONT-FERRAND (63000), this company of category GE shows in 2024 a revenue of 5.6 Mds€. 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 - MANUFACTURE FRANCAISE DES PNEUMATIQUES MICHELIN (SIREN 855200507)
Indicator 2024 2022 2021 2020 2019 2018 2017 2016
Revenue 5 570 764 860 € 5 513 153 € 5 205 981 € 4 522 654 € 5 366 674 € 5 492 426 000 € 5 330 684 820 € 4 952 683 378 €
Net income -10 182 615 € 36 693 € -189 699 € -185 865 € -4 143 € 126 038 000 € -139 460 432 € 13 051 572 €
EBITDA 502 820 021 € 863 621 € 443 014 € 137 873 € 434 264 € 438 686 000 € 343 187 713 € 385 298 233 €
Net margin -0.2% 0.7% -3.6% -4.1% -0.1% 2.3% -2.6% 0.3%

Revenue and income statement

In 2024, MANUFACTURE FRANCAISE DES PNEUMATIQUES MICHELIN achieves revenue of 5.6 Bn€. Revenue is growing positively over 8 years (CAGR: +1.5%). Vs 2022, growth of +100945% (5.5 M€ -> 5.6 Bn€). After deducting consumption (2.0 Bn€), gross margin stands at 3.6 Bn€, i.e. a rate of 65%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 502.8 M€, representing 9.0% of revenue. Warning negative scissor effect: despite revenue change (+100945%), EBITDA varies by +58122%, reducing margin by 6.6 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Net income is negative at -10.2 M€ (-0.2% of revenue), which will impact equity.

Revenue (2024) ?
Revenue
Definition
Total amount of sales of goods and services made by the company.
Formula
Sales of goods + Sold production

5 570 764 860 €

Gross margin (2024) ?
Gross margin
Definition
Difference between revenue and cost of goods sold.
Formula
Revenue - Cost of goods consumed

3 605 699 798 €

EBITDA (2024) ?
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

502 820 021 €

EBIT (2024) ?
EBIT (Operating Income)
Definition
Operating income, including depreciation and provisions.
Formula
EBITDA - Depreciation and provisions + Reversals

357 213 543 €

Net income (2024) ?
Net income
Definition
Profit or loss after all expenses, including taxes and exceptional items.
Formula
Current income + Exceptional income - Income tax

-10 182 615 €

EBITDA margin (2024) ?
EBITDA margin
Definition
Measures the company's operating profitability.
Formula
(EBE / CA) x 100
Interpretation
> 10% : Good profitability
5-10% : Average
< 5% : Low

9.0%

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Chart evolution

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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 102%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 29%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 2.6 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 10.2% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. This high level provides strong self-financing capacity.

Debt ratio (2024) ?
Debt ratio
Definition
Measures the proportion of debt to equity.
Formula
(Financial debt / Equity) x 100
Interpretation
< 50% : Low
50-100% : Moderate
> 100% : High

102.445%

Financial autonomy (2024) ?
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

29.373%

Cash flow / Revenue (2024) ?
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

10.222%

Repayment capacity (2024) ?
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

2.581

Asset age ratio (2024) ?
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

36.0%

Solvency indicators evolution
MANUFACTURE FRANCAISE DES PNEUMATIQUES MICHELIN

Sector positioning

Debt ratio
102.44 2024
2021
2022
2024
Q1: 0.06
Med: 14.61
Q3: 89.57
Average +14 pts over 3 years

In 2024, the debt ratio of MANUFACTURE FRANCAISE DES... (102.44) ranks above the median of the sector. This ratio measures the weight of debt relative to equity. A reduction effort could improve financial strength.

Financial autonomy
29.37% 2024
2021
2022
2024
Q1: 11.57%
Med: 51.97%
Q3: 85.24%
Average

In 2024, the financial autonomy of MANUFACTURE FRANCAISE DES... (29.4%) ranks below the median of the sector. This ratio represents the share of equity in total financing. An improvement would strengthen the competitive position.

Repayment capacity
2.58 years 2024
2021
2022
2024
Q1: 0.0 years
Med: 0.2 years
Q3: 3.73 years
Average

In 2024, the repayment capacity of MANUFACTURE FRANCAISE DES... (2.58) 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 163.62. 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 15.4x. Operating income very largely covers interest expenses: high safety margin.

