NORGINE SAS : revenue, balance sheet and financial ratios

NORGINE SAS is a French company founded 71 years ago, specialized in the sector Commerce de gros (commerce interentreprises) de produits pharmaceutiques. Based in RUEIL-MALMAISON (92500), this company of category ETI shows in 2024 a revenue of 65.4 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 - NORGINE SAS (SIREN 552019689)
Indicator 2024 2023 2022 2021 2020 2019 2018 2017 2016
Revenue 65 414 473 € 64 117 719 € 65 083 589 € 63 039 987 € 57 799 660 € 57 784 041 € 61 042 129 € 71 002 609 € 70 808 519 €
Net income 1 243 231 € 1 928 881 € 1 442 082 € 163 574 € 220 040 € 227 237 € 372 034 € 3 251 667 € 1 165 364 €
EBITDA 1 958 344 € 711 793 € 1 528 827 € 713 879 € 487 640 € 194 383 € 296 577 € 2 240 017 € 3 060 211 €
Net margin 1.9% 3.0% 2.2% 0.3% 0.4% 0.4% 0.6% 4.6% 1.6%

Revenue and income statement

In 2024, NORGINE SAS achieves revenue of 65.4 M€. Activity remains stable over the period (CAGR: -1.0%). Vs 2023: +2%. After deducting consumption (43.0 M€), gross margin stands at 22.4 M€, i.e. a rate of 34%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 2.0 M€, representing 3.0% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 1.2 M€, i.e. 1.9% of revenue. This profit can be retained or distributed to shareholders.

Revenue (2024) ?
Revenue
Definition
Total amount of sales of goods and services made by the company.
Formula
Sales of goods + Sold production

65 414 473 €

Gross margin (2024) ?
Gross margin
Definition
Difference between revenue and cost of goods sold.
Formula
Revenue - Cost of goods consumed

22 399 731 €

EBITDA (2024) ?
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

1 958 344 €

EBIT (2024) ?
EBIT (Operating Income)
Definition
Operating income, including depreciation and provisions.
Formula
EBITDA - Depreciation and provisions + Reversals

1 250 908 €

Net income (2024) ?
Net income
Definition
Profit or loss after all expenses, including taxes and exceptional items.
Formula
Current income + Exceptional income - Income tax

1 243 231 €

EBITDA margin (2024) ?
EBITDA margin
Definition
Measures the company's operating profitability.
Formula
(EBE / CA) x 100
Interpretation
> 10% : Good profitability
5-10% : Average
< 5% : Low

3.0%

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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 104%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 22%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 7.5 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 3.0% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

Debt ratio (2024) ?
Debt ratio
Definition
Measures the proportion of debt to equity.
Formula
(Financial debt / Equity) x 100
Interpretation
< 50% : Low
50-100% : Moderate
> 100% : High

103.972%

Financial autonomy (2024) ?
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

22.205%

Cash flow / Revenue (2024) ?
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

2.982%

Repayment capacity (2024) ?
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

7.486

Asset age ratio (2024) ?
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

38.1%

Solvency indicators evolution
NORGINE SAS

Sector positioning

Debt ratio
103.97 2024
2022
2023
2024
Q1: 0.0
Med: 4.27
Q3: 43.96
Watch +50 pts over 3 years

In 2024, the debt ratio of NORGINE SAS (103.97) 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
22.2% 2024
2022
2023
2024
Q1: 14.64%
Med: 38.36%
Q3: 60.56%
Average

In 2024, the financial autonomy of NORGINE SAS (22.2%) 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
7.49 years 2024
2022
2023
2024
Q1: 0.0 years
Med: 0.0 years
Q3: 1.09 years
Average +50 pts over 3 years

In 2024, the repayment capacity of NORGINE SAS (7.49) 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 189.90. 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 0.1x. Danger: operating income does not cover interest charges, unsustainable situation.

Liquidity ratio (2024) ?
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

189.899

Interest coverage (2024) ?
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

0.063

Liquidity indicators evolution
NORGINE SAS

Sector positioning

Liquidity ratio
189.9 2024
2022
2023
2024
Q1: 132.74
Med: 202.27
Q3: 325.9
Average +22 pts over 3 years

In 2024, the liquidity ratio of NORGINE SAS (189.90) 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
0.06x 2024
2022
2023
2024
Q1: 0.0x
Med: 0.41x
Q3: 6.25x
Average -40 pts over 3 years

In 2024, the interest coverage of NORGINE SAS (0.1x) ranks below the median of the sector. This ratio indicates how many times operating income covers interest expenses. An improvement would strengthen the competitive position.

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: 56 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 81 days. Favorable situation: supplier credit is longer than customer credit by 25 days. Inventory turnover is 117 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 243 days of revenue, i.e. 44.2 M€ to permanently finance. Over 2016-2024, WCR increased by +377%, requiring additional financing.

Operating WCR (2024) ?
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

44 228 688 €

Customer credit (2024) ?
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

56 j

Supplier credit (2024) ?
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

81 j

Inventory turnover (2024) ?
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

117 j

WCR in days of revenue (2024) ?
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

243 j

WCR and payment terms evolution
NORGINE SAS

Positioning of NORGINE SAS in its sector

Comparison with sector Commerce de gros (commerce interentreprises) de produits pharmaceutiques

Valuation estimate

Based on 124 transactions of similar company sales (all years), the value of NORGINE SAS is estimated at 5 072 973 € (range 2 670 000€ - 15 914 203€). With an EBITDA of 1 958 344€, the sector multiple of 0.7x is applied. The price/revenue ratio is 0.21x (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 2024
124 transactions
2670k€ 5072k€ 15914k€
5 072 973 € Range: 2 670 000€ - 15 914 203€
NAF 5 all-time

Valuation detail by method

Ajustez les pondérations selon votre analyse

EBITDA Multiple 50%
1 958 344 € × 0.7x
Estimation 1 378 449 €
651 642€ - 5 017 052€
Revenue Multiple 30%
65 414 473 € × 0.21x
Estimation 13 931 608 €
7 554 781€ - 42 199 070€
Net Income Multiple 20%
1 243 231 € × 0.8x
Estimation 1 021 334 €
388 727€ - 3 729 781€

Valuation evolution

How is this estimate calculated?

This estimate is based on the analysis of 124 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 (Commerce de gros (commerce interentreprises) de produits pharmaceutiques)

Compare NORGINE SAS with other companies in the same sector:

Voir toutes les statistiques du secteur Commerce de gros (commerce interentreprises) de produits pharmaceutiques

Frequently asked questions about NORGINE SAS

What is the revenue of NORGINE SAS ?

The revenue of NORGINE SAS in 2024 is 65.4 M€.

Is NORGINE SAS profitable?

Yes, NORGINE SAS generated a net profit of 1.2 M€ in 2024.

Where is the headquarters of NORGINE SAS ?

The headquarters of NORGINE SAS is located in RUEIL-MALMAISON (92500), in the department Hauts-de-Seine.

Where to find the tax return of NORGINE SAS ?

The tax return of NORGINE SAS 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 NORGINE SAS operate?

NORGINE SAS operates in the sector Commerce de gros (commerce interentreprises) de produits pharmaceutiques (NAF code 46.46Z). See the 'Sector positioning' section above to compare the company with its competitors.