ORION : revenue, balance sheet and financial ratios

In 2024, ORION achieves revenue of 15.1 M€. Activity remains stable over the period (CAGR: -2.2%). Slight decline of -3% vs 2023. After deducting consumption (9.7 M€), gross margin stands at 5.4 M€, i.e. a rate of 36%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 179 k€, representing 1.2% of revenue. Warning negative scissor effect: despite revenue change (-3%), EBITDA varies by -65%, reducing margin by 2.1 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 105 k€, i.e. 0.7% 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 47%. 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 5.5 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 1.2% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 263.72. 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 31.6x. 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: 7 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 63 days. Excellent situation: suppliers finance 56 days of the operating cycle (retail model). Inventory turnover is 102 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 144 days of revenue, i.e. 6.0 M€ to permanently finance. Over 2014-2024, WCR increased by +39%, requiring additional financing.

Indicative estimate only : the number of comparable transactions in this sector is limited (30 transactions). This range of 843 507€ to 2 571 020€ is provided for information purposes only and requires in-depth analysis to be confirmed.