ORTHOFIGA : revenue, balance sheet and financial ratios

In 2024, ORTHOFIGA achieves revenue of 13.8 M€. Revenue is growing positively over 10 years (CAGR: +3.7%). Vs 2023: +0%. After deducting consumption (5.1 M€), gross margin stands at 8.7 M€, i.e. a rate of 63%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 511 k€, representing 3.7% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 24 k€, i.e. 0.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 29%. 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 41%. 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 3.0 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 2.0% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 143.28. 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 13.7x. 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: 28 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 94 days. Excellent situation: suppliers finance 66 days of the operating cycle (retail model). Inventory turnover is 46 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 76 days of revenue, i.e. 2.9 M€ to permanently finance. Over 2015-2024, WCR increased by +58%, requiring additional financing.

Based on 57 transactions of similar company sales (all years), the value of ORTHOFIGA is estimated at 1 603 365 € (range 567 774€ - 3 195 375€). With an EBITDA of 510 860€, 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.