PIGEON GRANULATS BRETAGNE : revenue, balance sheet and financial ratios

PIGEON GRANULATS BRETAGNE is a French company founded 35 years ago, specialized in the sector Exploitation de gravières et sablières, extraction d’argiles et de kaolin. Based in HENNEBONT (56700), this company of category ETI shows in 2024 a revenue of 4.8 M€. Find below the complete financial statements, solvency ratios, working capital requirements and sector comparison.

Data updated on 2026-05-02

Sources : INPI & INSEE SIRENE - Processing : Ministry of Economy

Financial history - PIGEON GRANULATS BRETAGNE (SIREN 379324486)
Indicator 2024 2023 2022 2021 2020 2019 2018 2017
Revenue 4 834 600 € 4 694 286 € 3 896 606 € 3 179 512 € 3 169 966 € 3 219 419 € N/C 138 389 €
Net income -117 467 € -181 213 € 89 780 € 126 545 € -31 195 € -86 246 € -252 931 € -177 216 €
EBITDA 645 894 € 606 866 € 324 042 € 428 246 € 254 172 € 238 343 € N/C -130 025 €
Net margin -2.4% -3.9% 2.3% 4.0% -1.0% -2.7% N/C -128.1%

Revenue and income statement

In 2024, PIGEON GRANULATS BRETAGNE achieves revenue of 4.8 M€. Over the period 2017-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +66.1%. Vs 2023: +3%. After deducting consumption (333 k€), gross margin stands at 4.5 M€, i.e. a rate of 93%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 646 k€, representing 13.4% of revenue. This level of operating margin is satisfactory for the sector. Net income is negative at -117 k€ (-2.4% of revenue), which will impact equity.

Revenue (2024) ?
Revenue
Definition
Total amount of sales of goods and services made by the company.
Formula
Sales of goods + Sold production

4 834 600 €

Gross margin (2024) ?
Gross margin
Definition
Difference between revenue and cost of goods sold.
Formula
Revenue - Cost of goods consumed

4 501 694 €

EBITDA (2024) ?
Gross Operating Surplus (EBITDA)
Definition
Resources generated by current operations, before depreciation and financial expenses.
Formula
Value added - Personnel expenses - Taxes
Interpretation
Positive = profitable activity

645 894 €

EBIT (2024) ?
EBIT (Operating Income)
Definition
Operating income, including depreciation and provisions.
Formula
EBITDA - Depreciation and provisions + Reversals

165 125 €

Net income (2024) ?
Net income
Definition
Profit or loss after all expenses, including taxes and exceptional items.
Formula
Current income + Exceptional income - Income tax

-117 467 €

EBITDA margin (2024) ?
EBITDA margin
Definition
Measures the company's operating profitability.
Formula
(EBE / CA) x 100
Interpretation
> 10% : Good profitability
5-10% : Average
< 5% : Low

13.3%

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Assets

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Liabilities

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Solvency and debt ratios

The debt ratio (= Financial debt / Equity x 100) stands at -337%. 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 -30%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 33.6 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 3.4% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

Debt ratio (2024) ?
Debt ratio
Definition
Measures the proportion of debt to equity.
Formula
(Financial debt / Equity) x 100
Interpretation
< 50% : Low
50-100% : Moderate
> 100% : High

-337.017%

Financial autonomy (2024) ?
Financial autonomy
Definition
Share of equity in the company's total financing.
Formula
(Equity / Total assets) x 100
Interpretation
> 30% : Good autonomy
20-30% : Average
< 20% : Low

-30.272%

Cash flow / Revenue (2024) ?
Cash flow / Revenue
Definition
Self-financing capacity relative to revenue.
Formula
(CAF / CA) x 100
Interpretation
The higher the ratio, the more cash the company generates

3.415%

Repayment capacity (2024) ?
Repayment capacity
Definition
Number of years needed to repay debts with cash flow.
Formula
Financial debt / Cash flow
Interpretation
< 3 years : Excellent
3-5 years : Fair
> 5 years : Warning

