PHARMACIE DU POLYGONE : revenue, balance sheet and financial ratios

In 2024, PHARMACIE DU POLYGONE achieves revenue of 28.5 M€. Revenue is growing positively over 9 years (CAGR: +4.1%). Vs 2023: +8%. After deducting consumption (20.0 M€), gross margin stands at 8.5 M€, i.e. a rate of 30%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.2 M€, representing 4.3% of revenue. Warning negative scissor effect: despite revenue change (+8%), EBITDA varies by -41%, reducing margin by 3.6 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 1.1 M€, i.e. 3.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 299%. 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 15%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 6.0 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 4.2% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 164.67. 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 26.2x. 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: 3 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 81 days. Excellent situation: suppliers finance 78 days of the operating cycle (retail model). Inventory turnover is 85 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 107 days of revenue, i.e. 8.5 M€ to permanently finance. Over 2016-2024, WCR increased by +84%, requiring additional financing.

Based on 225 transactions of similar company sales in 2024, the value of PHARMACIE DU POLYGONE is estimated at 14 105 829 € (range 10 364 748€ - 20 144 817€). With an EBITDA of 1 229 746€, the sector multiple of 9.2x is applied. The price/revenue ratio is 0.64x (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.