MBDA FRANCE : revenue, balance sheet and financial ratios

In 2024, MBDA FRANCE achieves revenue of 2.8 Bn€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +6.5%. Vs 2023, growth of +14% (2.5 Bn€ -> 2.8 Bn€). After deducting consumption (0 €), gross margin stands at 2.8 Bn€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 533.5 M€, representing 19.0% of revenue. Warning negative scissor effect: despite revenue change (+14%), EBITDA varies by -53%, reducing margin by 27.2 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 338.4 M€, i.e. 12.0% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 1%. 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 10%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 19.5% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. This high level provides strong self-financing capacity.

The liquidity ratio (= Current assets / Current liabilities) stands at 89.57. 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 0.5x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 217 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 442 days. Excellent situation: suppliers finance 225 days of the operating cycle (retail model). Inventory turnover is 254 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 207 days of revenue, i.e. 1.6 Bn€ to permanently finance. Over 2016-2024, WCR increased by +666%, requiring additional financing.

Based on 276 transactions of similar company sales (all years), the value of MBDA FRANCE is estimated at 813 185 276 € (range 271 398 005€ - 2 043 142 587€). With an EBITDA of 533 460 690€, the sector multiple of 1.7x is applied. The price/revenue ratio is 0.18x (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.