ORTHESIA SAINT-MARTIN : revenue, balance sheet and financial ratios

In 2024, ORTHESIA SAINT-MARTIN achieves revenue of 737 k€. Over the period 2019-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +8.0%. Vs 2023, growth of +16% (638 k€ -> 737 k€). After deducting consumption (104 k€), gross margin stands at 632 k€, i.e. a rate of 86%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 53 k€, representing 7.1% of revenue. Warning negative scissor effect: despite revenue change (+16%), EBITDA varies by -14%, reducing margin by 2.4 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 11 k€, i.e. 1.5% 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 16%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 2.3 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 5.4% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 126.58. 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 22.9x. 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: 125 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 32 days. The gap of 93 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 39 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 38 days of revenue, i.e. 78 k€ to permanently finance. Over 2019-2024, WCR increased by +816%, requiring additional financing.

Based on 57 transactions of similar company sales (all years), the value of ORTHESIA SAINT-MARTIN is estimated at 123 655 € (range 37 990€ - 241 694€). With an EBITDA of 52 551€, the sector multiple of 2.5x is applied. The price/revenue ratio is 0.23x (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.
Medium reliability: estimate to be confirmed with in-depth analysis.