MERLIN ETUDE DEVELOPPEMENT THERMIQUE : revenue, balance sheet and financial ratios

MERLIN ETUDE DEVELOPPEMENT THERMIQUE is a French company founded 26 years ago, specialized in the sector Travaux d'installation d'équipements thermiques et de climatisation. Based in SAINT-GEORGES-D'ESPERANCHE (38790), this company of category PME shows in 2025 a revenue of 12.9 M€. 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 - MERLIN ETUDE DEVELOPPEMENT THERMIQUE (SIREN 423538776)
Indicator 2025 2024 2023 2022 2021 2020 2019 2018 2017
Revenue 12 900 134 € 14 188 522 € 12 693 561 € 12 066 101 € 9 931 830 € 10 188 613 € 10 400 065 € 9 146 921 € 7 899 196 €
Net income 525 172 € 520 017 € 495 859 € 65 557 € 386 297 € 208 725 € 311 522 € 208 945 € 165 467 €
EBITDA 799 759 € 747 401 € 693 464 € 146 674 € 607 705 € 331 427 € 446 349 € 320 055 € 255 625 €
Net margin 4.1% 3.7% 3.9% 0.5% 3.9% 2.0% 3.0% 2.3% 2.1%

Revenue and income statement

In 2025, MERLIN ETUDE DEVELOPPEMENT THERMIQUE achieves revenue of 12.9 M€. Over the period 2017-2025, the company shows strong growth with a CAGR (compound annual growth rate) of +6.3%. Slight decline of -9% vs 2024. After deducting consumption (5.0 M€), gross margin stands at 7.9 M€, i.e. a rate of 61%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 800 k€, representing 6.2% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 525 k€, i.e. 4.1% of revenue. This profit can be retained or distributed to shareholders.

Revenue (2025) ?
Revenue
Definition
Total amount of sales of goods and services made by the company.
Formula
Sales of goods + Sold production

12 900 134 €

Gross margin (2025) ?
Gross margin
Definition
Difference between revenue and cost of goods sold.
Formula
Revenue - Cost of goods consumed

7 880 609 €

EBITDA (2025) ?
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

799 759 €

EBIT (2025) ?
EBIT (Operating Income)
Definition
Operating income, including depreciation and provisions.
Formula
EBITDA - Depreciation and provisions + Reversals

713 143 €

Net income (2025) ?
Net income
Definition
Profit or loss after all expenses, including taxes and exceptional items.
Formula
Current income + Exceptional income - Income tax

525 172 €

EBITDA margin (2025) ?
EBITDA margin
Definition
Measures the company's operating profitability.
Formula
(EBE / CA) x 100
Interpretation
> 10% : Good profitability
5-10% : Average
< 5% : Low

6.2%

Loading income statement...

Chart evolution

Show :

Assets

Loading data...

Liabilities

Loading data...

Solvency and debt ratios

The debt ratio (= Financial debt / Equity x 100) stands at 64%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 28%. The balance between equity and debt is satisfactory. 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 4.7% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

Debt ratio (2025) ?
Debt ratio
Definition
Measures the proportion of debt to equity.
Formula
(Financial debt / Equity) x 100
Interpretation
< 50% : Low
50-100% : Moderate
> 100% : High

64.126%

Financial autonomy (2025) ?
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

28.464%

Cash flow / Revenue (2025) ?
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

4.682%

Repayment capacity (2025) ?
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

1.755

Asset age ratio (2025) ?
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

23.9%

Solvency indicators evolution
MERLIN ETUDE DEVELOPPEMENT THERMIQUE

Sector positioning

Debt ratio
64.13 2025
2023
2024
2025
Q1: 2.81
Med: 13.61
Q3: 36.09
Watch

In 2025, the debt ratio of MERLIN ETUDE DEVELOPPEMEN... (64.13) ranks in the top 25% of the sector. This ratio measures the weight of debt relative to equity. A high ratio may indicate excessive dependence on external financing.

