PHARMACIE DU BELVEDERE : revenue, balance sheet and financial ratios

In 2025, PHARMACIE DU BELVEDERE achieves revenue of 10.4 M€. Over the period 2019-2025, the company shows strong growth with a CAGR (compound annual growth rate) of +8.5%. Vs 2024, growth of +13% (9.2 M€ -> 10.4 M€). After deducting consumption (7.0 M€), gross margin stands at 3.4 M€, i.e. a rate of 33%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 938 k€, representing 9.0% of revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 541 k€, i.e. 5.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 197%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 27%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 7.5 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 6.6% 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 145.94. 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 7.8x. 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: 6 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 61 days. Excellent situation: suppliers finance 55 days of the operating cycle (retail model). Inventory turnover is 59 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 69 days of revenue, i.e. 2.0 M€ to permanently finance. Over 2019-2025, WCR increased by +172%, requiring additional financing.

Based on 277 transactions of similar company sales in 2025, the value of PHARMACIE DU BELVEDERE is estimated at 7 232 322 € (range 4 386 651€ - 10 151 158€). With an EBITDA of 938 140€, the sector multiple of 7.7x is applied. The price/revenue ratio is 0.61x (in line with sector norms). 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.