PHOENIX OCP : revenue, balance sheet and financial ratios

In 2025, PHOENIX OCP achieves revenue of 9.3 Bn€. Over the period 2016-2025, the company shows strong growth with a CAGR (compound annual growth rate) of +23.3%. Vs 2024, growth of +19% (7.9 Bn€ -> 9.3 Bn€). After deducting consumption (8.8 Bn€), gross margin stands at 563.7 M€, i.e. a rate of 6%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 24.0 M€, representing 0.3% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 7.3 M€, i.e. 0.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 0%. 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 27%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 0.2% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 99.56. 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 101.6x. 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: 42 days. Favorable situation: supplier credit is longer than customer credit by 14 days. Inventory turnover is 20 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 40 days of revenue, i.e. 1.0 Bn€ to permanently finance. Over 2016-2025, WCR increased by +785%, requiring additional financing.

Based on 124 transactions of similar company sales (all years), the value of PHOENIX OCP is estimated at 606 972 394 € (range 328 364 958€ - 1 844 439 004€). With an EBITDA of 24 024 921€, the sector multiple of 0.7x is applied. The price/revenue ratio is 0.21x (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.