Financial autonomy
28.46% 2025
2023
2024
2025
Q1: 26.38%
Med: 47.22%
Q3: 63.03%
Average -9 pts over 3 years

In 2025, the financial autonomy of MERLIN ETUDE DEVELOPPEMEN... (28.5%) 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
1.75 years 2025
2023
2024
2025
Q1: 0.0 years
Med: 0.27 years
Q3: 1.27 years
Watch

In 2025, the repayment capacity of MERLIN ETUDE DEVELOPPEMEN... (1.75) ranks in the top 25% of the sector. This ratio indicates the number of years needed to repay debt with cash flow. A long duration may signal heavy debt relative to repayment capacity.

Liquidity ratios

The liquidity ratio (= Current assets / Current liabilities) stands at 174.29. 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 4.9x. Financial charges are adequately covered by operations.

Liquidity ratio (2025) ?
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

174.289

Interest coverage (2025) ?
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

4.87

Liquidity indicators evolution
MERLIN ETUDE DEVELOPPEMENT THERMIQUE

Sector positioning

Liquidity ratio
174.29 2025
2023
2024
2025
Q1: 162.61
Med: 224.39
Q3: 319.79
Average

In 2025, the liquidity ratio of MERLIN ETUDE DEVELOPPEMEN... (174.29) 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
4.87x 2025
2023
2024
2025
Q1: 0.0x
Med: 0.7x
Q3: 3.51x
Excellent

In 2025, the interest coverage of MERLIN ETUDE DEVELOPPEMEN... (4.9x) 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: 65 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 76 days. Favorable situation: supplier credit is longer than customer credit by 11 days. Inventory turnover is 3 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 59 days of revenue, i.e. 2.1 M€ to permanently finance. Over 2017-2025, WCR increased by +31%, requiring additional financing.

Operating WCR (2025) ?
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

2 096 401 €

Customer credit (2025) ?
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

65 j

Supplier credit (2025) ?
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

76 j

Inventory turnover (2025) ?
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

3 j

WCR in days of revenue (2025) ?
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

59 j

WCR and payment terms evolution
MERLIN ETUDE DEVELOPPEMENT THERMIQUE

Positioning of MERLIN ETUDE DEVELOPPEMENT THERMIQUE in its sector

Comparison with sector Travaux d'installation d'équipements thermiques et de climatisation

Valuation estimate

Indicative estimate only : the number of comparable transactions in this sector is limited (38 transactions). This range of 1 331 193€ to 2 835 113€ is provided for information purposes only and requires in-depth analysis to be confirmed.

Estimated enterprise value 2025
Indicative
1331k€ 2717k€ 2835k€
2 717 154 € Range: 1 331 193€ - 2 835 113€
NAF 5 année 2025

Valuation evolution

How is this estimate calculated?

This estimate is based on the analysis of 38 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 (Travaux d'installation d'équipements thermiques et de climatisation)

Compare MERLIN ETUDE DEVELOPPEMENT THERMIQUE with other companies in the same sector:

Voir toutes les statistiques du secteur Travaux d'installation d'équipements thermiques et de climatisation

Frequently asked questions about MERLIN ETUDE DEVELOPPEMENT THERMIQUE

What is the revenue of MERLIN ETUDE DEVELOPPEMENT THERMIQUE ?

The revenue of MERLIN ETUDE DEVELOPPEMENT THERMIQUE in 2025 is 12.9 M€.

Is MERLIN ETUDE DEVELOPPEMENT THERMIQUE profitable?

Yes, MERLIN ETUDE DEVELOPPEMENT THERMIQUE generated a net profit of 525 k€ in 2025.

Where is the headquarters of MERLIN ETUDE DEVELOPPEMENT THERMIQUE ?

The headquarters of MERLIN ETUDE DEVELOPPEMENT THERMIQUE is located in SAINT-GEORGES-D'ESPERANCHE (38790), in the department Isere.

Where to find the tax return of MERLIN ETUDE DEVELOPPEMENT THERMIQUE ?

The tax return of MERLIN ETUDE DEVELOPPEMENT THERMIQUE 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 MERLIN ETUDE DEVELOPPEMENT THERMIQUE operate?

MERLIN ETUDE DEVELOPPEMENT THERMIQUE operates in the sector Travaux d'installation d'équipements thermiques et de climatisation (NAF code 43.22B). See the 'Sector positioning' section above to compare the company with its competitors.