Liquidity ratio (2024) ?
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

163.624

Interest coverage (2024) ?
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

15.415

Liquidity indicators evolution
MANUFACTURE FRANCAISE DES PNEUMATIQUES MICHELIN

Sector positioning

Liquidity ratio
163.62 2024
2021
2022
2024
Q1: 116.63
Med: 458.65
Q3: 2184.57
Average

In 2024, the liquidity ratio of MANUFACTURE FRANCAISE DES... (163.62) ranks below the median of the sector. This ratio measures the ability to cover short-term debt with current assets. An improvement would strengthen the competitive position.

Interest coverage
15.41x 2024
2021
2022
2024
Q1: -45.56x
Med: 0.0x
Q3: 2.85x
Excellent

In 2024, the interest coverage of MANUFACTURE FRANCAISE DES... (15.4x) 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: 81 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 57 days. The company must finance 24 days of gap between collections and payments. Inventory turnover is 34 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 83 days of revenue, i.e. 1.3 Bn€ to permanently finance. Over 2016-2024, WCR increased by +34%, requiring additional financing.

Operating WCR (2024) ?
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

1 282 055 825 €

Customer credit (2024) ?
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

81 j

Supplier credit (2024) ?
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

57 j

Inventory turnover (2024) ?
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

34 j

WCR in days of revenue (2024) ?
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

83 j

WCR and payment terms evolution
MANUFACTURE FRANCAISE DES PNEUMATIQUES MICHELIN

Positioning of MANUFACTURE FRANCAISE DES PNEUMATIQUES MICHELIN in its sector

Comparison with sector Activités des sièges sociaux

Valuation estimate

Based on 103 transactions of similar company sales in 2024, the value of MANUFACTURE FRANCAISE DES PNEUMATIQUES MICHELIN is estimated at 2 370 011 302 € (range 648 177 741€ - 4 208 935 754€). With an EBITDA of 502 820 021€, the sector multiple of 5.0x is applied. The price/revenue ratio is 0.38x (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 2024
103 transactions
648177k€ 2370011k€ 4208935k€
2 370 011 302 € Range: 648 177 741€ - 4 208 935 754€
NAF 5 année 2024

Valuation detail by method

Ajustez les pondérations selon votre analyse

EBITDA Multiple 50%
502 820 021 € × 5.0x
Estimation 2 529 845 307 €
435 495 431€ - 4 185 144 668€
Revenue Multiple 30%
5 570 764 860 € × 0.38x
Estimation 2 103 621 297 €
1 002 648 258€ - 4 248 587 564€

Valuation evolution

How is this estimate calculated?

This estimate is based on the analysis of 103 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 (Activités des sièges sociaux)

Compare MANUFACTURE FRANCAISE DES PNEUMATIQUES MICHELIN with other companies in the same sector:

Voir toutes les statistiques du secteur Activités des sièges sociaux

Frequently asked questions about MANUFACTURE FRANCAISE DES PNEUMATIQUES MICHELIN

What is the revenue of MANUFACTURE FRANCAISE DES PNEUMATIQUES MICHELIN ?

The revenue of MANUFACTURE FRANCAISE DES PNEUMATIQUES MICHELIN in 2024 is 5.6 Mds€.

Is MANUFACTURE FRANCAISE DES PNEUMATIQUES MICHELIN profitable?

MANUFACTURE FRANCAISE DES PNEUMATIQUES MICHELIN recorded a net loss in 2024.

Where is the headquarters of MANUFACTURE FRANCAISE DES PNEUMATIQUES MICHELIN ?

The headquarters of MANUFACTURE FRANCAISE DES PNEUMATIQUES MICHELIN is located in CLERMONT-FERRAND (63000), in the department Puy-de-Dome.

Where to find the tax return of MANUFACTURE FRANCAISE DES PNEUMATIQUES MICHELIN ?

The tax return of MANUFACTURE FRANCAISE DES PNEUMATIQUES MICHELIN 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 MANUFACTURE FRANCAISE DES PNEUMATIQUES MICHELIN operate?

MANUFACTURE FRANCAISE DES PNEUMATIQUES MICHELIN operates in the sector Activités des sièges sociaux (NAF code 70.10Z). See the 'Sector positioning' section above to compare the company with its competitors.