MCE METROLOGY : revenue, balance sheet and financial ratios

In 2024, MCE METROLOGY achieves revenue of 5.4 M€. Revenue is growing positively over 8 years (CAGR: +0.2%). Slight decline of -8% vs 2023. After deducting consumption (2.1 M€), gross margin stands at 3.2 M€, i.e. a rate of 60%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 86 k€, representing 1.6% of revenue. Warning negative scissor effect: despite revenue change (-8%), EBITDA varies by -85%, reducing margin by 8.5 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 872 k€, i.e. 16.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 80%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 45%. 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 1.8 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 17.6% 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 307.01. 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 67.6x. 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: 74 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 42 days. The gap of 32 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Inventory turnover is 66 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 131 days of revenue, i.e. 1.9 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 (32 transactions). This range of 385 028€ to 1 491 848€ is provided for information purposes only and requires in-depth analysis to be confirmed.