33.58

Asset age ratio (2024) ?
Asset age ratio
Definition
Measures the degree of wear of tangible assets.
Formula
Accumulated depreciation / Gross fixed assets x 100
Interpretation
< 50% : Recent assets
50-70% : Normal wear
> 70% : Aging assets

36.1%

Solvency indicators evolution
PIGEON GRANULATS BRETAGNE

Sector positioning

Debt ratio
-337.02 2024
2022
2023
2024
Q1: 0.0
Med: 15.2
Q3: 59.48
Excellent

In 2024, the debt ratio of PIGEON GRANULATS BRETAGNE (-337.02) ranks in the bottom 25% of the sector, which is positive. This ratio measures the weight of debt relative to equity. A low ratio indicates a solid financial structure with little dependence on creditors.

Financial autonomy
-30.27% 2024
2022
2023
2024
Q1: 20.88%
Med: 43.36%
Q3: 63.48%
Watch

In 2024, the financial autonomy of PIGEON GRANULATS BRETAGNE (-30.3%) ranks in the bottom 25% of the sector. This ratio represents the share of equity in total financing. Low autonomy may limit investment capacity and increase vulnerability.

Repayment capacity
33.58 years 2024
2022
2023
2024
Q1: 0.0 years
Med: 0.27 years
Q3: 2.05 years
Watch

In 2024, the repayment capacity of PIGEON GRANULATS BRETAGNE (33.58) ranks in the top 25% of the sector. This ratio indicates the number of years needed to repay debt with cash flow. A long duration may signal heavy debt relative to repayment capacity.

Liquidity ratios

The liquidity ratio (= Current assets / Current liabilities) stands at 247.69. 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 46.9x. Operating income very largely covers interest expenses: high safety margin.

Liquidity ratio (2024) ?
Liquidity ratio
Definition
Ability to meet short-term debts with current assets.
Formula
Current assets / Current liabilities
Interpretation
> 1.5 : Very good
1-1.5 : Fair
< 1 : Liquidity risk

247.686

Interest coverage (2024) ?
Interest coverage
Definition
Ability to cover interest charges with operating income.
Formula
EBIT / Interest expenses
Interpretation
> 3 : Comfortable
1.5-3 : Acceptable
< 1.5 : Risk

46.898

Liquidity indicators evolution
PIGEON GRANULATS BRETAGNE

Sector positioning

Liquidity ratio
247.69 2024
2022
2023
2024
Q1: 161.05
Med: 260.85
Q3: 420.01
Average

In 2024, the liquidity ratio of PIGEON GRANULATS BRETAGNE (247.69) ranks below the median of the sector. This ratio measures the ability to cover short-term debt with current assets. An improvement would strengthen the competitive position.

Interest coverage
46.9x 2024
2022
2023
2024
Q1: 0.0x
Med: 1.54x
Q3: 10.04x
Excellent

In 2024, the interest coverage of PIGEON GRANULATS BRETAGNE (46.9x) ranks in the top 25% of the sector. This ratio indicates how many times operating income covers interest expenses. High coverage means financial charges weigh little on profitability.

Working capital requirement (WCR) and payment terms

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 0 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 84 days. Excellent situation: suppliers finance 84 days of the operating cycle (retail model). Inventory turnover is 155 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 203 days of revenue, i.e. 2.7 M€ to permanently finance. Over 2017-2024, WCR increased by +366%, requiring additional financing.

