MAYENA : revenue, balance sheet and financial ratios

In 2024, MAYENA achieves revenue of 5.0 M€. Revenue is growing positively over 8 years (CAGR: +1.6%). Slight decline of -2% vs 2023. After deducting consumption (3.2 M€), gross margin stands at 1.7 M€, i.e. a rate of 35%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 50 k€, representing 1.0% of revenue. Warning negative scissor effect: despite revenue change (-2%), EBITDA varies by -80%, reducing margin by 3.9 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Net income is negative at -45 k€ (-0.9% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at 23%. 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 69%. 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 8.0 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 1.5% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 553.84. 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 70.6x. 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: 3 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 29 days. Favorable situation: supplier credit is longer than customer credit by 26 days. Inventory turnover is 150 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 154 days of revenue, i.e. 2.1 M€ to permanently finance. Over 2016-2024, WCR increased by +25%, requiring additional financing.

Indicative estimate only : the number of comparable transactions in this sector is limited (30 transactions). This range of 317 172€ to 898 451€ is provided for information purposes only and requires in-depth analysis to be confirmed.