ORANGE CYBERDEFENSE FRANCE : revenue, balance sheet and financial ratios

In 2024, ORANGE CYBERDEFENSE FRANCE achieves revenue of 708.6 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +22.4%. Vs 2023, growth of +15% (615.5 M€ -> 708.6 M€). After deducting consumption (225.0 M€), gross margin stands at 483.6 M€, i.e. a rate of 68%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 25.2 M€, representing 3.6% of revenue. Warning negative scissor effect: despite revenue change (+15%), EBITDA varies by -34%, reducing margin by 2.6 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 12.1 M€, i.e. 1.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 24%. 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 14%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 1.4 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 2.4% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 108.47. 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 11.5x. 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: 122 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 150 days. Favorable situation: supplier credit is longer than customer credit by 28 days. Inventory turnover is 2 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 137 days of revenue, i.e. 270.2 M€ to permanently finance. Over 2016-2024, WCR increased by +195%, requiring additional financing.

Based on 215 transactions of similar company sales (all years), the value of ORANGE CYBERDEFENSE FRANCE is estimated at 50 004 024 € (range 24 495 279€ - 127 239 172€). With an EBITDA of 25 240 260€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.16x (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.