MARFI : revenue, balance sheet and financial ratios

MARFI is a French company founded 14 years ago, specialized in the sector Autres activités auxiliaires de services financiers, hors assurance et caisses de retraite, n.c.a.. Based in BOULOGNE-BILLANCOURT (92100), this company of category PME shows in 2019 a revenue of 2.0 M€. Find below the complete financial statements, solvency ratios, working capital requirements and sector comparison.

Data updated on 2026-05-02

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

Financial history - MARFI (SIREN 534388764)
Indicator 2019 2018 2017 2016
Revenue 1 994 805 € 2 246 866 € 1 925 585 € 1 294 695 €
Net income 1 198 547 € 632 993 € 852 434 € 720 744 €
EBITDA 647 314 € 87 573 € 243 656 € 324 823 €
Net margin 60.1% 28.2% 44.3% 55.7%

Revenue and income statement

In 2019, MARFI achieves revenue of 2.0 M€. Over the period 2016-2019, the company shows strong growth with a CAGR (compound annual growth rate) of +15.5%. Significant drop of -11% vs 2018. After deducting consumption (0 €), gross margin stands at 2.0 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 647 k€, representing 32.4% of revenue. Positive scissor effect: EBITDA margin improves by +28.6 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 1.2 M€, i.e. 60.1% of revenue. This profit can be retained or distributed to shareholders.

Revenue (2019) ?
Revenue
Definition
Total amount of sales of goods and services made by the company.
Formula
Sales of goods + Sold production

1 994 805 €

Gross margin (2019) ?
Gross margin
Definition
Difference between revenue and cost of goods sold.
Formula
Revenue - Cost of goods consumed

1 994 805 €

EBITDA (2019) ?
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

647 314 €

EBIT (2019) ?
EBIT (Operating Income)
Definition
Operating income, including depreciation and provisions.
Formula
EBITDA - Depreciation and provisions + Reversals

639 921 €

Net income (2019) ?
Net income
Definition
Profit or loss after all expenses, including taxes and exceptional items.
Formula
Current income + Exceptional income - Income tax

1 198 547 €

EBITDA margin (2019) ?
EBITDA margin
Definition
Measures the company's operating profitability.
Formula
(EBE / CA) x 100
Interpretation
> 10% : Good profitability
5-10% : Average
< 5% : Low

32.5%

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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 29%. 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 66%. 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 1.4 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 60.4% 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 (2019) ?
Debt ratio
Definition
Measures the proportion of debt to equity.
Formula
(Financial debt / Equity) x 100
Interpretation
< 50% : Low
50-100% : Moderate
> 100% : High

29.308%

Financial autonomy (2019) ?
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

66.165%

Cash flow / Revenue (2019) ?
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

60.404%

Repayment capacity (2019) ?
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

1.407

Asset age ratio (2019) ?
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

24.5%

Solvency indicators evolution
MARFI

Sector positioning

Debt ratio
29.31 2019
2017
2018
2019
Q1: 0.0
Med: 7.15
Q3: 61.79
Average

In 2019, the debt ratio of MARFI (29.31) 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
66.17% 2019
2017
2018
2019
Q1: 8.65%
Med: 43.91%
Q3: 74.17%
Good -7 pts over 3 years

In 2019, the financial autonomy of MARFI (66.2%) 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
1.41 years 2019
2017
2018
2019
Q1: 0.0 years
Med: 0.0 years
Q3: 1.03 years
Average

In 2019, the repayment capacity of MARFI (1.41) 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 393.73. 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 1.8x. Coverage is limited: any activity downturn would jeopardize interest payments.

Liquidity ratio (2019) ?
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

393.734

Interest coverage (2019) ?
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

1.821

Liquidity indicators evolution
MARFI

Sector positioning

Liquidity ratio
393.73 2019
2017
2018
2019
Q1: 132.3
Med: 269.44
Q3: 732.39
Good -18 pts over 3 years

In 2019, the liquidity ratio of MARFI (393.73) ranks above the median of the sector. This ratio measures the ability to cover short-term debt with current assets. This comfortable position offers an appreciable safety margin.

Interest coverage
1.82x 2019
2017
2018
2019
Q1: 0.0x
Med: 0.0x
Q3: 0.84x
Excellent

In 2019, the interest coverage of MARFI (1.8x) 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: 190 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 38 days. The gap of 152 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 410 days of revenue, i.e. 2.3 M€ to permanently finance. Over 2016-2019, WCR increased by +39%, requiring additional financing.

Operating WCR (2019) ?
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

2 270 048 €

Customer credit (2019) ?
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

190 j

Supplier credit (2019) ?
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

38 j

Inventory turnover (2019) ?
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

0 j

WCR in days of revenue (2019) ?
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

410 j

WCR and payment terms evolution
MARFI

Positioning of MARFI in its sector

Comparison with sector Autres activités auxiliaires de services financiers, hors assurance et caisses de retraite, n.c.a.

Valuation estimate

Based on 103 transactions of similar company sales (all years), the value of MARFI is estimated at 1 809 408 € (range 758 205€ - 4 188 818€). With an EBITDA of 647 314€, the sector multiple of 2.5x is applied. The price/revenue ratio is 0.30x (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 2019
103 transactions
758k€ 1809k€ 4188k€
1 809 408 € Range: 758 205€ - 4 188 818€
NAF 5 all-time

Valuation detail by method

Ajustez les pondérations selon votre analyse

EBITDA Multiple 50%
647 314 € × 2.5x
Estimation 1 649 508 €
734 538€ - 3 243 381€
Revenue Multiple 30%
1 994 805 € × 0.30x
Estimation 608 394 €
323 655€ - 1 683 407€
Net Income Multiple 20%
1 198 547 € × 3.3x
Estimation 4 010 682 €
1 469 202€ - 10 310 529€

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 (Autres activités auxiliaires de services financiers, hors assurance et caisses de retraite, n.c.a.)

Compare MARFI with other companies in the same sector:

Voir toutes les statistiques du secteur Autres activités auxiliaires de services financiers, hors assurance et caisses de retraite, n.c.a.

Frequently asked questions about MARFI

What is the revenue of MARFI ?

The revenue of MARFI in 2019 is 2.0 M€.

Is MARFI profitable?

Yes, MARFI generated a net profit of 1.2 M€ in 2019.

Where is the headquarters of MARFI ?

The headquarters of MARFI is located in BOULOGNE-BILLANCOURT (92100), in the department Hauts-de-Seine.

Where to find the tax return of MARFI ?

The tax return of MARFI 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 MARFI operate?

MARFI operates in the sector Autres activités auxiliaires de services financiers, hors assurance et caisses de retraite, n.c.a. (NAF code 66.19B). See the 'Sector positioning' section above to compare the company with its competitors.