Operating WCR (2024) ?
Operating WCR
Definition
Financing requirement generated by the operating cycle (inventory + receivables - trade payables).
Formula
Inventory + Customer receivables - Trade payables
Interpretation
Negative = cash released
Positive = financing needed

2 723 137 €

Customer credit (2024) ?
Customer credit (days)
Definition
Average payment term granted to customers.
Formula
(Customer receivables / Revenue incl. VAT) x 360
Interpretation
< 45j : Good
45-60j : Average
> 60j : Long

0 j

Supplier credit (2024) ?
Supplier credit (days)
Definition
Average payment term obtained from suppliers.
Formula
(Trade payables / Purchases incl. VAT) x 360
Interpretation
The longer the term, the better for cash flow

84 j

Inventory turnover (2024) ?
Inventory turnover (days)
Definition
Average storage duration for goods or materials.
Formula
(Inventory / Cost of goods) x 360
Interpretation
The lower the ratio, the faster the turnover

155 j

WCR in days of revenue (2024) ?
WCR in days of revenue
Definition
Expresses working capital requirement in days of revenue.
Formula
(Operating WCR / Revenue) x 360
Interpretation
The fewer days, the better the working capital management

203 j

WCR and payment terms evolution
PIGEON GRANULATS BRETAGNE

Positioning of PIGEON GRANULATS BRETAGNE in its sector

Comparison with sector Exploitation de gravières et sablières, extraction d’argiles et de kaolin

Valuation estimate

Based on 95 transactions of similar company sales (all years), the value of PIGEON GRANULATS BRETAGNE is estimated at 886 407 € (range 310 596€ - 4 660 854€). With an EBITDA of 645 894€, the sector multiple of 1.4x is applied. The price/revenue ratio is 0.17x (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.

Estimated enterprise value 2024
95 tx
310k€ 886k€ 4660k€
886 407 € Range: 310 596€ - 4 660 854€
NAF 5 all-time

Valuation detail by method

Ajustez les pondérations selon votre analyse

EBITDA Multiple 50%
645 894 € × 1.4x
Estimation 914 405 €
208 862€ - 6 339 456€
Revenue Multiple 30%
4 834 600 € × 0.17x
Estimation 839 745 €
480 155€ - 1 863 186€
How is this estimate calculated?

This estimate is based on the analysis of 95 actual transactions of similar company sales (same NAF code) registered with BODACC between 2016 and 2025.

  • EBITDA Multiple: Preferred method for profitable SMEs. EBITDA reflects the ability to generate cash.
  • Revenue Multiple: Used for growing companies or those with low profitability. Reflects commercial potential.
  • Net Income Multiple: Relevant for mature companies with stable results.

This estimate is provided for information purposes only. A precise valuation requires in-depth analysis (assets, liabilities, prospects, market...).

Similar companies (Exploitation de gravières et sablières, extraction d’argiles et de kaolin)

Compare PIGEON GRANULATS BRETAGNE with other companies in the same sector:

Voir toutes les statistiques du secteur Exploitation de gravières et sablières, extraction d’argiles et de kaolin

Frequently asked questions about PIGEON GRANULATS BRETAGNE

What is the revenue of PIGEON GRANULATS BRETAGNE ?

The revenue of PIGEON GRANULATS BRETAGNE in 2024 is 4.8 M€.

Is PIGEON GRANULATS BRETAGNE profitable?

PIGEON GRANULATS BRETAGNE recorded a net loss in 2024.

Where is the headquarters of PIGEON GRANULATS BRETAGNE ?

The headquarters of PIGEON GRANULATS BRETAGNE is located in HENNEBONT (56700), in the department Morbihan.

Where to find the tax return of PIGEON GRANULATS BRETAGNE ?

The tax return of PIGEON GRANULATS BRETAGNE is available on this page. Click on a year in the 'Data by year' section to view the account details (assets, liabilities, income statement). Data comes from INPI (National Institute of Industrial Property).

In which sector does PIGEON GRANULATS BRETAGNE operate?

PIGEON GRANULATS BRETAGNE operates in the sector Exploitation de gravières et sablières, extraction d’argiles et de kaolin (NAF code 08.12Z). See the 'Sector positioning' section above to compare the company with its competitors.