PAUL BOYE TECHNOLOGIES : revenue, balance sheet and financial ratios

In 2025, PAUL BOYE TECHNOLOGIES achieves revenue of 85.9 M€. Revenue is growing positively over 10 years (CAGR: +4.5%). Significant drop of -29% vs 2024. After deducting consumption (43.5 M€), gross margin stands at 42.4 M€, i.e. a rate of 49%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 8.5 M€, representing 9.8% of revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 369 k€, i.e. 0.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 21%. 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 48%. 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 1.2 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 9.6% 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 199.97. 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 6.0x. 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: 112 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 72 days. The gap of 40 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 186 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 161 days of revenue, i.e. 38.5 M€ to permanently finance. Over 2015-2025, WCR increased by +31%, requiring additional financing.

Based on 101 transactions of similar company sales (all years), the value of PAUL BOYE TECHNOLOGIES is estimated at 17 010 814 € (range 5 942 849€ - 31 255 972€). With an EBITDA of 8 455 933€, the sector multiple of 2.5x is applied. The price/revenue ratio is 0.24x (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.